<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One):
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
- - -- SECURITIES EXCHANGE ACT OF 1934 [Fee Required]
For the fiscal year ended December 31, 1993
OR
- - -- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934. [No Fee Required]
For the transition from to
------------ -------------
Commission file number 1-3381
------
THE PEP BOYS SAVINGS PLAN
-------------------------
(Full title of the plan)
The Pep Boys - Manny, Moe & Jack
3111 W. Allegheny Avenue
Philadelphia, PA 19132
---------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its
principal executive offices)
Registrant's telephone number, including area code (215)229-9000
Notices and Communications from the Securities and Exchange
Commission relating to this Report should be forwarded to:
Michael J. Holden Jack H. Nusbaum
Senior Vice President - Willkie Farr & Gallagher
Finance and Treasurer One Citicorp Center
The Pep Boys - Manny, Moe & Jack 153 East 53rd Street
3111 West Allegheny Avenue New York, NY 10022-4669
Philadelphia, PA 19132
<PAGE>
<PAGE>2
THE PEP BOYS SAVINGS PLAN
- - -------------------------
TABLE OF CONTENTS
- - ------------------------------------------------------------------------
PAGE
----
INDEPENDENT AUDITORS' REPORT 3
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits
As of December 31, 1993 4
Statement of Net Assets Available for Benefits
As of December 31, 1992 5
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1993
and 1992 6
Notes to Financial Statements 7 - 11
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1993 12
Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1993 13
<PAGE>
<PAGE>3
INDEPENDENT AUDITORS' REPORT
The Administrative Committee
The Pep Boys Savings Plan
Philadelphia, Pennsylvania
We have audited the accompanying statements of net assets available for
benefits of The Pep Boys Savings Plan (the "Plan") as of December 31, 1993 and
1992, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of The Pep Boys Savings Plan
as of December 31, 1993 and 1992, and the changes in net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund
is presented for the purpose of additional analysis of the basic financial
statements rather than to present information regarding the net assets
available for benefits and changes in net assets available for benefits of the
individual funds, and is not a required part of the basic financial
statements. This supplemental information is the responsibility of the Plan's
management.
The supplemental schedules of: (1) assets held for investment purposes as of
December 31, 1993, and (2) reportable transactions for the year then ended,
are presented for the purpose of additional analysis and are not a required
part of the basic financial statements, but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. These
schedules are the responsibility of the Plan's management.
Such supplemental information by fund and supplemental schedules have been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic financial statements taken
as a whole.
Deloitte & Touche
Philadelphia, Pennsylvania
April 8, 1994
<PAGE>
<PAGE>4
<TABLE>
THE PEP BOYS SAVINGS PLAN
- - -------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
SUPPLEMENTAL INFORMATION
-----------------------------------------------------------
INVESTMENT FUNDS
-----------------------------------------------------------
<CAPTION>
FIXED INDEX THE
INCOME EQUITY PEP BOYS BALANCED LOAN
FUND FUND STOCK FUND FUND FUND TOTAL
---------- ------- ---------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
- - ----------
INVESTMENTS:
Fixed Income Fund $17,213,309 $17,213,309
Index Equity Fund - Vanguard Index Trust $2,810,639 2,810,639
The Pep Boys Stock Fund - at market
(Cost $11,562,432 consisting of 491,430 shares) $12,900,047 12,900,047
Balanced Fund - State Street Global Advisors $71,618 71,618
Loans to participants $2,062,390 2,062,390
----------- ---------- ----------- ------- ---------- -----------
Total investments 17,213,309 2,810,639 12,900,047 71,618 2,062,390 35,058,003
EMPLOYER AND PARTICIPANT CONTRIBUTIONS RECEIVABLE:
Fixed Income Fund 30,070 30,070
Index Equity Fund 24,773 24,773
Balanced Fund 10,427 10,427
EMPLOYER AND PARTICIPANT RECEIVABLE:
34,953 shares of The Pep Boys - Manny,
Moe & Jack common stock, cost $922,115 917,525 917,525
----------- ---------- ----------- ------- ---------- -----------
TOTAL $17,243,379 $2,835,412 $13,817,572 $82,045 $2,062,390 $36,040,798
=========== ========== =========== ======= ========== ===========
LIABILITIES AND NET ASSETS AVAILABLE FOR BENEFITS
- - -------------------------------------------------
LIABILITIES:
Employer Loan $2,402,412 $2,402, 412
Other 213,286 $3,297 $8,868 $1,925 $ - 227,376
---------- ---------- ----------- ------- ---------- -----------
Total Liabilities 2,615,698 3,297 8,868 1,925 - 2,629,788
NET ASSETS AVAILABLE FOR BENEFITS 14,627,681 2,832,115 13,808,704 80,120 2,062,390 33,411,010
----------- ---------- ----------- ------- ---------- -----------
TOTAL $17,243,379 $2,835,412 $13,817,572 $82,045 $2,062,390 $36,040,798
=========== ========== =========== ======= ========== ===========
See notes to financial statements.
