Table of Contents
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 11-K
(Mark
One)
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x
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the fiscal year ended December 31, 2008
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or
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from
to
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Commission
File No. 1-3381
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A.
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Full title of the plan
and the address of the plan, if different from that of the issuer named
below:
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The Pep
Boys Savings Plan
B.
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Name of issuer of the
securities held pursuant to the plan and the address of its principal
executive office:
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The Pep Boys Manny, Moe &
Jack
3111 W. Allegheny Avenue
Philadelphia, PA 19132
Registrants telephone
number, including area code
(215) 430-9000
Notices and
communications from the Securities and Exchange Commission relating to this
Report should be forwarded to:
Bernard K. McElroy
Vice President Finance & Treasurer
The Pep Boys Manny, Moe & Jack
3111 West Allegheny Avenue
Philadelphia, PA 19132
Table of
Contents
THE PEP BOYS SAVINGS PLAN
TABLE OF CONTENTS
All other schedules required by Section 2520.103-10
of the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 have been
omitted because they are not applicable.
2
Table of
Contents
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Participants and
the Administrative Committee of
The Pep Boys Savings
Plan:
We have audited the
accompanying statements of net assets available for benefits of The Pep Boys
Savings Plan (the Plan) as of December 31, 2008 and 2007, 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 Plans
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight
Board (United States). 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, the
financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of The Pep Boys Savings Plan as
of December 31, 2008 and 2007, and the changes in net assets available for
benefits for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed
for the purpose of forming an opinion on the basic financial statements taken
as a whole. The supplemental schedule of assets (held at end of year) is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements, but is supplementary information required by
the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
supplemental schedule is the responsibility of the Plans management. The
supplemental schedule has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ PARENTE RANDOLPH,
LLC
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Philadelphia,
Pennsylvania
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June 22, 2009
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3
Table of
Contents
THE PEP BOYS SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2008 AND 2007
(dollar amount in thousands)
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2008
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2007
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ASSETS
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Investments
at fair value
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$
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105,475
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$
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139,486
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Contributions
receivable:
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Participant
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28
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8
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Employer
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12
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3
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Total
contributions receivable
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40
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11
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Cash
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8
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Total
Assets
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105,515
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139,505
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LIABILITIES
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Refundable
contributions and earnings
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135
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204
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NET
ASSETS AVAILABLE FOR BENEFITS
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$
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105,380
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$
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139,301
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See notes to financial statements.
4
Table of
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THE PEP BOYS SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 2008 AND
2007
(dollar amount in thousands)
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2008
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2007
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Investment
(loss) income:
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Dividends
and interest
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$
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3,443
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$
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3,964
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Net
depreciation in fair value of investments
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(38,891
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)
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(4,049
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)
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Interest
on loans
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785
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798
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Total
investment (loss) income
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(34,663
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)
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713
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Contributions:
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Participants
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9,302
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8,645
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Employer
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3,652
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3,436
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Total
contributions
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12,954
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12,081
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Deductions:
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Benefits
paid to participants
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(11,837
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)
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(17,631
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Refundable
contributions and earnings
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(135
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)
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(203
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Administrative
expense
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(240
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(143
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)
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Total
deductions
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(12,212
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(17,977
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)
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NET
DECREASE
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(33,921
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(5,183
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NET
ASSETS AVAILABLE FOR BENEFITS:
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Beginning
of year
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139,301
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144,484
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End
of year
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$
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105,380
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$
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139,301
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See notes to financial statements.
5
Table of
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THE PEP BOYS SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The information in these
notes regarding The Pep Boys Savings Plan (the Plan) is provided for general
purposes only. Participants should refer to the Plan document for a more
complete description of the Plan provisions.
General
The Plan was
established September 1, 1987. The Plan provides a vehicle for
participating Company employees to increase savings. The Plan is a defined
contribution plan structured to comply with the requirements of the Employee
Retirement Income Security Act of 1974 (ERISA), as amended.
Participation and
Eligibility
All employees of The Pep
BoysManny, Moe & Jack and subsidiaries (other than Pep BoysManny Moe &
Jack of Puerto Rico, Inc.) (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 any time on or after the start of
the quarter, which immediately follows the employees anniversary date. These
quarter dates are January 1, April 1, July 1, or October 1.
