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'Rent-A-Center' () is an American public furniture and electronics rent to own company that serves all 50 United States, Canada, and Puerto Rico with 3,535 stores (as of November 15, 2006.) Rent-A-Center has two wholly owned subsidiaries: ColorTyme and Rent-Way.
In 2006, ''Fortune Magazine'' listed Rent-A-Center at number 729 the Fortune 1000 list of the largest U.S. corporations, based on a composite ranking of revenues, profits, assets market value, and other measures.[1] This is down from number 683 in 2004.
Rent-A-Center was founded by W. Frank Barton and Thomas Devlin in Wichita, Kansas, in 1973.[2][3]
Thorn EMI purchased the company for $594 million in 1987, creating Thorn Americas.
[4]
Thorn sold the company to Renters Choice in 1998 along with 1,409 North American stores. By December 31, 1998, the company had changed its name to Rent-A-Center, Inc. and moved to Plano, Texas.[5]
Rent-A-Center completed its acquisition of competitor Rent Way, Inc. on November 15, 2006, for a price of approximately $600.3 million. Rent-Way, Inc. was ranked number three in the rent-to-own industry to Rent-A-Center. It had 782 stories in 34 states at the time of the acquisition.[6] Now, Rent-A-Center owns about 50% of the rent-to-own industry.
Rent-A-Center has launched a new program called "RAC Acceptance" in Ashley Furniture homestores, it is a sort of secondary financing for furniture offered by Ashley Furniture but still adheres to typical Rent to own credit and acceptance criteria.
In 2002, Rent-A-Center was sued for sexual bias in the hiring of women. The agreement resulted in a $47 million cash payment by Rent-A-Center and offer 10% of future vacancies over the following 15-month period to women who are claimed to be past victims of discrimination.[7]
The Rent-A-Center company converted its Wisconsin stores to ''Get- It-Now!'' rent-only outlets when earlier deregulation attempts failed. [8] The company has said the changes would prompt it to open 152 rent-to- own stores in Wisconsin within five years. [9]
The six stores in Alberta, Canada are known as ''Rent-A-Centre''.
★ Official Rent-A-Center site
★ Official Get It Now! site
1. Fortune 1000 2006
2. Rent a Center Co Founder Tom Devlin to Speak at Wichita State
3. The Barton Legacy
4. Thorn to Buy Rent-A-Center Reuters
5. Rent A Ctr Inc New: Information from Answers.com
6. Rent-A-Center completes Rent-Way purchase Staff Reports
7. EEOC Announces Million Agreement in Principle to Settle Claims of Class-Wide Sex Bias Against Rent-A-Center
8. Doyle defends OK on rent bill Steven Walters
9. Assembly rejects rent-to-own legislation Steven Walters
'Rent-A-Center' () is an American public furniture and electronics rent to own company that serves all 50 United States, Canada, and Puerto Rico with 3,535 stores (as of November 15, 2006.) Rent-A-Center has two wholly owned subsidiaries: ColorTyme and Rent-Way.
In 2006, ''Fortune Magazine'' listed Rent-A-Center at number 729 the Fortune 1000 list of the largest U.S. corporations, based on a composite ranking of revenues, profits, assets market value, and other measures.[1] This is down from number 683 in 2004.
| Contents |
| History |
| Controversy |
| Other names |
| External links |
| References |
History
Rent-A-Center was founded by W. Frank Barton and Thomas Devlin in Wichita, Kansas, in 1973.[2][3]
Thorn EMI purchased the company for $594 million in 1987, creating Thorn Americas.
[4]
Thorn sold the company to Renters Choice in 1998 along with 1,409 North American stores. By December 31, 1998, the company had changed its name to Rent-A-Center, Inc. and moved to Plano, Texas.[5]
Rent-A-Center completed its acquisition of competitor Rent Way, Inc. on November 15, 2006, for a price of approximately $600.3 million. Rent-Way, Inc. was ranked number three in the rent-to-own industry to Rent-A-Center. It had 782 stories in 34 states at the time of the acquisition.[6] Now, Rent-A-Center owns about 50% of the rent-to-own industry.
Rent-A-Center has launched a new program called "RAC Acceptance" in Ashley Furniture homestores, it is a sort of secondary financing for furniture offered by Ashley Furniture but still adheres to typical Rent to own credit and acceptance criteria.
Controversy
In 2002, Rent-A-Center was sued for sexual bias in the hiring of women. The agreement resulted in a $47 million cash payment by Rent-A-Center and offer 10% of future vacancies over the following 15-month period to women who are claimed to be past victims of discrimination.[7]
Other names
The Rent-A-Center company converted its Wisconsin stores to ''Get- It-Now!'' rent-only outlets when earlier deregulation attempts failed. [8] The company has said the changes would prompt it to open 152 rent-to- own stores in Wisconsin within five years. [9]
The six stores in Alberta, Canada are known as ''Rent-A-Centre''.
External links
★ Official Rent-A-Center site
★ Official Get It Now! site
References
1. Fortune 1000 2006
2. Rent a Center Co Founder Tom Devlin to Speak at Wichita State
3. The Barton Legacy
4. Thorn to Buy Rent-A-Center Reuters
5. Rent A Ctr Inc New: Information from Answers.com
6. Rent-A-Center completes Rent-Way purchase Staff Reports
7. EEOC Announces Million Agreement in Principle to Settle Claims of Class-Wide Sex Bias Against Rent-A-Center
8. Doyle defends OK on rent bill Steven Walters
9. Assembly rejects rent-to-own legislation Steven Walters
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