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Acquisitions
6 Months Ended
Sep. 24, 2011
Business Combinations [Abstract] 
Mergers Acquisitions And Dispositions Disclosures [Text Block]

Note 2 – Acquisitions

 

       The Company's acquisitions are strategic moves in its plan to fill in and expand its presence in its existing and contiguous markets, and leverage fixed operating costs such as distribution and advertising.

 

       In the first quarter of fiscal year 2012, the Company acquired 24 retail tire and automotive repair stores located in Pennsylvania and New Jersey from Vespia Tire Centers, Inc. These stores produced approximately $36 million in net sales in 2010 based on unaudited pre-acquisition historical information provided by Vespia Tire Centers, Inc. The acquisition was financed through the Company's existing credit facility. The results of operations of these acquired stores are included in the Company's results from June 5, 2011.

 

Subsequent Event

 

In September 2011, the Company signed a definitive asset purchase agreement to acquire seven retail tire stores located in Ohio and Pennsylvania from Terry's Tire Town, Inc. These stores produced approximately $9 million in net sales in 2010 based on unaudited, pre-acquisition historical information provided by Terry's Tire Town, Inc. The transaction closed on October 9, 2011. These stores will operate under the Mr. Tire brand name. The acquisition was financed through the Company's existing credit facility.