Rent-A-Center buys 740,448 shares of its stock from Talley
By Furniture Today Staff -- Furniture Today, December 9, 2001
PLANO, Texas — Rent-to-own specialist Rent-A-Center said it has purchased 740,448 shares of its common stock for $15 million from Ernest Talley and holds an option to purchase 1.7 million more shares from its former chairman and chief executive officer, who retired earlier this year.
The price per share was $20.258, set by the average closing price of the stock over the 10-trading-day period preceding the Oct. 23 repurchase. The option to buy 1.7 million more common shares is valid until Feb. 5, 2002.
Rent-A-Center, North America's biggest RTO chain, operates 2,300 company-owned stores in all 50 states, the District of Columbia and Puerto Rico.
ColorTyme is a wholly owned subsidiary and franchiser of 346 RTO stores.
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