As a condition of the sale of 295 locations, Rent Way has agreed to sign Non-Compete agreements for those markets.

Sources tell RTO Online that the Non-Compete agreement has 2 main stipulations. Rent Way agrees to not open stores for 7 years, or, within 7 miles of the locations being sold. In some markets, both stipulations will apply.

A 'Non-Compete' agreement is a contract that restricts participation in a certain market(s) by a company or individual under specific circumstances. Employers often require employees to sign a non-compete agreement to deter them from quitting to join a competitor. In this case, Rent a Center is protecting a significant investment in time and money in the various markets.

In recent years, courts have been a bit lax in enforcing non-compete agreements with employees. However, agreements between companies are generally honored and enforced by the courts.

update:
Unconfirmed reports state that bonuses from $500 to $1500 will be paid to Rent Way managers as an incentive to 'stick around' through the transition.