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IN BRIEF / RETAIL

Sears to Sell Auto Service Chain to TBC

September 23, 2003|From Bloomberg News

Sears, Roebuck & Co., the largest U.S. department store company, agreed to sell the National Tire & Battery automotive service chain to TBC Corp. for about $260 million in cash as it sheds businesses to focus on boosting sales at its main stores.

The chain of 226 automotive service and tire replacement stores has annual sales of about $425 million, TBC said in a statement. TBC, based in Memphis, Tenn., would have 1,144 locations after the purchase. Sears' auto service centers aren't part of the transaction, Sears spokesman Ted McDougal said.

Shares of TBC rose $2.57, or 11.3%, to $25.32 on Nasdaq. Sears shares fell 23 cents to $45.61 on the NYSE.

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