Contributions
Each year, participants
may contribute any half percentage from 0.5% to 50% of pretax annual
compensation as defined by the Plan and up to the Internal Revenue Service
(IRS) limit. Participants who have attained age 50 before the end of the Plan
year are eligible to make catch-up contributions. Participants may also
contribute amounts representing distributions from other qualified defined
benefit or defined contribution plans. Participants direct the investment of
their contributions into various investment options offered by the Plan.
Participants may at any time elect to rollover amounts from other qualified
plans or individual retirement accounts into the Plan. Participants do not have
to satisfy the eligibility requirements to make a rollover.
The Company contributes
the lesser of 50% of the first 6% of the participants pre-tax contributions or
a maximum 3% of the participants compensation. The Companys matching
contributions are invested in the same fund(s) and in the same proportion
chosen by the participants for their contributions.
Participant contributions
to the Plan, up to maximums of $15,500 and $15,500 during 2008 and 2007
respectively, are not subject to income tax until their withdrawal from the
Plan. Additionally, participants are not subject to tax on the Companys
contributions to the Plan, appreciation in Plan assets or income earned thereon
until withdrawn from the Plan. Contributions are subject to certain
limitations.
Participant Accounts
Each participants
account is credited with the participants contribution and allocation of (a) the
Companys contribution and (b) Plan earnings, and (c) charged with an
allocation of administrative expenses. Allocations are based on participant
earnings or account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participants vested
account.
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Payment of Benefits
Lump sum distributions
from the Plan equal to the value of the participants vested interest may be
made to a participant upon attaining the age of 59-1/2, death, total
disability, financial hardship or termination of employment. Distributions and
withdrawals are processed on a daily basis.
Forfeited Accounts
Forfeitures of non-vested
employer contributions are used to reduce future company contributions. At December 31,
2008 and 2007, forfeited non-vested accounts totaled $278,274 and $271,000
respectively. Forfeited amounts of $103,995 and $239,000 were used to
reduce company contributions in 2008 and 2007, respectively.
Vesting
Participants are vested
immediately in their contributions plus actual earnings thereon. Participants
vest in the Companys contributions for a particular year if the participant is
actively employed on the last business day of the Plan year (which ends December 31)
or if the participants employment terminated due to death, disability or
retirement prior to December 31.
Participant Loans
Loans are made available
to all Plan participants whose account value is $1,000 or more. Participants
may borrow up to 50% of their account balance subject to a minimum of $500 and
a maximum of $50,000. The $50,000 maximum may be reduced if the participant has
another loan within one year of the date that such participant takes out the
loan. The maximum duration of a loan is five years unless the loan is used to
purchase a primary residence. In such a case, the loan term is permitted for up
to a 30 year duration. The interest rate is commensurate with current fixed
rates charged by institutions in the business of lending money for similar
types of loans. Interest rates at December 31, 2008, range from 5.0% to
10.5%. Participants may have up to two loans at one time and prepay loans in
full at any time. Principal and interest is paid ratably through payroll
deductions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements
of the Plan have been prepared on the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States of America.
Application of Accounting
Standard
As described in Financial
Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP 94-4-1,
Reporting of Fully Benefit-Responsive Investment Contracts held by Certain
Investment Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (the FSP),
investment contracts held by a defined-contribution plan are required to be
reported at fair value. However, contract value is the relevant measurement
attribute for that portion of the net assets available for benefits of a
defined-contribution plan attributable to fully benefit-responsive investment
contracts because contract value is the amount participants would receive if
they were to initiate permitted transactions under the terms of the plan. The
River Source Stable Capital Fund II, held by the Plan, holds contracts, which
are subject to the FSP. Management has performed the appropriate
calculations and determined that the FSP did not have a material impact on the
financial statements as the contract values approximate estimated fair values
for the years ending December 31, 2008 and 2007.
In September 2006,
the Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS
157 establishes a
7
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common definition for
fair value to be applied to U.S GAAP guidance requiring use of fair value,
establishes a framework for measuring fair value, and expands disclosure about
such fair value measurements. As of January 1, 2008, the Plan has adopted
SFAS 157. The impact of adopting SFAS 157 on the Plans net assets available
for benefits and changes in net assets available for benefits was not material.
