8-K

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)

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):

¨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 1.01Entry 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 7.01Regulation 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 9.01Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.	Description
99.1	Press Release of the Company dated September 15, 2008

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/ Robert P. Sinclair, Jr.
Date: September 18, 2008	Robert P. Sinclair, Jr. Vice President, Corporate Controller

2

EX-99.1

Contact:	Gilbert L. Danielson
	Executive Vice President
	Chief Financial Officer
	404-231-0011

Aaron Rents, Inc. Sells

Aaron’s Corporate Furnishings Division

to CORT Business Services Corporation

ATLANTA, September 15, 2008 – Aaron Rents, Inc. (NYSE: RNT), the nation’s leader in the sales and lease ownership, specialty retailing and rental of residential and office furniture, consumer electronics and home appliances and accessories, today announced that it has entered into an agreement to sell the assets of its Aaron’s Corporate Furnishings division to CORT Business Services Corporation.

Aaron’s Corporate Furnishings, the Company’s residential rent-to-rent business, recorded revenues of $99 million for the fiscal year ended December 31, 2007 and currently operates 47 stores. Aaron Rents, Inc. will receive cash of approximately $72 million from the sale, subject to adjustments, in addition to payment for certain accounts receivable. The Company is retaining certain liabilities of the business, including its accounts payable and accrued expenses.

“The residential rent-to-rent business currently represents approximately 6% of our consolidated revenues, and for many years has not had the same growth rate or prospects of our fast growing and highly successful Aaron’s Sales & Lease Ownership division,” stated Robert C. Loudermilk, Jr., President and Chief Executive Officer of Aaron Rents.

“This sale will enable us to focus our resources and energy on growing the Aaron’s Sales & Lease Ownership division. With this divesture, we anticipate the Company will record increased revenue and earnings growth rates in future periods.”

Aaron Rents will treat the sale for accounting purposes as a discontinued operation beginning with its third quarter results. The Company does not expect to record any significant gain or loss on the sale and its earnings guidance for the third quarter and fiscal year 2008 is unchanged. The sale, which is subject to customary closing conditions, including antitrust clearance, is expected to close by the end of 2008.

Aaron Rents, Inc., based in Atlanta, currently has a total of more than 1,575 Company-operated and franchised stores in 48 states and Canada.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release regarding Aaron Rents, Inc.’s business and the pending divestiture discussed herein which are not historical facts are “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include factors such as changes in general economic conditions, competition, pricing, customer demand and other issues, and the risks and uncertainties discussed under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007. Statements in this release that are “forward-looking” include without limitation the effect of the divestiture on the Company’s future revenue and earnings growth rates.