AID AUTO STORES, INC. SIGNS LEASE FOR ITS FIRST AID AUTO SUPERSTORE; Grand Opening Anticipated For Early July 1995; Company Also Announces Opening Of Its 69th Aid Auto Store Franchise.
The lease is for an initial term of eight years and eight months with an option for an additional seven and a half years. As part of the lease, AID AUTO will also have exclusive use of a 48 foot billboard located directly on top of the Superstore.
Commenting on the announcement, Philip L. Stephen, chairman and chief executive officer of AID AUTO STORES, INC. stated, "The signing of this lease, our first for the Company's exciting new Superstore concept, marks the beginning of the implementation of our business plan with respect to Aid Auto Superstores. The location is in a highly trafficked area of Queens, New York. Additionally, the store will benefit as we advertise on the billboard located directly on top of the building."
Mr. Stephen continued, "We look forward to the grand opening of our first Superstore. AID AUTO's spokesman, former New York Knick star and current NBA Hall of Famer, Walt "Clyde" Frazier will be at the opening to sign autographs. Given Mr. Frazier's tremendous popularity, especially in the New York area, we expect a huge turnout."
In a separate announcement, the Company noted that its 69th Aid Auto Store franchise was recently opened. The newest store is located at 19 West Main Street in East Islip, New York.
AID AUTO STORES, INC., is a major New York metropolitan area franchisor, retailer and wholesaler of automotive parts and accessories, targeting both the do-it-yourself and commercial markets. Through its wholly owned subsidiary Ames Automotive Warehouse, Inc., the Company supplies automotive aftermarket products for resale to non-automotive chain stores and independent jobbers and installers in the tri-state area.
CONTACT: Aid Auto Stores, Inc.
Philip L. Stephen
Chairman and CEO
Lippert/Heilshorn & Assoc.
Jeffrey Volk - ext. 102
Lorin Cohen - ext. 123