Aaron Rents (RNT) Announces Conversion Agreement with Kelly Rentals
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Aaron Rents, Inc. (NYSE: RNT) has entered into an agreement with Kelly Rentals, Inc., operator of 23 Kelly's Sales & Leasing stores in North Carolina and Virginia, to convert its stores to franchised Aaron Rents stores.
The stores will enter the Aaron's franchise system and operate as Aaron's Sales & Lease Ownership stores. Due to some geographic overlaps between the Kelly's stores and currently operating Aaron's stores, the transaction will involve several acquisitions, dispositions, and account mergers between Kelly's, Aaron's, and several of Aaron's current franchisees. After the transaction is completed, Kelly's will operate 15 Aaron's stores in Virginia and 3 Aaron's stores in North Carolina.
Kelly's has also entered into an area development agreement to open three additional franchised Aaron's Sales & Lease Ownership stores over the next several years.[SM]
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