Business
Monro, Inc. Announces Sale of Tires Now Assets to American Tire Distributors
Deal includes new agreement for ATD to provide tire distribution to Monro’s 1,304 stores ROCHESTER, N.Y.--(BUSINESS WIRE)-- Monro, Inc. (Nasdaq: MNRO)
About this update from Monro, Inc.
[{"type":"text","content":"\nDeal includes new agreement for ATD to provide tire distribution to Monro’s 1,304 stores\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nMonro, Inc. (Nasdaq: MNRO) (“Monro”), one of the largest independent auto service and tire dealers in the United States, has completed the previously-announced sale of its wholesale tire and distribution assets to American Tire Distributors (“ATD”). Monro’s wholesale tire locations, operating as Tires Now, included seven facilities in Kentucky, North Carolina, South Carolina, and Tennessee which serviced more than 3,500 wholesale customer locations annually.\n\nATD is one of the largest independent suppliers of tires to the replacement tire market in North America, with more than 130 distribution centers in the United States and Canada.\n\nThe deal will allow Monro to focus its resources on its retail operations at more than 1,300 stores nationwide. As part of the transaction, Monro entered into a supply relationship with ATD for ATD to distribute tires directly to Monro’s retail stores.\n\n“We are excited to have ATD support all of our retail locations through its industry-leading distribution program,” said Mike Broderick, president and chief executive officer of Monro. “This is a game changer for our locations. We will now have access to a broader range of tire brands and sizes due to ATD’s extensive secondary supplier partnerships. ATD’s daily delivery of tires to our stores will allow us to provide outstanding guest service to our customers with the right tire at the right price.”\n\n“Our Tires Now teammates have been a big part of our success,” he continued. “We thank them for their dedication to our customers, and we wish them all the best in the future.”\n\nThe sale of Monro’s tire distribution assets is also expected to be a significant step forward in Monro’s environmental, social, and governance (ESG) efforts. As Monro’s distribution fleet transitions to ATD, Monro anticipates a meaningful reduction in energy consumption, operational efficiencies, and vehicle emissions.\n\nForward-Looking Statements\n\nIn addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words \"anticipate,\" \"believe,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\" \"intends,\" \"outlook,\...