Aaron's sells its Rimco stores
January 22, 2014-- Furniture Today,
ATLANTA — Rent-to-own powerhouse Aaron's Inc. announced this week it has sold its 32-store Rimco operation to Rent-A-Wheel/Rent-A-Tire.
Rimco, like Rent-A-Wheel/Rent-A-Tire, offers sales and lease ownership of automobile tires, wheels and rims.
Terms of the deal were not disclosed.
"We feel that the sale of Rimco will be positive for both Aaron's and Rent-A-Wheel/Rent-A-Tire," said Ronald Allen, Aaron's chairman, president and CEO. "Rimco was a small part of Aaron's business, with annual revenues of approximately $20 million, and this divestiture will enable us to further focus efforts on improving the financial performance of our Aaron's and HomeSmart stores."
Including Rimco's 32 stores in 11 states, Rent-A-Wheel/Rent-A-Tire will now have 123 stores in 15 states. The new owner plans to continue to operate all Rimco stores and retain a majority of its employees.
"We are happy for the physical expansion, but even more excited to add the Rimco employees to our team," said Matt Seaburn, president and partner of Rent-A-Wheel/Rent-A-Tire. "Our constraint to growth has been finding key talent. This acquisition adds strength to our ranks that will help the company to accelerate growth."
Aaron's has about 2,120 company-owned and franchised stores in the U.S. and Canada.