Aaron Rents, Inc. Acquires Six Franchised Stores For $7.3 Million

Furniture World Magazine

Aaron Rents, Inc., the nation's leader in the sales and lease ownership, specialty retailing and rental of residential and office furniture, consumer electronics and home appliances and accessories, today announced the acquisition of six Aaron's Sales & Lease Ownership franchised stores. "We are pleased to purchase these excellent stores," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents. "They are located in large population areas and this acquisition will give us the opportunity to expand our presence in these markets by opening additional Company-operated stores." The stores were acquired from RNTL Holding, Inc., a franchisee of Aaron's Sales & Lease Ownership since 1996. The stores are located in Poughkeepsie, Schenectady, Albany, Troy, Kingston, and Hudson, New York. In 2004 the combined revenues of the six stores was $8.2 million and the purchase price was $7.3 million cash, subject to final adjustments. With this acquisition, Aaron's Sales & Lease Ownership will have currently six Company-operated stores and 18 franchised stores open in the state of New York. Aaron Rents, Inc. based in Atlanta, currently has more than 1,045 Company- operated and franchised stores in 45 states, Canada, and Puerto Rico for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company also manufactures furniture, bedding and accessories at 10 facilities in four states.