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AARON RENTS STEPS UP EXPANSION, ACQUIRES MAYO RENTAL STORES IN PHOENIX AND LAS VEGAS

 ATLANTA, June 3 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARONA ARONB), the nation's largest furniture rental and sales company, today announced it had acquired Mayo's Furniture Rental stores in Phoenix, and Las Vegas, Nev.
 The stores were purchased in a cash transaction, said R. Charles Loudermilk Sr., chairman and chief executive officer of Aaron Rents, Inc.
 With this transaction, Aaron Rents completed the acquisition of all Mayo's Furniture Rental operations in Arizona and Nevada. In mid-April, the company acquired the Mayo's store in Tucson, Ariz., as a part of a strong expansion program.
 "This is a continuation of an aggressive acquisition effort as one part of our growth strategy," Loudermilk said. "Just as occurred with the first Mayo store we acquired in Tucson, these additional stores are in strong markets where we can use to advantage our effective marketing concept, our size for economies of scale, our manufacturing capabilities, and distribution system.
 "We will continue to be aggressive in acquisitions, while seeking to maintain strong growth internally, particularly in our rental-purchase division with the opening of additional company-owned and franchised stores," Loudermilk added.
 Aaron Rents reported record revenues and earnings for its fiscal year ended March 31. Net earnings doubled to $6.1 million, or $.70 per share. Revenues advanced 9 percent to $157.6 million.
 By the fiscal year end, the company had 44 rental-purchase stores open, an increase of 42 percent for the year, with an additional 14 under construction and scheduled to open by November this year. Aaron Rents also awarded 10 rental-purchase franchises in less than a year.
 Aaron Rents, Inc., based in Atlanta, at present operates 160 stores in 20 states for the rental and sale of residential and office furniture and equipment. The company also produces furniture at five plants in Georgia and Florida.
 -0- 6/3/93
 /CONTACT: Gilbert L. Danielson, vice president-Finance and chief financial officer of Aaron Rents, 404-231-0011/
 (ARON)


CO: Aaron Rents, Inc. ST: Georgia IN: REA SU: TNM

BR-BN -- AT005 -- 4831 06/03/93 09:30 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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