Eye on Retail: Rent-A-Center completes purchase of online competitor
Rent-A-Center has completed a deal designed to increase its share of the $20 billion-plus virtual rent-to-own market.
Rent-A-Center announced that it has completed its previously announced acquisition of substantially all of the assets of Merchants Preferred, a nationwide provider of virtual rent-to-own services for non-prime customers. This transaction is expected to accelerate Rent-A-Center’s virtual rent-to-own growth.
With the close of the deal, Joe Corona, president and CEO of Merchants Preferred, now joins Rent-A-Center and will continue to lead the online strategy.
“We are thrilled to welcome Merchants Preferred into the Rent-A-Center family. Merchants Preferred complements our existing capabilities and the combined organization will have the most comprehensive offering in the industry,” said Mitch Fadel, Ceo, Rent-A-Center. “Merchants Preferred brings a proven technology platform, scalable infrastructure and a strong centralized retail partner support team that will enable us to execute against our growth goals in the over $20 billion virtual rent-to-own industry.”
Rent-A-Center owns and operates approximately 2,200 stores in the United States, Mexico and Puerto Rico, and approximately 1,100 Acceptance Now kiosk locations in the United States and Puerto Rico. Its franchising subsidiary, Rent-A-Center Franchising International, is a national franchiser of approximately 320 rent-to-own stores operating under the trade names of Rent-A-Center, ColorTyme and RimTyme.
Rent-A-Center announced that it has completed its previously announced acquisition of substantially all of the assets of Merchants Preferred, a nationwide provider of virtual rent-to-own services for non-prime customers. This transaction is expected to accelerate Rent-A-Center’s virtual rent-to-own growth.
With the close of the deal, Joe Corona, president and CEO of Merchants Preferred, now joins Rent-A-Center and will continue to lead the online strategy.
“We are thrilled to welcome Merchants Preferred into the Rent-A-Center family. Merchants Preferred complements our existing capabilities and the combined organization will have the most comprehensive offering in the industry,” said Mitch Fadel, Ceo, Rent-A-Center. “Merchants Preferred brings a proven technology platform, scalable infrastructure and a strong centralized retail partner support team that will enable us to execute against our growth goals in the over $20 billion virtual rent-to-own industry.”
Rent-A-Center owns and operates approximately 2,200 stores in the United States, Mexico and Puerto Rico, and approximately 1,100 Acceptance Now kiosk locations in the United States and Puerto Rico. Its franchising subsidiary, Rent-A-Center Franchising International, is a national franchiser of approximately 320 rent-to-own stores operating under the trade names of Rent-A-Center, ColorTyme and RimTyme.