Aaron’s to trade as an independent company
The Aaron’s Company has begun trading as an independent company.
The Atlanta-based lease-purchase retailer will operate as an independent, publicly-traded company, listed on the New York Stock Exchange under the ticker symbol "AAN." Aaron's operates approximately 1,400 company-owned and franchised stores in 47 U.S. states and Canada, as well as its e-commerce platform.
In July, Aaron’s announced that it intended to separate into two separate public companies: Progressive Leasing (Progressive) and Aaron’s (Aaron’s). The separation, planned as a tax-free spin-off for current shareholders, was expected to be completed by the end of 2020.
"Today marks the beginning of an exciting new chapter in Aaron's 65-year history," said Douglas Lindsay, CEO, The Aaron's Company. “Aaron's serves a large and expanding market with a unique set of physical and digital assets, and we expect that our well-defined market strategy will drive significant long-term value for our customers, team members and shareholders."
As previously announced, under the terms of the spin-off and distribution transaction, shareholders of record as of the close of business on the record date, November 27, 2020, received one share of common stock of The Aaron's Company for every two shares of parent common stock held on the record date. Shareholders received cash in lieu of any fractional shares.