Aaron's, Inc.

Aaron's, Inc.
Public
Traded as NYSE: AAN
S&P 400 Component
Industry Furniture
Founded June 19, 1955 (1955-06-19)
Founder R. Charles Loudermilk
Headquarters Atlanta, Georgia, U.S.
Area served
 North America
Key people
Products Furniture rental
Rent-to-own
Revenue Increase US$ 3.21 billion (2016)[1]
Increase US$ 242.68 million (2016)[1]
Increase US$ 139.28 million (2016)[1]
Total assets Decrease US$ 2.62 billion (2016)[1]
Total equity Increase US$ 1.48 billion (2016)[1]
Number of employees
 ~11,500 (2016)[1]
Subsidiaries Progressive Leasing
Website www.aarons.com
Aaron's store Dearborn Heights, Michigan

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 acquisition of Progressive Finance, increasing their market share in both the traditional rent-to-own (RTO) industry and 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.

In April 2016 Aaron's, Inc. set the Guinness World Record for the largest "game" of tumbling mattress dominoes. This game was set up using over 1,000 people and mattresses.[2]

Locations

As of 31 December 2016, Aaron's, Inc. has 1,864 stores: 1,165 Company-operated stores and 699 independently owned and operated franchised stores in 48 states, the District of Columbia, and Canada.[3]

History

Aaron Rents, Inc. was founded by R. Charles Loudermilk, Sr. in 1955.[4]

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, recorded revenues of approximately $99 million in 2007.[5] Within the last quarter of 2012 Aaron's opened its 2000th store. In November 2014 Aaron’s announced that John W. Robinson III will take over the CEO position of the company from Ronald W. Allen.[6]

In 2014, Aaron’s announced plans to reshape its core business by focusing on same store revenue growth, enhancing Aaron's online platform, driving cost efficiencies, moderating new store growth, and strengthening the franchise network. The Company's online strategy included the rollout of an e-commerce platform in 2015.

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.[7] Aaron's, Inc. officials had previously said that the company had not installed the spyware, and individual franchisees were responsible.[7] 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.[8]

Sponsorships

The Aaron's-sponsored No. 55 Toyota Camry of MWR

See also

References

  1. 1 2 3 4 5 6 "US SEC: Form 10-K Aaron's, Inc". United States Securities and Exchange Commission. Retrieved January 17, 2018.
  2. ↑ http://www.guinnessworldrecords.com/news/2016/4/video-largest-human-mattress-dominoes-world-record-gets-toppled-in-the-us-423920
  3. ↑ "SEC Filings". aarons.com.
  4. ↑ "Aaron Rents, Inc. Changes Name to Aaron's, Inc". PR Newswire. CCBN/Thomson Reuters. April 14, 2009. Retrieved 2011-05-04. Founded in 1955 by entrepreneur R. Charles Loudermilk, Sr. and headquartered in Atlanta, Aaron's has been publicly traded since 1982.
  5. ↑ "Aaron Rents, Inc. Sells Aaron's Corporate Furnishings Division to CORT Business Services". Reuters. 2008-09-15.
  6. ↑ Seward, Christopher. "Aaron's names John Robinson III as CEO". AJC.com. Retrieved 13 November 2014.
  7. 1 2 "185,000 spyware emails were sent to Aaron's computers". NBC News. February 28, 2013. Archived from the original on March 1, 2013. Retrieved March 6, 2013.
  8. ↑ Leon Stafford (October 23, 2013). "Rental business Aaron's admits role in spying on customers". Retrieved October 24, 2013.
Sources
  • Plunkett, Jack W. (December 2007). Plunkett's Retail Industry Almanac 2008. ISBN 1-59392-101-2.
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