Heafner to sell T.O. Haas retail stores

Aug. 29, 2001

The Heafner Tire Group has signed a letter of intent to sell its T.O. Haas retail division to an investment group consisting of some T.O. Haas employees.

The group will acquire 29 stores in Nebraska, Kansas and Iowa.

"We were looking for a group that was firmly committed to the retail business," says Dick Johnson, Heafner President and CEO.

Heafner is focusing on distribution "and wanted to complete a transaction that was in the best interests of our employees, as well as our markets."

Terms of the deal have not been disclosed.

T.O. Haas, which was acquired by Heafner in April 2000, employs 225 people.

Heafner will continue to operate T.O. Haas' distribution operations under the Heafner Tire Group - Central banner with outlets in Lincoln, Neb.; Sioux Falls, S.D.; Watonga, Okla.; and Nevada, Iowa.

Earlier this year, Heafner sold off its remaining 132 Winston Tire Co. stores to Lafayette, La.-based Performance Management Inc.