Acima Leasing is Named the Exclusive LTO Partner for Top Furniture Retailer, Slumberland Furniture Customers

Rhea-AI Summary

Acima Leasing, a division of Upbound Group (NASDAQ: UPBD), has announced an exclusive, multi-year partnership with Slumberland Furniture, a top 30 U.S. furniture retailer. The agreement will see Acima Leasing's lease-to-own (LTO) solutions offered at Slumberland's corporate stores in Iowa, Illinois, Kansas, South Dakota, and Nebraska, as well as its franchise locations. This partnership aims to provide financial inclusion for credit-challenged customers, enabling them to lease and potentially own brand-name furniture and mattresses. Acima's flexible, point-of-sale platform allows consumers to shop without using credit, enhancing customer satisfaction for Slumberland by offering more inclusive purchasing options.

Positive

• Exclusive, multi-year partnership with Slumberland Furniture, a top 30 U.S. furniture retailer.
• Expansion of Acima Leasing's services to Slumberland's corporate and franchise locations in multiple states.
• Financial inclusion for credit-challenged customers, increasing potential customer base.
• Enhanced customer satisfaction for Slumberland through flexible lease-to-own options.
• Potential for increased revenue through access to bigger ticket items without credit use.

Negative

• Dependence on the success of Slumberland Furniture's sales for revenue growth.
• Possible risk of increased default rates from credit-challenged customers.

Acima Leasing opens the door for more Slumberland Furniture by offering
financial inclusion and flexibility with lease-to-own

PLANO, Texas, June 18, 2024 /PRNewswire/ -- Acima Leasing, one of the leading providers of lease-to-own (LTO) solutions and a business of Upbound Group, Inc. (NASDAQ: UPBD), is announcing its newest partnership with the "Top 30" ¹ furniture retailer, Slumberland Furniture. This exclusive, multi-year agreement will make Acima Leasing available at Slumberland corporate stores in Iowa, Illinois, Kansas, South Dakota and Nebraska. Acima Leasing will also be the preferred LTO provider for Slumberland's franchise locations.

"The Slumberland Furniture mission is to improve the life of each customer, and this partnership with Acima Leasing ensures inclusivity for credit-challenged customers through a lease-purchase transaction," said Kenny Larson, CEO of Slumberland Furniture. "We aim to excel in customer satisfaction, and Acima Leasing will allow us to serve more customers by providing them with options to get the home furnishings they desire."

"This partnership will enable Slumberland Furniture to help consumers in the Midwest with less-than-perfect credit to get brand-name mattresses and furniture," said Mike Bagull, SVP of Business Development and Partnerships at Acima. "We're honored to be the first LTO company to work with Slumberland Furniture, and we look forward to a long and collaborative partnership."

Acima Leasing provides innovative technology that enables underserved customers to shop without using credit. Through its flexible, point-of-sale platform, Acima Leasing offers lease-to-own solutions to retailers that allow customers to access bigger ticket items such as furniture, tires, mattresses, appliances, electronics, jewelry, and more. In turn, LTO customers are able to use and enjoy eligible brand-name merchandise with no long-term obligation, and they have multiple options, if desired, to purchase the leased merchandise.

Retailers that want to increase opportunities to boost growth and add lease-to-own solutions to their checkout can learn more about Acima Leasing's offerings at: www.acima.com/partner.

¹ Source: Furniture Today Top 100 U.S. Furniture Stores 2024 May 27, 2024     

About Upbound Group, Inc.

Upbound Group, Inc. (NASDAQ: UPBD) is an omnichannel platform company committed to elevating financial opportunity for all through innovative, inclusive, and technology-driven financial solutions that address the evolving needs and aspirations of consumers. The Company's customer-facing operating units include industry-leading brands such as Rent-A-Center^® and Acima^® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,300 company-branded retail units across the United States, Mexico, and Puerto Rico. Upbound Group, Inc. is headquartered in Plano, Texas. For additional information about the Company, please visit our website www.upbound.com.

About Slumberland Furniture

Slumberland Furniture is one of the Midwest's top retailers of home furnishings. With more than 120 stores across 12 states, Slumberland sells high-quality mattresses and a full line of furniture and home décor, all at an incredible value to the customer. A family-owned company with strong roots in its communities, Slumberland's mission is to improve the life of each customer. Slumberland has a long history of giving back; its 40 Winks foundation has given away over 45,000 new beds to children in need since 1991. For more information, visit Slumberland.com.

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SOURCE Upbound Group, Inc.

FAQ

What is the new partnership between Acima Leasing and Slumberland Furniture?

Acima Leasing has entered a multi-year exclusive partnership with Slumberland Furniture to offer lease-to-own solutions at their corporate and franchise stores.

When was the partnership between Acima Leasing and Slumberland Furniture announced?

The partnership was announced on June 18, 2024.

Which states will offer Acima Leasing's services through Slumberland Furniture?

Acima Leasing's services will be available at Slumberland's corporate stores in Iowa, Illinois, Kansas, South Dakota, and Nebraska.

What benefits does the Acima Leasing partnership bring to Slumberland Furniture customers?

The partnership provides financial inclusion for credit-challenged customers, allowing them to lease and potentially own brand-name furniture and mattresses.

How does Acima Leasing's platform work?

Acima Leasing's flexible, point-of-sale platform allows customers to lease-to-own items without using credit, offering multiple options to purchase the leased merchandise if desired.

What impact could the partnership with Slumberland Furniture have on UPBD stock?

The partnership could positively impact UPBD stock by expanding Acima Leasing's customer base and increasing revenue opportunities through financial inclusion and access to bigger ticket items.