Aaron Rents Celebrates Opening of 500th Store; Expects to Open Over 80 Stores in 2000

Furniture World News

Aaron Rents, Inc. (NYSE: RNT), the nation's leader in the rental, rental purchase and specialty retailing of residential and office furniture, consumer electronics and home appliances, will celebrate the opening of its 500th systemwide store on Thursday. The landmark Aaron's Rental Purchase store is located in Cartersville, Georgia. "This historic event marks the doubling of our total store count in four and a half years," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Office of Aaron Rents, Inc. "We now expect to open more than 30 Company-operated and 50 franchised rental purchase stores this year, our fastest growth rate ever in store count." "During the first six months of 2000, we opened 18 Company-operated and 25 franchised rental purchase stores, a total of 43 new stores," Mr. Loudermilk said. "At the end of June we had a total of 411 rental purchase stores open. We are very excited about Aaron's strong growth, and we look forward to another record year in 2000, which would be our ninth consecutive year of record performance." The grand opening activities at the 500th store on Thursday in Cartersville will include a ribbon-cutting ceremony with former Georgia Gov. Joe Frank Harris, Cartersville Mayor Sam Smith, Aaron Rents CEO Loudermilk, and Aaron's Rental Purchase President Ken Butler participating. Aaron Rents, Inc., based in Atlanta, currently has more than 500 Company operated and franchised stores in 39 states for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company manufactures furniture, bedding andaccessories at ten facilities in four states.