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's profits surge 25%
10/26/2009Rent-A-Center plans to close 280 stores
12/03/2007Rent-A-Center quarterly earnings up 11.1%
07/27/2009Rent-A-Center to close up to 162 units
09/10/2005
