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Aaron Rents, Inc. Makes Strategic Expansion With Acquisition of Stores In Louisiana and Texas


ATLANTA, Feb. 6 /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 cash acquisition of nine rental stores in Louisiana and Texas. These stores will become part of the fast-growing Aaron's Rental Purchase division.

"This is an important strategic acquisition that complements our already large base of Aaron's stores in this highly desirable market," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents. "With this acquisition we will now have a total of over 118 stores in the states of Texas and Louisiana."

The stores acquired are located in Beaumont and Groves, Texas and New Iberia, Lake Charles, Opelousas, Jennings, Eunice, and Lafayette, Louisiana. There are two stores in the Lafayette area.

"The addition of these nine stores further accelerates our growth plan for 2001, building upon our acquisition of 10 stores in Puerto Rico last September and the purchase of over 25 real estate leases of former Heilig-Meyers stores in December," Mr. Loudermilk said.

"With these acquisitions and continued internal growth, we will add approximately 40 new Company-operated stores in 2001, compared to the 30 stores we had originally planned to add this year," Mr. Loudermilk said. "In addition we expect to open over 40 new franchised rental purchase stores this year, following our record rate of more than 20 percent growth in total rental purchase store count last year. With these acquisitions and the strong growth of our franchise program, we continue to be quite optimistic about the future progress of Aaron Rents."

Aaron Rents, Inc., based in Atlanta, currently has more than 570 Company- operated and franchised stores in 42 states 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.

Note: Forward-looking statements in this news release are based on current
expectations and are subject to risks and uncertainties, and actual results
may vary materially from the expectations due to such factors as changes in
general economic conditions, competition, pricing, customer demand and other

"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 

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