Unassociated Document
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): September
12, 2008
AARON
RENTS, INC.
(Exact
name of Registrant as Specified in its Charter)
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Georgia
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1-13941
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58-0687630
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(State
or other Jurisdiction of Incorporation or Organization)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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309
E. Paces Ferry Road, N.E.
Atlanta,
Georgia
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30305-2377
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(Address
of principal executive offices)
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(Zip
code)
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Registrant’s
telephone number, including area code: (404) 231-0011
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):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry
into a Material Definitive Agreement.
On
September 12, 2008, Aaron Rents, Inc., a Georgia corporation (the “Company”),
entered into an Asset Purchase Agreement (the “Agreement”)
with
CORT Business Services Corporation, a Delaware corporation (“CORT”),
pursuant to which the Company has agreed to sell substantially all of the assets
of its Aaron’s Corporate Furnishings division (the “ACF
Division”)
to
CORT, and to transfer certain of the ACF Division’s liabilities to CORT. The ACF
Division,
which
currently operates at 47 locations, is primarily engaged in the business
of renting and selling residential furniture, electronics, appliances,
housewares and accessories.
The
consideration for the assets will consist of $72 million in cash plus payments
for certain accounts receivable of the ACF Division, subject to certain
adjustments, including for differences in the amount of the ACF Division’s
inventory at closing and in the monthly rent potential of the ACF Division’s
merchandise on rent at closing as compared to certain benchmark ranges set
forth
in the Agreement. The assets being transferred include all
of
the ACF Division’s rental contracts with customers and certain other
contracts, certain inventory and accounts receivable, and store leases or
subleases for 26 locations. CORT is assuming performance obligations under
transferred rental and certain other contracts and customer deposits. The
Company is retaining other liabilities of the ACF Division, including its
accounts payable and accrued expenses.
Closing
of the transaction is subject to certain customary conditions set forth in
the
Agreement, including antitrust regulatory clearance.
Item
7.01 Regulation
FD Disclosure.
A
copy of
the Company’s press release announcing the sale of substantially all of the
assets of the ACF Division to CORT is furnished herewith as Exhibit
99.1.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits
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Exhibit
No.
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Description
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99.1
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Press
Release of the Company dated September 15,
2008
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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
RENTS, INC.
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By:
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/s/
Robert
P. Sinclair, Jr.
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Date:
September 18, 2008
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Vice
President,
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