/TABLE
<PAGE>
<PAGE>5
<TABLE>
THE PEP BOYS SAVINGS PLAN
- - --------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1992
-----------------------------------------------
SUPPLEMENTAL INFORMATION
-----------------------------------------------
INVESTMENT FUNDS
-----------------------------------------------
<CAPTION>
FIXED INDEX THE
INCOME EQUITY PEP BOYS LOAN
FUND FUND STOCK FUND FUND TOTAL
------------ ------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
- - ------
CASH $305,497 $305,497
INVESTMENTS:
Fixed Income Fund $12,678,951 12,678,951
Index Equity Fund - Vanguard Index Trust $2,178,190 2,178,190
The Pep Boys Stock Fund - at market
(Cost $7,696,135 consisting of 414,442 shares) 9,583,970 9,583,970
Loans to participants $1,440,818 1,440,818
------------ ------- ---------- ---------- -----------
Total investments 12,678,951 2,178,190 9,583,970 1,440,818 25,881,929
EMPLOYER AND PARTICIPANT CONTRIBUTIONS RECEIVABLE:
Fixed Income Fund 671,517 671,517
Index Equity Fund 4,458 4,458
EMPLOYER AND PARTICIPANT RECEIVABLE:
14,311 shares of The Pep Boys - Manny,
Moe & Jack common stock, cost $330,843 330,933 330,933
------------ ---------- ----------- ---------- -----------
TOTAL $13,350,468 $2,182,648 $10,220,400 $1,440,818 $27,194,334
============ ========== =========== ========== ===========
LIABILITIES AND NET ASSETS AVAILABLE FOR BENEFITS
- - -------------------------------------------------
LIABILITIES:
Terminations/Hardship Withdrawals Payable $557,819 $46,301 $258,223 $862,343
Other 305,497 305,497
----------- ---------- ----------- ---------- -----------
Total Liabilities 557,819 46,301 563,720 1,167,840
NET ASSETS AVAILABLE FOR BENEFITS 12,792,649 2,136,347 9,656,680 $1,440,818 $26,026,494
----------- ---------- ----------- ---------- -----------
TOTAL $13,350,468 $2,182,648 $10,220,400 $1,440,818 $27,194,334
=========== ========== =========== ========== ===========
See notes to financial statements.
