La-Z-Boy buys 13 stores
Acquires Forcey's Chicago units
Larry Thomas -- Furniture Today, February 27, 2005
Chicago — La-Z-Boy Inc. has acquired the 13 Chicago-area La-Z-Boy Furniture Galleries stores that were owned by longtime dealer Chuck Forcey.
The transaction, terms of which were not disclosed, brings to 52 the number of Furniture Galleries stores owned by the company. Another 276 stores are operated by independent licensees.
Forcey had been a La-Z-Boy dealer for over 30 years and was a pioneer of La-Z-Boy Showcase Shoppes, the original dedicated store program.
"Not only are we purchasing a growing existing business with 13 stores, but we see significant opportunity for growth through the rapid opening of new stores and the conversion of the remaining stores to our successful New Generation format," said Kurt Darrow, La-Z-Boy president and CEO.
He said Forcey's decision to sell "was based on succession and estate planning considerations." No other members of Forcey's family are involved in the business.
Darrow said he believes the Chicago market can support at least 20 stores. Of the 13 existing units, four already have been converted to the New Generation format, and the remainder will be converted in the next two years, he said.
"This acquisition fits well with our strategy of playing a larger corporate role, where necessary, in obtaining greater market penetration in the 25 largest markets," Darrow said.
Twelve of the 13 existing Chicagoland stores are in Illinois, with one in nearby Merrillville, Ind. A new store is scheduled to open in Glenview, Ill., in April. A warehouse is located in Hammond, Ind., where Forcey also had his corporate offices.
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