In a bizarre turn of events, auto parts retailer Pep Boys-Manny Moe & Jack took itself off the auction block a week after hedge fund Barrington Partners took control of its board. It was Barrington Partners that had pressured the Philadelphia-based company to put itself on the block in February. When the retailer hired Goldman Sachs, some observers questioned its sincerity making the recent turn of events truly unusual. At any rate, the withdrawal marks the second time in a week that a Goldman led auction was pulled. On Wednesday, The New York Times and Wall Street Journal reported that Jones Apparel Group Inc. was canceling its auction. Both sellers gave the same reason: failure to attract the right price from bidders.—Matthew Wurtzel
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