/TABLE
<PAGE>
<PAGE>6
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1993 AND 1992
-----------------------------------------------------------------
SUPPLEMENTAL INFORMATION
----------------------------------------------------------------
INVESTMENT FUNDS
----------------------------------------------------------------
<CAPTION>
FIXED INDEX THE
INCOME EQUITY PEP BOYS BALANCED LOAN
FUND FUND STOCK FUND FUND FUND TOTAL
------------ ----------- ---------- --------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS,
JANUARY 1, 1992 $10,263,806 $1,602,924 $7,016,198 $ - $1,176,435 $20,059,363
Dividend and interest income 788,877 56,073 50,726 - - 895,676
Interest on loans 68,223 15,748 30,024 - - 113,995
------------ ----------- ---------- --------- ---------- ------------
NET INVESTMENT INCOME 857,100 71,821 80,750 - - 1,009,671
NET REALIZED GAIN ON SALE OF INVESTMENTS
INVESTMENTS AND UNREALIZED APPRECIATION
OF INVESTMENTS - 96,768 2,031,417 - - 2,128,185
CONTRIBUTIONS:
Participants 3,078,590 675,110 1,198,983 - - 4,952,683
The Pep Boys - Manny, Moe & Jack 995,057 970,056 - - 1,965,113
TERMINATIONS/HARDSHIP WITHDRAWALS (2,112,911) (267,005) (1,394,306) - (314,299) (4,088,521)
LOANS:
New Loans (663,351) (123,467) (405,073) - 1,191,891 -
Principal repayments 374,358 80,196 158,655 - (613,209) -
---------- --------- ----------- ---------- ----------- ------------
NET ASSETS AVAILABLE FOR BENEFITS,
DECEMBER 31, 1992 12,792,649 2,136,347 9,656,680 - 1,440,818 26,026,494
Dividend and interest income 1,050,613 69,852 64,560 62 1,185,087
Interest on loans 76,775 15,452 37,556 624 130,407
---------- ---------- ---------- -------- ---------- -------------
NET INVESTMENT INCOME 1,127,388 85,304 102,116 686 - 1,315,494
NET REALIZED GAIN ON SALE OF
INVESTMENTS AND UNREALIZED
APPRECIATION OF INVESTMENTS - 166,767 1,340,465 1,583 1,508,815
CONTRIBUTIONS:
Participants 2,973,340 782,766 1,982,651 74,732 5,813,489
The Pep Boys - Manny, Moe & Jack 30,070 2,230,162 2,260,232
TERMINATIONS/HARDSHIP WITHDRAWALS (1,734,492) (248,639) (1,189,172) (2,097) (339,114) (3,513,514)
LOANS:
New loans (1,055,131) (197,633) (575,800) (1,572) 1,830,136 -
Principal repayments 493,857 107,203 261,602 6,788 (869,450) -
----------- --------- ---------- --------- ---------- ------------
NET ASSETS AVAILABLE FOR BENEFITS,
DECEMBER 31, 1993 $14,627,681 $2,832,115 $13,808,704 $80,120 $2,062,390 $33,411,010
============ ======================= ========= =========== ============
See notes to financial statements.
/TABLE
<PAGE>
<PAGE>7
THE PEP BOYS SAVINGS PLAN
- - -------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1993 AND 1992
- - ------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
---------------------
The accompanying financial statements have been prepared on the accrual
basis of accounting.
Investments
-----------
Investments in The Pep Boys - Manny, Moe & Jack common stock, Vanguard
Index Trust and Balanced Fund are valued at the last reported sales
price on the last business day of the period. Investments in Group
Annuity Contracts are stated at cost plus accrued interest. (See Note 3.)
Benefits Payable
----------------
In 1993, the Plan changed its method of accounting for benefits payable
to comply with the 1993 AICPA Audit and Accounting Guide, Audits of
Employee Benefit Plans. The new guidance requires that benefits payable
to persons who have withdrawn from participation in a defined
contribution plan be disclosed in the footnotes to the financial
statements rather than be recorded as a liability of the Plan. As of
December 31, 1993, net assets available for benefits included benefits of
$650,829 due to participants who have withdrawn from participation in the
Plan.
2. DESCRIPTION OF THE PLAN
-----------------------
The Pep Boys Savings Plan (the "Plan"), was established on September 1,
1987. The Plan provides an incentive for participating Company employees
to increase savings. The Plan was structured to comply with the require-
ments of the Employee Retirement Income Security Act of 1974 ("ERISA").
