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EXHIBIT 99.1
APPROVED BY: Peter J. Solomon
Chairman of the Board
Jack Gallagher
President and Chief Executive Officer
CONTACT: Catherine D'Amico
Senior Vice President - Finance
Chief Financial Officer
(716) 647-6400
Investor Relations:
Betsy Brod/Jonathan Schaffer
Media Contact:
Merridith Ingram/Eileen King
Morgen-Walke Associates, Inc.
FOR IMMEDIATE RELEASE (212) 850-5600
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MONRO MUFFLER BRAKE APPOINTS ROBERT GROSS
AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
ROCHESTER, N.Y. - DECEMBER 2, 1998 - MONRO MUFFLER BRAKE, INC.
(NASDAQ:MNRO) announced today that Robert Gross has been appointed as President
and Chief Executive Officer, effective immediately, and will begin full-time
responsibilities on January 1, 1999. He replaces Jack Gallagher who returned as
interim President and Chief Executive Officer earlier this year.
Mr. Gross, 40, joins Monro Muffler Brake from Tops Appliance City, Inc.
(Nasdaq:TOPS), a retailer of home appliances and consumer electronics, where he
served as Chairman and Chief Executive Officer since 1995. Prior to that, he
spent four years in various senior executive positions, including President and
Chief Operating Officer, at Eye Care Centers of America, Inc., formerly a
specialty retail business of Sears, Roebuck & Co. (NYSE:S). Mr. Gross is a
Certified Public Accountant and holds an M.B.A. in Accounting and a B.S. in
Finance from the State University of New York at Buffalo.
Mr. Gross has extensive experience in building and managing retail
businesses with multiple and disparate locations. In his two previous positions,
Mr. Gross implemented aggressive growth strategies based on the leveraging of
brand equity, building of critical mass in existing markets and penetration of
target markets, and the streamlining of operating efficiencies. His efforts
resulted in steadily improving comparable store sales and enhanced
profitability.
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MONRO MUFFLER BRAKE, INC. APPOINTS ROBERT GROSS AS PRESIDENT AND CEO PAGE 2
Peter J. Solomon, Chairman of Monro, commented, "We are very excited
that Rob Gross will join us as the new leader of the Company. Rob's successful
operational background and reputation for invigorating retail businesses will
work to further develop Monro's position as a leader in our industry as we
integrate the 189 Speedy U.S.A. locations acquired in September. Throughout his
career, he has provided vision and leadership along with strong bottom-line
skills. I believe Rob will be very impressed by the high caliber of the
Company's professionals at both the managerial and store levels. I would also
like to sincerely thank Jack Gallagher for his most recent contribution to the
Company."
Mr. Gross commented, "I am looking forward to joining Monro as the
Company is currently in an exciting phase of its development. This is an
excellent opportunity for me to build upon a company with a strong foundation
and superior brand recognition, and I am excited to work with the employees of
Monro to realize the Company's full potential. I am particularly looking forward
to successfully completing the integration of the acquired Speedy U.S.A.
locations, leveraging and enhancing the operations of the Company's growing
store base, and further expanding the Company's operations."
Monro Muffler Brake operates a chain of stores providing automotive
undercar repair services in the United States. The Company currently operates
530 stores and has 14 dealer locations in New York, Pennsylvania, Ohio,
Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New
Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island,
Delaware and Michigan. Monro's stores provide a full range of services for
exhaust systems, brake systems, steering and suspension systems and many vehicle
maintenance services.
Certain statements made above may be forward-looking and are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve uncertainties which may
cause the Company's actual results in future periods to differ materially from
those expressed. These uncertainties include, but are not necessarily limited
to, uncertainties affecting retail generally (such as consumer confidence and
demand for auto repair); risks relating to leverage and debt service (including
sensitivity to fluctuations in interest rates); dependence on, and competition
within, the primary markets in which the Company's stores are located; the need
for, and costs associated with, store renovations and other capital
expenditures; and the risks described from time to time in the Company's SEC
reports which include the report on Form 10K for the fiscal year ended March 31,
1998.
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