Rent-A-Center adopts poison pill
Rent-A-Center Inc. has taken action to reduce the likelihood that an investor gains unsolicited control of the company.
The nation's largest rent-to-own operator has adopted a stockholder rights plan, or a so-called poison pill, that would become exercisable if a group buys 15% or more of its outstanding shares.
The move comes a month after activist investor Engaged Capital LLC, which owns a 12.9% stake in the company, stepped up efforts to push the furniture retailer, which has been struggling with slumping sales, to sell itself.
“The Rights Plan is also designed to protect Rent-A-Center stockholders by reducing the likelihood that any person or group would gain control of the company through open market accumulation without appropriately compensating its stockholders for such control or providing the Board sufficient time to make informed judgments,” Rent-A-Center stated.
Ergieshovel rolls out a full product line
Ergieshovel LLC has come up with a full line of long-handled tools to complement its initial offering, the flagship Ergieshovel snow shovel launched in December 2015.
The suite of products, called Ergiesystems, features the same technology as the shovel: a patented second arm that comes up from the shaft and allows users to shovel without bending over.
The collection includes straight and pointed dirt shovels, grain shovels, a variety of leaf rakes, utility brooms, as well as gardening and contractor tools.
“The overwhelming success of our Ergieshovel snow shovel showed us the demand for ergonomically designed tools that make working easier on the lower back," said Nabil Hannoush, Ergieshovel president. "We are hearing success stories from our retailers across the country. Store managers have told us customers are grabbing the shovels before they have a chance to unwrap the displays. Customers are writing to us saying that they have finally found a product that helps them continue to shovel even after having recovered from back surgery.”
“The new products should hit store shelves beginning late spring," executive VP of sales Barry Wadsworth added. "We have had great response at recent hardware shows and hope to fill the orders as fast as we can ship.”
Consumer confidence bumps up to a 16-year high
Having reached a 15-year peak on February, consumer confidence reached a new peak in March, now standing at its highest level in 16 years.