ATLANTA, Oct. 25 /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 six Aaron's
Sales & Lease Ownership franchised stores.
"We will continue to grow these stores as Company-operated stores," said
R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron
Rents. "They are located in markets with excellent growth and profitability
potential."
The stores were acquired from Georto, Inc., a franchisee of Aaron's Sales
& Lease Ownership since 2000. The stores are located in Malden, Lynn, and
Revere, Massachusetts, as well as two stores in Portland and one store in
Lewiston, Maine. The current combined revenue volume of the six stores is
approximately $415,000 per month and the purchase price was $3.9 million cash,
subject to final adjustments.
Aaron Rents, Inc., based in Atlanta, currently has more than 1,150
Company-operated and franchised stores in 46 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.
CONTACT:
Gilbert L. Danielson
Executive Vice President, Chief Financial Officer
Aaron Rents, Inc.
+1-678-402-3314
Web site: http://www.aaronrents.com
(RNT)