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Rent-A-Center to explore strategic options; chairman to resign
October 30, 2017 / 10:06 PM / 24 days ago

Rent-A-Center to explore strategic options; chairman to resign

Oct 30 (Reuters) - Rent-to-own furniture retailer Rent-A-Center Inc said on Monday its board would explore strategic and financial options, three months after the hedge fund Marcato Capital Management urged the company to sell itself.

The company also said its Chairman Steven Pepper would resign, effective immediately, due to his disagreement with the board’s decision.

Marcato Capital had earlier threatened to remove board members up for re-election at next year’s annual meeting, if it failed to sell itself.

Rent-A-Center said it would not disclose developments related to the process till the board has approved a course of action or once the process has concluded.

Shares of the company, which posted a bigger-than-expected loss on Monday, were down about 2 percent in extended trading. (Reporting by Aishwarya Venugopal in Bengaluru)

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