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
February 15, 2000 (February 14, 2000)
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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.)
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
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The registrant issued the following press release on February 14, 2000:
ERIE, PA. -- Rent-Way, Inc. (NYSE: RWY) announced today that it has
significantly expanded its previously announced new store opening program. "We
have already signed 20 new store leases this quarter and are now committed to
the strategic goal of adding 400 new stores over the next 3 to 4 years." said
Chairman and Chief Executive Officer, William E. Morgenstern.
The company believes its existing base of almost 1,100 stores can be
strengthened by adding new stores in under served markets. In addition,
extensive efforts are in process to identify potential store sites in markets
not currently served by Rent-Way.
"We intend to follow the same basic principles we used to convert nearly
1,000 acquired stores over the past 6 years. We have created efficient and
effective procedures for identifying site locations, performing construction and
remodeling and Grand Opening Campaigns. We believe we have the industry's best
recruiting, training and development programs to support this expansion plan."
said Morgenstern. "We currently have about 150 regional managers in our
organization who supervise between 5 and 10 stores. Through them, we believe we
can recruit and train at least one store manager per year, per region in 80% of
our regions. This will help us meet the demand for the store managers our
expansion program will require."
In other news, the Company reported monthly revenue generated by computer
rentals has nearly doubled since September. "Our large distribution base offers
wonderful opportunities to roll out new products and services like computers,
DVD players and pre-paid local phone service. The success of our computer rental
program has exceeded our expectations." said Jeffrey A. Conway, President and
Chief Operating Officer. "We are very optimistic about the potential of bringing
computers to our customer base in a much bigger way in the months and years
ahead. Our team is also fired up and ready to attack this 400 store expansion
program. Rent-Way is no stranger to bold, aggressive goals." said Conway.
Rent-Way is the second-largest operator of rental-purchase stores in the
USA. Rent-Way rents quality, brand name merchandise such as home entertainment
equipment, furniture and major appliances through 1088 stores operating in 41
states.
This news release contains certain forward looking statements within the
meaning of Section 27(A)(i) of the Securities Act of 1933 and Section 21E(i)(1)
of the Securities Exchange Act of 1934 that involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from any future results, performance or achievements expressed or
implied by such statements. Such factors include Rent-Way's ability to secure
rental-purchase store sites in desired locations or on acceptable terms, and
operate such stores profitably. Additional factors are set forth in Rent-Way's
Annual Report on Form 10-K for the year ended September 30,1999 and Quarterly
Report on Form 10-Q for the quarter ended December 31, 1999.
For more information, contact: William E. Morgenstern, CEO
(800)736-8929 or visit www.rentway.com
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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 February 15, 2000 /s/ William A. McDonnell
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(Signature)
William A. McDonnell
Chief Financial Officer
Date February 15, 2000 /s/ Matthew J. Marini
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(Signature)
Matthew J. Marini
Controller and Chief Accounting Officer
