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11/25/2013

First Cash to buy 12-store pawn chain in South Carolina

Arlington-based First Cash Financial Services, a large operator of pawn shops in the United States and Mexico, said Monday it agreed to buy a 12-store chain of large pawn stores in the Charleston, S.C., area. Terms were not disclosed. The deal is expected to close by year's end and will give First Cash 18 large-format pawn stores in South Carolina. "The 12 Charleston stores being acquired have well-established locations with significant market share and strong brand awareness in their market," CEO Rick Wessel said in a prepared release. Counting those stores, First Cash has added 100 new locations so far this year, and expects to add between seven and 12 additional locations by the end of the year, the company said. Those include a 19-store Texas chain purchased in June and eight stores in Mexico acquired in September. The company expects to finish the year with more than 900 locations.

-- Jim Fuquay

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