"We are excited about this acquisition as it increases our presence in the
Carolinas, an important and growing market for us"
R. Charles Loudermilk, Sr. Chairman and CEO
Home Express operated 21 stores in South Carolina and four stores in North
Carolina. Immediately subsequent to the acquisition, the Company will sell five
of the stores to its franchisees in the same markets as Home Express. Fourteen
of the Home Express stores will be converted to Company-operated Aaron's Sales &
Lease Ownership stores and six of the stores will be merged with other
Company-operated stores. Four stores will be merged into existing Aaron's Sales
& Lease Ownership franchised stores and one store will be converted to a
franchised store. The current annual revenue of all the Home Express stores is
approximately $12 million.
"We are excited about this acquisition as it increases our presence in the
Carolinas, an important and growing market for us," said R. Charles Loudermilk,
Sr. Chairman and Chief Executive Officer of Aaron Rents. "This acquisition is
not expected to be accretive to earnings in 2004 but should add to profitability
in 2005."
Aaron Rents currently has over 970 Company- operated and franchised stores in
the United States, Puerto Rico, and Canada
