"When Rent-A-Center purchased Rent Rite this
past May, I knew immediately that I would begin a new Rental
Tom Mitchell, former Chief Financial Officer of Rent Rite
A group of former Rent Rite Rental Purchase
executives have formed a new rental purchase company and plan to open or acquire
25 stores within the next 12 months. The new company is named PAYDAY Rental
Purchase and Sales.
|"...I believe there is a tremendous
opportunity for a new regional chain now that so much
consolidation has taken place.."
Tom Mitchell, former Chief Financial Officer of Rent Rite, will serve as
President and Chief Executive Officer of the new company. Mitchell says, "When
Rent-A-Center purchased Rent Rite this past May, I knew immediately that I would
begin a new Rental Purchase endeavor. I believe there is a tremendous
opportunity for a new regional chain now that so much consolidation has taken
place in the industry. Customers want and deserve a choice, and our plan
fulfills that need. My former Rent Rite associates are the best, most
experienced in the business and eagerly joined to help launch the new venture."
Former Rent Rite executives joining the PAYDAY executive team are Jim Whitney,
director of operations; Tom Simon, director of purchasing and marketing
coordinator; Joe Janik, director of training and acquisitions coordinator; John
Jenkins, controller and IT director; John Kennedy, director of internal audit;
Leslie Collins, human resources manager and District Managers Paul Richards and
According to Mitchell, PAYDAY will aggressively grow through acquisition and new
store openings. PAYDAY plans on adding about 25 new stores per year. In addition
to providing name brand furniture, appliances and electronics, PAYDAY customers
in most states may take advantage of advanced low interest loans using payroll
checks as collateral.
Offering low weekly or discounted monthly payments as well as payday advances
and other non traditional services, the new PAYDAY Rental Purchase stores will
provide the choices that customers are seeking. For more information about
PAYDAY Rental Purchase and Sales, please call Tom Mitchell at 561-289-2393.
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