Advance America to close 122 payday lending locations, including 47 in Arizona
By APThursday, July 8, 2010
Advance America to close 122 locations
SPARTANBURG, S.C. — Payday lender Advance America Cash Advance Centers Inc. said Thursday that it will shut down 122 locations in several states, including all of its Arizona locations since a law that permitted cash advances in that state expired June 30.
The company said it has 47 locations in Arizona that brought in $3.7 million in revenue during the first three months of 2010.
Advance America is also shuttering 75 other locations, 55 of these are in Washington and Colorado, which the company said have recently faced law changes. Advance America said most of these locations’ operations will be combined with operations at other locations.
Advance America expects to report $2.8 million to $5 million in costs related to the closures; it expects to report $1 million of this during its second quarter and the rest in the second half of the year.
The company says it has about 2,500 centers and 72 limited licensees in 32 states, the United Kingdom, and Canada.
