Rent-A-Center to Close 150 Stores; Profits Fell 37%
Rent-A-Center Inc. reported a 37 percent decline in first-quarter profit and said it will close 150 U.S. stores. The company reported a first-quarter profit of 54 cents a share, or $28.9 million, compared with profits of 79 cents a share, or $46.1 million, a year ago. Customer accounts from the closed stores will be consolidated to other nearby locations. The last time Rent-A-Center closed a large batch of stores was at the end of 2007, when it closed 280 stores, a spokesman for the company said.