Pirate Capital LLC Raises its Stake in Pep Boys (PBY) From 8.3% to 9.8%
Pirate Capital has been calling for a sale of the company, a process which ended on Tuesday (08/15) with no transaction.
Interesting to note is that Pirate added a large portion of the new shares purchased even after the news of the failed auction. The firm disclosed purchases of 504,718 shares from 08/16-08/17.
Pirate could be encouraged that Pep Boys has committed to revisiting strategic alternatives when operating results have improved.