Aaron's core business - leasing furniture and appliances - fell, however, with the gains coming from a financial operation, Progressive Leasing, acquired in April 2014. Aaron's, which manufactures furniture in its Woodhaven captive plants, has been through a turbulent period with management changeover and a battle over a hostile takeover.
"As we look at Aaron's today, we believe we have the right blend of assets to grow this company into a true omni-channel lease purchase provider,"
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said John Robinson, CEO. "Aaron's people, technology, brand, customer-base, retail relationships, store footprint, distribution network and manufacturing assets uniquely position us to execute this strategy."
Robinson says, "I have a high sense of urgency about improving our top-line, correctly aligning our cost structure, and managing the business for cash efficiency. While a number of initiatives are underway, including the realization of $50 million in annual cost savings, I am keenly focused on addressing each of these issues and will consider all options to improve our store-based operations."
Aaron's Woodhaven unit produces Built in the U.S.A. furniture primarily for Aaron’s company-operated and franchised stores. Aaron’s is the only major lease-to-own company in the United States that manufactures its own furniture. Woodhaven operates five upholstery and nine bedding manufacturing facilities throughout the country.
In 2013, Woodhaven developed a new line of furniture created to work with contemporary living spaces; it was rolled out in Aaron’s and HomeSmart stores in 2014.
Aaron's says Woodhaven has been recognized for its sustainability practices. On average each year, the manufacturing plants recycle more than 10 million pounds of material, and over the years have reduced the waste sent to landfills by 92 percent.
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