Participation
-------------
All employees of The Pep Boys - Manny, Moe & Jack and subsidiaries (the
"Company") who have attained both the age of 21 and completed one year of
service as defined by the Plan, other than those employees whose terms
and conditions of employment are determined by a collective bargaining
agreement unless such collective bargaining agreement provides to the
contrary, may join the Plan on any January 1, April 1, July 1, or
October 1.
<PAGE>
<PAGE>8
Funding
-------
Contributions to the Plan are made by employees and the Company.
Employee contributions, made through salary reduction, may be any whole
percentage from 1% to 12% of their compensation as defined by the Plan.
The Company contributes the lesser of 50% of the first 6% of the
participant's contributions or a maximum 3% of the participant's
compensation.
Effective January 1, 1993, Company contributions are
deposited in The Pep Boys Stock Fund. Employees age 55 or over have the
option to make an irrevocable election to have 100% of the Company's
contribution deposited into the Fixed Income Fund.
Vesting
-------
The Plan provides that the participant's contributions are fully vested
when made. The Company's contribution for a particular year is made if
the participant is actively employed on December 31 of that year or if
the participant's employment terminated due to death, disability or
retirement prior to December 31. The Company's contributions are fully
vested when made.
Loan Provisions
---------------
Participants may borrow 50% of their account balance subject to a minimum
of $500 and a maximum of $50,000. The maximum duration of a loan is five
years. The interest rate is commensurate with current fixed rates
charged by institutions in the business of lending money for similar
types of loans.
Priorities upon Termination
---------------------------
In the event of termination of the Plan, the interest of the
participating employees or their beneficiaries will remain fully vested
and not be subject to forfeiture in whole or in part and distributions
shall be made to them in cash and/or stock as applicable.
Income Tax Status
-----------------
The Internal Revenue Service has issued a determination letter (March 1,
1989) indicating that the Plan meets the requirements of Sections 401(a)
and 401(k) of the Internal Revenue Code (the "Code"). Accordingly, the
Plan's related trust is exempt from Federal Taxation under Section 501(a)
of the Code. The Plan has been amended since receiving the determination
letter. However, the Plan Committee believes that the Plan is designed
and is currently being operated in compliance with the applicable
requirements of the Code.
Employee contributions to the Plan, up to $8,728 during 1992 and $8,994
during 1993, are not subject to income tax until their withdrawal from
the Plan. As of January 1, 1994, this limit has been increased to
$9,240. Additionally, employees are not subject to tax on the Company's
contributions to the Plan, appreciation in Plan assets or income earned
thereon until withdrawal from the Plan.
<PAGE>
<PAGE>9
Administration
--------------
All costs associated with administering the Plan are borne by the
Company.
The Plan is administered by a Plan Committee of three employees of the
Company.
At April 8, 1994, the members of the Plan Committee and their positions
with the Company were:
Michael J. Holden Senior Vice President and Chief
Financial Officer & Treasurer
Roger A. Rendin Vice President - Human Resources
Bernard K. McElroy Assistant Vice President - Finance &
Assistant Secretary
Under the provisions of ERISA, all of the above individuals are
"parties-in-interest."
3. INVESTMENT PROGRAMS
-------------------
Participant contributions - Upon enrollment or re-enrollment, each
participant shall direct that his/her contributions be invested in one or
more of the following investment programs in increments of 10%.
Fixed Income Fund
-----------------
The Fixed Income Fund has invested in several Group Annuity
Contracts issued by insurance companies. The contracts seek to
provide a fixed rate of interest for a specific period of time.
These investments contractually stipulate a rate of return and do
not guarantee a return of principal.
