(SD)-Payday Loan Leader Closing Stores, $20-M Entertainment Complex
photo courtesy Argus-Leader
SIOUX FALLS, S.D. (AP) - The owner of one of South Dakota's largest payday lending companies is carrying out a threat he made during the election to shut down all his operations if voters approved capping payday loan interest rates at 36%.
Chuck Brennan says he's closing down all 11 of his stores and a $20-million dollar entertainment complex he built last year plus selling the sprawling 70,000-square-foot Badlands Pawn complex in Sioux Falls, Brennan Rock and Roll Academy, and the Badlands Motor Speedway in Brandon.
Brennan says he used revenue from the lending stores to fund his other businesses while KELO-TV reports more than 400 employees will lose their jobs when the businesses are all closed.
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