Abstracts » Home furnishings industry

RTO chain Rainbow going public

Article Abstract:

Rainbow Rentals intends to sell 2.25 million common shares in its initial public offering. The shares represent approximately 38% of the 66-store chain's equity. The $55-million-a-year Rainbow Rentals expects that the offering will generate $10 to $12 a share or $22.5 million to $27 million. The firm also reported that proceeds from the sale will be used to pay its $10.9 million debt. The Canfield, OH-headquartered Rainbow, with stores in Pennsylvania, Ohio, Massachusetts, Tennessee, Michigan, New York, Connecticut and Rhode Island, sees growth as it posted $15.5 million in revenue for 1997.

Comment:

Intends to sell 2.25 million common shares in its initial public offering

Organizational history, Rainbow Rentals

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Baer's expanding to Gulf Coast in '99

Article Abstract:

Baer's Furniture of Pompano Beach, FL, which operates stores in the East Coast of South Florida, is expanding its reach across Florida. The 10-store chain is expecting to have its 11th store in the Gulf Coast resort city of Naples, FL, in about a year's time. The expansion comes after Baer's agreed in principle to construct and manage a 60,000-sq-ft store in north Naples. Baer's Chief Executive Officer Bobby Baer expects the store expansion to give the chain a chance to increase its already-robust performance, which included a sales increase of 15% in 1997.

Comment:

Is expanding its reach across Florida by opening a store in Naples, FL, in 1999

Facilities & equipment, Baers Furniture Company Inc.

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Alrenco changes to Home Choice

Article Abstract:

Alrenco of Mesquite, TX, has assumed a new corporate name, Home Choice Holdings. The name change of the 450-outlet furniture chain is aimed at replacing the rent-to-own (RTO) terminology with the word "lease," a word that industry studies reveal is more favored by clients. The firm, which acquired the rights to the Home Choice name with the purchase of an RTO firm of the same name in South Florida in October 1996, has changed its Nasdaq stock symbol from RNCO to HMCH to coincide with the name change.

Comment:

Has assumed the new corporate name Home Choice Holdings

Organizational nomenclature, Home Choice Holdings, Alrenco

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