AARON RENTS AGREES TO ACQUIRE LOOKS FURNITURE WITH 16 LOCATIONS IN SOUTHWESTERN U.S.
ATLANTA, Nov. 17 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARONA ARONB), the nation's largest furniture rental and sales company, today announced it has signed a letter of intent to acquire all the assets of Looks Furniture, a Dallas-based furniture rental company with 16 locations in Texas and Oklahoma. The company is to be acquired from General Electric Capital Corporation in a cash transaction, announced R. Charles Loudermilk Sr., chairman and chief executive officer of Aaron Rents, Inc. Terms were not disclosed. The acquisition is expected to be finalized on or about Dec. 1. Looks Furniture, which originated with a predecessor company more than 30 years ago, had revenues in excess of $12 million over the past 12 months. Looks has stores in the Dallas area, El Paso, Austin and San Antonio, Texas, and Tulsa and Oklahoma City, Okla. "This acquisition will provide excellent synergies for Aaron Rents," Loudermilk said. "Our company already has stores in all the cities where Looks operates, and this will result in significant volume increases and economies of scale. With this acquisition, we are well positioned to reach our goal of annual revenues exceeding $175 million and over 200 stores open by the end of the current March 31 fiscal year." Aaron Rents, Inc. based in Atlanta, has stores in 20 states for the rental and sale of residential furniture and equipment. The company also produces furniture at five plants in Georgia and Florida. -0- 11/17/93 /CONTACT: Gilbert L. Danielson, vice president and chief financial officer, Aaron Rents, 404-231-0011/ (ARON)
CO: Aaron Rents, Inc.; Looks Furniture ST: Georgia, Texas, Oklahoma IN: REA SU: TNM
BR-BN -- AT012 -- 5688 11/17/93 16:44 EST
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|Date:||Nov 17, 1993|
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