Levitz teams with Rent-Way

Staff Staff, November 26, 2004

WOODBURY, N.Y. -- Levitz and Rent-Way have teamed up to test a rent-to-own financing option in Levitz stores.

The test was launched in two Levitz stores in the Phoenix market and is expected to be expanded within 90 days to six stores, with the remaining units yet to be identified.

Levitz Home Furnishing Inc. spokesman Neal Riske said the program is starting with Levitz, but if successful could be rolled out to LHFI’s Seaman’s stores as well.

Riske wouldn’t disclose how the RTO revenue would be shared, but said the program is aimed at Levitz consumers who don’t qualify for the retailer’s traditional financing options. In those cases, the lease purchase option is offered through Rent-Way, which has full-time leasing agents in the stores.

“By offering a lease option for our customers, we complete an array of financing alternatives our customers have been asking for,” said Jay Carothers, CEO of the 129-store LHFI.

Sales from the arrangement will be added business for both RentWay and Levitz, said Bill Morgenstern, CEO of Rent-Way, one of the largest U.S. rent-to-own operators with 761 stores in 33 states.

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