Aaron's, Inc. Acquires 30 Stores
ATLANTA, July 20, 2011 /PRNewswire via COMTEX/ -- Aaron's, Inc. (NYSE: AAN), the nation's leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories, today announced that it has acquired all 30 of the stores owned and operated by Crusader Rent to Own.
Crusader operates stores located in Virginia, North Carolina, South Carolina, Tennessee and Georgia. In the coming months, 29 of the locations will be converted to HomeSmart stores. These stores offer weekly payment lease agreements for products which are similar to those in Aaron's sales and lease ownership stores. A current Aaron's franchisee will assume certain of the assets of one store, which will be merged into an existing Aaron's store.
Ken Butler, the Chief Operating Officer of Aaron's, Inc. stated, "Crusader is a well-run organization that has always focused on customer service, and we are thrilled to welcome its associates to our organization. We also are excited to expand our HomeSmart concept through this acquisition."
Aaron's, Inc., based in Atlanta, currently has more than 1,860 Company-operated and franchised stores in 48 states and Canada. The Company's Woodhaven Furniture Industries division manufactured approximately $79 million, at cost, of furniture and bedding at 12 facilities in seven states in 2010. The entire production of Woodhaven is for shipment to Aaron's stores.
SOURCE Aaron's, Inc.