PLANO, Texas--(BUSINESS WIRE)--Jan. 2, 2013--
Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII), the nation’s
largest rent-to-own operator, today announced that it completed an
exchange of stores with easyhome Ltd., Canada’s largest merchandise
leasing company and a growing provider of financial services. The
transaction, which closed on December 31, 2012, consisted of the
concurrent sale by the Company of the assets and operations of 15
rent-to-own stores located in Canada and the purchase from easyhome of
the assets and operations of 15 rent-to-own stores located in New York.
Following the transaction, the Company owns 18 stores in Canada.
“While we intend to continue focusing on improving operating
efficiencies in our remaining stores in Canada, the focus of our
International segment is on Mexico and other international markets in
which we believe our products and services would be in demand,” said
Mark E. Speese, Chairman and Chief Executive Officer of the Company. “At
December 31, 2012, we owned 90 stores in Mexico and expect to continue
adding additional locations there in 2013,” Mr. Speese concluded.
Rent-A-Center, Inc., headquartered in Plano, Texas, is the largest
rent-to-own operator in North America, focused on improving the quality
of life for its customers by providing them the opportunity to obtain
ownership of high-quality, durable goods such as consumer electronics,
appliances, computers, furniture and accessories, under flexible rental
purchase agreements with no long-term obligation. The Company owns and
operates approximately 3,140 stores in the United States, Canada, Mexico
and Puerto Rico, and approximately 960 RAC Acceptance kiosk locations in
the United States and Puerto Rico. ColorTyme, Inc., a wholly owned
subsidiary of the Company, is a national franchiser of approximately 220
rent-to-own stores operating under the trade name of "ColorTyme." For
additional information about the Company, please visit www.rentacenter.com.
This press release and the guidance above contain forward-looking
statements that involve risks and uncertainties. Such forward-looking
statements generally can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "intend," "could,"
"estimate," "should," "anticipate," or "believe," or the negative
thereof or variations thereon or similar terminology. Although the
Company believes that the expectations reflected in such forward-looking
statements will prove to be correct, the Company can give no assurance
that such expectations will prove to have been correct. The actual
future performance of the Company could differ materially from such
statements. Factors that could cause or contribute to such differences
include, but are not limited to: uncertainties regarding the ability to
open new locations; the Company's ability to acquire additional stores
or customer accounts on favorable terms; the Company's ability to
enhance the performance of acquired stores; the Company's ability to
retain the revenue associated with acquired customer accounts; the
Company's ability to identify and successfully market products and
services that appeal to its customer demographic; the Company's ability
to enter into new and collect on its rental or lease purchase
agreements; the passage of legislation adversely affecting the
rent-to-own industry; the Company's failure to comply with applicable
statutes or regulations governing its transactions; adverse changes in
the economic conditions of the industries, countries or markets the
Company serves; and the other risks detailed from time to time in the
Company's SEC reports, including but not limited to, its annual report
on Form 10-K for the year ended December 31, 2011 and its quarterly
reports on Form 10-Q for the quarters ended March 31, 2012, June 30,
2012, and September 30, 2012. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. Except as required by law, the Company is
not obligated to publicly release any revisions to these forward-looking
statements to reflect the events or circumstances after the date of this
press release or to reflect the occurrence of unanticipated events.
Source: Rent-A-Center, Inc.
Rent-A-Center, Inc.
David E. Carpenter, 972-801-1214
Vice
President of Investor Relations
david.carpenter@rentacenter.com