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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 EXCHANGE ACT OF 1934
JANUARY 7, 1997 (JANUARY 2, 1997)
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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)
PENNSYLVANIA 000-22026 25-1407782
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(State or other jurisdiction (Commission File Number) (IRS Employer
of corporation) Identification No.)
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.
8-K, Continued
ITEM 5. Other Events
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The registrant issued the following press release on January 6, 1997:
RENT-WAY COMPLETES 15-STORE CHAIN ACQUISITION
ANNUAL REVENUES INCREASE TO A RUNNING RATE OF $69 MILLION
Erie, PA, January 6, 1997 -- Rent-Way, Inc. (NASDAQ-RWAY) today announced that
it completed the acquisition of Bill Coleman T.V., Inc., a privately-owned
15-store rental-purchase chain in Michigan with annual revenues of
approximately $7.5 million. The purchase price was approximately $6.7 million.
"The integration of these stores should progress quickly and smoothly,
positively affecting our revenue growth immediately," stated William E.
Morgenstern, President of Rent-Way," With these new stores, Rent-Way's revenue
stream will increase to a running rate of $5.8 million monthly, or
approximately $69 million annually." Based on current corporate staffing, the
Company does not expect to add any personnel to accommodate the new
acquisition.
"As a result of Coleman making a significant investment in its rental
merchandise over the past year, these stores are in particularly good
condition, and the revenue stream is backed by a strong, loyal customer base,"
continued Mr. Morgenstern.
Rent-Way has tripled its operations in Michigan, from seven to twenty-two
stores. The Company's growth strategy encompasses the clustering of stores in
markets to increase market penetration and to take advantage of economies of
scale.
Rent-Way currently operates a chain of 123 rental-purchase stores located in
Delaware, Florida, Illinois, Indiana, Maryland, Michigan, New Jersey, New York,
Ohio, Pennsylvania, Virginia and Washington, D.C. The Company rents brand name
durable 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 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 /s/ JEFFREY A. CONWAY
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(Signature)
JEFFREY A. CONWAY
CHIEF FINANCIAL OFFICER
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