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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
JUNE 3, 1996 (MAY 31, 1996)
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Date of Report (Date of earliest event reported)
RENT-WAY, INC.
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(Exact name of registrant as specified in its charter)
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PENNSYLVANIA 000-22026 25-1407782
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(State or other jurisdiction (Commission File Number) (IRS Employer
of corporation) Identification Number
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3230 WEST LAKE ROAD, ERIE, PENNSYLVANIA 16505
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 836-0618
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RENT-WAY, INC. FORM 8-K
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JUNE 3, 1996
ITEM 5. Other Events
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The registrant issued the following press release on June 3, 1996:
Erie, PA, June 3, 1996 -- Rent-Way, Inc. (NASDAQ-RWAY), the 8th largest
rental-purchase chain, today announced that it has continued on the acquisition
path and added stores in a new state, Virginia, to its chain. Prior to these
acquisitions, the Company operated a chain of 82 rental-purchase stores located
in Florida, Illinois, Indiana, Michigan, New Jersey, New York, Ohio and
Pennsylvania.
The Company recently purchased the rental merchandise and contracts of 13
stores in New York, Pennsylvania, and Virginia, with combined annual revenues
of approximately $3 million. Details of the transactions were not yet
available.
"The addition of these stores fits perfectly with our acquisition strategy in a
number of important ways," explained Mr. William Morgenstern, President of
Rent-Way. "We choose to cluster stores in markets to obtain the maximum benefit
from our advertising and promotional activities." Of the acquired stores in
New York and Pennsylvania, several will be consolidated into existing Rent-Way
stores. "Acquisition of the Virginia stores allows the Company to enter a new
market that has excellent demographics and room for further expansion."
"These stores were undercapitalized. We believe through remodeling, and
improving the merchandising and advertising, the stores have the potential for
rapid growth. This is being accomplished without the addition of any personnel
at the corporate headquarters," continued Mr. Morgenstern. Another
consideration is how quickly the stores can be consolidated into operations.
"We expect to have the new stores fully operational on the Rent-Way computer
system within one month. This ability to quickly and efficiently integrate
acquisitions is a distinct advantage for a company like ours that is constantly
reviewing candidates for acquisition."
Of the acquired stores, it is expected that 10 will remain open and 3 will be
consolidated into existing Rent-Way stores. The acquired stores have been
operating under the names of Family Rentals, Inc. and Rent-America. "The
Company continues to participate in active discussions for the acquisition of
additional rental-purchase stores," Mr. Morgenstern said.
Rent-Way offers brand name household products, such as home entertainment
equipment, furniture, and major appliances, on a week-to-week or month-to-month
basis under full service rental-purchase agreements.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RENT-WAY, INC.
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(Registrant)
Date 6/3/96 /s/ JEFFREY A. CONWAY
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(Signature)
JEFFREY A. CONWAY
CHIEF FINANCIAL OFFICER
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