08/22/2025 | Press release | Distributed by Public on 08/22/2025 14:15
| Item 1.01 |
Entry into a Material Definitive Agreement. |
On August 18, 2025, Monro, Inc. (the "Company") entered into an amendment (the "Amendment") to the first addendum (the "First Addendum") under the consulting agreement with AlixPartners, LLP ("AlixPartners"). As previously disclosed, the Company is pursuing an operational improvement plan in consultation with AlixPartners. Under the Amendment, the Company extended the engagement of AlixPartners to November 1, 2025 for the next phase of implementation of the operational improvement plan. The Company will pay AlixPartners an aggregate fee of $6.4 million for the services outlined in the Amendment, which include store operations and selling effectiveness, marketing and pricing, merchandising and inventory management, and customer segmentation. Except as amended by the Amendment, the terms of the consulting agreement as amended by the First Addendum with AlixPartners remain in full force and effect.
The Company's President and Chief Executive Officer, Peter Fitzsimmons, also serves as a partner and managing director of AlixPartners. As previously disclosed, Mr. Fitzsimmons serves as the Company's President and Chief Executive Officer under an engagement letter between the Company and AP Services, LLC, an affiliate of AlixPartners.
The Company intends to file the Amendment as an exhibit to its next Quarterly Report on Form 10-Q.