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Company Information
Timeline - Key Dates
• September 1986 - Incorporated Vista Rent to Own, started by Mark Speese with two partners, as a Delaware corporation.
• Year 1989 - J. Ernest Talley acquired controlling interest in the Company and certain related entities, which owned 22 rent-to-own stores located primarily in New Jersey and Puerto Rico.
• 1989 - Related entities merged into the Company under the name Vista Rent To Own, Inc.
• March, 1993 - The Company formed Renters Choice, L.P., for the purpose of acquiring 84 rent-to-own stores from DEF Investments, Inc. and certain related entities (the "1993 Acquisition").
• April, 1993 - The 1993 Acquisition is consummated.
•  December, 1993 - The Company changes its name to Renters Choice, Inc.
• May, 1994 - The Company acquires all of the assets and liabilities of Renters Choice, L.P. in connection with the dissolution of that partnership
• January, 1995 - Talley Lease To Own, Inc. was merged into the Company.
• February, 1995 - Initial public offering of 2,587,500 shares of common stock for an aggregate offering price of approximately $25.9 million.
• March, 1995 - Renters Choice, Inc. begins public trading on March 10, 1995.
• April, 1995 - The Company completed the acquisition of 72 stores from Crown Leasing Corporation ("Crown").
• June, 1995 - Common Stock split 3-for-2.
• September, 1995 - The Company completed the acquisition of 135 stores from the parent company of Magic Rent-To-Own and Kelway Rent-To-Own (the "Magic Acquisition").
• October, 1995 - Common Stock split 2-for-1.
• November, 1995 - Secondary public offering of additional 3,650,000 shares for an aggregate offering price of $58.4 million.
• May, 1996 - The Company acquired ColorTyme, Inc., ("ColorTyme Acquisition") a wholly-owned subsidiary, a franchisor of 313 rent-to-own stores and seven directly-owned rent-to-own stores.
• November, 1996 - The Company obtained a $90 million revolving line of credit.
• Year 1996 - The Company acquired 88 additional stores in 20 separate transactions and opened 13 new stores.
• Year 1997 - The Company acquired 76 additional stores in 18 separate transactions (5 of which were subsequently consolidated) and opened 10 new stores.
• May, 1998 - The Company acquired 176 stores from Central Rents.
• August, 1998 - The Company acquired 1,409 company-owned stores and 65 franchised stores from Thorn Americas, Inc. of which 1,158 operated under the "Rent-A-Center" brand.
• August, 1998 - Issued $175 million of senior subordinated notes.
• Year 1998 - Acquired additional 55 rent-to-own stores in 14 separate transactions.
• December, 1998 - Merged Thorn Americas into Renters Choice and changed name to Rent-A-Center, Inc. Changed the name of all of our stores to the "Rent-A-Center" brand.
• March, 1999 - Completed integration of stores from the Thorn and Central Acquisitions.
• February, 2000 - John Madden signs on as national advertising spokesman.
• Summer, 2000 - Mitch Fadel joins team as President (formerly CEO of our subsidiary, ColorTyme).
• Year 2000 - Opened 36 new stores and acquired 74 stores in 19 separate transactions. Merged 22 stores with existing stores; sold 4 stores; closed one store.
• May, 2001 - Secondary Offering of 3.7 million shares of Common Stock for net proceeds of $45.7 million to Rent-A-Center, Inc. The proceeds used to pay down existing debt.
• October, 2001 - Mark Speese returns as CEO and Chairman of the Board.
• Year 2001 - Opened 76 new stores and acquired 95 stores and accounts from an additional 90 competitors' locations in 52 separate transactions. Merged 42 stores with existing stores and sold six.
• May, 2002 - Secondary offering of 3.5 million shares of Common Stock owned by Apollo Management, L.P. and Bear Stearns.
• Year 2002 - Opened 70 new stores and acquired 83 stores and accounts from an additional 126 competitors' locations in 53 separate transactions. Merged 23 stores with existing stores and sold four.
• February 2003 - Acquired 295 stores from Rent-Way, Inc. Merged 176 stores with existing Rent-A-Center locations and 119 were kept as new store fronts.
• May 2003 - As part of a recapitalization program, raised $300 million in 7.5% senior subordinated notes and $600 million senior credit facilities completed anew.
•  June – August 2003 - Purchased approximately 3.2 million shares of outstanding stock as part of a stock repurchase program.
• August 2003 - Common stock split 5-for-2.
• December 2003 - Board of Directors authorized a new $100 million stock repurchase program.
• February 2004 - Announced definitive agreement to acquire Rainbow Rentals, Inc., 124 stores in 15 states.
• April 2004 - Announced definitive agreement to acquire Rent Rite, Inc., 90 stores in 11 states.
• May 2004 - Acquired 124 stores from Rainbow Rentals, Inc. and 90 stores from Rent Rite, Inc. Immediately merged 29 Rainbow stores and 26 Rent Rite stores with existing Rent-A-Center locations while keeping 95 Rainbow and 64 Rent Rite store as new store fronts.
• July 2004 - Refinanced senior secured debt by entering into a new $600 million senior credit facility, consisting of a $350 million term loan and a $250 million revolving credit facility.
• July 2004 - Board of Directors increases stock repurchase program to $200 million.
• September 2004 - Board of Directors increases stock repurchase program to $300 million.
• Year 2004 - Opened 94 new stores and acquired a total of 191 others as well as accounts from 111 additional locations. Consolidated 49 stores into existing locations and sold 9 stores.
• May 2005 - Apollo Management, L.P. announced the sale of their remaining 7,218,571 shares of common stock.
• June 2005 - Purchased 27 stores from ColorTyme that offer an array of retail financial services.
• August 2005 - Board of Directors increases stock purchase program to $400 million.
• September 2005 - Announced store restructuring plan to close up to 162 stores by year end 2005.
• Year 2005 - Opened 67 new stores and acquired a total of 44 stores as well as accounts from 39 additional locations. Consolidated 170 stores into existing locations and sold 43 stores.
*RAC's "Worry-Free Guarantee" includes (1) Matching Any Local Rent-To-Own Business's Advertised Price (competing advertised price must be for similar payment, delivery and product service terms for in-stock new merchandise on the same brand and model), (2) Delivery, Set-Up and Service (delivery and set-up are included and RAC services and maintains the merchandise while on rent) and (3) Money Back Guarantee must be exercised within your first week of possession to receive either merchandise replacement or a refund. (4) Payment Protection (re-rent the same or comparable item you returned and pick up where you left off your payments).**The advertised transaction is a rental-purchase agreement (or in NV, a lease agreement with an option to purchase; in IA, SC and NE, a consumer rental-purchase agreement; in CT and NH, a rent-to-own agreement; in DC, DE, ID, KS, OR, SD, VA, and WA, a lease-purchase agreement; in MA and RI, a lease). Product availability may vary by store. Offer good while supplies last and cannot be combined with any other promotion. Other free-rent offers will not reduce total rent or purchase-option amounts. You will not own the merchandise until the total amount necessary to acquire ownership is paid in full or you exercise your early purchase option. Ownership is optional. MA and RI consumers: At any time after the initial payment you may purchase the merchandise for 60% of the remaining Total Cost, plus sales tax, calculated at the time. See Store Manager for complete details. Offer not valid in WI, MN, and AK. Consumers in NJ, WV, CA, HI, SC, and ME, see Store Associate for rate and terms. Consulta con el Gerente de la Tienda para los detalles completos.
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