Aaron Rents sells office furniture unit for $72M

Aaron Rents Inc., which sells and rents furniture, said Monday it will sell its Aaron's Corporate Furnishings division to CORT Business Services Corp. for $72 million in cash.

Aaron Rents is keeping some assets of the business including its accounts payable and accrued expenses.

Aaron Rents said its residential rent-to-rent business accounts for about 6 percent of its revenue and has not grown as fast as its sales and lease ownership division. The sale will allow the company to focus on its sales and lease ownership division, the company said.

The company does not expect to record any significant gain or loss on the sale, which is expected to close by the end of the year.