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Industry News

Rent-A-Center trades for $1.37 billion

June 21, 2018

Private equity firm Vintage Capital is to purchase Rent-A-Center in a nearly $1.4 billion deal.

This deal comes one year after Rent-A-Center rejected a similar bid from the company.

Rent-A-Center, which operates 2,400 stores in North America, has shuttered about 160 locations in the past year in the face of increased competition from rival Aaron’s, according to PYMNTS. The retailer’s cash-crunched consumer base is also finding itself targeted by an increasing number of so-called “alt-lending” options that boost their ability to buy at more-traditional retailers.

Vintage says it plans to create synergies between Rent-A-Center and its own Buddy’s Home Furnishings rent-to-own operation.

The number of physical rent-to-own stores is declining. Some 6,700 of these stores operated in the U.S. in 2016, down from 7,100 in 2014, according to the Association of Progressive Rental Organizations. The home-furniture rent-to-own industry saw annual revenues slide by 1.3 percent between 2013 and year-to-date 2018, according to IBIS World.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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