ATLANTA, Dec. 1, 2020 /PRNewswire/ -- The Aaron's
Company, Inc. (NYSE: AAN) ( "Aaron's"), a leading omni-channel
provider of lease-purchase solutions, today announced that it has
completed its spin-off from its former parent ("Parent"), and will
operate as an independent, publicly-traded company, listed on the
New York Stock Exchange under the ticker symbol "AAN."
Aaron's remains a mission-driven company focused on enhancing
people's lives by providing convenient access to high-quality
furniture, appliances and electronics through affordable lease and
purchase options. Aaron's operates approximately 1,400
company-owned and franchised stores in 47 U.S. states and
Canada, as well as its industry
leading e-commerce platform, Aarons.com.
"Today marks the beginning of an exciting new chapter in Aaron's
65-year history," said Douglas
Lindsay, Chief Executive Officer of The Aaron's Company.
"With low monthly payments, high lease approval rates, and
exceptional customer service, we believe our value proposition is
best in the lease-to-own industry. Aaron's serves a large and
expanding market with a unique set of physical and digital assets,
and we expect that our well-defined market strategy will drive
significant long-term value for our customers, team members and
shareholders."
As previously announced, under the terms of the spin-off and
distribution transaction, shareholders of record as of the close of
business on the record date, November 27,
2020, received one share of common stock of The Aaron's
Company for every two shares of Parent common stock held on the
record date. Shareholders received cash in lieu of any fractional
shares.
About The Aaron's Company
Headquartered in
Atlanta, The Aaron's Company, Inc.
(NYSE: AAN), is a leading omnichannel provider of lease-purchase
solutions. Aaron's engages in direct-to-consumer sales and lease
ownership of furniture, home appliances, consumer electronics and
accessories through its approximately 1,400 Company-operated and
franchised stores in 47 states and Canada, as well as its e-commerce platform,
Aarons.com. For more information, visit Aarons.com or
investor.aarons.com.
Forward-Looking Statements
Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this news release regarding our
business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties which could cause
actual results to differ materially from those contained in the
forward-looking statements. Such forward-looking statements
generally can be identified by the use of forward-looking
terminology, such as "believe," "expect," and similar
forward-looking terms. These risks and uncertainties include
factors such as (i) the impact of the COVID-19 pandemic and related
measures taken by governmental or regulatory authorities to combat
the pandemic, and whether additional government stimulus payments
or supplemental unemployment benefits will be approved, and the
nature, amount and timing of any such payments or benefits,
including the impact of the pandemic and such measures on: (a)
demand for the lease-to-own products we offer, (b) our customers,
including their ability and willingness to satisfy their
obligations under their lease agreements, (c) our suppliers'
ability to provide us with the merchandise we need to obtain from
them, (d) our employees and labor needs, including our ability to
adequately staff our operations, (e) our financial and operational
performance, and (f) our liquidity; (ii) failure of our separation
from Parent to qualify for the expected tax treatment; (iii) the
possibility that the operational, strategic and shareholder value
creation opportunities from our separation from Parent may not be
achieved; (iv) changes in the enforcement of existing laws and
regulations and the adoption of new laws and regulations that may
unfavorably impact our businesses; (v) legal and regulatory
proceedings and investigations, including those related to customer
privacy, third party and employee fraud and information security;
(vi) the risks associated with our business transformation strategy
not being successful, including our e-commerce and real estate
repositioning and optimization initiatives (including the risk that
the costs associated with these initiatives exceeds our
expectations); (vii) risks associated with the challenges faced by
our business, including the commoditization of consumer electronics
and our high fixed-cost operating model; (viii) increased
competition from traditional and virtual lease-to-own competitors,
as well as from traditional and on-line retailers and other
competitors; (ix) financial challenges faced by our franchisees,
which we believe may be exacerbated by the COVID-19 pandemic and
related governmental or regulatory measures to combat the pandemic;
(x) increases in lease merchandise write-offs, especially in light
of the COVID-19 pandemic; and the other risks and uncertainties
discussed under "Risk Factors" in The Aaron's Company, Inc.'s
Registration Statement on Form 10, as amended, initially filed with
the U.S. Securities and Exchange Commission on November 2, 2020.
Statements in this press release that are "forward-looking"
include, without limitation, statements about (i) our value
proposition in the lease-to-own industry; (ii) the benefits
expected from our market strategy; and (iii) our ability to create
long-term value for our customers, team members and
shareholders. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. Except as required by law, the Company
undertakes no obligation to update these forward-looking statements
to reflect subsequent events or circumstances after the date of
this press release.
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SOURCE The Aaron's Company, Inc.