Monro | Jotup

Giga Tires Announces Collaboration with Monro to Expand Ship to Installer Offerings

Retrieved on:

Thursday, October 26, 2023

Professional, Monro, Partnership, Online shopping

MIAMI, Oct. 26, 2023 /PRNewswire-PRWeb/ -- Customers can shop from a comprehensive selection of tires at www.giga-tires.com. Once eligible items are added to the cart, users can select the "Install it for you" delivery option and choose any installer location for a hassle-free, end-to-end shopping experience.

Key Points:

Giga Tires, a preeminent e-commerce tire retailer, announced the expansion of its ship to installer service offering, in partnership with Monro.
Monro, Inc. is one of the largest automotive services companies in North America, with nearly 1,300 locations nationwide.
This collaboration enables customers access to an extensive range of high-quality, low-cost tires combined with a seamless delivery and installation experience.
"We are excited to expand this service offering in partnership with Monro," said Adam Barker, CEO of Giga Tires.

Monro and Yokohama Named Lead Sponsors of Third Annual U.S. Auto Tech National Championship

Retrieved on:

Tuesday, August 8, 2023

CHICAGO, Aug. 8, 2023 /PRNewswire/ -- The Elite Trades Championship Series, along with Intersport, an independent award-winning marketing agency, announce their partnerships with four automotive industry heavy-weights to support the third annual U.S. Auto Tech National Championship (USATNC). Monro, a national leader in the auto service and repair industry, has been named an Official Sponsor and Yokohama, a tire corporation leading in technology and innovation, will be the Presenting Sponsor of the series. They are joined by fellow sponsor AutoZone, the largest U.S. retailer of aftermarket auto parts and accessories, as well as ALLDATA, the industry's #1 choice for unedited OEM automotive repair and collision information, trusted by more than 400,000 technicians worldwide. All four companies have signed agreements for the 2023 competition season.

Key Points:

Monro , a national leader in the auto service and repair industry, has been named an Official Sponsor and Yokohama, a tire corporation leading in technology and innovation, will be the Presenting Sponsor of the series.
"We are thrilled to be sponsoring the third annual U.S. Auto Tech National Championships," said Austin Phillips, VP - Marketing, Merchandising and Commercial at Monro.
"We are incredibly grateful to have Monro, Yokohama, AutoZone and ALLDATA join our growing list of distinguished sponsors for this year's competition.
The 2023 U.S. Auto Tech National will be televised on CBS Sports Network in December.

Brett T. Ponton to Become Chief Executive Officer of SERVPRO

Retrieved on:

Thursday, July 27, 2023

Isaacson, Core, Blackstone, Acquisition, Jiffy Lube, Monro, Growth, Rentokil Initial, NYSE, Management

GALLATIN, Tenn., July 27, 2023 (GLOBE NEWSWIRE) -- SERVPRO Industries, LLC (“SERVPRO”), a leading property restoration and construction franchise company, today announced Brett T. Ponton has been appointed its next Chief Executive Officer (CEO), effective October 2023.

Key Points:

GALLATIN, Tenn., July 27, 2023 (GLOBE NEWSWIRE) -- SERVPRO Industries, LLC (“SERVPRO”), a leading property restoration and construction franchise company, today announced Brett T. Ponton has been appointed its next Chief Executive Officer (CEO), effective October 2023.
Mr. Ponton will succeed Rick Isaacson, who is retiring after a successful tenure as CEO and nearly 40 years of SERVPRO service.
Mr. Isaacson will continue in his capacity as a member of the SERVPRO Board.
I am pleased to welcome Brett and continue to support the business moving forward in my role on the Board.”

Ides Capital Comments on Its Successful Campaign to Eliminate Retrograde Multi-Class Share Structure at Monro, Inc.

Retrieved on:

Friday, May 19, 2023

Professional Services, Finance, Acceleration, Glenview Capital Management, Class, Human, Person, Ides, Management, Monro

Holders of the Class C Stock possess “veto power” over every matter put to a common shareholder vote.

