Rent-A-Center, Inc. Provides Update in Response to COVID-19
“The current crisis is unprecedented and fluid, and our hearts and prayers are with the many that are being impacted,” said
The Company has implemented operational changes to improve the health and safety of our coworkers and customers, such as providing the option for curbside services for order processing and payments, by delivering merchandise to the customer’s front door without entering the household, and enabling virtual payment and collections activities for our coworkers. Customers continue to be able to shop online, complete a rental agreement, and make online payments from home. The full range of steps are outlined more fully in the attached link to rentacenter.com:
These steps include having proactively drawn an additional
“The actions we’re taking are designed to help our customers as we all navigate safely through this period. Prior to COVID-19 impacting our business beginning in March, our business was running ahead of our expectations in January and February. Given the current uncertainty, we are withdrawing our guidance for 2020 and discontinuing providing guidance for 2020 until further notice. With the drawdown under our revolving credit facility, we have ample liquidity to serve our customers and will continue to serve our communities with essential products. We look forward to updating you on our progress during the first quarter earnings call.”
A lease-to-own industry leader,
This press release contains 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," "predict," "continue," "should," "anticipate," "believe," or “confident,” or the negative thereof or variations thereon or similar terminology. The Company believes that the expectations reflected in such forward-looking statements are accurate. However, there can be no assurance that such expectations will occur. The Company's actual future performance could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to, continued developments with respect to the COVID-19 pandemic and the governmental responses thereto, including their impact on our revenue and overall financial performance and the manner in which we are able to conduct our operations; increases in lease merchandise write-offs and the provision for returns and uncollectible renewal payments in light of the impact of the COVID-19 pandemic; and the COVID-19 pandemic and government responses’ continuing for a prolonged period of time; and the willingness of our lenders to agree to the upsizing of our revolving credit and/or term loan facilities or our ability to satisfy related conditions. 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 hereof or to reflect the occurrence of unanticipated events.
EVP, Chief Financial Officer