Aaron Rents, Inc. Announces Franchise Transaction With Kelly Rentals; Awards Additional Franchise Territory
23 Februar 2009 - 8:57PM
PR Newswire (US)
ATLANTA, Feb. 23 /PRNewswire-FirstCall/ -- Aaron Rents, Inc.
(NYSE:RNT), the nation's leader in sales and lease ownership,
specialty retailing and rental of residential and office furniture,
consumer electronics and home appliances and accessories, today
announced it has entered into an agreement with Kelly Rentals,
Inc., operator of 23 Kelly's Sales & Leasing stores in North
Carolina and Virginia, to convert its stores to franchised Aaron
Rents stores. The stores will enter the Aaron's franchise system
and operate as Aaron's Sales & Lease Ownership stores. Due to
some geographic overlaps between the Kelly's stores and currently
operating Aaron's stores, the transaction will involve several
acquisitions, dispositions, and account mergers between Kelly's,
Aaron's, and several of Aaron's current franchisees. After the
transaction is completed, Kelly's will operate 15 Aaron's stores in
Virginia and 3 Aaron's stores in North Carolina. Kelly's has also
entered into an area development agreement to open three additional
franchised Aaron's Sales & Lease Ownership stores over the next
several years. "We are extremely pleased to announce this store
conversion transaction with Kelly's," said Ken Butler, Chief
Operating Officer of Aaron Rents. "Last month marked the 25th
anniversary of Kelly's operations and we are excited to have them
bring their knowledge and expertise into the Aaron's system. It is
apparent from this transaction that they also see great value in
joining our well-established, highly successful franchise program.
We are eager to explore the numerous opportunities that exist in
the future to convert other rental operators into Aaron's Sales
& Lease Ownership franchisees." Aaron Rents, Inc., based in
Atlanta, currently has more than 1,557 Company-operated and
franchised stores in 48 states and Canada. The Company's MacTavish
Furniture Industries division manufactured approximately $69
million at cost of furniture and bedding at 12 facilities in five
states in 2008. The entire production of MacTavish is for shipment
to Aaron Rents stores. "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: Statements in this news
release regarding Aaron Rents, Inc.'s business that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties which could cause actual results to differ
materially from those contained in the forward-looking statements.
These risks and uncertainties include factors such as changes in
general economic conditions, competition, pricing, customer demand
and other issues, and the risks and uncertainties discussed under
"Risk Factors" in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2007. DATASOURCE: Aaron Rents, Inc.
CONTACT: Gilbert L. Danielson, Executive Vice President, Chief
Financial Officer of Aaron Rents, Inc., +1-404-231-0011 Web Site:
http://www.aaronrents.com/
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