EZCORPInc. is pursuing a sale of its Grupo Finmart business.
EZCORP CEO Stuart Grimshaw said in a May 9 news release thatthe company decided to offload Grupo Finmart after the completion of a of thebusiness. He said EZCORP has started soliciting bids from potential buyers,with UBS Investment Bank facilitating the sale process.
Grimshaw also announced that EZCORP has written off the goodwillrelated to Grupo Finmart, resulting in an impairment charge of $73.9 million.Goodwill related to the business is now zero.
"This impairment, along with the quarterly operatingresults from Grupo Finmart, offset the positive performance in our U.S. andMexico pawn businesses and resulted in a consolidated net loss for thequarter," Grimshaw said.
EZCORP saw a net loss attributable to the company of $74.1million, or $1.35 per share, for the quarter ended March 30, compared with netincome of $1.3 million, or 3 cents per share, in the year-ago period.