Cash America Signs Letter of Intent to Acquire 40 Store Chain.FORT WORTH, Texas--(BUSINESS WIRE)--March 31, 1998--Cash America International, Inc. (NYSE NYSE See: New York Stock Exchange :PWN In gaming, to trounce an opponent. To be "pwned" is to be defeated unmercifully. Pronounced "pone," "pwen," "pawn" or "pun," the derivation of the term is obscure. Some believe it came from a common typo of "own" because the o and p keys are next to each other. ) announced today that it has entered into a letter of intent to acquire all of the assets of a privately-owned company which operates a 40 store chain of pawnshops all under the name "Doc Holliday's." Doc Holliday's, based in Austin, Texas, owns and operates 40 lending locations in six states and is believed to be the largest privately-held chain of pawnshops in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Final terms of the acquisition are subject to definitive documentation. Cash America, already the largest operator of pawnshops in the world, would increase its number of lending locations by 10% upon completion of the acquisition. Including the acquisition of Doc Holliday's, Cash America will have added 54 locations to its pawnshop base in calendar 1998, including the acquisition of a 5 unit chain in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , and a 3 unit chain in Chicago, Ill. Through March 30, 1998, Cash America has completed the acquisition of 13 units and opened one new unit. The closing of the Doc Holliday's transaction would increase the total number of Cash America lending locations to 455, including 405 in 16 states and 50 in the combined markets of the United Kingdom and Sweden. Commenting on the expansion in 1998, Chairman and Chief Executive Officer Jack R. Daugherty said, "We are pleased to have found a large number of exciting acquisition opportunities in our core lending business in 1998. Lending operations continue to offer an excellent vehicle for continued expansion as Cash America explores new and existing markets." Daugherty added, "The acquisition of Doc Holliday's will increase market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in many of Cash America's current markets, allowing us to utilize existing resources to maximize growth potential. Doc Holliday's operates 25 locations in Texas, 5 in Tennessee, 4 in Colorado, 3 in Oklahoma, 2 in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and 1 in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . Cash America International, Inc. is a diversified provider of specialty financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individuals in the United States, Great Britain and Sweden. Cash America is the market leader in offering secured non-recourse loans to individuals, commonly referred to as pawn loans. In addition, the Company provides check cashing services through its wholly-owned subsidiary Mr. Payroll Corporation and rental purchase services through its ownership interest in Express Rent A Tire, Ltd. CONTACT: Cash America International, Inc., Fort Worth Thomas A. Bessant, Jr./Daniel R. Feehan, 817/335-1100 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion