NEW YORK (Thomson Financial) - Rent-A-Center Inc. said late Monday it plans
to close about 280 stores across the United States within the next 90 days.
The Plano, Texas-based company said it expects to incur pretax restructuring
charges of $36 million to $43 million, substantially all of which will be
recorded in the fourth quarter ending Dec. 31.
The company also said it anticipates cash outlay related to consolidation
plan of $26 million to $30.5 million over the next 12 to 18 months.
The 280 stores targeted for closure generated revenue of about $140 million
year-to-date through the end of October, the company said.
Rent-A-Center operates about 3,355 company-owned stores in the United
States, Canada and Puerto Rico.
The stock closed the regular session down 8 cents at $14.08.
Wanfeng Zhou
wz/kh
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