Aaron's, Inc.

"Aaron's" redirects here. For other uses, see Aaron (disambiguation).
Aaron's, Inc.
Public
Traded as NYSE: AAN
Industry Furniture
Founded 1955
Founder R. Charles Loudermilk
Headquarters Atlanta, Georgia, USA
Area served
 North America
Key people
 Ray Robinson
(Chairman)
John W. Robinson III
(CEO)
Products Furniture rental
Rent-to-own
Revenue

Increase $ 2.725 billion (FY 2014)

[1]
Increase $ 139.8 million (FY 2014)[2]
Decrease $ 78.2 million (FY 2014)[3]
Total assets Increase $ 2.457 billion (FY 2014)[4]
Total equity Decrease $ 1.224 billion (FY 2014)[5]
Number of employees
 12,400 (December 2014)[6]
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 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.

Locations

As of 31 December 2014, 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

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

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

References

  1. ↑ "Aaron's, Inc. 2014 Annual Report, Form 10-K, Filing Date Feb 29, 2012". secdatabase.com. Retrieved June 8, 2012.
  2. ↑ "Aaron's, Inc. 2014 Annual Report, Form 10-K, Filing Date Feb 29, 2012". secdatabase.com. Retrieved 15 June 2015.
  3. ↑ "Aaron's, Inc. 2014 Annual Report, Form 10-K, Filing Date Feb 29, 2012". secdatabase.com. Retrieved 15 June 2015.
  4. ↑ "Aaron's, Inc. 2014 Annual Report, Form 10-K, Filing Date Feb 29, 2012". secdatabase.com. Retrieved 15 June 2015.
  5. ↑ "Aaron's, Inc. 2014 Annual Report, Form 10-K, Filing Date Feb 29, 2012". secdatabase.com. Retrieved 15 June 2015.
  6. ↑ "Aaron's, Inc. 2014 Annual Report, Form 10-K, Filing Date Feb 29, 2012". secdatabase.com. Retrieved 15 June 2015.
  7. ↑ "SEC Filings". aarons.com.
  8. ↑ "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.
  9. ↑ "Aaron Rents, Inc. Sells Aaron's Corporate Furnishings Division to CORT Business Services". Reuters. 2008-09-15.
  10. ↑ Seward, Christopher. "Aaron’s names John Robinson III as CEO". AJC.com. Retrieved 13 November 2014.
  11. 1 2 "185,000 spyware emails were sent to Aaron's computers". NBC News. February 28, 2013. Retrieved March 6, 2013.
  12. ↑ Leon Stafford (October 23, 2013). "Rental business Aaron's admits role in spying on customers". Retrieved October 24, 2013.

References

External links

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