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

Expansion: 1988-97

From the inception, ACE needed discover its means in this shifting economic services landscape. Much more tumultuous was the proven fact that the business quickly had to fight a 1987 takeover effort by money America Global Inc., a community of pawn stores desperate to enhance its operations. The publicly traded money America eventually abandoned the purchase as a result of concerns on Wall Street that the ongoing 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 give attention to development, ACE launched 52 brand new shops 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 Colorado. For this end, ACE desired to obtain Check Express, another large check-cashing string, in 1991. Strongly situated in the southeast, Check Express offered ACE a foothold into brand new areas. The offer had been refused, nevertheless, by Check Express ’ s board of directors in November 1991. Continue lendo