La-Z-Boy to Buy Three La-Z-Boy Galleries Stores in Vegas, No Terms Disclosed
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.
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