National furniture dealer Aaron's Inc., has announced it is closing its office furniture division. Aaron's which specializes in the sales and lease ownership of furniture, made the announcement while reducing its estimated 2010 earnings guidance. The company closed all but four office furniture stores during the 2nd quarter of 2010, and will have all stores closed by the end of the 3rd quarter.
The Aaron's Office Furniture division had 2009 revenues of $16.5 million, and recorded a loss of $7.8 million. 2010 didn't look any better, with Q1 revenues of $3.4 million, and a loss of $1.4 million.
Never a presence in California, Aaron's departure from the industry is another reminder that things continue to be extremely challenging.
Aaron's Inc., closes office furniture division
Posted by Expert Gadget Reviewer on Tuesday 6 July 2010
