UPDATE 1-Pep Boys to close 33 stores, cut jobs

Newswire

(Recasts first paragraph; adds stock price, details) CHICAGO, July 31 (Reuters) - Auto parts retailer Pep Boys - Manny, Moe & Jack said on Thursday it will close 33 stores, cut 700 store jobs and eliminate 160 management positions in order to boost profits. The Philadelphia-based company said its cost-cutting moves, the first by new Chief Executive Officer Lawrence Stevenson, are aimed at saving about $11 million annually. Pep Boys said it expects to take a second-quarter pre-tax ...

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