Aaron's, Inc.

The Aaron's Company is an American lease-to-own retailer. The company focuses on leases and retail sales of furniture, electronics, appliances, and computers. The company sells through the company-operated and franchised stores, e-commerce platform (Aarons.com)[2] and national retail partners using virtual lease-to-own technology Progressive Leasing.[3]

The Aaron's Company, Inc.
TypePublic
ISINUS0025353006
IndustryFurniture
FoundedJune 19, 1955; 66 years ago (1955-06-19)
FounderR. Charles Loudermilk
Headquarters
Area served
North America
Key people
Douglas A. Lindsay (CEO);
Christopher K. Wall (CFO);
Stephen Olsen (President);
ProductsFurniture rental
Rent-to-own
RevenueIncrease US$3.94 billion (2019)[1]
Decrease US$105.87 million (2019)[1]
Decrease US$31.47 million (2019)[1]
Total assetsIncrease US$3.29 billion (2019)[1]
Total equityIncrease US$1.73 billion (2019)[1]
Number of employees
9,400 (2020)
SubsidiariesProgressive Leasing
Websiteaarons.com

LocationsEdit

As of 31 December 2020, The Aaron's Company has 1,340 stores: 1,092 Company-operated stores (in 43 states and Canada) and 248 independently owned and operated franchised stores in 35 states and Canada.[4]

HistoryEdit

Aaron Rents, Inc. was founded by R. Charles Loudermilk, Sr. in 1955.[5]

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.[6]

As of December 31, 2016, Aaron's had 1,864 stores located in 28 states and the District of Columbia and Canada. In addition, they had 699 independently-owned franchised stores in 46 states and Canada.[2]

On July 29, 2020, Aaron’s Holdings Company, Inc. announced plans to split into two companies: PROG Holdings, Inc. and The Aaron’s Company, Inc.[7] PROG Holdings, with the ticker symbol "PRG" NYSEPRG), remains in the S&P Midcap 400 stock index but its Global Industry Classification Standard was changed to "Consumer Finance". The Aaron's Company continues to trade under the ticker symbol "AAN" (NYSEAAN) but was moved into the S&P Smallcap 600.[8]

ControversyEdit

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.[9] The Aaron's Company officials had previously said that the company had not installed the spyware, and individual franchisees were responsible.[9] 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.[10]

SponsorshipsEdit

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

See alsoEdit

ReferencesEdit

  1. ^ a b c d e "US SEC: Form 10-K Aaron's, Inc". United States Securities and Exchange Commission. Retrieved April 2, 2020.
  2. ^ a b "AAN - Aaron's Company Inc Profile | Reuters". Reuters. Retrieved 2020-03-27.
  3. ^ "CORRECTED-Aaron's acquires Progressive Finance Holdings for $700 mln". Reuters. 2014-04-15. Retrieved 2019-09-24.
  4. ^ "Aaron's 10K SEC Filing" (PDF). aarons.com.
  5. ^ "Aaron Rents, Inc. Changes Name to Aaron's, Inc". PR Newswire. CCBN/Thomson Reuters. April 14, 2009. Archived from the original on July 15, 2012. 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.
  6. ^ "Aaron Rents, Inc. Sells Aaron's Corporate Furnishings Division to CORT Business Services". Reuters. 2008-09-15. Archived from the original on 2013-02-01.
  7. ^ "Aaron's Holdings To Spin-Off The Aaron's Company On November 30, 2020". Forbes. Retrieved 2021-02-18.
  8. ^ "Concentrix Set to Join S&P MidCap 400; AMC Networks & The Aaron's Company to Join S&P SmallCap 600" (PDF). SPGlobal. Retrieved 2021-02-18.
  9. ^ a b "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.
  10. ^ Leon Stafford (October 23, 2013). "Rental business Aaron's admits role in spying on customers". Archived from the original on July 9, 2017. Retrieved October 24, 2013.

SourcesEdit

External linksEdit