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 31, 1999 (August 16, 1999)
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
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 455-5378
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Item 5. Other Events
The registrant issued the following press release on August 24, 1999:
ERIE, PA. -- Rent-Way, Inc. (NYSE: RWY) announced today that long-time
Chairman Gerald A. (Tony) Ryan will retire to the position of chairman emeritus
effective September 30, 1999. Mr. Ryan co-founded the company in 1981 with
current President and CEO William E. Morgenstern.
"Tony demonstrated his unique brand of entrepreneurial zest, and some would even
say courage, when 18 years ago he decided to financially back RentWay and the
then-new idea of offering home furniture for rental-purchase," said Morgenstern.
"This company exists today primarily due to his foresight. We are fortunate to
have him remain a director of Rent-Way, Inc. where we can continue to tap into
his in-depth knowledge of finance and acquisition strategies."
It is anticipated that Mr. Morgenstern will be elected chairman, while retaining
the title of CEO, at the next board meeting. An announcement will be made when
the official Board action is taken.
Rent-Way operates 865 stores in 35 states under the brand names RentWay and
HomeChoice Rentals. Rent-Way rents quality, brand name merchandise 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 that permit
the customer to acquire ownership of the merchandise at the conclusion of an
agreed upon rental period.
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 August 31, 1999 /s/ Jeffrey A. Conway
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(Signature)
Jeffrey A. Conway
Sr. Vice President and Chief Financial Officer
