La-Z-Boy Completes Seattle-Market Acquisition
La-Z-Boy Incorporated (“La-Z-Boy”), a global leader in residential furniture, announced the completion of its previously announced asset acquisition of the Seattle, Washington business that operated six independently owned La-Z-Boy Furniture Galleries® stores, with approximately $30 million in annual retail volume in calendar 2019, and one warehouse. The transaction is the result of the planned retirement of independent dealers, Chris and Lisa Washko. The stores have become part of La-Z-Boy’s Retail segment, which is now composed of 159 stores.
Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “We are thrilled to have acquired the strong base of La-Z-Boy Furniture Galleries® stores in the Seattle market. The stores have historically performed above the network average for sales and we believe that there are great prospects for La-Z-Boy in this market. I’d like to thank Chris and Lisa for their leadership over the years and their unwavering commitment to the La-Z-Boy brand as they steadily grew the business. I wish them all the best in their well-deserved retirement.”
Tj Linz, President of La-Z-Boy Retail, said, “We are excited to begin working with some 60 Seattle team members, an exceptional group of individuals that provides outstanding service to their customers. With behind-the-scenes work conducted over the last several months, the integration of the stores is expected to be seamless and we look forward to operating the stores in this dynamic market as we turn houses into homes. We plan to continue to invest in this market with store remodels and potential new stores so that it continues to grow and reaches its full potential.”
Chris Washko said, “I’d like to thank our dedicated team members for helping La-Z-Boy Seattle achieve such great success over the last nine years. They are awesome individuals and it has been a distinct pleasure to work with them. I’d also like to thank Media Partners who have played a key role in promoting the La-Z-Boy brand in western Washington. And, finally, a heartfelt thanks to everyone at La-Z-Boy Incorporated; we are honored to have had the opportunity to work with a world-class organization and brand.”
As La-Z-Boy is already recording a portion of the Seattle-based store volume in its wholesale segments, the acquisition of the six stores is expected to contribute approximately $15 million of additional sales annually to the company on a consolidated basis, based on calendar 2019 sales for the Seattle-based stores.
Terms of the transaction were not disclosed.
La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew®, Hammary®, and Kincaid®. The company-owned Retail segment includes 155 of the 355 La-Z-Boy Furniture Galleries® stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture. The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 355 stand-alone La-Z-Boy Furniture Galleries® stores and 559 independent Comfort Studio® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/.
Kathy Liebmann – firstname.lastname@example.org – (734) 241-2438
Source: La-Z-Boy Incorporated