Aaron’s to Close 44 Stores in Q3

Aaron's Inc. on Tuesday said it plans to close 44 underperforming stores in the third quarter of fiscal 2014 and continue other cost-reduction initiatives in response to disappointing core business performance. The electronics, furniture and appliances rentals retailer also revised its earnings guidance downward for the second quarter. The company praised the performance of its recently purchased Progressive Finance unit. "With that said, we're disappointed with our core business results and are taking aggressive action to respond to the challenging economic environment and the evolving industry in which we operate," said Ronald W. Allen, CEO, Aaron's.