MONROE, Mich., Oct. 10, 2013 /PRNewswire/ -- La-Z-Boy
Incorporated (NYSE: LZB) today announced it 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 Ron 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
Incorporated 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.
Kurt Darrow, Chairman, President
and Chief Executive Officer of La-Z-Boy, said, "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. 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, 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.
Forward-looking Information
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.
Additional Information
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:
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-sec.
Investors and others wishing to be notified of future La-Z-Boy news
releases, SEC filings and quarterly investor conference calls may
sign up at:
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-alerts&t=&id=&.
Background Information
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 96 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 http://www.la-z-boy.com/.
SOURCE La-Z-Boy Incorporated