RAC will close most Rent-Way stores it bought
By Furniture Today Staff -- Furniture Today, February 16, 2003
Plano, Texas — Rent-A-Center said last week it will close 60%, or about 177, of the 295 stores it acquired from competitor Rent-Way.
Rent-A-Center, the largest U.S. rent-to-own operator, completed the purchase last week. The company said it used cash on hand and paid $100.4 million, about 10 times the acquired stores' monthly revenue.
Mark Speese, Rent-A-Center chairman and chief executive officer, said the 40% of stores that will remain open will allow the company to enter some new markets and solidify its presence in others. By consolidating the remaining 60%, the company can boost revenues with little increase in costs, he said.
The stores are scattered throughout the country and consolidation won't be a strain on management, he said.
-
Rent-A-Center Earnings Fall 14.1% After Charges
May 19, 2011 -
Rent-A-Center more than doubles stock dividend
May 16, 2011 -
Rent-A-Center profit climbs
Nov 19, 2006
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Exclusive Research: 2012 Retail Planning Guide
Furniture, mattress sales boost Conn's sales 37.6% in recent quarter
VIEW ALL GALLERIES
