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
November 20, 2000 (November 20, 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 (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
corporation)
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 November 20, 2000
RENT-WAY SIGNS WAIVER WITH BANK LENDERS; UPDATES STATUS OF
ACCOUNTING INVESTIGATION; CONFIRMS ACCURACY OF REPORTED REVENUES
November 20, 2000 - Erie, Pennsylvania. Rent-Way, Inc. (NYSE-RWY) today
announced that it has executed a waiver with its bank lenders under which
certain provisions of Rent-Way's credit agreement have been waived through
December 31, 2000. The waiver will permit Rent-Way to borrow funds sufficient to
meet its holiday season merchandise purchasing needs. "The cooperation of our
bank lenders notwithstanding our previously announced accounting irregularities
will insure that Rent-Way's stores are stocked to meet customer demand during
this holiday season," stated William Morgenstern, Rent-Way's Chairman and Chief
Executive Officer. Rent-Way is also negotiating with the bank lenders a
permanent amendment to its credit agreement, which it expects to finalize
following conclusion of the previously announced accounting investigation.
Rent-Way also announced that the ongoing accounting investigation is expected to
be completed within three weeks with the results to be announced promptly
thereafter. As previously announced, Rent-Way also plans to release information
regarding its expected performance in fiscal year 2001 following completion of
the accounting investigation. Mr. Morgenstern commented, "We are not awaiting
the final results of the investigation to take action, however. We are currently
reviewing all aspects of our business and will take all appropriate action
suggested by that review. We are heartened that, as was previously announced,
the investigation is not identifying any issues regarding the accuracy of our
reported revenues. We are also heartened by the response of our employees which
has been one of redoubled commitment to our mission."
Rent-Way is the second largest operator of rental-purchase stores in the United
States. Rent-Way rents quality name brand merchandise such as home entertainment
equipment, computers, furniture and appliances from 1,126 stores in 42 states.
Contact: William Morgenstern, Chief Executive Officer, and William McDonnell,
Chief Financial Officer, of Rent-Way at 814-455-5378
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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)
November 20, 2000 /s/ William E. Morganstern
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Date (Signature)
William E. Morgenstern
Chairman and Chief Executive Officer
November 20, 2000 /s/ William A. McDonnell
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Date (Signature)
William A. McDonnell
Vice President and Chief Financial Officer
