Advance America Cash Advance Centers Inc. said Wednesday that it would close its 66 remaining locations in Pennsylvannia as it awaits a state Supreme Court ruling.
A state court banned the Spartanburg, S.C., payday lender's "choice line of credit" loan product in July because it carries excessively high fees.
Advance America said it had tried to drive demand in its Pennsylvania stores by offering other products, but was closing them to control costs. In September and October, Advance America closed 32 branches in the state.
Ken Compton, the company's president and chief executive, said in a press release, "while we remain hopeful for a favorable outcome on our appeal, the timetable remains uncertain and we have decided that closing our remaining Pennsylvania centers at this time is in the best interest of our stockholders."
Advance America said it had incurred a pretax loss of about $17 million in Pennsylvania since it stopped making loans there in July.
