Business Context and Reporting Period
Company: Rent-A-Center, Inc. (Note: Metadata referenced "Upbound Group, Inc.", but the filing text identifies the registrant as Rent-A-Center, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: June 29, 2020
Reporting Period: The filing addresses events occurring during the first quarter of 2020 and the status of filings due for the year ended December 31, 2019.
Key Financial Metrics
This Form 8-K is a disclosure of "Other Events" and does not contain financial statements, revenue figures, profit margins, cash flow data, debt levels, or liquidity metrics. The filing text does not provide a clear value for any financial performance indicators.
Material Changes
- Operational Disruption: The company temporarily closed its corporate headquarters and operated at limited staffing capacity in response to COVID-19 containment measures and shelter-in-place orders.
- Filing Delay: Due to the operational challenges and closures of third-party service providers, the company was unable to file its Annual Reports on Form 11-K for its 401(k) Retirement Savings Plans (US Plan and East Plan) by the original due date of June 29, 2020.
Guidance, Outlook, and Risks
- Regulatory Relief: The company is relying on an SEC Order issued on March 25, 2020, which modifies exemptions from reporting requirements for public companies affected by the pandemic.
- New Filing Deadline: The company expects to file the delayed Form 11-K reports no later than August 13, 2020 (within 45 days of the original due date).
- Risk Factors: The filing incorporates by reference the risk factors regarding the impact of COVID-19 on the business, as previously disclosed in the Form 10-Q for the quarter ended March 31, 2020.
Investor Verification Checklist
- Verify the actual submission date of the Form 11-K reports for the Rent-A-Center, Inc. 401(k) Retirement Savings Plan and the Rent-A-Center East, Inc. Retirement Savings Plan to ensure they were filed by the August 13, 2020 deadline.
- Review the Form 10-Q filed on May 11, 2020, for detailed quantitative data on the financial impact of COVID-19 on operations and revenue.
- Confirm the current operational status of the corporate headquarters and third-party service providers to assess ongoing liquidity or operational risks.