Rent-A-Center

Rent-A-Center, Inc. Provides Update in Response to COVID-19

Thursday, March 26, 2020 - 9:47pm

Rent-A-Center, Inc. (the Company) (NASDAQ/NGS:RCII), a leader in the lease-to-own industry, today provided a business update in response to the COVID-19 pandemic.

Key Points: 
  • Rent-A-Center, Inc. (the Company) (NASDAQ/NGS:RCII), a leader in the lease-to-own industry, today provided a business update in response to the COVID-19 pandemic.
  • We are committed to remaining a lifeline for products in need by our customers and the communities we serve.
  • Customers continue to be able to shop online, complete a rental agreement, and make online payments from home.
  • Given the current uncertainty, we are withdrawing our guidance for 2020 and discontinuing providing guidance for 2020 until further notice.

Rent-A-Center, Inc. Announces Investor Conference Attendance for March 2020

Tuesday, March 3, 2020 - 9:53pm

Rent-A-Center, Inc. (the Company) (NASDAQ/NGS: RCII), a leader in the lease-to-own industry, today announced that its management will participate in the following investor conference in March 2020.

Key Points: 
  • Rent-A-Center, Inc. (the Company) (NASDAQ/NGS: RCII), a leader in the lease-to-own industry, today announced that its management will participate in the following investor conference in March 2020.
  • Bank of America Merrill Lynch Consumer & Retail Technology Conference on Wednesday, March 11, 2020 in New York.
  • Mitch Fadel, Chief Executive Officer and Maureen Short, Chief Financial Officer are expected to attend.
  • The Company owns and operates approximately 2,100 stores in the United States, Mexico, and Puerto Rico, approximately 1,000 Preferred Lease staffed locations in the United States and Puerto Rico.

Rent-to-Own Operators Settle Charges that They Restrained Competition through Reciprocal Purchase Agreements

Friday, February 21, 2020 - 10:01pm

Rent-to-own operators Aarons Inc., Buddys Newco, LLC, and Rent-A-Center, Inc. have agreed to settle FTC charges that they negotiated and executed reciprocal purchase agreements in violation of federal antitrust law.

Key Points: 
  • Rent-to-own operators Aarons Inc., Buddys Newco, LLC, and Rent-A-Center, Inc. have agreed to settle FTC charges that they negotiated and executed reciprocal purchase agreements in violation of federal antitrust law.
  • These reciprocal agreements likely led to store closures that may not have occurred otherwise, resulting in reduced competition for quality and service in the remaining stores, according to the complaints.
  • The FTCs orders get rid of the agreements, reopen affected markets to competition, and bar these companies from doing this again.
  • The FTCs consent agreements prohibit the three RTO companies and their franchisees from entering into any reciprocal purchase agreement or inviting others to do so, and from enforcing the non-compete clauses still in effect from the past reciprocal purchase agreements.

Rent-to-Own Operators Settle Charges that They Restrained Competition through Reciprocal Purchase Agreements

Friday, February 21, 2020 - 10:01pm

Rent-to-own operators Aarons Inc., Buddys Newco, LLC, and Rent-A-Center, Inc. have agreed to settle FTC charges that they negotiated and executed reciprocal purchase agreements in violation of federal antitrust law.

Key Points: 
  • Rent-to-own operators Aarons Inc., Buddys Newco, LLC, and Rent-A-Center, Inc. have agreed to settle FTC charges that they negotiated and executed reciprocal purchase agreements in violation of federal antitrust law.
  • These reciprocal agreements likely led to store closures that may not have occurred otherwise, resulting in reduced competition for quality and service in the remaining stores, according to the complaints.
  • The FTCs orders get rid of the agreements, reopen affected markets to competition, and bar these companies from doing this again.
  • The FTCs consent agreements prohibit the three RTO companies and their franchisees from entering into any reciprocal purchase agreement or inviting others to do so, and from enforcing the non-compete clauses still in effect from the past reciprocal purchase agreements.

Rent-A-Center Announces New Board Member, Glenn Marino, and Vice President of National Accounts, Paul Hamilton

Thursday, February 6, 2020 - 2:00pm

Rent-A-Center, Inc. (NASDAQ: RCII) (Rent-A-Center or the Company), a leader in the lease-to-own industry, proudly announces the appointment of Glenn Marino to the Board of Directors and Paul Hamilton as our Vice President of National Accounts for Preferred Lease.

Key Points: 
  • Rent-A-Center, Inc. (NASDAQ: RCII) (Rent-A-Center or the Company), a leader in the lease-to-own industry, proudly announces the appointment of Glenn Marino to the Board of Directors and Paul Hamilton as our Vice President of National Accounts for Preferred Lease.
  • We are excited to have Glenn Marino join our Board of Directors, underscoring our commitment to growth in the retail partner business.
  • Leveraging his 23 years of experience in sales, Hamilton will help drive Preferred Leases growth by building strategic partnerships with large, enterprise retail customers.
  • Hamilton comes to Rent-A-Center from TD Bank, where he served as a Vice President in the Retail Card Services division.