Key Points:

Holders of the Class C Stock possess “veto power” over every matter put to a common shareholder vote.
Ides Capital CIO Dianne McKeever stated:
“In both 2021 and 2022, Ides Capital took action to provide Monro’s long-suffering common shareholders with opportunities to vote for change at Monro’s Annual Meeting.
On the heels of Ides’ engagement, Monro’s common shareholders, upon their affirmative vote, can rest assured that their votes may no longer be capriciously cast aside.
Now, more than ever, Monro’s common shareholders can use their voice and their now reliable “one share, one vote” to ensure better stakeholder outcomes and long-term value creation at Monro.

Monro Announces Agreement to Eliminate Class C Preferred Stock

Retrieved on:

Thursday, May 18, 2023

Aftermarket, Retail, Automotive, Other Automotive, General Automotive, Tires & Rubber, Specialty, Certificate of incorporation, Class, Committee, Annual Meetings of the International Monetary Fund and the World Bank Group, Securities and Exchange Commission (Nigeria), Annual general meeting, Security (finance), Canadian House of Commons Special Committee on Electoral Reform, Duff, Monro, Shareholder

Monro, Inc. (Nasdaq: MNRO) (“Monro” or the “Company”), a leading provider of automotive undercar repair and tire services, today announced it has entered into an agreement with the holders (the “Class C Holders”) of its Class C Convertible Preferred Stock (the “Class C Preferred Stock”) under which the Class C Preferred Stock will be eliminated (the “agreement”), subject to receipt of shareholder approval.

Key Points:

Monro, Inc. (Nasdaq: MNRO) (“Monro” or the “Company”), a leading provider of automotive undercar repair and tire services, today announced it has entered into an agreement with the holders (the “Class C Holders”) of its Class C Convertible Preferred Stock (the “Class C Preferred Stock”) under which the Class C Preferred Stock will be eliminated (the “agreement”), subject to receipt of shareholder approval.
Under the terms of the agreement, in exchange for agreeing that there will be an automatic conversion of any outstanding shares of Class C Preferred Stock that remain outstanding by no later than the third anniversary of the Annual Meeting, the conversion rate of the Class C Preferred Stock to Monro common stock will be adjusted so that each share of Class C Preferred Stock will convert into 61.275 shares of common stock, an increase from the current conversion rate of 23.389 shares of common stock for each share of Class C Preferred Stock under the Company’s Certificate of Incorporation.
Assuming all Class C Preferred Stock were converted on the date of the agreement at the adjusted conversion rate, the value of the additional number of shares of common stock that the Class C Holders would receive represents approximately 2.3% of the Company’s total equity value.
The recapitalization is subject to approval by holders of a majority of the outstanding shares of common stock unaffiliated with the Class C Holders and holders of a majority of the outstanding shares of Class C Preferred Stock.

Monro, Inc. Announces Third Quarter Fiscal 2023 Financial Results

Retrieved on:

Wednesday, January 25, 2023

General Automotive, Retail, Specialty, Automotive, Comparable, Investment, Acquisition, Maintenance, Growth, Share repurchase, Christmas, Cryptocurrency, Video game, Music, Security (finance), Lease, Car rental, Monro

Sales for the third quarter of the fiscal year ending March 25, 2023 (“fiscal 2023”) decreased 1.9% to $335.2 million, as compared to $341.8 million for the third quarter of the fiscal year ended March 26, 2022 (“fiscal 2022”).

Key Points:

Sales for the third quarter of the fiscal year ending March 25, 2023 (“fiscal 2023”) decreased 1.9% to $335.2 million, as compared to $341.8 million for the third quarter of the fiscal year ended March 26, 2022 (“fiscal 2022”).
When adjusted for one additional selling day in the current year quarter due to a shift in timing of the Christmas holiday from the third quarter in fiscal 2022 to the fourth quarter in fiscal 2023, comparable store sales increased 4.4%.
Diluted earnings per share for the third quarter of fiscal 2023 was $.41, compared to $.48 in the third quarter of fiscal 2022.
Monro is not providing fiscal 2023 financial guidance at this time but will provide perspective on its outlook for fiscal 2023 during its earnings conference call.

