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09/27/2012

Cash America to close 147 stores in Mexico

Fort Worth-based Cash America International, the nation's largest operator of pawn shops, said its operations in Mexico are losing money and by the end of the year it will close 147 locations there that sell only jewelry. It will keep 43 full-service stores, which it has been opening the past two years, and covert a small number of jewelry-only stores to full-service stores. The company said its Mexico stores, which represent less than 4 percent of its total revenues, lost  $8.3 million on sales of $31.5 million in the year's first six months. It expects the reorganization to produce charges of between $28 million and $32 million, taken mostly in the current quarter ending Sunday. Cash America's shares (ticker: CSH) were up close to 2 percent in early trading.

-- Jim Fuquay

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