Heafner sells Winston Tire

May 16, 2001

Heafner Tire Group Inc. has sold its 132 Winston Tire stores to Performance Management Inc., a company headquartered in Lafayette, La.

Terms of the sale were not disclosed.

"It is time to concentrate our strategic initiatives and resources on the integration of our distribution business," says Heafner President and CEO Dick Johnson.

Performance Management will keep the Winston Tire store name, according to a Heafner spokesperson, who says the future of the Winston private brand tire label is being discussed.

Heafner will continue to supply product to all Winston Tire outlets.

Performance Management operates several retail tire shops in the Louisiana area under the Allied Discount Tire banner.

Heafner acquired Winston in May 1997. Winston operates stores throughout California and, up until this past spring, had several outlets in Arizona. It currently employs 1,000 people.

Heafner's distribution activities include 70 warehouses in three divisions covering 35 states. Its total revenue last year exceeded $1 billion.