Monroe, Mich. – La-Z-Boy Inc. intends to acquire two La-Z-Boy Furniture Galleries stores located in the Youngstown, Ohio, market, with combined revenue of approximately $6.5 million. The stores are located in Boardman and Howland, Ohio, and are owned and operated by independent dealers who are retiring.
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,” said Kurt Darrow, chairman, president and CEO of La-Z-Boy. “Given the Youngstown stores' proximity to the company-owned La-Z-Boy Furniture Galleries stores in southern Ohio and Pittsburgh, Pennsylvania, they are a natural extension of our retail footprint in the region. In addition to realizing various synergies with our retail management team, we will service the stores from our Ohio-based, company-operated regional distribution center, which will provide for efficiencies as well as giving the stores access to a greater in-stock position, ultimately enhancing service to the end consumer.”