(See Note 7 for additional information).
Use of Estimates
The preparation of the
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
changes therein, and disclosure of contingent assets and liabilities. Actual
results may differ from those estimates and assumptions.
Risks and Uncertainties
The Plan provides for
investment options in mutual funds, common/collective trusts and common stock
of the Company. Investment securities are exposed to various risks, such as
interest rate, market and credit. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to changes
in the value of investment securities, it is at least reasonably possible that
changes in the value of investment securities will occur in the near term and
that such changes could materially affect participants account balances
and the amounts reported in the statements of net assets available for benefits
and the statements of changes in net assets available for benefits.
Payment of Benefits
Benefits are recorded
when paid.
Investment Valuation and
Income Recognition
The Plans investments
are reported at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
See Note 7 for a discussion of fair value measurements.
Purchases and sales of
securities are recorded on the trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the
ex-dividend date. Net
appreciation/depreciation includes the Plans gains and losses on investments
bought and sold as well as held during the year.
Management fees and
operating expenses charged to the Plan for investments in mutual funds are
deducted from income earned and are not separately reflected. Therefore,
management fees and operating expenses are reflected as a reduction of
investment return on such investments.
Reclassifications
Certain
prior year amounts were reclassified to conform with current presentation.
3. INVESTMENTS
The following presents
investments that represent 5 percent or more of the Plans net assets.
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December 31,
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(dollar amount in thousands)
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2008
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2007
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RVST
Equity Index Fund II
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$
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42,088
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$
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39,077
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RVST
Stable Capital Fund II
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16,001
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26,974
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The
Pep Boys Stock Fund
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11,642
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26,074
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Fidelity
Freedom 2010 Fund
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6,424
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8,887
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RVST
Small Company Index Fund (Class R4)
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7,429
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Templeton
Foreign Fund (Class A)
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8,080
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Loans
to participants
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9,929
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10,573
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8
Table
of Contents
During 2008 and 2007, the
Plans investments (including gains and losses on investments bought and sold,
as well as held during the year) (depreciated) appreciated in value as follows:
(dollar amounts in thousands)
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2008
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2007
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Pooled
Separate Accounts
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$
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(16,180
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)
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$
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(4,983
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)
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Mutual
Funds
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(14,557
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)
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(1,868
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)
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Common/Collective
Trust
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(8,154
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)
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2,802
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$
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(38,891
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)
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$
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(4,049
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)
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4. PLAN TERMINATION
Although it has not
expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to
the provisions of ERISA.
In the event of
termination of the Plan, the interest of the participants 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.
5.
RELATED PARTY TRANSACTIONS
Certain Plan investments
are shares of common/collective trusts managed Wachovia Bank, NA.
Wachovia Bank, NA served as the custodian and recordkeeper of the Plan, and
therefore, Plan transactions involving these investment securities qualify as
party-in-interest transactions. Additionally, loans to participants
qualify as party-in-interest transactions. All of these transactions are
exempt from the prohibited transactions rules of ERISA.
The Plan held 2,774,921
and 2,220,396 shares of Pep Boys common stock with a current value of $11,460,000
and $25,490,000 as of December 31, 2008 and 2007, respectively. The Plan
offers participants Pep Boys common stock as an investment option. These
transactions qualify as party-in-interest transactions, exempt from prohibited
transaction rules of ERISA.
The Company pays all
costs associated with administering the Plan, except loan administration fees
and certain investment-related fees.
Certain administrative
functions of the Plan are performed by members of the Administrative Committee
who are employees of the Company. No such employee receives compensation
from the Plan.
6. TAX STATUS
The Internal Revenue
Service has determined and informed the Company by a letter dated April 30,
2002 indicating that the Plan is designed in accordance with the applicable sections
of the Internal Revenue Code (the Code). Accordingly, the Plans related
trust is exempt from federal taxation under Section 501(a) of the
Code. Although the Plan has been amended since receiving the determination
letter, the Administrative Committee believes that the Plan is designed and is
currently being operated in compliance with the applicable requirements of the
Code. Therefore, no provision for income taxes has been included in the Plans
financial statements.
