Aaron’s has completed a spin-off from its former parent Aaron’s Holdings Co., and will operate as an independent, publicly-traded company, listed on the New York Stock Exchange under the ticker symbol AAN.
The retailer operates approximately 1,400 company-owned and franchised stores as well as the Aarons.com e-commerce platform.
As previously announced, Aaron’s Holdings Co. planned the spin off of the Aaron’s business following which the company would take the name Prog Holdings and trade on the NYSE under the new symbol PRG, at which point, the Aaron’s business segment would operate under its name and symbol. Prog Holdings provides lease-purchase services through e-commerce and retail partners, and operates Vive Financial, which offers various second-look credit products originated through federally-insured banks.
“Today marks the beginning of an exciting new chapter in Aaron’s 65-year history,” said Douglas Lindsay, Aaron’s Co. CEO. “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.”