Rent-A-Center Announces Completion of Rainbow Rentals Acquisition
PLANO, Texas--(BUSINESS WIRE)--May 14, 2004--Rent-A-Center, Inc. (NNM:RCII) (the "Company"), the leading rent-to-own operator in the United States, announced today that it has completed the previously announced acquisition of Rainbow Rentals, Inc., an operator of 124 rent-to-own stores in 15 states.
Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates 2,835 company-owned stores nationwide and in Canada and Puerto Rico, including the stores acquired in the Rainbow acquisition. The stores generally offer high-quality, durable goods such as home electronics, appliances, computers, and furniture and accessories to consumers under flexible rental purchase arrangements that generally allow the customer to obtain ownership of the merchandise at the conclusion of an agreed-upon rental period. ColorTyme, Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 322 rent-to-own stores, 310 of which operate under the trade name of "ColorTyme," and the remaining 12 of which operate under the "Rent-A-Center" name.
CONTACT: Rent-A-Center, Inc., Plano
David E. Carpenter, 972-801-1214
dcarpenter@racenter.com
SOURCE: Rent-A-Center, Inc.