From Home Furnishing Business
LZB to Buy 3-Store Las Vegas Network
La-Z-Boy Inc. (NYSE: LZB) plans to buy three La-Z-Boy Furniture Galleries stores in the Las Vegas market.
The three stores, with a combined revenue of about $11 million, are being sold because of the planned retirement of the owner Steve Hueftle . Hueftle opened his first La-Z-Boy store in 1988.
Two of the stores are located in Las Vegas, and the third is in Henderson, Nev.
According to a release, the sale to La-Z-Boy Inc. was "mutually agreed-upon" as the being in the best interest of the store employees and for the stability of the stores.
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 Sept. 30, and is subject to customary closing conditions. Terms of the transaction are not being disclosed.
"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," said Kurt Darrow , chairman, president and CEO of La-Z-Boy, said. "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."