Business Services Industry
Roanoke County, Va.-Based Advance Auto Parts Buys 55 Stores.
Knight Ridder/Tribune Business News, July, 2002
By Keisha Stewart, The Roanoke Times, Va. Knight Ridder/Tribune Business News
Jul. 24--Advance Auto Parts announced Tuesday its acquisition of a struggling Maryland-based auto parts chain.
Advance Auto acquired 55 Trak Auto Parts stores after the bankruptcy court in Norfolk allowed Advance Auto to acquire certain assets of Trak Auto Corp. Sheila Stuewe, a spokeswoman for Roanoke County-based Advance Auto, said the company "cherry-picked" the Trak Auto stores it wanted and Trak Auto closed the remainder -- about 20 of them.
Under terms of the agreement, Advance Auto assumed existing leases and paid $16 million for inventory and fixtures.
Advance Auto purchased the stores to increase its presence in the "under-served"...
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