MONROE (AP) — La-Z-Boy Incorporated 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 dealis expected to close on September 30, 2013, 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, “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.”
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
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.
Actual results could differ materially from those we anticipate or
project due to a number of factors, including: (a) changes in consumer
confidence and demographics; (b) speed of economic recovery or the
possibility of another recession; (c) changes in the real estate and
credit markets and their effects on our customers and suppliers; (d)
international political unrest, terrorism or war; (e) volatility in
energy and other commodities prices; (f) the impact of logistics on
imports; (g) interest rate and currency exchange rate changes; (h)
operating factors, such as supply, labor or distribution disruptions;
(i) any court actions requiring us to return any of the Continued
Dumping and Subsidy Offset Act distributions we have received; (j)
changes in the domestic or international regulatory environment; (k)
adoption of new accounting principles; (l) severe weather or other
natural events such as hurricanes, earthquakes, flooding, tornadoes
and tsunamis; (m) our ability to procure fabric rolls and leather
hides or cut-and-sewn fabric and leather sets domestically or abroad;
(n) fluctuations in our stock price; (o) information technology
conversions or system failures; (p) effects of our brand awareness and
marketing programs; (q) the discovery of defects in our products
resulting in delays in manufacturing, recall campaigns, reputational
damage, or increased warranty costs; (r) litigation arising out of
alleged defects in our products; (s) our ability to locate new
La-Z-Boy Furniture Galleries@ stores (or store owners) and negotiate
favorable lease terms for new or existing locations; (t) our ability
to successfully integrate acquired businesses and realize the benefit
of anticipated synergies; and (u) those matters discussed in Item 1A
of our fiscal 2013 Annual Report on Form 10-K and other factors
identified from time-to-time in our reports filed with the Securities
and Exchange Commission. We undertake no obligation to update or
revise any forward-looking statements, whether to reflect new
information or new developments or for any other reason.
This news release is just one part of La-Z-Boy’s financial disclosures
and should be read in conjunction with other information filed with
the Securities and Exchange Commission, which is available at:
Investors and others wishing to be notified of future La-Z-Boy news
releases, SEC filings and quarterly investor conference calls may sign
La-Z-Boy Incorporated is one of the world’s leading residential
furniture producers, marketing furniture for every room of the home.
The La-Z-Boy Upholstery segment companies are La-Z-Boy, England and
Bauhaus. The Casegoods segment consists of four brands: American Drew,
Lea, Hammary and Kincaid. The company-owned Retail segment includes 93
of the 312 La-Z-Boy Furniture Galleries@ stores.
The corporation’s branded distribution network is dedicated to selling
La-Z-Boy Incorporated products and brands, and includes 312
stand-alone La-Z-Boy Furniture Galleries@ stores and 567 independent
Comfort Studios@ locations, in addition to in-store gallery programs
for Kincaid, England and Lea. Additional information is available at
SOURCE La-Z-Boy Incorporated
/CONTACT: Kathy Liebmann, (734) 241-2438, firstname.lastname@example.org
/Web Site: http://www.la-z-boy.com
CO: La-Z-Boy Incorporated
ST: Michigan Nevada
IN: REA FRN
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