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| Type | Public (NYSE: AAN) |
|---|---|
| Founded | 1955 |
| Founder(s) | R. Charles Loudermilk |
| Headquarters |  Atlanta, GA, USA |
| Area served | North America |
| Key people | R. Charles Loudermilk (Chairman) Robert C. Loudermilk Jr. (President) & (CEO) |
| Industry | Furniture |
| Products | Furniture rental Rent-to-own |
| Revenue | ▲ US$ 1.494 billion (2007) |
| Operating income | ▲ US$ 128.84 million (2007) |
| Net income | ▲ US$ 75.82 Million (2007) |
| Total assets | ▲ US$ 1.113 billion (2007) |
| Total equity | ▲ US$ 673.38 million (2007) |
| Employees | 9,600 (2008) |
| Subsidiaries | Aaron's Aaron's Corporate Furnishings Rimco |
| Website | AaronRents.com |
Aaron's, Inc. is a lease-to-own retailer. It was founded by R. Charles Loudermilk in 1955.[1] The company focuses on furniture, electronics, appliances, computer leases and retail sales. The company is divided into three major divisions: sales and lease ownership; corporate furnishings; and manufacturing. The incorporation of manufacturing as well as retailing makes the company vertically integrated.
As of September 30th, 2009, Aaron's, Inc. has 1655 locations, broken down as follows:
- 1059 company-owned sales and lease ownership stores
- 13 Rimco stores
- 7 Franchise Rimco stores
- 562 Franchised SALO stores
- 14 Aaron's Office Furniture
This includes the first company owned Canadian store, opened on April 13, 2007 in Windsor, Ontario.
In September, 2008 Aaron's announced the sale of its Corporate Furnishings division to CORT Business Services. The Corporate Furnishings division is made up of the company's residential rent-to-rent business, recording revenues of approximately $99 million in 2007. The Corporate Furnishings division operated 47 stores.
"This sale will enable us to focus our resources and energy on growing the Aaron's Sales & Lease Ownership division. With this divesture, we anticipate the Company will record increased revenue and earnings growth rates in future periods," said Robert C. Loudermilk, Jr., President and Chief Executive Officer of Aaron Rents.[2]
Sponsorships
- NASCAR racing: "Aaron's Dream Machine," mostly of Michael Waltrip Racing cars in NASCAR's Sprint Cup Series and Nationwide Series; the cars are driven by Waltrip and David Reutimann (Also Martin Truex Jr. in 2010) . When an alternating sponsor is used in the Sprint Cup, Aaron's will sponsor a team allied with MWR.
- The Waltrip deal in the Nationwide Series applies only to races Waltrip drives (does not apply when non-MWR drivers who bring their sponsors are in the car). In races where other sponsors are in the Nationwide Series, Aaron's sponsors R3 Motorsports with Ken Butler III.
- Aaron's Cycling Team - sponsors both elite men's and women's professional cycling teams that compete on the USA Cycling National Racing Calendar
- Football Saturday in the South, a series of pre-season documentaries that are syndicated by Raycom.
External links
References
Plunkett, Jack W. (December 2007). Plunkett's Retail Industry Almanac 2008. ISBN 1-59392-101-2. http://books.google.com/books?id=z4eZhafKnEcC&pg=PT151&dq=%22Aaron+Rents%22&ei=TeJNSLKLGIegiwGR0InmDQ&sig=iSE01i3MGBtUWV7H8BYHXj8QS1E.
- ^ PRNewswire-FirstCall (2009-04-14). "Aaron Rents, Inc. Changes Name to Aaron's, Inc.". http://money.cnn.com/news/newsfeeds/articles/prnewswire/200904140800PR_NEWS_USPR_____CLTU001.htm. Retrieved 2009-04-14.
- ^ [1]
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