AutoZone Purchase of Chief Auto Is Complete
AutoZone Inc. said it has completed its $280-million acquisition of Chief Auto Parts Inc. Absorbing the 561-store Chief chain will give Memphis, Tenn.-based AutoZone a major presence in California and Texas, where most of Chief’s outlets are located. The cash-and-debt deal boosts AutoZone to 2,562 stores in 38 states. Chief, founded in Norwalk in 1955, was headquartered in Dallas but owned by a unit of Los Angeles-based Trust Co. of the West. AutoZone’s stock fell 50 cents to close at $31.94 in New York Stock Exchange trading.