ACE Cash Express, Inc. Early Reputation For Check-Cashing Industry

ACE Cash Express, Inc. Early Reputation For Check-Cashing Industry

Expansion: 1988-97

From the inception, ACE needed discover its method in this moving services that are financial. Much more tumultuous was the proven fact that the business quickly needed to battle a 1987 takeover effort by Cash America Overseas Inc., a system of pawn stores wanting to enhance its operations. The publicly exchanged Cash America eventually abandoned the purchase due to issues on Wall Street that the business had been venturing too far afield from the core pawn store company. The company ’ s top priority in an effort to maintain ACE ’ s leading position in an increasingly competitive industry in the aftermath of Cash America ’ s bid, ACE president Don Neustadt and chairman and CEO Ray Hemmig made expansion.

In keeping with its concentrate on development, ACE exposed 52 brand new stores between 1987 and 1989. By 1990, ACE reported income of $16.6 million. The company also searched for opportunities to enter additional markets although its operations were still highly concentrated in Texas and urgent hyperlink Colorado. Another large check-cashing chain, in 1991 to this end, ACE sought to acquire Check Express. Read more