Conn’s, Inc. (NASDAQ/NM: CONN), a specialty retailer of consumer electronics, home appliances, furniture, mattresses, computers, and lawn and garden products, and GE Capital’s Retail Finance business, a consumer lending unit of General Electric Company (NYSE: GE - News), today announced an expansion and extension of their consumer finance program.
“Conn’s is one of the region’s most established and successful retailers,” said Paul Schell, general manager, Consumer Electronics for GE Capital’s Retail Finance business. “We’re honored to continue working with Conn’s to provide their customers with convenient financing options and promotions and help Conn’s achieve their business goals.”
Extended through 2014, and expanded to $125 million, the renewed consumer financing program will include the introduction of a Conn’s-branded credit card, expanded product offerings and financing promotions, and special cardholder discounts and shopping opportunities. Conn’s credit program is available at all of its retail stores and clearance locations in Texas, Louisiana and Oklahoma.
“Working with GE Capital enables us to provide qualified customers with financing programs that enhance the value they receive when they buy from Conn’s,” commented Mike Poppe, CFO, Conn’s. “We value the relationship we have with GE Capital. The renewed agreement gives us increased capacity to support sales growth through the flexible financing programs we offer our customers and we are exploring opportunities to expand our marketing to these customers.”For more than 75 years, GE Capital’s Retail Finance business has provided billions of dollars in consumer financing through more than 200,000 small- and mid-sized businesses throughout the United States. The business is a leading provider of consumer credit in the Appliances and Consumer Electronics industries and supports its retail clients and dealers with online technology such as the Business Center, which includes service, training, marketing and sales tools. About Conn’s, Inc. Conn’s, Inc. is a specialty retailer currently operating 71 retail locations in Texas, Louisiana and Oklahoma: with 23 stores in the Houston area, 18 in the Dallas/Fort Worth Metroplex, eight in San Antonio, three in Austin, five in Southeast Texas, one in Corpus Christi, four in South Texas, six in Louisiana and three in Oklahoma. It sells home appliances, including refrigerators, freezers, washers, dryers, dishwashers and ranges, and a variety of consumer electronics, including LCD, LED, 3-D, plasma and DLP televisions, camcorders, digital cameras, computers and computer accessories, Blu-ray and DVD players, video game equipment, portable audio, MP3 players and home theater products. The Company also sells furniture for the living room, dining room, bedroom and related accessories, and mattresses, as well as lawn and garden equipment, and continues to introduce additional product categories for the home to help respond to its customers' product needs and to increase same store sales. Unlike many of its competitors, the Company provides flexible in-house credit options for its customers, in addition to third-party financing programs and third-party rent-to-own payment plans. In the last three years, the Company financed, on average, approximately 60% of its retail sales under its in-house financing plan.
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