The future of Pep Boys' Bala Cynwyd headquarters is uncertain after Icahn Enterprises LP announced Wednesday that it will sell the auto service chain to Mavis Tire Express Services Corp. for $700 million in cash.

Pep Boys occupies offices at 1 Presidential Blvd., Suite 400, in Lower Merion Township. Spokesperson Amanda Crisafulli declined to disclose how many employees work at the site or for the company overall, according to the Philadelphia Inquirer.

The buyer, White Plains, N.Y.-based Mavis, operates more than 3,600 locations under brands including Mavis Discount Tire, Midas, Tire Kingdom, and Tuffy. Adding Pep Boys' nearly 800 service centers will push Mavis past 4,400 locations across the U.S. and Canada, according to a Businesswire press release issued with the announcement. Mavis is owned by private equity firm BayPine LP.

Carl Icahn, chairman of Icahn Enterprises, said in a statement that the combined companies "will benefit greatly from the inevitable economies of scale and from the great experience of the Mavis team in this industry."

The $700 million price tag is $300 million less than the roughly $1 billion Icahn paid for Pep Boys in 2016, when he won a bidding war against Japan-based Bridgestone. But Icahn Enterprises is retaining the real estate it separated from the operating business through sale-leaseback transactions over the past decade. It is also keeping Montgomery County-based Aamco Transmissions and Precision Tune Auto Care, which are not part of the sale.

Under Icahn's ownership, Pep Boys closed its retail auto parts stores and shifted to repairs and tire sales. The company's auto segment reported $1.4 billion in revenue for 2025, a 3% decline that the company attributed to strategic closures of underperforming locations and reduced consumer spending on maintenance, according to a securities filing.

The chain traces its roots to 1921, when Navy veterans Emanuel Rosenfeld, Maurice L. Strauss, W. Graham "Jack" Jackson, and Moe Radavitz opened their first store at 63rd and Market streets in Philadelphia's Overbrook section. The founders became the "Manny, Moe, and Jack" of the company's logo. A Mavis spokesperson confirmed Pep Boys will continue operating under its brand name after the acquisition closes.

The deal is subject to customary closing conditions and regulatory approvals. No specific close date has been announced.