La-Z-Boy acquiring Vegas stores
Larry Thomas -- Furniture Today, September 16, 2013
MONROE, Mich. - La-Z-Boy announced it intends to acquire three La-Z-Boy Furniture Galleries stores in the Las Vegas market from retiring licensee Steve Hueftle.
The transaction, which is expected to close Sept. 30, includes two stores in Las Vegas and one in Henderson, Nev. It will boost the number of company-owned La-Z-Boy stores to 96.
The purchase price wasn't disclosed, but the company said the three stores have combined annual sales of about $11 million.
"As one of our first independent dealers to open a La-Z-Boy Furniture Galleries store, Steve is truly a pioneer within our dealer network," said Kurt Darrow, La-Z-Boy's chairman, president and CEO. "Over the course of his 25 years as a store owner and operator, he, along with his wife, Diane, worked to build the La-Z-Boy brand and business in the Las Vegas market, and we appreciate their dedication and commitment and wish them all the best in their retirements."
The company said Hueftle's decision to sell the stores was a "mutually agreed-upon decision" that is in the best interest of his employees. It also will provide continuity and stability for La-Z-Boy's business in the Las Vegas market, the company said.
Currently, there are 312 stores in the La-Z-Boy Furniture Galleries network. The company recently said it plans to boost the network to 400 locations in five years. About 60% of the new stores will be company owned.