ATLANTA, June 20 /PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE: RNT),
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 a chain of
rental stores in Texas.
"The state of Texas has always been a strong market for us," said R.
Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents.
"We will merge the majority of the rental volume of these acquired stores into
our nearby existing Aaron's Sales & Lease Ownership locations which will
increase both the volume and profitability of those stores."
The stores were acquired from R20, LLC doing business as Rent2Own, LLC and
are located in Houston, Austin, San Antonio, Laredo and Corpus Christi.
Rent2Own's most recent monthly rental volume approximated $620,000. Eight of
the 21 Rent2Own stores acquired will be operated as new Aaron's Sales & Lease
Ownership stores with the rental contracts of the other 13 stores being merged
into existing Aaron's stores. Six of the vacated Rent2Own stores will be
converted into RIMCO stores, a tire and rim rental concept being tested by
Aaron's Sales & Lease Ownership in a few selected markets.
Aaron Rents, Inc., based in Atlanta, currently has more than 1,090
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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: 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
materially from those contained in the forward-looking statements. These
risks and uncertainties include factors such as changes in general economic
conditions, competition, pricing, customer demand and other issues, and the
risks and uncertainties discussed under "Certain Factors Affecting Forward
Looking Statements" in the Company's Annual Report on Form 10-K for fiscal
2004, which discussion is incorporated herein by this reference.
SOURCE Aaron Rents, Inc.