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PEP BOYS ANNOUNCES DEBENTURE CONVERSION COMPLETED

 PEP BOYS ANNOUNCES DEBENTURE CONVERSION COMPLETED
 PHILADELPHIA, May 4 /PRNewswire/ -- Pep Boys -- Manny, Moe & Jack


(NYSE: PBY), the nation's leading automotive aftermarket retail and service chain, today announced that $74.7 million of its $75 million convertible subordinated debentures, which were due on Nov. 1, 2011, have been converted into approximately 4,160,000 shares of the company's common stock.
 The remaining $300,000 of debentures will be redeemed on May 7, 1992. As a result of the conversion, the company will reduce its annual interest expense by $4.5 million and its long-term debt, as a percentage of total capitalization, decreased from 42 percent to 31 percent.
 The company also announced that three stores located in south- central Los Angeles were looted and destroyed by fire and two stores were looted and damaged. Since the company is insured for real and personal property damage and has business interruption coverage, it said it does not anticipate a negative impact on earnings as a result of this unfortunate occurrence. At the present time, the company is operating 333 stores in 18 states.
 /delval/
 -0- 5/4/92
 /CONTACT: Michael J. Holden, senior vp-finance and treasurer of Pep Boys, 215-227-9202/
 (PBY) CO: Pep Boys -- Manny, Moe & Jack ST: Pennsylvania, California IN: REA SU:


CC-JS -- PH022 -- 5992 05/04/92 11:39 EDT
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Publication:PR Newswire
Date:May 4, 1992
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