Pep Boys Sold for $1 Billion

The Philly-based auto parts chain is reportedly set to be sold to Gores Group for $15 a share. The Los Angeles-based Gores Group is set to pay nearly $800 million for Pep Boys and take on the company’s $200 million debt. All told, Alec Gores and company will pay over $1 billion for Manny, Moe & Jack, and everything else Pep Boys. The current honcho sent letters to Mayor Nutter and Governor Corbett indicating that the headquarters will remain in Philadelphia, though. [Inquirer]