On April 11, 1991, Executive Life was placed into conservatorship by
the State of California at which time the Plan discontinued accruing
interest on the investment. On May 22, 1991, the Company guaranteed
the Executive Life portion of all participants' account balances as
of March 31, 1991. Accordingly, no adjustment has been made to the
carrying amount since that date. Under the terms of the Company's
guarantee to the participants, proceeds received in excess of the
Executive Life Group Annuity Contract will be allocated to the
participants' account balances. The Plan had $2,402,412 invested
with Executive Life on December 31, 1992 and December 31, 1993. (See
Note 4).
Effective July 1, 1992, participants' contributions to this fund are
invested in a blended fund comprised of various Group Annuity
Contracts. Each contract provides a fixed interest rate in effect
until maturity. Individual participants receive a blended rate of
interest based upon the overall rate of return.
<PAGE>
<PAGE>10
Balanced Fund
-------------
The Balanced Fund is managed by State Street Bank in Boston, MA, and
invests 50% in stocks and 50% in bonds. State Street's S&P 500
Flagship Fund seeks to duplicate the capital growth and dividend
income of the Standard and Poor's 500 Composite Stock Price Index.
The State Street Daily Bond Market Fund is intended to perform
similar to the Lehman Brothers Government/Corporate Bond Index.
Index Equity Fund
-----------------
The Index Equity Fund has invested in the Vanguard Index Trust which
seeks to provide investment results that correspond to the price and
yield performance of publicly traded common stocks in the aggregate.
The Vanguard Index Trust uses the Standard and Poor's 500 Composite
Stock Price Index as the standard comparison and attempts to
duplicate the capital growth and dividend income of that Index.
The Pep Boys Stock Fund
-----------------------
This fund is invested in the common stock of The Pep Boys -
Manny, Moe & Jack.
The number of participants in each investment program at
December 31, was as follows:
1993 1992
---- ----
Home Life Insurance Company #GIC958 0 1,228
Executive Life Insurance Company
#CG01321A3A 1,625 1,625
Massachusetts Mutual Life Insurance
Company GAC#6260 2,077 2,451
Continental Assurance Company
#GP12674 2,880 3,513
Blended Fund 4,870 4,176
Balanced Fund 297 0
Index Equity Fund 1,804 1,377
The Pep Boys Stock Fund 5,220 4,265
The total number of participants in the Plan was less than the sum
of the number of participants shown above because many were
participating in more than one fund.
<PAGE>
<PAGE>11
Investments that represent 5% or more of the net assets
available for benefits at December 31, 1993 and 1992 are as
follows:
For the Years Ended December 31,
1993 1992
---- ----
FIXED INCOME FUND:
Group Annuity Contracts:
Home Life Insurance Company
#GIC958 $ - $ 1,483,037
Principal Mutual Life Insurance
Company #4-8601 2,718,304 -
Provident Life and Accident
Insurance Company #627-05414 4,172,688 -
Metropolitan Life Insurance
Company #GAC-13211 2,689,512 2,498,266
Massachusetts Mutual Life
Insurance Company GAC#6260 2,285,988 2,685,289
Continental Assurance Company
#GP12674 2,944,405 3,618,250
Executive Life Insurance Company
#CG01321A3A 2,402,412 2,394,109
----------- -----------
Total Fixed Income Fund $17,213,309 $12,678,951
INDEX EQUITY FUND - Vanguard Index Trust $ 2,810,639 $ 2,178,190
THE PEP BOYS STOCK FUND - The Pep Boys -
Manny, Moe & Jack Common Stock $12,900,047 $ 9,583,970
4. PARTY-IN-INTEREST TRANSACTIONS
------------------------------
Pursuant to a written agreement between the Company and the Plan
Trustees, the Company loaned $2,402,412 in January 1993 to the Trust for
the balance invested with Executive Life Insurance Company of California
("Executive Life") (see Note 3). Under the provisions of ERISA, the
Company is a "party-in-interest". The Plan's counsel has determined that
this loan transaction between the Trust and the Company does fall within
the scope of Prohibited Transactions Class Exemption 80-26. In addition,
the Company has entered into a closing agreement with the Internal
Revenue Service pursuant to Revenue Procedure 92-16. This agreement
states that, subject to certain conditions, which the plan administrator
indicates have been met, the loan transaction will not cause the Plan to
fail to meet the qualification requirements of the Internal Revenue Code
and will not result in the imposition of excise taxes under Code Sections
4980 and 4972. This agreement also indicates that should there be a
shortfall in amounts ultimately recovered, the Company may treat
such shortfall as a tax deductible contribution.
