ALRENCO ACQUIRES SEVEN RENTAL STORES; EXPANDS OPERATIONS TO 87 STORES.NEW ALBANY New Albany, city (1990 pop. 36,322), seat of Floyd co., S Ind., near the falls of the Ohio River opposite Louisville, Ky.; inc. 1819. The city was a shipbuilding center in the 19th cent., and the riverboats Robert E. Lee and Eclipse were built there. , Ind.--(BUSINESS WIRE)--April 29, 1996--Alrenco, Inc. (Nasdaq/NM: RNCO), an operator of rental-purchase stores in the Southeast and Midwest, today announced the purchase of the assets of seven rent-to-own stores in three Southeast markets, Home Rentals of Florida, in Panama City, Florida Panama City is a city located along U.S. Highway 98 in Bay County, Florida. It is the largest city between Pensacola, Florida and Tallahassee, Florida. It is the larger (population wise) of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. (1); Premier Rental Purchase, also in Panama City Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. (1); Pro Rental Corp. in Mobile, Alabama (4); and Quality Furniture Rental Purchase in Hammond, Louisiana Hammond is the largest city in Tangipahoa Parish, Louisiana. [1] [2] The population was 17,639 at the 2000 census. It is home to Southeastern Louisiana University, and the city was the home base for production of the first season of the television series (1). With the purchase of these stores and following a market consolidation, Alrenco has a total of 87 rental-purchase stores in 13 states, primarily in the Midwest and Southern U.S. Michael D. Walts, chairman and president of Alrenco, said, "These seven stores fit nicely with our strategy and add to our dominant position in the Mobile and Panama City markets while strengthening our presence in the New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded and Gulf Coast markets. We plan to quickly convert the stores to the Alrenco name and implement our proven operating strategies. One or two of the newly acquired stores likely will be merged into nearby Alrenco stores to achieve maximum efficiencies. "Since the beginning of the year we have acquired 21 stores and will continue to pursue opportunities to acquire well-managed stores in markets where we already operate successfully or in nearby markets with similar makeup makeup In the performing arts, material used by actors for cosmetic purposes and to help create the characters they play. Not needed in Greek and Roman theatre because of the use of masks, makeup was used in the religious plays of medieval Europe, in which the angels' faces ." Alrenco, headquartered in New Albany, offers high quality, brand-name consumer merchandise under flexible rental-purchase agreements, also known as rent-to-own agreements. Alrenco completed its initial public offering on January 23, 1996. CONTACT: Alrenco, Inc., New Albany Raymond C. Holladay or Theodore H. Wilson, 812/949-3370 |
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