Rent-A-Center Announces New Preferred Lease Broader Service Offering

Wednesday, January 22, 2020 - 9:15pm

Rent-A-Center, Inc. (NASDAQ: RCII) (Rent-A-Center or the Company), a leader in the lease-to-own industry, today unveiled its integrated retail partner offering, Preferred Lease.

Key Points: 
  • Rent-A-Center, Inc. (NASDAQ: RCII) (Rent-A-Center or the Company), a leader in the lease-to-own industry, today unveiled its integrated retail partner offering, Preferred Lease.
  • Preferred Lease is the combined business model of Acceptance Nows staffed lease-to-own business with Merchants Preferreds virtual lease-to-own business.
  • The new Preferred Lease offering is designed to communicate the new, more flexible lease-to-own program, which maximizes the retail partners opportunity to attract more customers with a more comprehensive, differentiated offering.
  • Preferred Lease has a unique offering that services the needs and expectations of both our customers and retail partners.

Rent-A-Center, Inc. Announces Cash Dividend for the Fourth Quarter of 2019

Thursday, September 5, 2019 - 2:00pm

Rent-A-Center, Inc. (the Company) (NASDAQ/NGS: RCII) today announced that its Board of Directors has declared a $0.25 per share cash dividend for the fourth quarter of 2019 to be paid to the Companys common stockholders.

Key Points: 
  • Rent-A-Center, Inc. (the Company) (NASDAQ/NGS: RCII) today announced that its Board of Directors has declared a $0.25 per share cash dividend for the fourth quarter of 2019 to be paid to the Companys common stockholders.
  • The dividend will be paid on October 9, 2019 to common stockholders of record as of the close of business on September 23, 2019.
  • The Company owns and operates approximately 2,300 stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,200 Acceptance Now kiosk locations in the United States and Puerto Rico.
  • For additional information about the Company, please visit its website at www.rentacenter.com .

 Rent-A-Center Completes Acquisition of Merchants Preferred

Wednesday, August 14, 2019 - 2:00pm

Rent-A-Center, Inc. (NASDAQ: RCII) (Rent-A-Center or the Company) today announced that it has completed the previously announced acquisition of substantially all of the assets of C/C Financial Corp d/b/a Merchants Preferred (Merchants Preferred), a nationwide provider of virtual rent-to-own services.

Key Points: 
  • Rent-A-Center, Inc. (NASDAQ: RCII) (Rent-A-Center or the Company) today announced that it has completed the previously announced acquisition of substantially all of the assets of C/C Financial Corp d/b/a Merchants Preferred (Merchants Preferred), a nationwide provider of virtual rent-to-own services.
  • Merchants Preferred complements our existing capabilities and the combined organization will have the most comprehensive offering in the industry, stated Mitch Fadel, Chief Executive Officer of Rent-A-Center.
  • With the close of the deal, Joe Corona, President and Chief Executive Officer of Merchants Preferred, now joins Rent-A-Center and will continue to lead the virtual strategy.
  • Rent-A-Center has updated its annual revenue, net debt and net debt to adjusted EBITDA guidance to reflect the expected impact of the Merchants Preferred acquisition.

Tandem Theory Named Marketing and Strategy Agency of Record by Rent-A-Center

Tuesday, July 23, 2019 - 1:00pm

DALLAS, July23, 2019 /PRNewswire/ -- Tandem Theory announced it has been named the marketing and strategy agency of record across multiple marketing service disciplines by Rent-A-Center , which offers name-brand furniture, electronics, appliances, computers and smartphones through flexible rental-purchase agreements.

Key Points: 
  • DALLAS, July23, 2019 /PRNewswire/ -- Tandem Theory announced it has been named the marketing and strategy agency of record across multiple marketing service disciplines by Rent-A-Center , which offers name-brand furniture, electronics, appliances, computers and smartphones through flexible rental-purchase agreements.
  • Tandem Theory has been brought on to lead strategy, agency services, marketing technology and data services.
  • "Tandem Theory offers the perfect balance of extensive agency experience and deep technological expertise."
  • Tandem Theory is a new, hybrid agency model that combines the best of the consulting, marketing and technology worlds under one roof.

Rent-A-Center Enters Into Definitive Agreement to Acquire Merchants Preferred, a Nationwide Virtual Rent-to-Own Provider

Monday, July 15, 2019 - 1:30pm

Rent-A-Center, Inc.(NASDAQ: RCII) (Rent-A-Center or the Company) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of C/C Financial Corp. dba Merchants Preferred (Merchants Preferred), a nationwide provider of virtual rent-to-own services.

Key Points: 
  • Rent-A-Center, Inc.(NASDAQ: RCII) (Rent-A-Center or the Company) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of C/C Financial Corp. dba Merchants Preferred (Merchants Preferred), a nationwide provider of virtual rent-to-own services.
  • The acquisition of Merchants Preferred has been unanimously approved by Rent-A-Centers Board of Directors and is subject to customary closing conditions.
  • The acquisition is valued at approximately $47.5 million, based on Rent-A-Centers closing stock price on July 12, 2019, of $27.83.
  • Merchants Preferred, founded in 2012 and based in Atlanta, Georgia, is a nationwide provider of virtual rent-to-own services for non-prime customers.