7. FAIR
VALUE MEASUREMENTS
In September 2006,
the FASB issued SFAS No. 157, Fair Value Measurements, which provides
enhanced guidance for using fair value to measure assets and liabilities.
Effective January 1, 2008, the Plan adopted SFAS No. 157, which defines fair value,
establishes a framework for measuring fair value under accounting principles
generally accepted in the United States of America, and enhances disclosures
about fair value measurements. Fair value is defined as the price that would be
received to sell an asset or transfer a liability in an orderly transaction
between market participants at the measurement date. The framework that SFAS No. 157
establishes for measuring fair value includes a
9
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hierarchy used to
classify the inputs used in measuring fair value. The hierarchy prioritizes the
inputs used in determining valuations into three levels. The level in the fair
value hierarchy within which the fair value measurement falls is determined
based on the lowest level input that is significant to the fair value
measurement. The levels of the fair value hierarchy are as follows:
Level 1 Fair value is
based on unadjusted quoted prices in active markets that are accessible to the
Plan for identical assets. These generally provide the most reliable evidence
and are used to measure fair value whenever available.
Level 2 Fair value is
based on significant inputs, other than Level 1 inputs, that are observable
either directly or indirectly for substantially the full term of the asset
through corroboration with observable market data. Level 2 inputs include
quoted market prices in active markets for similar assets, quoted market prices
in markets that are not active for identical or similar assets, and other
observable inputs.
Level 3 Fair value
would be based on significant unobservable inputs. Examples of valuation
methodologies that would result in Level 3 classification include option
pricing models, discounted cash flows, and other similar techniques.
The following tables
provides information by level for assets that are measured at fair value:
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Fair Value at
December 31,
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Fair Value Measurements
Using Inputs Considered as
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(dollar amounts in thousands)
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2008
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Level 1
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Level 2
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Level 3
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Investments
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Mutual
funds
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$
|
21,179
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$
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21,179
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Common
collective trusts
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|
58,089
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|
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$
|
58,089
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Pooled
separate accounts
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16,278
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|
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16,278
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|
|
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Participant
loans
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|
9,929
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|
|
|
|
|
$
|
9,929
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|
Total
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$
|
105,475
|
|
$
|
21,179
|
|
$
|
74,367
|
|
$
|
9,929
|
|
The
following is a description of the valuation methodologies used for assets
measured at fair value. There have been
no changes in the methodologies used at December 31, 2008 and 2007.
Mutual funds are valued
at net asset value (NAV) of shares held by the Plan at year end.
Common collective trusts
are valued based upon the unit values of such collective trust funds held by
the Plan at year end. Unit values are
based on the fair value of the underlying assets of the fund derived from
inputs principally from or corroborated by observable market data by
correlation or other means.
Pooled separate accounts
are valued based upon the fair value of their underlying assets derived
principally from or corroborated by observable market data by correlation or
other means.
Participant loans are
recorded at cost plus accrued interest which approximates fair value. Since
participant loans are not traded on a market, and accordingly lack observable
inputs, the Plan uses discounted cash flow techniques as its valuation
methodology to determine fair value.
The methods described
above may produce a fair value calculation that may not be indicative of the
net realizable value or reflective of future fair values. Furthermore, while
the Plan believes its valuation methods are appropriate, the use of different
methodologies or assumptions to determine the fair value of certain financial
instruments could result in a different fair value measurement at the reporting
date.
The following table
presents the change in fair value for participant loans:
10
Table of
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(dollar amounts in thousands)
|
|
|
|
Balance,
at December 31, 2007
|
|
$
|
10,573
|
|
New
loans, net of collections and distributions
|
|
(644
|
)
|
Balance,
at December 31, 2008
|
|
$
|
9,929
|
|
8. RECONCILIATION TO THE FORM 5500
Certain items in the Plans
financial statements are treated differently for tax purposes and reporting
under the Plans Annual Return/Report of Employee Benefit Plan (Form 5500).
