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Aaron Rents Adding 350 Stores

ATLANTA- The company which opened 32 new stores and acquired 15 others in the third quarter.

By Beverly Ford | Updated on October 27, 2006

ATLANTA-Rent-to-own furniture retailer Aaron Rents experienced a third quarter growth spurt, opening a total of 32 new stores and acquiring 15 others in the three-month period that ended Sept. 30. The Atlanta firm said it opened 13 company, 16 franchise and three RIMCO stores during the quarter and added 11 franchise stores, four independent stores and the accounts of four other third party stores to its holdings. The company also consolidated three of its retail operations.

Aaron’s expansion is far from over, however. Charles Loudermilk Sr., chairman and chief executive office with the rent-to-own retailer, said the company is on track to add about 70 more stores by the end of this year and a total of 350 by the end of 2007. “We look forward to the remainder of 2006 and 2007 with great optimism,” Loudermilk said.

The company, which currently has more than 1,245 company-owned and franchise stores in 47 states and Canada, has been on the expansion fast track since the beginning of the year. In the first nine months of 2006, Aaron’s opened 80 company-owned and franchise stores along with four RIMCO outlets and acquired 29 franchise or independent operations. The firm also purchased the accounts from 10 other third-party operators during the period, according to a company statement.

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