In the first quarter, Aaron’s felt the effects of the COVID-19 pandemic but still managed to beat a Wall Street earnings estimate.
Progressive Leasing, a wholly-owned subsidiary of Aaron’s, has reached a final settlement with the Federal Trade Commission resolving all matters raised by the company’s previously disclosed FTC investigation related to the adequacy of consumer disclosures.
As the COVID-19 outbreak advanced, Rent-A-Center reported that January and February sales trended positively, running about 4% up compared to the year-prior months. But March revenues trended down about 5% year over year as national efforts to contain the virus took hold.
Rent-A-Center is offering its Preferred Lease program, a new integrated retail partner offering.
Aaron’s has appointed Tommy Harper as vp/manufacturing to lead Woodhaven Furniture Industries effective January 1, 2020. He will succeed Michael Jarnagin, who will retire on December 31.
International Market Centers has boosted its furniture and home décor leasing team with a new hire, Dale Schmidlin, now director of home décor leasing; and the promotions of Chris Amos to director of home décor leasing and John Dwiggins to director of furniture leasing.
International Market Centers has added to its Las Vegas Market leasing team. Elizabeth Moss, a 17-year industry veteran, has joined the team and two existing members— Priscila Gilburg and Michelle Karol— will assume additional category responsibilities.
Weeks after settling litigation related to a purchase deal, Rent-A-Center has entered into a definitive agreement to acquire substantially all of the assets of C/C Financial Corp., which does business as Merchants Preferred, a nationwide provider of virtual rent-to-own services.
Rent-A-Center has agreed in principle to settle all litigation with Vintage Capital Management, and B. Riley Financial relating to the company’s termination of an agreement and plan of merger last year with certain affiliates of Vintage Capital.
Rent-A-Center said that the company has terminated a previously announced merger agreement plan with certain affiliates of Vintage Capital Management, LLC.
For the third quarter ended September 30, when the company’s Progressive business boosted revenues, Aaron’s posted net earnings of $43.7 million, or 62 cents per diluted share, versus $25.3 million, or 35 cents per diluted share, in the year-earlier period.
In a special meeting on September 18, Rent-A-Center shareholders approved a merger deal with Vintage Rodeo, an affiliate of Vintage Capital Management, according to a filing with the United States Securities and Exchange Commission.
Overstock.com has launched an integrated lease-to-own purchase option through Progressive Leasing.
The Dallas Market Center has appointed Joan Ulrich to the position of evp/leasing, responsible for leasing strategy across the gift, home, lighting, holiday, floral, and design neighborhoods of the marketplace.