To allow for greater consumer choice as to whether they want to buy or lease merchandise, Rent-A-Center has entered a partnership with ChargeAfter that will allow retailers to add a preferred lease option to ChargeAfter’s consumer point of sale financing product.
Rent-A-Center has made several executive leadership changes to further position the company for long-term growth.
As the COVID-19 outbreak advanced, Rent-A-Center reported that January and February sales trended positively, running about 4% up compared to the year-prior months. But March revenues trended down about 5% year over year as national efforts to contain the virus took hold.
Rent-A-Center is offering its Preferred Lease program, a new integrated retail partner offering.
After announcing that it was acquiring Merchants Preferred, an online leasing business, Rent-A-Center posted a strong second quarter.
Weeks after settling litigation related to a purchase deal, Rent-A-Center has entered into a definitive agreement to acquire substantially all of the assets of C/C Financial Corp., which does business as Merchants Preferred, a nationwide provider of virtual rent-to-own services.
Rent-A-Center has agreed in principle to settle all litigation with Vintage Capital Management, and B. Riley Financial relating to the company’s termination of an agreement and plan of merger last year with certain affiliates of Vintage Capital.
Rent-A-Center said that the company has terminated a previously announced merger agreement plan with certain affiliates of Vintage Capital Management, LLC.
In a special meeting on September 18, Rent-A-Center shareholders approved a merger deal with Vintage Rodeo, an affiliate of Vintage Capital Management, according to a filing with the United States Securities and Exchange Commission.
In the midst of an acquisition process, Rent-A-Center posted an earnings increase for its second quarter while its ongoing merger was questioned in court.
Vintage Rodeo Parent, an affiliate of Vintage Capital Management, will acquire all outstanding shares of Rent-A-Center common stock for $15 per share in cash.
Rent-A-Center was hit by costs associated with a strategic repositioning and weather effects during its first quarter.
For the fourth quarter, and as it put in place a new strategic plan, Rent-A-Center posted net earnings and diluted earnings per share of $34.8 million and 65 cents versus a net loss and diluted loss per share of $146.4 million and $2.76 in the year-earlier period.
Rent-A-Center has appointed Mitchell Fadel, the company’s former president and chief operating officer and a current member of its board of directors, CEO, effective immediately.
Rent-A-Center has promoted two long-time employees of its AcceptanceNOW division, Chris Crocker and Andy Bittinger.
As the retailer posted a third quarter loss, the Rent-A-Center board of directors has initiated a process to explore strategic and financial alternatives.
Rent-A-Center has rejected a proposal from Vintage Capital Management to acquire the retailer in a go-private transaction that was valued at $15 per share.
Rent-A-Center has appointed Mark Speese to the CEO role and launched a new strategic plan developed to restore growth, improve profitability and maximize value by strengthening the core business in the United States while growing its AcceptanceNow business and leveraging technology investments.
Engaged Capital, an activist investing firm, has issued a letter to the Rent-A-Center board challenging the direction in which the management is taking the company, and Rent-A-Center has responded.
Although the company could not post GAAP net or per diluted per share loss as it determines income tax effects of goodwill impairment, Rent-A-Center reported that its fourth quarter loss before income taxes was $170.9 million versus $1.13 billion loss in the period a year prior including a $1.17 billion goodwill impairment charges taken in the core business segment in the United States.