Money Store to Explore ‘Alternatives’

Money Store Inc. said it hired Prudential Securities Inc. to explore “strategic alternatives,” which could include selling the company or a merger with another company. The consumer and small-business lender is based in Union, N.J., and run from Sacramento. In a statement, Money Store President and Chief Executive Marc Turtletaub said, “We believe it is prudent to explore such alternatives in order to realize the company’s full value for our shareholders.” The company said last month that it would stop making auto loans to borrowers with spotty credit histories to reduce its lending risks. “There have been rumors flying around the market that they’re for sale, and this confirms that,” said Mark Morgan, analyst at Dain Rauscher Inc. in Minneapolis. Money Store shares fell 44 cents to close at $24.31 on the NYSE.