Aaron Rents acquires 10 franchised stores in Salt Lake City, Reno, Nev.
Larry Thomas -- Furniture Today, June 20, 2005
Atlanta — Aaron Rents, the nation's biggest chain of rent-to-own and rent-to-rent stores, has acquired 10 franchised stores in Salt Lake City and Reno, Nev.
Terms of the transaction were not disclosed, but Aaron's said the stores currently generate revenue of about $925,000 per month.
The stores operate in the Aaron Sales and Lease Ownership division, the company's largest business unit.
"These stores are located in major population areas in which we can add numerous additional stores," said Charles Loudermilk, chairman and CEO. "By expanding on this base, we believe we will be able to further penetrate these and other nearby markets rapidly and efficiently."
About one-third of the more than 1,075 Aaron's Sales and Lease Ownership stores are company owned.
Separately, Aaron's said it has extended its sponsorship agreement with NASCAR driver Michael Waltrip through the 2008 season. Aaron's will be the primary sponsor of a car that Waltrip will drive in 22 NASCAR Busch Series races each year.
Aaron's has been a sponsor of Waltrip's Busch Series efforts since 1999, and the driver has made numerous radio and TV commercials for the company. Waltrip has run 79 races with Aaron's sponsorship, picking up three victories and four pole positions.
