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Aaron's Announces Plans to Help with Hurricane Harvey Relief and Provides Business Update

ATLANTA, Sept. 1, 2017 /PRNewswire/ -- Aaron's, Inc. (NYSE: AAN), a leading omnichannel provider of lease-purchase solutions, today announced plans to help associates, customers and their communities as they recover from Hurricane Harvey.  The Company also provided a preliminary update on its operations in the wake of the storm. 

Aaron's Inc. Logo

"The areas in Texas hit by the storm are some of the most important markets for both Progressive Leasing and the Aaron's Business, so we are monitoring the situation closely.  Our primary concern of course is the safety and well-being of our associates, customers, retail partners and the communities that have been most impacted by the storm," said John Robinson, Chief Executive Officer.

"Yesterday, I visited several communities affected by Hurricane Harvey to meet with associates and customers and assess the storm's damage on our operations.  While I am saddened by the storm's devastating impact, I am truly inspired by the courage, strength and resilience shown by our associates and customers.  Aaron's has a long history of giving back to the communities we serve and providing assistance in times of need – and our actions in response to Hurricane Harvey are a continuation of our guiding principles."

The Company is taking a number of actions to help, including:

  • Contributing $100,000 to help associates and communities most affected by the storm;
  • Re-routing trucks to deliver 10,000 cases of bottled water; and
  • Temporarily suspending regularly scheduled lease payments and collection activities for customers in the impacted areas.

In addition, Aaron's associates from across the country have already contributed more than $45,000 to assist their Texas colleagues.

Currently, a large number of Progressive Leasing's retail partners in the region have experienced significant business interruptions.  In addition, immediately following the storm, 61 Aaron's Business stores were forced to close, all but three of which have now reopened.  In light of the extensive damage in the impacted area, it is difficult to predict when the Company's operations will return to normalized levels.  The Company maintains insurance coverage for windstorm, property and flood damage and business interruption, although it is difficult to predict the amount or timing of any insurance recoveries. The Company expects to be in a better position to assess the financial impact of the storm over the coming weeks and will provide an update on its third quarter earnings call. 

Mr. Robinson added: "Our hearts and prayers are with those impacted by the storm.  Aaron's will continue to do its part in helping our associates, customers, retail partners and the communities we serve to recover and rebuild."

About Aaron's, Inc.

Headquartered in Atlanta, Aaron's, Inc. (NYSE: AAN), is a leading omnichannel provider of lease-purchase solutions. The Aaron's Business engages in the sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories through its more than 1,770 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform, Aarons.com. In addition, Progressive Leasing, a virtual lease-to-own company, provides lease-purchase solutions through approximately 22,000 retail locations in 46 states. Dent-A-Med, Inc., d/b/a the HELPcard®, provides a variety of second-look credit products that are originated through federally insured banks. For more information, visit investor.aarons.com, Aarons.com, ProgLeasing.com, and HELPcard.com.

 

 

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SOURCE Aaron's, Inc.

Aaron's, Inc., Kelly Wall, VP Finance, Investor Relations & Treasury, 678.402.3000; SCR Partners, Jeff Black, 615.760.3679, JBlack@scr-ir.com