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Former Rent Rite group launches new RTO chain

"I believe there is tremendous opportunity for a new regional chain now that so much consolidation has taken place," says Tom Mitchell, former chief financial officer of Rent Rite, "Customers want and deserve a choice and our plan fulfills that need." Mitchell and a group of former Rent Rite executives plan to open or acquire 25 stores within the next 12 months called Payday Rental Purchase and Sales.

"When Rent-A-Center purchased Rent Rite this past May, I knew immediately that I would begin a new RTO endeavor," says Mitchell. The new stores will offer name-brand furniture, appliances and electronics as well as payday advances and other non-traditional services. Mitchells says the company, based in the West Palm Beach, FL, area, will be focusing on growth in the Southwest and Midwest initially and is already in discussion with potential sellers.

Former Rent Rite execs joining Mitchell 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 Paul Richards and Andy Smith as district managers.