Rainbow Rentals Strengthens Regional Management Team To Support Ongoing Store Expansion and Training Programs

Furniture World Magazine

Rainbow Rentals, Inc. (Nasdaq: RBOW), a leading operator of stores that rent furniture, electronics, appliances and computers, has added two regional supervisors to support the company's new store expansion program. Richard Coleman was promoted to regional supervisor for the Michigan markets. and Michael Zagar was promoted to regional supervisor for tile Eastern Pennsylvania markets. With these appointments, Rainbow now has nine regional supervisors overseeing the operations of the company's 94 stores. "These appointments strengthen our regional management team enabling us to direct additional resources toward-, training new managers to operate our growing number of stores," said Wayland Russell, chairman and chief executive officer." This will also enhance our ability to continue to ramp up revenue and operating g performance at our newly opened stores us they become comparable stores. We have been very pleased by the success of our new store program and our demonstrated ability to grow stores with revenue exceeding $1.0 million. We look forward to extending that success as our expansion accelerates." Rainbow announced lust month that it plans to open 13 new stores during 2000, and that it was looking for selective acquisitions. The company opened two new stores 'in existing markets in February. Coleman joined Rainbow in November 1988 as an account manager at the Warren, Mich. store. He became assistant manager there in May 199 1, and was named manager of the company's Ferndale, Mich. store in August 1992. Coleman has managed Rainbow stores in Ferndale and Warren, Mich. Zagar was hired in 1991 as an. account manager in Pittsburgh. H He became manager of the warren, Mich. store in 1993, opened the Harrisburg. Pa., store ill 1997, and remained as its manager until his recent promotion. Rainbow Rentals, headquartered in Canfield, Ohio, operates 94 rental purchase stores in nine states --Connecticut, Massachusetts, Michigan, New York, Ohio, Pennsylvania, Rhode Island, South Carolina. and Tennessee. The company employs approximately 950 associates and reported revenues of $80.8 million in 1999.