************************
<PAGE>
<PAGE>12
THE PEP BOYS SAVINGS PLAN
- - -------------------------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
YEAR ENDED DECEMBER 31, 1993
- - ------------------------------------------------------------------------------
Current
Cost Value
------- -------
FIXED INCOME FUND:
Group Annuity Contracts:
Principal Mutual Life Insurance
Company #4-8601 $ 2,718,304 $ 2,718,304
Provident Life and Accident Insurance
Company #627-05414 4,172,688 4,172,688
Metropolitan Life Insurance Company
#GAC-13211 2,689,512 2,689,512
Massachusetts Mutual Life Insurance
Company GAC #6260 2,285,988 2,285,988
Continental Assurance Company
#GP12674 2,944,405 2,944,405
Executive Life Insurance Company
#CG01321A3A 2,402,412 2,402,412
----------- -----------
Total Fixed Income Fund 17,213,309 17,213,309
INDEX EQUITY FUND - Vanguard Index Trust 2,644,043 2,810,639
THE PEP BOYS STOCK FUND - The Pep Boys -
Manny, Moe & Jack Common Stock 11,562,432 12,900,047
BALANCED FUND - State Street's
Daily Bond Market Fund and
S&P 500 Flagship Fund 70,217 71,618
LOANS TO PARTICIPANTS 2,062,390 2,062,390
----------- -----------
TOTAL INVESTMENTS $33,552,391 $35,058,003
=========== ===========
<PAGE>
<PAGE>13
THE PEP BOYS SAVINGS PLAN
- - -------------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
- - ------------------------------------------------------------------------------
Aggregate of transactions involving the same security exceeding 5% of net
assets at January 1, 1993:
Cost of
Asset
-------
Purchases
- - ---------
Principal Mutual Life Insurance Company #4-8601 $2,661,581
Provident Life and Accident Insurance Company
#627-05414 4,083,584
The Pep Boys - Manny, Moe & Jack Common Stock 1,993,543
Sales
- - -----
Home Life Insurance Company #GIC958 $1,539,336
Individual transactions in 1993 involving the same security exceeding 5% of
net assets at January 1, 1993:
Cost of
Asset
-------
Purchases
- - ---------
Principal Mutual Life Insurance Company #4-8601 $1,414,244
Provident Life and Accident Insurance Company
#627-05414 2,895,000
Sales
- - -----
Home Life Insurance Company #GIC958 $1,414,244
<PAGE>
<PAGE>14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trustees (or other persons who administer the Plan) have duly caused
this annual report to be signed by the undersigned hereunto duly
authorized.
THE PEP BOYS SAVINGS PLAN
-------------------------
DATE: June 21, 1994 BY: \s\ Bernard K. McElroy
---------------------- ----------------------------
Bernard K. McElroy
Member of the Administrative
Committee
<PAGE>
<PAGE>15
EXHIBIT INDEX
=============
Exhibit No. Item Page
----------- ---- ----
24.1 Consent of Deloitte & Touche 15
INDEPENDENT AUDITORS' CONSENT
- - -----------------------------
We consent to the incorporation by reference in Registration Statement
No. 33-31765 of The Pep Boys - Manny, Moe and Jack on Form S-8 of our
report dated April 8, 1994 appearing in the Annual Report on Form 11-K
of The Pep Boys Savings Plan for the year ended December 31, 1993.
DELOITTE & TOUCHE
Philadelphia, Pennsylvania
June 17, 1994
