MONROE, Mich — La-Z-Boy Inc. affairs to access the nine Arizona La-Z-Boy Furniture Galleries stores, the largest-volume licensee abettor aural La-Z-Boy’s 350-store network.
Subject to closing conditions, La-Z-Boy will buy the food from EBCO Inc., endemic by absolute banker Edward O. Breunig III, who is retiring.
Included in the acquisition, accepted to abutting in August, are six food in the Phoenix city area, two in the Tucson bazaar and one in Prescott. The move would accompany La-Z-Boy’s company-owned abundance calculation to 155. The top four of La-Z-Boy’s top-performing retail arrangement food are included in the acquisition.
The accretion will accommodate chain for the awful acknowledged Arizona-based business and its advisers afterward the planned retirement of the absolute dealer. The nine food will become allotment of the La-Z-Boy retail segment.
“We are beholden to the Breunig ancestors for their abiding adherence to our aggregation and abundance network, and their 35-year charge to architecture and developing the best acknowledged absolute La-Z-Boy licensee business in North America,” Kurt Darrow, La-Z-Boy chairman, admiral and CEO, said in a release.
He went on to acknowledge Breunig, who took over the business in 1999 afterwards his ancestor opened his aboriginal La-Z-Boy abundance in 1983.
Breunig, CEO of EBCO, said, “I am appreciative of the business we accept congenital calm and I am assured that our longtime accomplice in progress, La-Z-Boy Inc., will abide our ancestors tradition,” Breunig said.
The Arizona stores’ absolute leadership, led by Admiral Frank Neal, will abide the administration of circadian operations.
“Frank is a actual able retail baton who oversees all functions of the business and is abundantly amenable for our absurd sales growth,” Breunig said.
“Additionally, Arizona has abundant demographics with account to the amount La-Z-Boy customer and, due to the bazaar dynamics, we are aflame about its abeyant and accept there could be allowance for added La-Z-Boy Furniture Galleries food in the future,” Darrow added. “The nine food we are accepting are profitable, will be bound chip into our retail articulation and be accretive.”
As La-Z-Boy is already recording a allocation of the Arizona-store aggregate in its broad segments, the accretion of the Arizona food will accord about $40 actor annually of sales aggregate to the aggregation on a circumscribed basis.
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