From Home Furnishing Business
La-Z-Boy Inc. to Buy 2 Ohio Furniture Galleries Stores
La-Z-Boy Inc. (NYSE: LZB) plans to acquire two La-Z-Boy Furniture Galleries stores in the Youngstown, Ohio, market.
The two stores have a combined revenue of about $6.5 million.
Located in Boardman, Ohio, and Howland, Ohio, the stores are owned by Ron D'Alesandro 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 Inc. 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.
"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," said Kurt Darrow, chairman, president and CEO of La-Z-Boy. "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, they are a natural extension of our retail footprint in the region."
Darrow said the two stores will be serviced from La-Z-Boy's Ohio-based distribution center.