Rent-A-Center Puts Itself Up for Sale

Rent-A-Center said Monday its board has decided to explore strategic and financial alternatives and the company's chairman Steven Pepper has resigned from the board. The Plano-based rent-to-own chain of 2,500 stores also said it has suspended its quarterly dividend. In a press release, Rent-A-Center said that Pepper informed the company that he is resigning as a result of his disagreement with the board's decision to seek alternatives. The company said there are no assurances its financial advisers will come up with any particular transaction, but said it will be "an extensive review." "Throughout the review process, which will be overseen by the company's directors, the Rent-A-Center management team will maintain its focus on executing the company's comprehensive strategic plan to continue improving results across the business," the company said in a statement. In the interim, the company said it doesn't plan "to discuss or disclose developments with respect to this process unless and until the board has approved a definitive course of action or the process is otherwise concluded." J.P. Morgan is serving as financial advisor and Winston & Strawn LLP is serving as legal advisor to Rent-A-Center.Twitter: @MariaHalkias  Continue reading...