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| Type | Public (NYSE: RNT) |
|---|---|
| Founded | 1955 |
| Headquarters | Atlanta, Georgia |
| Key people | R. Charles Loudermilk, Founder Robert “Robin” Loudermilk Jr., President and CEO Ken Butler, COO1 Gilbert L. Danielson, CFO and Executive Vice President |
| Industry | Furniture |
| Products | Furniture rental, rent-to-own |
| Revenue | ▲ US$ 1.54 Billion (2007)[2] |
| Net income | ▲ US$ 75.82 Million (2007) |
| Subsidiaries | Aaron's Aaron's Corporate Furnishings Rimco |
| Website | www.aaronrents.com |
Aaron Rents, Inc. (NYSE: RNT) is a lease-to-own retailer, whose principal rival is Rent-A-Center. It was founded by R. Charles Loudermilk in 1955. 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. The company has over 950 company owned stores, and uses the franchise model as well for a total of over 1400 stores throughout North America.
As of July 31, 2007, Aaron Rents Inc. has 1415 locations, broken down as follows:
- 982 company-owned sales and lease ownership stores
- 30 Rimco stores
- 8 Franchise Rimco stores
- 498 Franchised SALO stores
- 47 Aaron’s Corporate Furnishings
- 13 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," the NASCAR Nationwide Series team owned by Michael Waltrip and driven by David Reutimann. Reutimann replaced long-time owner/driver Waltrip in 2007. Aaron's also sponsors the #00 Michael Waltrip Racing car driven by Michael McDowell in selected races.
- Hooters USAR ProCup: Official series sponsor and sponsor of cars driven by Butler's sons, Ken Butler III and Brett Butler.
- Arena Football League: Official league sponsor and presenting company of the "Aaron's Dream Team," consisting of the most popular cheerleaders from every team in the AFL. This ad hoc team performs at the annual ArenaBowl. They also sponsor the Aaron's Lucky Dog Fan of the Game, with the honour bestowed to fans to catch errant footballs that are thrown into the seats. (Fans can keep such balls.)
- 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.
Wikipedia content modification information:
- This page was last modified on 23 November 2008, at 18:32.
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