The Aaron's Company
 | |
| Company type | Public |
|---|---|
| NYSE: AAN S&P 400 Component | |
| ISIN | US0025353006 |
| Industry | Furniture |
| Founded | June 19, 1955 |
| Founder | R. Charles Loudermilk |
| Headquarters | |
Area served | North America |
Key people | Ray M. Robinson (Director); Douglas Lindsay (President); John Robinson III (CEO); Steven A. Michaels (CFO) |
| Products | Furniture rental Rent-to-own |
| Revenue |  US$ 3.94 billion (2019)[1] |
 US$ 105.87 million (2019)[1] | |
| US$ 31.47 million (2019)[1] | |
| Total assets | US$ 3.29 billion (2019)[1] |
| Total equity | US$ 1.73 billion (2019)[1] |
Number of employees | 11,800[2] (2019) |
| Subsidiaries | Progressive Leasing |
| Website | aarons |
Aaron's, Inc. is a 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 in Canada, as well as its e-commerce platform, Aarons.com.[3] In 2014, Aaron's completed the acquisition of Progressive Finance.[4]
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.[5]
Locations
As of 31 December 2016[update], 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.[6]
History
Aaron Rents, Inc. was founded by R. Charles Loudermilk, Sr. in 1955.[7]
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.[8] 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.[9]
In 2014, Aaron’s announced plans to reshape its core business by focusing on same store revenue growth.[citation needed] The Company's online strategy included the rollout of an e-commerce platform in 2015.[citation needed]
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. [10]
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
- NASCAR racing: Aaron's entered NASCAR jumping in between multiple teams and drivers, sponsoring drivers such as Johnny Benson Jr., Kenny Wallace, and Hermie Sadler. In 2008, Aaron's then became the full-time sponsor for the team Michael Waltrip Racing in NASCAR's Monster Energy Cup Series for a couple of years, sponsoring drivers such as David Reutimann, Michael McDowell, Mark Martin, Brian Vickers, and David Ragan in a scheme that was named the "Aaron's Dream Machine". Aaron's was also the namesake of the spring race at Talladega Superspeedway, the Aaron's 499, along with the Xfinity Series spring race at the track, the Aaron's 312, from 2002 to 2014. Aaron's also sponsored Clint Bowyer for a single race in Atlanta during the 2016 season. The year after, Aaron's sponsored Michael Waltrip in his last race.
- National Hot Rod Association racing: Aaron's sponsored Don Schumacher Racing in the NHRA Mello Yello Drag Racing Series. They sponsored Funny Car driver Jack Beckman and Top Fuel driver Antron Brown.
See also
References
- ^ a b c d e "US SEC: Form 10-K Aaron's, Inc". United States Securities and Exchange Commission. Retrieved April 2, 2020.
- ^ "Aaron's". Fortune. Retrieved 2020-04-02.
- ^ Editorial, Reuters. "AAN - Aaron's, Inc. Profile | Reuters". www.reuters.comundefined. Retrieved 2020-03-27.
{{cite web}}:|first=has generic name (help)[permanent dead link] - ^ "CORRECTED-Aaron's acquires Progressive Finance Holdings for $700 mln". Reuters. 2014-04-15. Retrieved 2019-09-24.
- ^ http://www.guinnessworldrecords.com/news/2016/4/video-largest-human-mattress-dominoes-world-record-gets-toppled-in-the-us-423920
- ^ "SEC Filings". aarons.com.[permanent dead link]
- ^ "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.
- ^ "Aaron Rents, Inc. Sells Aaron's Corporate Furnishings Division to CORT Business Services". Reuters. 2008-09-15.
- ^ Seward, Christopher. "Aaron's names John Robinson III as CEO". AJC.com. Retrieved 13 November 2014.
- ^ Editorial, Reuters. "AAN - Aaron's, Inc. Profile | Reuters". www.reuters.comundefined. Retrieved 2020-03-27.
{{cite web}}:|first=has generic name (help)[permanent dead link] - ^ 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.
- ^ 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.
- Sources
- Plunkett, Jack W. (December 2007). Plunkett's Retail Industry Almanac 2008. ISBN 1-59392-101-2.
External links
- Official website
- Aaron's Sales and Lease Ownership website
- Home Staging by Aaron's - Home Staging Furniture Fulfilled by Aaron's
- HOMESMART - Subsidiary of Aaron's Inc.
- Aaron Inc SEC Filings