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 According to
Rentcash, The Brick will not be exercising it's first right of
refusal, leaving Rentcash free to take additional bids.
A second bidder has made an offer
to acquire Insta-rent, the Rent to Own division of Canadian
operator Rentcash. Insta-rent operates 67 locations, most of
which are inside "The Brick" and "United Furniture Warehouse"
locations. All rental products are provided from "The Brick" and
"United Furniture Warehouse."
According to Rentcash, The Brick will not be exercising it's
first right of refusal, leaving Rentcash free to take additional
bids. The first bid was received in February (see
story).
Rentcash announced its intention to sell Insta-rent in
September, 2006 (see
story). The company will focus exclusively on financial
services after the sale of Insta-rent, operating nearly 400
payday loan locations across Canada under two banners - The Cash
Store and Instaloans.
Rentcash recently dropped out of the Canadian Payday Loan
Association (CPLA) over a policy dispute. The CPLA was issuing
statements accusing non-members of being predatory and
supporting legislation that would harm independent operators (see
story).
Rentcash employs more than 1,800 associates and is headquartered
in Edmonton,
Alberta.
The identity of the bidders and amount of the offers are
unavailable at this time.
...developing
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