Rent-A-Car Struggling to Sustain Business Through Turbulent Times
As lingering supply-chain disruptions continue to limit growth, Rent-A-Center Inc.’s (Rent-A-Center) shares dropped 36% in 2022 following the reporting of disappointing 2021 fourth-quarter net income figures that totaled just $9.8 million. In addition to trade challenges, Rent-A-Center’s Chief Executive Officer (CEO) Mitch Fadel has also blamed reduced government stimulus and high-rates of inflation as reasons for the company’s underwhelming financial results. Moving forward into 2022, Fadel expects Rent-A-Center’s performance to continue to struggle as the economy slowly recovers.
Balance Sheet|ESG|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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