ATLANTA, Nov. 2 /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 it has entered into an agreement
with Briley Investments, Inc., operator of 15 Rent City stores throughout
central and west Texas, to convert eight of its stores to franchised Aaron
Rents stores.
The stores will enter the Aaron's franchise system and operate as Aaron's
Sales & Lease Ownership stores. In addition, as part of the transaction,
Briley Investments will acquire two of Aaron's current Company-operated stores
and convert them into Aaron's Sales & Lease Ownership franchised stores.
Simultaneously, Aaron Rents will acquire four of Briley Investments' other
stores and convert them into Company-operated Aaron's Sales & Lease Ownership
stores. It is anticipated that the remaining three Rent City stores will
eventually join the Aaron's franchise system.
Briley Investments has also entered into an area development agreement to
open five additional franchised Aaron's Sales & Lease Ownership stores over
the next several years. All of the stores involved are located in the state
of Texas.
"We are extremely pleased to announce this store conversion transaction
with Robert Briley," said R. Charles Loudermilk, Sr. Chairman and Chief
Executive Officer of Aaron Rents. "Mr. Briley has operated stores in Texas
for more than twenty-five years and is an active and very well respected
member of our industry. It is apparent from this transaction that Mr. Briley
sees great value in joining our well-established, highly successful franchise
program. We are excited about the numerous opportunities that exist in the
near future to convert other rental operators into Aaron's Sales & Lease
Ownership franchisees."
Once all of the aspects of the transaction are completed by the end of
November, Aaron's Sales & Lease Ownership will have ten additional franchised
stores operated by Briley Investments and two additional Company-operated
stores.
Aaron Rents, Inc. based in Atlanta, currently has more than 1,280 Company-
operated and franchised stores in 47 states and Canada 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 12 facilities in five 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 "Risk Factors" in the Company's
Registration Statement on Form S-3, file number 333-133913, filed with the
Securities and Exchange Commission on May 9, 2006, which discussion is
incorporated herein by this reference. Statements in this release that are
"forward-looking" include without limitation Aaron Rents' projected revenues,
earnings, and store openings for future periods.
SOURCE Aaron Rents, Inc.
CONTACT:
Gilbert L. Danielson,
Executive Vice President, Chief Financial
Officer of Aaron Rents, Inc.,
+1-678-402-3334
Web site: http://www.aaronrents.com
(RNT)