Aaron acquires 6 Calif. stores
By Furniture Today Staff -- Furniture Today, August 22, 2005
Atlanta — Rent-to-own and rental giant Aaron Rents has acquired six Aaron's Sales & Lease Ownership stores in California from Sultan Financial Corp., an Aaron franchisee since 1997.
The stores are in Fontana, Ontario, Pico Rivera, Fullerton, Reseda and Santa Ana, and have combined annual revenues of $6 million, the company said. The purchase price was $4.8 million in cash, subject to final adjustments.
Sultan Financial continues to operate nine franchised stores in California and is scheduled to open two more within 90 days.
"The entire western United States is an area where we have substantial growth opportunities, both through the opening of company-operated and franchised stores," said Charlie Loudermilk, chairman and CEO of Aaron Rents. The company has more than 1,100 stores in 46 states, Canada and Puerto Rico.
