La-Z-Boy agrees to sell Bauhaus USA
Larry Thomas -- Furniture Today, February 14, 2014
MONROE, Mich. — La-Z-Boy said it has agreed to sell its Bauhaus USA unit to an investor group led by Bauhaus President Britt Allred.
Terms of the transaction were not disclosed. La-Z-Boy said the sale is expected to close during the company's fiscal fourth quarter, which ends in late April.
Kurt Darrow, La-Z-Boy's chairman, president and CEO, said the company opted to sell Bauhaus because it is no longer part of La-Z-Boy's core business strategy.
"With our emphasis on integrated retail, Bauhaus is not a strategic fit from a size perspective in terms of its revenue or earnings, and we believe our resources will be further enhanced by narrowing our focus to our core business strategy," Darrow said. "I am confident Britt and his team will ensure customers receive the same level of innovation and service from Bauhaus that they have come to expect, and we wish the new ownership group and employees all the best going forward."
Founded in 1989, Bauhaus has been owned by La-Z-Boy since 1999. It is based in Saltillo, Miss., and primarily produces contemporary sofas, sectionals and occasional chairs.
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