At December 31, 2008, the following differences exist between financial
and tax reporting:
The following is a
reconciliation of net assets available for benefits per the financial
statements to the Form 5500:
(dollar amount in thousands)
|
|
|
|
Net
assets available for benefits per the financial statements at the end of the
year
|
|
$
|
105,380
|
|
Deemed
distribution loan balance at the end of the year
|
|
(55
|
)
|
Net
assets available for benefits per the Form 5500 at the end of the year
|
|
$
|
105,325
|
|
The following is a
reconciliation of benefits paid to participants per the financial statements to
the Form 5500:
(dollar amount in thousands)
|
|
|
|
Benefits
paid to participant per the financial statements
|
|
$
|
11,837
|
|
Deemed
distributions
|
|
61
|
|
Benefits
paid to participants per the Form 5500
|
|
$
|
11,898
|
|
The following is a
reconciliation of the beginning balance per the financial statements to the Form 5500:
(dollar amount in thousands)
|
|
|
|
Net
assets available for benefits at the beginning of the year per the financial
statements
|
|
$
|
139,301
|
|
Deemed
distribution loan balance at the beginning of the year
|
|
(76
|
)
|
Net
assets available for benefits at the beginning of the year per the
Form 5500
|
|
$
|
139,225
|
|
At December 31,
2008, the following differences exist between financial and tax reporting:
|
|
Plan Financial
|
|
Plan Form
|
|
(dollar amount in thousands)
|
|
Statements
|
|
5500
|
|
Loans
to participants
|
|
$
|
9,929
|
|
$
|
9,868
|
|
|
|
|
|
|
|
|
|
At December 31,
2007, the following differences exist between financial and tax reporting:
|
|
Plan Financial
|
|
Plan Form
|
|
(dollar amount in thousands)
|
|
Statements
|
|
5500
|
|
Loans
to participants
|
|
$
|
10,573
|
|
$
|
10,497
|
|
|
|
|
|
|
|
|
|
9.
SUBSEQUENT EVENT
During the first quarter
of 2009, the Companys matching contribution to this plan became contingent
upon meeting certain fiscal year 2009 performance metrics.
11
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THE PEP BOYS SAVINGS PLAN
FORM 5500, SCHEDULE H, PART IV
LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR)
EIN #23-0962915, Plan #002
DECEMBER 31, 2008
Identity of Issue
|
|
Description
|
|
Current
Value
|
|
*
|
|
RVST Stable Capital
Fund II
|
|
Common / Collective
Trust
|
|
$
|
16,001,276
|
|
*
|
|
RVST Equity Index Fund
II
|
|
Common / Collective
Trust
|
|
42,087,995
|
|
*
|
|
The Pep Boys Stock Fund
|
|
Pooled Separate Account
|
|
11,641,875
|
|
|
|
Fidelity
Freedom 2010 Fund
|
|
Mutual Fund
|
|
6,424,055
|
|
|
|
Fidelity Freedom 2020
Fund
|
|
Mutual Fund
|
|
2,478,367
|
|
|
|
Fidelity Freedom 2030
Fund
|
|
Mutual Fund
|
|
2,346,297
|
|
|
|
Fidelity Freedom 2040
Fund
|
|
Mutual Fund
|
|
2,187,923
|
|
|
|
Fidelity Freedom 2050
Fund
|
|
Mutual Fund
|
|
50,515
|
|
|
|
PIMCO Total Return Fund
(Institutional Shares)
|
|
Pooled Separate Account
|
|
4,636,437
|
|
*
|
|
RVST Small Company
Index Fund (Class R4)
|
|
Mutual Fund
|
|
4,269,259
|
|
|
|
Templeton Foreign Fund
(Class A)
|
|
Mutual Fund
|
|
3,422,245
|
|
*
|
|
Loans to participants
|
|
Interest rates of 5.00%
to 10.50%
maturing
from 2009-2036
|
|
9,929,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
105,475,332
|
|
Participant
directed investments; cost not required to be reported.
*
Indicates party-in-interest to the plan.
12
Table of
Contents
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 22,
2009
|
BY:
|
/s/ Bernard K. McElroy
|
|
|
Bernard K. McElroy
|
|
|
Chairman
|
|
|
Administrative
Committee
|
13
Table of Contents
EXHIBITS INDEX
(23.1)**
|
Consent of Independent
Registered Public Accounting Firm
|
**
Filed herewith
14
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