Aaron's, Inc.
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Own it
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| Public | |
| Traded as | NYSE: AAN |
| Industry | Furniture |
| Founded | 1955 |
| Founder | R. Charles Loudermilk |
| Headquarters | Atlanta, Georgia, USA |
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Area served
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North America |
|
Key people
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Ray Robinson (Chairman) John W. Robinson III (CEO) |
| Products | Furniture rental Rent-to-own |
| Revenue |  $ 2.725 billion (FY 2014) [1] |
| $ 139.8 million (FY 2014)[2] |
|
 $ 78.2 million (FY 2014)[3] |
|
| Total assets | $ 2.457 billion (FY 2014)[4] |
| Total equity | $ 1.224 billion (FY 2014)[5] |
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Number of employees
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12,400 (December 2014)[6] |
| Subsidiaries | Progressive Leasing |
| Website | www.aarons.com |
Aaron's, Inc. is a lease-to-own retailer. The company focuses on leases and retail sales of furniture, electronics, appliances, and computers. In 2014, Aaron's completed the transformative acquisition of Progressive Finance resulting in the strategic positioning of the Company as the leader in both the traditional rent-to-own (RTO) industry as well as the emerging virtual rent-to-own (RTO) space [no citation]. The acquisition supports the Company's strategy to address credit-challenged customers' changing needs for acquiring home furniture, electronics and appliances as the consumer population leans more toward a multi-channel acquisition of goods and services.
Contents
Locations
As of 31 December 2014[update], Aaron's, Inc. has 2,108 stores: 1,326 Company-operated stores and 782 independently owned and operated franchised stores in 48 states, the District of Columbia, and Canada.[7]
History
Lua error in package.lua at line 80: module 'strict' not found. Aaron Rents, Inc. was founded by R. Charles Loudermilk, Sr. in 1955.[8]
In September 2008, Aaron's announced the sale of its Corporate Furnishings division to CORT Business Services, part of Berkshire Hathaway. Aaron's Corporate Furnishings division, which operated 47 stores, had recorded revenues of approximately $99 million in 2007.[9] Within the last quarter of 2012 Aaron's opened its 2000th store. In November of 2014 Aaron’s announced that John W. Robinson III will take over the CEO position of the company from Ronald W. Allen.[10]
In 2014, Aaron’s announced plans to reshape its core business to focus on same store revenue growth, enhancing Aaron's online platform, driving cost efficiencies, moderating new store growth, and strengthening the franchise network. The Company has been aggressively developing its online strategy which includes the rollout of an e-commerce platform in 2015. This demonstrates Aaron’s strategic initiative to reach its customers in an ever evolving marketplace.
Controversy
In February 2013, customers sued Aaron's for allegedly using spyware on rented computers to send over 185,000 emails to the rental company, including customers' Social Security numbers, passwords and captured keystrokes, as well as explicit images.[11] Aaron's, Inc. officials had previously said that the company had not installed the spyware, and individual franchisees were responsible.[11] In October 2013, Aaron's agreed to a settlement with the Federal Trade Commission that limited how it used monitoring technology and ordered it to delete customer information that had been improperly collected.[12]
Sponsorships
- NASCAR racing: Aaron's sponsored the No. 55 "Aaron's Dream Machine" of Michael Waltrip Racing in NASCAR's Sprint Cup Series. Aaron's was also the namesake of the spring race at Talladega Superspeedway, the Aaron's 499, along with the Nationwide Series spring race at the track, the Aaron's 312, from 2002 to 2014.
- National Hot Rod Association racing: Aaron's sponsors Don Schumacher racing in the NHRA Full Throttle Drag Racing Series. They sponsor Funny Car driver Jack Beckman and Top Fuel driver Antron Brown.
References
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References
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External links
- Official website
- Aaron's Sales and Lease Ownership website
- Aaron's Office Furniture website
- RIMCO
- Home Staging by Aaron's - Home Staging Furniture Fulfilled by Aaron's
- HOMESMART - Subsidiary of Aaron's Inc.
- Aaron Inc SEC Filings
