Cash America plans to close about 147 of its unprofitable jewelry-only pawn shops in Mexico before the end of the year.
The Fort Worth-based pawn shop operator and payday lender said Thursday that a small number of jewelry-only shops will be converted into full-service locations.
The company says that its pawn shops in Mexico reported a loss of $8.3 million for the six months ended June 30, mostly because of unprofitable jewelry-only locations.
Cash America International Inc. will now concentrate its efforts on full-service pawn shops in Mexico that offer pawn loans based on the pledge of general merchandise and jewelry collateral.
The company anticipates running 47 full-service pawn shops in Mexico once its actions are complete.