United States
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
August 12, 1998 (August 4, 1998)
Date of Report (Date of earliest event reported)
Rent-Way, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782
(State or other jurisdiction) (Commission File Number) (IRS Employer
of corporation) Identification No.)
One RentWay Place, Erie, Pennsylvania 16505
(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 455-5378
<PAGE>
RENT-WAY, INC.
8-K, Continued
Item 5. Other Events
The registrant issued the following press release on August 4, 1998:
ERIE, PA. -- Rent-Way, Inc. (NASDAQ-RWAY) today announced that, due to current
market conditions, it is delaying indefinitely its previously announced proposed
offering of convertible subordinated notes.
"Due to the current inhospitable market for convertible securities, we have
decided to delay the offering indefinitely in the hope that conditions will
improve," said William E. Morgenstern, president and chief executive officer of
Rent-Way, Inc. "We continue to have substantial current availability on our
senior credit facility and have received proposals from senior lenders to
significantly increase our borrowing capacity under that facility. We are
evaluating acquisition opportunities daily and remain confident of our ability
to reach our long-range goal of capturing ten percent of the rental-purchase
market by the year 2000."
Rent-Way, Inc. operates 384 rental-purchase stores located in 21 states
primarily in the Southeast and Eastern United States. RentWay stores rent
name-brand 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.
(Registrant)
Date August 12, 1998
/s/ Jeffrey A. Conway
(Signature)
Jeffrey A. Conway
Chief Financial Officer
