TBC to purchase Sears' Tire & Battery unit
Tuesday, September 23 2003
Published on AllBusiness.com
Tire distributor TBC Corp., Memphis, Tenn., has agreed to buy Sears, Roebuck & Co.'s National Tire & Battery unit for $260 million in cash, to include $35 million in inventory and additional assets. The deal is expected to close in the fourth quarter and Hoffman Estates, Ill.-based Sears says it expects to record a $50 million to $100 million pretax gain on the sale. The purchase will up TBC's national presence by 25 percent to a total of 1,144 locations. The tire company currently owns 357 stores and has an additional 561 outlets franchised under the Big O Tires banner.