Aaron Rents, Inc. Franchises Ten Rent City Stores

Furniture World News

Aaron Rents, Inc., a leader in the sales and lease ownership, specialty retailing and rental of residential and office furniture, consumer electronics and home appliances and accessories, announced it has entered into an agreement with Briley Investments, Inc., operator of 15 Rent City stores throughout central and west Texas, to convert eight of 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. In addition, as part of the transaction, Briley Investments will acquire two of Aaron's current Company-operated stores and convert them into Aaron's Sales & Lease Ownership franchised stores. Simultaneously, Aaron Rents will acquire four of Briley Investments' other stores and convert them into Company-operated Aaron's Sales & Lease Ownership stores. It is anticipated that the remaining three Rent City stores will eventually join the Aaron's franchise system. Briley Investments has also entered into an area development agreement to open five additional franchised Aaron's Sales & Lease Ownership stores over the next several years. All of the stores involved are located in the state of Texas. "We are extremely pleased to announce this store conversion transaction with Robert Briley," said R. Charles Loudermilk, Sr. Chairman and Chief Executive Officer of Aaron Rents. "Mr. Briley has operated stores in Texas for more than twenty-five years and is an active and very well respected member of our industry. It is apparent from this transaction that Mr. Briley sees great value in joining our well-established, highly successful franchise program. We are excited about the numerous opportunities that exist in the near future to convert other rental operators into Aaron's Sales & Lease Ownership franchisees." Once all of the aspects of the transaction are completed by the end of November, Aaron's Sales & Lease Ownership will have ten additional franchised stores operated by Briley Investments and two additional Company-operated stores. Aaron Rents, Inc. based in Atlanta, currently has more than 1,280 Company- operated and franchised stores in 47 states and Canada for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company also manufactures furniture, bedding and accessories at 12 facilities in five states.