TORRANCE, Calif., March 5,
2025 /PRNewswire/ -- CarParts.com (NASDAQ: PRTS), a
leading eCommerce destination for automotive parts and accessories,
today announced that it is engaged in a process to explore
strategic alternatives to maximize shareholder value, including a
possible sale of the company, in response to inbound strategic
inquiries the company has received. To support this process,
CarParts.com's Board of Directors has engaged Craig-Hallum Capital
Group LLC as its financial advisor and Wilson Sonsini Goodrich & Rosati,
Professional Corporation as its legal counsel.
David Meniane, CEO of CarParts.com, stated, "Over the last 5
years, we have made significant investments in building a
vertically integrated supply chain with a nationwide fulfillment
network to support our best-in-class ecommerce experience, mobile
app, as well as our marketplaces business. Our future as an
independent company is bright. At the same time, we are committed
to evaluating a range of strategic alternatives to maximize value
for our shareholders."
CarParts.com has not set a timeline for completion of the
exploration of strategic alternatives. There can be no assurance
that this process will result in any transaction or other strategic
change. CarParts.com does not intend to provide updates on the
exploration of strategic alternatives unless and until the company
enters into definitive agreements or arrangements with respect to a
transaction or otherwise determines that further disclosure is
appropriate or required by law.
About CarParts.com, Inc.
CarParts.com, Inc. is a
technology-driven eCommerce company offering over 1 million
high-quality automotive parts and accessories. Operating for over
25 years, CarParts.com has established itself as a premier
destination for drivers seeking repair and maintenance solutions.
Our commitment lies in placing the customer at the forefront of our
operations, evident in our easy-to-use, mobile-friendly website and
app. With a commitment to affordability and customer satisfaction,
CarParts.com simplifies the automotive repair process, aiming to
eliminate the uncertainty and stress often associated with vehicle
maintenance. Backed by a robust company-operated fulfillment
network, we ensure swift delivery of top-quality parts from leading
brands to customers across the nation.
At CarParts.com, our global team is united by a shared vision:
Empowering Drivers Along Their Journey.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based
on management's current expectations, estimates and projections
about CarParts.com's business and its industry, as well as certain
assumptions made by CarParts.com. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended
and Section 27A of the Securities Act of 1933, as amended.
Words such as "anticipates," "could," "expects," "intends,"
"plans," "potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include,
but are not limited to, statements regarding our exploration of
strategic alternatives, the timing thereof, and future prospects.
We undertake no obligation to revise or update publicly any
forward-looking statements for any reason. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to
predict. Therefore, our actual results could differ materially
and adversely from those expressed in any forward-looking
statements as a result of various factors.
Important factors that may cause such a difference include,
but are not limited to, the ability to identify and complete a
transaction as a result of the strategic alternatives process,
competitive pressures, our dependence on search engines to attract
customers, demand for CarParts.com's products, the online market
and channel mix for aftermarket auto parts, the economy in general,
increases in commodity and component pricing that would increase
CarParts.com's product costs, the operating restrictions in its
credit agreement, the weather and any other factors discussed in
CarParts.com's filings with the Securities and Exchange Commission
(the "SEC"), including the Risk Factors contained in Carparts.com's
Annual Report on Form 10–K and Quarterly Reports on
Form 10–Q, which are available
at www.carparts.com/investor and the SEC's website
at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements in this
release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by law,
CarParts.com expressly disclaims any obligation to update publicly
any forward-looking statements, whether as result of new
information, future events or otherwise.
Investor Relations:
Ryan Lockwood
IR@carparts.com
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SOURCE CarParts.com, Inc.
