Aaron buys 6 RTO franchise stores in N.Y.
By Furniture Today Staff -- Furniture Today, March 6, 2005
Atlanta — Rental and rent-to-own major Aaron Rents said it has acquired six Aaron's Sales and Lease Ownership franchised stores in New York state.
The stores were acquired from RNTL Holding Inc., an Aaron's franchisee since 1996. The company said the purchase price was $7.3 million, subject to final adjustments.
Aaron's said the stores, in Poughkeepsie, Schenectady, Troy, Albany, Kingston and Hudson, had revenues of $8.2 million in 2004.
"We are pleased to purchase these excellent stores," said Charles Loudermilk Sr., chairman and CEO. "They are located in large population areas, and this will give us the opportunity to expand our presence in these markets by opening additional company-owned stores."
Currently, there are 18 other Aaron's Sales and Lease Ownership, or RTO, franchised stores in the state.
Aaron has about 1,045 stores in 45 states, Canada and Mexico. All but about 60 are in the Sales and Lease Ownership division.
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