MONROE, Mich., Oct. 10, 2013 /PRNewswire/ -- La-Z-Boy Incorporated (NYSE: LZB) today announced it intends to acquire two La-Z-Boy Furniture Galleries® stores located in the Youngstown, Ohio market, with combined revenue of approximately $6.5 million.
The stores are located in Boardman and Howland, Ohio, and are owned and operated by independent dealers Ron and Marisa D'Alesandro, who are retiring. As with prior transactions, it was mutually decided that transitioning the stores to a subsidiary of La-Z-Boy Incorporated would be in the best interest of the employees of both stores while providing for the greatest stability and continuity of the business in the Ohio market. The two 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 98. The deal is expected to close in mid-November, 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, "We are pleased to acquire the two Youngstown, Ohio stores and I would like to thank Ron and Marissa, who have run a great operation since 1975. They have been excellent to work with over a nearly 40-year time period and we wish them all the best in their retirements. Given the Youngstown stores' proximity to the company-owned La-Z-Boy Furniture Galleries® stores in southern Ohio and Pittsburgh, Pennsylvania, they are a natural extension of our retail footprint in the region. In addition to realizing various synergies with our retail management team, we will service the stores from our Ohio-based, company-operated Regional Distribution Center, which will provide for efficiencies as well as giving the stores access to a greater in-stock position, ultimately enhancing service to the end consumer.Forward-looking Information 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.