Monro Waives Battery Installation Charges along with Other Strategic Initiatives

Retrieved on:

Thursday, December 8, 2022

Monro, Inc. (Nasdaq: MNRO) recently implemented a series of initiatives designed to help customers prepare for winter driving.

Key Points:

Monro, Inc. (Nasdaq: MNRO) recently implemented a series of initiatives designed to help customers prepare for winter driving.
These efforts are part of a forward-looking strategic plan to position the company as a strong competitor in every market across the country.
Monro now offers free battery checks and, in a departure from the industry standard, is waiving the installation charge for batteries.
Monro encourages customers to take advantage of the companys free battery check service to assess battery health, particularly in cold-weather regions.

Monro, Inc. Announces Second Quarter Fiscal 2023 Financial Results

Retrieved on:

Wednesday, October 26, 2022

Sales for the second quarter of the fiscal year ending March 25, 2023 (fiscal 2023) decreased 5.1% to $329.8 million, as compared to $347.7 million for the second quarter of the fiscal year ended March 26, 2022 (fiscal 2022).

Key Points:

Sales for the second quarter of the fiscal year ending March 25, 2023 (fiscal 2023) decreased 5.1% to $329.8 million, as compared to $347.7 million for the second quarter of the fiscal year ended March 26, 2022 (fiscal 2022).
Gross margin decreased 220 basis points to 35.4% in the second quarter of fiscal 2023 from 37.6% in the prior year period.
Interest expense was $5.7 million for the second quarter of fiscal 2023, as compared to $6.3 million for the second quarter of fiscal 2022, principally due to a decrease in weighted average debt.
Diluted earnings per share for the second quarter of fiscal 2023 was $.40, compared to $.62 in the second quarter of fiscal 2022.

Monro Reports that Majority of Tire Choice Locations in Florida are Now Open

Retrieved on:

Wednesday, October 5, 2022

Monro, Inc. (Nasdaq: MNRO) announces that six of its Tire Choice Auto Service Center locations in Florida are closed in the wake of Hurricane Ian.

Key Points:

Monro, Inc. (Nasdaq: MNRO) announces that six of its Tire Choice Auto Service Center locations in Florida are closed in the wake of Hurricane Ian.
They did an amazing job taking care of themselves and their families, and in preparing our stores for the storm.
Tire Choice is one of the largest names in Monros family of brands.
Monro also reports that all 160 Tire Choice Auto Service Centers and Mr. Tire Auto Service Centers in Georgia, North and South Carolina, and Virginia are open and operational after Post-Tropical Storm Ian continued its slow path north over the weekend.

Monro’s Shareholders Vote to Oust Two Incumbent Monro Directors in Response to Ides’ “Vote No” Campaign

Retrieved on:

Wednesday, August 24, 2022

Ides, a long-term shareholder of Monro, Inc. (Monro or the Company) (NASDAQ: MNRO) is gratified that, on the heels of Ides Vote No campaign, Monros common shareholders have sent a resounding signal that change to Monros Board of Directors (the Board) is warranted: a majority of Monros voting common shareholders withheld their support from Directors Donald Glickman and Lindsay Hyde.

Key Points:

Ides, a long-term shareholder of Monro, Inc. (Monro or the Company) (NASDAQ: MNRO) is gratified that, on the heels of Ides Vote No campaign, Monros common shareholders have sent a resounding signal that change to Monros Board of Directors (the Board) is warranted: a majority of Monros voting common shareholders withheld their support from Directors Donald Glickman and Lindsay Hyde.
Monros shareholders have spoken for themselves and have rejected two of the Companys nominees: Directors Glickman and Hyde failed to receive majority support and, accordingly, should promptly resign.
Monros failure to accept the majority vote of its common shareholders is part of a troubling pattern of the Boards overarching disregard of shareholders will as expressed through their votes.
In 2022, two of Monros incumbent directors were voted out by a majority of voting common shareholders.