Aaron's Announces Divesture Of RIMCO Stores

(RTTNews) - Aaron's Inc. (AAN) said Monday that it has sold all of the assets of its RIMCO operations to Rent-A-Wheel /Rent-A-Tire.

RIMCO and Rent-A-Wheel/Rent-A-Tire stores offer consumers the sales and lease ownership of automobile tires, wheels, and rims.

Ronald Allen, Chairman, President and Chief Executive Officer of Aaron's, said, "RIMCO was a small part of Aaron's business, with annual revenues of approximately $20 million, and this divesture will enable us to further focus efforts on improving the financial performance of our Aaron's and HomeSmart stores."

RIMCO currently operates a combined 32 company-operated and franchised stores in 11 states. Rent-A-Wheel/Rent-A-Tire, based in Los Angeles, will now have 123 stores in 15 states.

Rent-A-Wheel/Rent-A-Tire plans to continue to operate all the acquired RIMCO stores and retain a majority of its employees.