05-15-02
RTO Online

From Press release
"As we said when we announced our first-quarter results last month, we are beginning to see evidence that Rainbow is turning the corner," Russell said. "We have been working through a tumultuous transition period for more than a year. But as we approach the midway point of our second quarter, it appears that the initiatives we've put in place to spark greater profitability are working".
Wayland Russell
CEO

See our article on Rainbow Q1 Results

More units on rent, better collection performance, better training, and more/better regional managers were listed as contributing factors to Rainbows improved performance.

While other Rent to Own companies have cut staffing, Rainbow has added 'several' Regional Managers, directors of human resources and real estate. This may be in preparation for an accelerated expansion plan.

"This is an important part of building a growing company...And we are confident that our manager training program has built a strong backlog of well-trained managers who are ready to run their own stores as Rainbow grows."
Wayland Russell
CEO

According to the companies press release, Rainbow shareholders re-elected Russell, 51, and five other directors today at the annual meeting, held in Boardman, Ohio. The other five directors are:

 

Rainbow also announced the acquisition and consolidation of 200 accounts from RentWise in Youngstown Ohio. The company stated the sale price at $175,000 and has transferred the agreements to their existing Youngstown store.

The company also filed its 10Q for the quarter ending March 31. See the filing here.

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