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): October 29, 2008
 
 
AARON RENTS, INC. 
(Exact name of Registrant as Specified in its Charter)

Georgia
  
1-13941
  
58-0687630
(State or other Jurisdiction of Incorporation or Organization)
  
(Commission File
Number)
  
(IRS Employer
Identification No.)

309 E. Paces Ferry Road, N.E.
Atlanta, Georgia
  
 
30305-2377
(Address of principal executive offices)
  
(Zip code)

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):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
Item 7.01
Regulation FD Disclosure.

Furnished herewith as Exhibit 99.1 are restated unaudited consolidated statements of earnings of Aaron Rents, Inc. (the “Company”) for the three-month periods ended March 31, 2008, June 30, 2008, March 31, 2007, June 30, 2007, and for the fiscal year ended December 31, 2007. These statements have been restated to report the net earnings of the Company’s Aaron’s Corporate Furnishings business as discontinued operations for all periods presented.

As previously reported, on September 15, 2008, the Company announced that it had entered into an agreement to sell substantially all of the assets of its Aaron’s Corporate Furnishings business to CORT Business Services Corporation and to transfer certain liabilities of the business to CORT. As consideration for the sale, the Company anticipates receiving approximately $72 million in cash plus payments for certain accounts receivable, subject to certain adjustments. Subject to customary closing conditions, it is anticipated that the transaction will close in November. It is not expected that the Company will record a material gain or loss on the sale.

Pursuant to Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the Company will no longer include the revenues and expenses of the Aaron’s Corporate Furnishings business on the Company’s statement of earnings, and will instead report net earnings of the business as discontinued operations in future financial statements. Prior periods will be restated to reflect this change in accounting treatment and the assets of the business will be reflected as assets held for sale on the Company’s balance sheet until the transaction closes.
 
Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits
 
Exhibit No.
  
Description
     
99.1
  
Restated Unaudited Consolidated Statements of Earnings of Aaron Rents, Inc. for the Three-Month Periods Ended March 31, 2008, June 30, 2008, March 31, 2007, June 30, 2007, and for the Fiscal Year Ended December 31, 2007

 
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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.

 
AARON RENTS, INC.
  
     
     
 
By:
/s/ Gilbert L. Danielson
  
 
 
Date: October 29, 2008
  
Gilbert L. Danielson
Executive Vice President,
Chief Financial Officer
  

 
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