Aaron's Inc was incorporated in 1962 as a Georgia corporation. The Company is a specialty retailer of consumer electronics, computers, residential furniture, household appliances and accessories. It engages in the lease ownership, lease and retail sale of products such as widescreen and LCD televisions, computers, living room, dining room and bedroom furniture, washers, dryers and refrigerators. Its store carries some brands such Samsung, Frigidaire, Hewlett-Packard, LG, Maytag, Simmons, JVC, Sharp and Magnavox As of December 31, 2013, the Company had 2,151stores, comprised of 1,370 Company-operated stores in 29 states and781 independently-owned franchised stores in 47 states and Canada. The Company has four operating segments: Sales and Lease Ownership, HomeSmart, Franchise, and Woodhaven Furniture. Sales & Lease Ownership division provides durable household goods to lower to middle income consumers who have limited or no access to traditional credit sources such as bank financing, installment credit or credit cards. This segment works on a monthly payment model. HomeSmart segment offer electronics, residential furniture, appliances and computers to consumers on a weekly payment basis with no credit requirements. The Companys franchise operation sells and supports franchisees of its sales and lease ownership concept. Woodhaven Furniture Industries division manufactures upholstered furniture and bedding predominantly for use by Company-operated and franchised stores. The division consists of five furniture manufacturing plants and nine bedding manufacturing facilities aggregating approximately 818,000 square feet of manufacturing capacity. The Companys competitor in rent-to-own industry is Rent-A-Center, Inc. It also competes with retail stores for customers desiring to purchase merchandise for cash or on credit. The Companys operations are extensively regulated by and subject to the requirements of various federal, state and local laws and regulations.