Plano, Texas Rent-to-own retailer Rent-A-Center Inc. says it plans to close about 280 stores nationwide. The company says the closures will cost the company up to $30.5 million in the next 12 to 18 months.
Rent-A-Center currently operates about 3,355 company-owned stores in North America.
After the closures, the company projects it will save $2 million to $2.5 million a month in operating expenses.
On Oct. 29, Rent-A-Center reported flat earnings of $25.3 million for its quarter ended Sept. 30. It made $25.2 million in profit in the year-ago quarter.
"Although we believe that our customer continues to face financial challenges, we have been encouraged by the positive results from our operational initiatives, as well as an increase in demand in October," chairman and CEO Mark E. Speese said in a written statement at the time of the earnings announcement.