La-Z-Boy To Acquire La-Z-Boy Furniture Galleries® Stores In Southern Ohio Region
La-Z-Boy Incorporated (NYSE: LZB) announced it intends to acquire nine La-Z-Boy Furniture Galleries® stores and a supporting distribution center in southern Ohio. Included in the acquisition are four stores in Cincinnati, three in Columbus and two in Dayton, with combined revenue in calendar 2011 of approximately $30 million.
The transaction is a result of the planned retirements of two owners and the mutually agreed-upon decision that selling the stores to La-Z-Boy Incorporated would be in the best interest of their employees while providing for the greatest stability and continuity of the long-standing southern Ohio business. The nine stores and distribution center will become part of La-Z-Boy's retail operation and will bring the total company-owned store count to 94. The transaction is expected to close in October 2012, subject to customary closing conditions.
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