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Rent-A-Center Inc (RCII.OQ)

RCII.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Rent-A-Center Says Entered Into Employment Agreement With CEO Mitchell Fadel
Tuesday, 3 Apr 2018 05:28pm EDT 

April 3 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER SAYS ENTERED INTO EMPLOYMENT AGREEMENT WITH CEO MITCHELL FADEL - SEC FILING.ALSO ENTERED INTO A LOYALTY AND CONFIDENTIALITY AGREEMENT WITH CEO FADEL.TERM OF EMPLOYMENT AGREEMENT WITH CEO FADEL AUTOMATICALLY RENEWS FOR SUCCESSIVE ONE YEAR RENEWAL PERIODS.  Full Article

Rent-A-Center Reduces Corporate Headcount By About 250 Positions
Wednesday, 7 Mar 2018 04:30pm EST 

March 7 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER PROVIDES BUSINESS UPDATES.RENT-A-CENTER INC - REDUCING CORPORATE HEADCOUNT BY APPROXIMATELY 250 POSITIONS.RENT-A-CENTER INC - REVIEW OF STRATEGIC AND FINANCIAL ALTERNATIVES REMAINS ONGOING; EVALUATING PROPOSALS.RENT-A-CENTER - HEADCOUNT REDUCTION, AMONG OTHERS, EXPECTED TO GENERATE ABOUT $28 MILLION IN ANNUAL RUN-RATE COST SAVINGS WITH ABOUT $20 MILLION REALIZED IN 2018.RENT-A-CENTER - EXPECTS TO INCUR EMPLOYEE SEVERANCE CHARGES AND OTHER ONE-TIME COSTS RELATING TO WORKFORCE REDUCTIONS OF ABOUT $3 MILLION IN Q1 2018.RENT-A-CENTER INC - BOARD CURRENTLY EXPECTS TO REACH A DETERMINATION WITH RESPECT TO WHETHER TO PURSUE A SALE OF COMPANY DURING Q2 2018.  Full Article

Rent-A-Center Says Joel Mussat Resigned As EVP-COO
Wednesday, 28 Feb 2018 08:09am EST 

Feb 28 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER SAYS JOEL MUSSAT RESIGNED AS EVP-COO - SEC FILING.RENT-A-CENTER - AS PART OF ONGOING COST-SAVINGS, COO POSITION HAS BEEN ELIMINATED.  Full Article

Rent-A-Center Reports Q4 GAAP Earnings Per Share $0.65
Tuesday, 20 Feb 2018 05:10pm EST 

Feb 20 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER, INC. REPORTS FOURTH QUARTER 2017 RESULTS.Q4 LOSS PER SHARE $0.41 EXCLUDING ITEMS.Q4 GAAP EARNINGS PER SHARE $0.65.Q4 REVENUE FELL 6.6 PERCENT TO $639 MILLION.‍"Q4 PERFORMANCE WAS MORE CHALLENGING THAN COMPANY EXPECTED AND DEMONSTRATED NEED FOR CHANGE"​.INITIATED EFFORTS TO MORE "AGGRESSIVELY" EXPAND FRANCHISING OPERATIONS​.‍NEW TAX REFORM IS EXPECTED TO GENERATE MATERIAL BENEFIT TO CASH TAXES OF ABOUT $200 MILLION OVER NEXT 3 YEARS​.‍CORE U.S. Q4 REVENUES OF $444.7 MILLION DECREASED 6.0 PERCENT​.‍"IDENTIFIED APPROXIMATELY $100 MILLION OF ANNUALIZED EBITDA AND WORKING CAPITAL OPPORTUNITIES"​.RENT-A-CENTER - ‍IDENTIFIED ANNUALIZED COST SAVINGS OPPORTUNITIES OF $65 TO $85 MILLION, ABOUT TWO THIRDS OF WHICH IS EXPECTED TO BE REALIZED IN 2018​.‍WORKING CAPITAL BENEFITS OF $20 TO $25 MILLION, 100 PERCENT OF WHICH IS EXPECTED TO BE REALIZED IN 2018​.‍ QTRLY TOTAL REVENUES OF $639.0 MILLION DECLINED BY 6.6 PERCENT, ALSO DUE TO A SAME STORE SALES DECLINE OF 2.0 PERCENT​.SEES ‍ 2018 FREE CASH FLOW OF AT LEAST $130 MILLION​.RENT-A-CENTER - ‍REFRANCHISING BRICK & MORTAR LOCATIONS TO ENABLE CO TO MAINTAIN, GROW PRESENCE , USING PROCEEDS TO PAY DOWN DEBT​.  Full Article

