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
. Included in the transaction are two stores in
and one in
The transaction is a result of the planned retirement of the independent dealer,
, 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
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.
, 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
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."
This 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.