MONROE, Mich., Sept. 11, 2013 /PRNewswire/ -- La-Z-Boy Incorporated (NYSE: LZB) today announced it intends to acquire three La-Z-Boy Furniture Galleries® stores located in the Las Vegas, NV market, with combined revenue of approximately $11 million. Included in the transaction are two stores in Las Vegas and one in Henderson.
The transaction is a result of the planned retirement of the independent dealer, Steve Hueftle, who opened his first La-Z-Boy Furniture Galleries® store in 1988, and the mutually agreed-upon decision that transitioning the stores to a subsidiary of La-Z-Boy Incorporated would be in the best interest of his employees while providing for the greatest stability and continuity of the long-standing business in the Las Vegas market. The three stores will become part of La-Z-Boy's retail operation and will bring the total company-owned store count within the retail segment to 96. The deal is expected to close on September 30, 2013, subject to customary closing conditions. Terms of the transaction are not being disclosed.
Kurt Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, "As one of our first independent dealers to open a La-Z-Boy Furniture Galleries® store, Steve is truly a pioneer within our dealer network. Over the course of his 25 years as a store owner and operator, he, along with his wife, Diane, worked to build the La-Z-Boy brand and business in the Las Vegas market and we appreciate their dedication and commitment and wish them all the best in their retirements. We expect the three-store operation to be accretive to our earnings. Separately, we anticipate a smooth transition to our retail team and, most importantly, believe it will be seamless to consumers who have come to rely on La-Z-Boy to provide them with a pleasant and professional shopping experience in a La-Z-Boy Furniture Galleries® store."
Forward-looking InformationThis news release contains, and oral statements made from time to time by representatives of La‑Z‑Boy may contain, "forward-looking statements." With respect to all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.