Rent-A-Center Says CEO Mitchell Fadel's Annual Base Salary Will Be $800,000
Tuesday, 2 Jan 2018 01:42pm EST 

Jan 2 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER SAYS IN RELATION TO APPOINTMENT OF MITCHELL FADEL AS CEO, HE, CO AGREED HIS ANNUAL BASE SALARY WILL BE $800,000 - SEC FILING.  Full Article

Rent-A-Center Says Mitch Fadel Appointed CEO, Succeeding Mark Speese​
Tuesday, 2 Jan 2018 08:00am EST 

Jan 2 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER ANNOUNCES CEO TRANSITION.RENT-A-CENTER INC - ‍MITCH FADEL APPOINTED CEO SUCCEEDING MARK SPEESE​.RENT-A-CENTER INC - ‍FADEL WILL CONTINUE ROLE AS A MEMBER OF BOARD​.RENT-A-CENTER INC - COMPANY ALSO REITERATED ITS COMMITMENT TO ITS PREVIOUSLY ANNOUNCED STRATEGIC REVIEW PROCESS.  Full Article

Rent-A-Center Announces Proposal To Declassify Board Of Directors
Thursday, 21 Dec 2017 07:30am EST 

Dec 21 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER ANNOUNCES PROPOSAL TO DECLASSIFY BOARD OF DIRECTORS.RENT-A-CENTER INC - BOARD VOTED UNANIMOUSLY TO SUBMIT A PROPOSAL TO COMPANY'S STOCKHOLDERS AT ITS 2018 ANNUAL MEETING OF STOCKHOLDERS.RENT-A-CENTER - BOARD VOTED TO SUBMIT PROPOSAL TO AMEND CO'S CERTIFICATE OF INCORPORATION SUCH THAT ALL DIRECTORS WILL STAND FOR ELECTION ON ANNUAL BASIS.RENT-A-CENTER INC SAYS "ENGAGED CAPITAL FULLY SUPPORTS DECLASSIFICATION OF RENT-A-CENTER'S BOARD AND CORRESPONDING RESOLUTION".RENT-A-CENTER- AMENDMENT PERMITTING BOARD DECLASSIFICATION WILL REQUIRE APPROVAL OF STOCKHOLDERS REPRESENTING AT LEAST 80% OF SHARES ENTITLED TO VOTE.  Full Article

Rent-A-Center Inc Says Appointed J.V. Lentell As Chairman Of Board
Tuesday, 12 Dec 2017 04:15pm EST 

Dec 12 (Reuters) - Rent-A-Center Inc ::RENT-A-CENTER INC - APPOINTED J.V. LENTELL AS CHAIRMAN OF BOARD.  Full Article

Rent-A-Center says October core U.S. same store sales down 3.4 pct
Thursday, 16 Nov 2017 04:30pm EST 

Nov 16 (Reuters) - Rent-a-center Inc :Reports October key operating metrics.October 2017 core U.S. same store sales​ fell 3.4 percent.October 2017 acceptance now same store sales were up 4.7%‍​.Has determined to discontinue monthly reporting of key operating metrics, until further notice​.  Full Article

Rent-A-Center sends letter to Vintage Capital Management
Wednesday, 8 Nov 2017 11:35am EST 

Nov 8 (Reuters) - Rent-A-Center Inc ::Rent-A-Center says board of co sent letter to Vintage Capital Management Llc‍​ responding to Vintage's nonbinding proposal to buy co - SEC filing.Says board appreciates Vintage’s interest in the company and "looks forward to additional dialogue"‍​.Says "we do not believe it is in the best interests of our stockholders to enter into an exclusivity agreement with Vintage at this time".Says JPMorgan is acting as the company’s financial advisor throughout process of dialogue with Vintage Capital‍​.  Full Article

Rent-A-Center expects decision on buyout bids by second quarter

Rent-A-Center Inc said on Monday it expects to reach a decision by the second quarter on whether its talks with bidders would result in a sale of the rent-to-own furniture retailer.