Aaron Rents buys 9 RTO franchised stores in Mich.
By Furniture Today Staff -- Furniture Today, January 2, 2005
Atlanta — Rental and rent-to-own major Aaron Rents said it has purchased nine franchised stores in Michigan in a deal worth about $8.9 million.
The stores, all of which operate under the Aaron's Sales & Lease Ownership name, were purchased from Great Lakes R&P, an Aaron's franchisee since 1996.
Aaron's said Doug Denboer, one of Great Lakes' partners, will continue to operate two Aaron's Sales & Lease Ownership stores as a franchisee. He also has agreed to open four more stores in Michigan during the next three years, the company said.
"These stores are good-performing stores, and we are pleased to turn them into company-operated stores," said Charles Loudermilk, chairman and CEO of Aaron Rents.
He said the purchase will increase the number of company-owned stores in Michigan to 18. The annual revenue of the acquired stores is about $10.9 million, he said.
"As has happened in the past ... some of our franchisees have decided it is in their best interests to sell some of their stores to the company and then go forward and develop new additional territories," said Loudermilk. "(This) is an indication of the strength of our (RTO) program."
Aaron Rents has more than 1,000 company operated and franchised stores in 45 states, Canada and Puerto Rico.
-
Aaron's 2Q profit up 18%
Aug 3, 2008 -
Aaron's Revenue Up 8.5%, but Lawsuit Cuts Profit
Aug 16, 2011 -
Aaron's 2Q net earnings up
Jul 27, 2009 -
Aaron's net earnings rise 19.2% in second quarter
Jul 22, 2009 -
Aaron’s quarterly profit jumps 18%
Jul 23, 2008
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
