On May 30, Monro Inc. entered into an amendment to its agreement with AlixPartners LLP, a global consulting firm.
The company entered into a consulting agreement with AlixPartners on March 28. The agreement called for AlixPartners to assess Monro’s operations to develop a plan to improve the company’s financial performance, with a focus on declining customer traffic, product mix and competition trends.
At the time, the company expected to spend $800,000 for the assessment but might spend at least $4 million if Monro opted to pursue additional services from AlixPartners following the assessment.
The May 30 amendment formally engaged AlixPartners for the initial phase of these implementation services.
Now, Monro will pay AlixPartners an aggregate fee of $5.85 million through the end of July 2025 for services outlined in the amendment, which include …
• The previously reported shop closure plan.
• Improving customer experience and Monro’s selling effectiveness.
• Driving profitable customer acquisition and activation.
• Increasing merchandising productivity, including mitigating tariff risk.
It’s worth noting that Monro’s president and CEO, Peter Fitzsimmons, also is a partner and managing director of AlixPartners and is a self-described turnaround and restructuring expert. He replaced Mike Broderick earlier this year “following the board’s determination that a change in leadership is necessary.”
Fitzsimmons serves as Monro’s president and CEO under an engagement letter between the company and AP Services LLC, an affiliate of AlixPartners.
