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 Posted: Fri Sep 21, 2007 7:53 pm Subject: Advance America Leaving Oregon!
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Advance America leaving Oregon
| Quote: | Portland Business Journal - 2:41 PM PDT Thursday, September 20, 2007
Advance America, Cash Advance Centers Inc. said Thursday it is closing 45 centers in Oregon and 31 centers in Pennsylvania.
Spartanburg, S.C.-based Advance America (NYSE: AEA), which provides quick loans, said it is also closing 27 underperforming centers in various other states.
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Ken Compton, the company's president and chief executive officer, said Advance America was leaving Oregon because of the new law that went into effect on July 1 limiting fees and interest on all consumer loans. The law has already caused several companies that provide high-interest loans on security such as car titles to leave the state.
Compton also said the Oregon stores had made no profit for the six months ending June 30.
In July, the Commonwealth Court of Pennsylvania issued a ruling directing Advance America's subsidiary in Pennsylvania to immediately suspend its current operations and discontinue its "Choice Line of Credit." |
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goudah2424
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Posted: Fri Sep 21, 2007 7:58 pm Subject:
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Advance America's Shares Dip on Closures
Shares of Advance America Dip As Company Announces More Than 100 Store Closures
| Quote: | September 21, 2007: 02:52 PM EST
NEW YORK (Associated Press) - Shares of Advance America Cash Advance Centers Inc. slipped to an all-time low Friday after the payday lender said it will close more than 100 stores, mainly because of regulatory clampdowns in two states.
The Spartanburg, S.C.-based company said it will close 31 stores in Pennsylvania and 45 stores in Oregon. This decision stems from a Pennsylvania ruling suspending payday lending in that state, and an Oregon law limiting fees and interest on payday loans.
Advance America issues payday loans, or short-term loans to be repaid on the customer's next payday. These loans are typically issued to people with low incomes, and have attracted scrutiny from lawmakers concerned about allegedly predatory and usurious lending.
Advance America said it assumes it will not collect most of the $10.8 million customers owe in those two states. It will cost $4.6 million to close these stores, plus 27 other stores that are losing money in various states.
The company's stock dipped 79 cents, or 6.9 percent, to $10.70. The shares earlier touched as low as $10.48, the cheapest trade since the company went public in 2004. |
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goudah2424
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Posted: Fri Sep 21, 2007 7:59 pm Subject:
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I'm actually kind of surprised at the store closures in Oregon. Even with the new law all they had to do was not allow rollovers and they could still collect over $10 per $100 . . . . . Guess that wasn't a good enough profit margin for them . . . . .
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goudah2424
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Posted: Sat Sep 22, 2007 5:48 am Subject:
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Okay Goudah you have run them out of Oregon, now Come to Florida and run them out of this state!
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pybasj
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Posted: Sat Sep 22, 2007 5:52 am Subject:
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That's great news goud! And ur right, they're just greedy and want more and more! can't wait till every state stands up to them!
Thnaks for sharing this info,
Ang
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Ang
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Posted: Sun Sep 23, 2007 12:04 pm Subject:
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All I can say is, Buh-BYE!!!!!!!!!!
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kscornell
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Posted: Mon Sep 24, 2007 7:21 am Subject:
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I know! There is one about a mile from my house that I used to have a loan through . . . . So sad to see it going out of business!
Although the lady that worked there was incredibly nice! She even took my address out of the system so that I wouldn't get any letters from them. She actually had loans through them too!
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posted: Mon Sep 24, 2007 10:58 am Subject:
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Thanks for sharing the info goudah!! A brighter light shines at the end of the tunnel for everyone!!
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lmk3524
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Posted: Mon Sep 24, 2007 11:03 am Subject:
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good news, now let's run them out of texas!!!
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vanryankelly
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