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La-Z-Boy to buy two franchise La-Z-Boy Furniture Galleries in Ohio

BY Dan Berthiaume

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.”

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QVC Germany CEO to retire

BY CSA STAFF

West Chester, Pa. – Dr. Ulrich Flatten will retire as CEO, QVC Germany at the end of the year, after 12 years of service to the company. Under his leadership, Germany has developed into QVC’s largest European business and its second largest business outside of the United States.

In the coming months, QVC will conduct a full search to name a new leader for QVC Germany and will consider internal and external candidates for the job. Beginning in early January, Steve Hofmann, CEO, QVC Europe, will take on an interim assignment as CEO, QVC Germany during the transition.

“QVC’s success in Germany is due in large part to Ulrich’s vision, commitment and determination," said QVC president and CEO Mike George. "He oversaw the opening of every major QVC site in Germany, including our call centers in Kassel and Bochum, our Huckelhoven distribution center, and our Düsseldorf headquarters, creating more than 2,000 jobs. He played an integral role in the launch of QVC Italy and has championed global initiatives in areas ranging from human resources to IT."

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L Brands prices $500 million in senior notes

BY Dan Berthiaume

Columbus, Ohio – The previously announced offering of $500 million aggregate principal amount of unsecured senior notes due 2023 from L Brands (formerly knows as Limited Brands) has priced at 100% of the aggregate principal amount with a coupon of 5.625%. The sale of the 2023 notes was underwritten by BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as joint book-running managers.

The 2023 notes will be guaranteed by certain L Brands subsidiaries. The company intends to use proceeds from the offering, after the payment of fees and expenses, for repayment of its 5.25% senior unsecured notes due November 2014 at maturity and for general corporate purposes, including repayment of outstanding borrowings under its revolving credit facility to fund seasonal working capital, share repurchases and dividends.

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