Aaron Rents, Inc. Changes Name to Aaron's, Inc.
14 Abril 2009 - 9:00AM
PR Newswire (US)
NYSE Stock Exchange Ticker Symbol Becomes "AAN" ATLANTA, April 14
/PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE:RNTNYSE:RNT.A),
the nation's leader in the sales and lease ownership, specialty
retailing and rental of residential and office furniture, consumer
electronics and home appliances and accessories, announced that the
Company will change its name to Aaron's, Inc. Robert C. Loudermilk,
Jr., Aaron's President and Chief Executive Officer, officially
unveiled the new name Monday evening to 2,000 associates in
attendance at Aaron's National Managers Meeting held in Washington,
D.C. "Aaron's is creating consistent brand messaging by bringing
the corporate name in line with the trade name of our over 1,575
stores. Our customers and their friends know and trust the Aaron's
name in our advertising and through our community outreach," said
Mr. Loudermilk, Jr. "Further, the name change reflects our unique
sales and lease ownership business model which was started in
1987." The Company also announced Monday night that it will change
its New York Stock Exchange ticker symbol for its Common Stock from
"RNT" to "AAN" and its ticker symbol for its Class A Common Stock
from "RNT.A" to "AAN.A." The name change and ticker symbol change
will be effective on April 20, 2009. Aaron Rents, Inc. was founded
in 1955 by R. Charles Loudermilk, Sr., who remains Chairman today.
The Company has a strong heritage of customer responsiveness by
providing quality products through a non-credit based payment plan.
Mr. Loudermilk, Sr. started the Company after serving in the U.S.
Navy and graduating from the University of North Carolina. One
summer, he and a business partner received their first rental order
for 300 folding chairs. To fulfill the order, Loudermilk purchased
used Army-surplus chairs and rented them for 10 cents a chair per
day. After the chairs were returned, he stocked them in a warehouse
in the hopes that another order would be placed soon for folding
chairs. "We didn't believe in conducting credit checks then and we
don't conduct credit checks now," said Mr. Loudermilk, Sr., "But we
do ask for the phone numbers of our customers' mothers." "Our sales
and lease ownership business is distinct from the conventional
rent-to-own industry, and our name change reflects that
uniqueness," said Ken Butler, Chief Operating Officer of Aaron's.
"We're proud of the Company's heritage that began as a traditional
rental company evolving to meet the needs of our customers by
bringing them affordable home furnishings necessities of life."
Last November, Aaron's sold substantially all of the assets of its
Aaron's Corporate Furnishings division, which comprised its
residential rent-to-rent business. The Aaron's Corporate
Furnishings division most recently had represented approximately
six percent of the Company's consolidated revenues, and its growth
rates and long term potential had not matched the fast-growing
Aaron's Sales & Lease Ownership division. About Aaron's, Inc.
Aaron's, Inc.
(NYSE:AANNYSE:andNYSE:AAN.ANYSE:effectiveNYSE:AprilNYSE:20NYSE:2009),
the nation's leader in the sales and lease ownership, specialty
retailing and rental of residential and office furniture, consumer
electronics and home appliances and accessories has more than 1,575
Company-operated and franchised stores in 48 states and Canada.
Founded in 1955 by entrepreneur R. Charles Loudermilk, Sr. and
headquartered in Atlanta, Aaron's has been publicly traded since
1982. "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this news release
regarding the Company'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, 2008. 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/ http://www.aaronsinc.com/
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