I just wanted to share this with you......
I went to purchase a set of new tires for my car this past weekend. I walked in, was told it should be an approx. 2 hr wait, and my tires would cost X dollars.
I left came back 2.5 hrs later and was told my car wasn't ready yet. They told me it should be another hr. wait.
Another hr. passes and they tell me my car still isn't ready.
Finally, after waiting for 4 hrs, the employee behind the counter says: Mr.X, we have a problem. We don't have your tire in stock. Our computer says we do but I can't find it. He then told me he did have another tire the same size but it would cost 60% more!!!! I couldn't believe the nerve of these "people" .... After making me wait over 4 hrs, after my car is up on the lift with tires off, they tell me this! So I told him I would take this other tire but that I was only going to pay the original price he sold me for. He balked, was very nasty, and said "Look, do you want 'em or not? If not, GET OUT!" I was dumbfounded. He refused to let me speak to his supervisor claiming he wasn't there. I eventually found his supervisor who FINALLY readjusted the price. This seemed to me like a classic "Bait and Switch!" The supervisor wasn't very pleasant and was very snippy/nasty as well but she did acknowledge that ot was their fault and they had no choice but to give it to me. (I think she might be referring to local consumer laws) In her defense, however, she seemed way overworked..... I had to jump in front of about 10 people in line to talk to her. (No I wasn't going to wait..... this was afterall their screw-up) She also was outside bringing in shopping carts and handling other numerious problems in the store.
I do not own any shares in this company and wouldn't even consider it. The funny (irony) thing is, there's a sign at the front of the store inviting you to be a "partner" by purchasing shares of stock from them directly.
In summary, I had a terrible experience in this store. I will never return. I will likely purchase any future tires from Sears or some other local facility. This company appears to be very poorly managed. I doubt they have any secret shoppers. There weren't any signs in the store that indicated what you should do if dissatisfied (ie: call a 1-800 number, District Mgr, etc) I predict this co. will follow the lead of another local autoparts store (Trak-Auto...which are now mostly Advance Auto Parts) which is OUT OF BUSINESS!
Miserable store. Will never return. In addition, I know people from an IATN message board (all you technicians will know what this website and professional group is about) and I will pass on my feelings to the thousands of members as well. I know this will cost Pep Boys at least several thousand in lost revenue from this alone. Word of mouth advertising..... HA! I. myself may not male much of a difference but I have a feeling I'm not the only one having these types of problems judging by the 52 week low shareprice. It's gotta go lower if all their stores are managed as badly as this one!
Great post Dimmer? you my friend understand! Although I have to agree with Martha on one thing, until a new CEO is in place and Mitch's monkey's are gone, I do not see great things happening. Hell, we just had several VP's in the area talking about how great the earnings were going to be?? Are these guys brainwashed or what! Neverthless, I am buying, buying, buying Pep will survive this mess and be a premium stock again.
Smallcapman2000 wrote -
"Pep boys has a book of over 12.00 a share and is now trading at 6.50 a share. Does the book value equal pure liquidated assets if they did indeed liquated right now?"
No, not exactly. You should discount such things as "deferred tax" and "other assets" on the balance sheet.
From the 10Q of 11/02/02 on Edgar the balance sheet shows the following.
stockholder equity = 654.6 M
deffered income tax = 19.9 M
other = 36.6 M
share outstanding = 51.6 M
654.6 - 19.9 -36.6 / 51.6 = 11.59 per share
This represent the dollar amount of real hard assets per share, but not necessarily the actual liquidation value. For examle 528 million of the 654.6 is inventory. In liquidation this may fetch something less than its stated value. But PBY is not in danger of bankrupcy and the parts and service bussiness has actually been impoving. I think PBY is a good buy here.
Just for that - I wouldn't answer those questions if you paid me! You dumbass - go do your own research - read the latest analyst report -
As far as your other questions - go research the answers yourself! Skan-kass!