ATLANTA, Sept. 28 /PRNewswire/ -- 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,
today announced the acquisition of a privately held chain of rental purchase
stores in the Commonwealth of Puerto Rico. This marks the Company's initial
expansion outside the U.S. mainland.
Aaron Rents acquired in a cash transaction 10 rental purchase stores
operating under the name of RentSmart from Empresas Berrios, Inc., a major
furniture retailer in Puerto Rico. The Company plans to open at least five
more stores on the island within the next 18 months.
"This acquisition opens the door to an excellent opportunity for Aaron
Rents," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer
of the Company. "These stores give us a launching pad for further growth, and
we will immediately take advantage of the market opportunities in Puerto Rico
by opening additional stores."
Mr. Loudermilk said that during the third quarter which ends September 30,
the Company expects to open 18 more new rental purchase stores, including
10 franchised stores and eight Company-operated stores. Together with the
acquired stores in Puerto Rico, the Company's total rental purchase store
count will have increased by approximately 70 stores in the first nine months
of this year. The Company expects to open another 20 stores before the end of
the current year, which will result for the year in an increase in total
rental purchase store count of over 20%.
Aaron Rents, Inc., based in Atlanta, currently has more than 530 Company-
operated and franchised stores in 39 states and Puerto Rico for the rental and
sale of residential and office furniture, accessories, consumer electronics
and household appliances. The Company manufactures furniture, bedding and
accessories at 10 facilities in four states.
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Forward-looking statements in this news release are based on |
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current expectations and are subject to risks and uncertainties, and actual |
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results may vary materially from the expectations due to such factors as |
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changes in general economic conditions, competition, pricing, customer demand |
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and other issues. |
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1993: Statements in this news release regarding Aaron Rents, Inc.'s
business which are not historical facts are "forward-looking statements" that
involve risks and uncertainties which could cause actual results to differ
from those contained in the forward-looking statements. For a discussion of
such risks and uncertainties, see "Risk Factors" in the Company's Annual
Report on Form 10-K for fiscal 1999, which discussion is incorporated herein
by this reference.
SOURCE Aaron Rents, Inc.
CONTACT: Gilbert L. Danielson, Executive Vice President and Chief
Financial Officer of Aaron Rents, Inc., 404-231-0011/