Current Report Filing (8-k)
April 24 2020 - 06:03AM
Edgar (US Regulatory)
0000706688 false 0000706688 2020-04-22
2020-04-23 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):
April 23, 2020 (April 22, 2020)
Aaron’s, Inc.
(Exact
name of registrant as specified in its charter)
Georgia |
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1-13941 |
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58-0687630 |
(State or other jurisdiction of |
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(Commission |
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(IRS Employer |
incorporation or organization) |
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File Number) |
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Identification No.) |
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400 Galleria Parkway SE,
Suite 300 |
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Atlanta,
Georgia |
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30339-3194 |
(Address of principal executive offices) |
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(Zip code) |
Registrant’s
telephone number, including area code:
(687)
402-3000
Not
Applicable
(Former name or former address, if changed since last
report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction
A.2. below):
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☐ |
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425) |
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☐ |
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
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☐ |
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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☐ |
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 under the Securities Act (17 CFR 230.405) or
Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth
company
☐
If an emerging
growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
ITEM
1.01. Entry into a Material Definitive Agreement
On April 20, 2020,
Prog Leasing, LLC (“Progressive”), a wholly-owned subsidiary of
Aaron’s, Inc. (the “Company”), announced a final settlement with
the Federal Trade Commission (the “FTC”) resolving all matters
raised by the Company’s previously disclosed FTC investigation
related to the adequacy of consumer disclosures (the “Agreement”).
The Agreement became effective on April 22, 2020 upon its entry as
a consent order in the U.S. District Court for the Northern
District of Georgia.
As previously
disclosed by the Company, under the terms of the Agreement,
Progressive will make a lump-sum payment of $175 million to the
FTC. In addition, the Agreement requires Progressive to undertake
certain compliance-related activities, including monitoring,
disclosure and reporting requirements.
Progressive agreed
to settle the FTC inquiry to avoid the expense, management
distraction and uncertainty caused by protracted litigation, and
the Agreement does not involve an admission of wrongdoing on the
part of Progressive or the Company.
The foregoing
description of the Agreement does not purport to be complete and is
qualified in its entirety by reference to the copy of the Agreement
filed as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference.
ITEM
7.01 Regulation FD Disclosure
On April 20, 2020,
the Company issued a press release regarding the FTC’s approval of
the Agreement, a copy of which is attached hereto as Exhibit
99.1.
ITEM
9.01. Financial Statements and Exhibits
(d)
Exhibits
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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AARON’S,
INC. |
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By: |
/s/
Steven A. Michaels |
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Steven A.
Michaels |
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Chief Financial
Officer and |
Date: April 23,
2020 |
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President of
Strategic Operations |
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