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La-Z-Boy acquires U.K. licensee and nine U.S. stores

Published 11/16/2016, 07:23 AM
La-Z-Boy acquires U.K. licensee and nine U.S. stores
LZB
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  • La-Z-Boy Incorporated (NYSE:LZB) announces it signed an agreement to acquire the license for the La-Z-Boy brand in the United Kingdom and Ireland from Furnico Ltd. The business generates annual wholesale revenue of about $42M, of which the company already captures about half due to the current licensing agreement.
  • Furnico has been La-Z-Boy’s sales and distribution partner in the market for the past eight years.
  • The agreement will be effective January 1.
  • Separately, the company also announced that it acquired nine La-Z-Boy Furniture Galleries stores from an independent dealer on November 1, with annual retail volume of approximately $35M. The stores will become part of La-Z-Boy’s retail segment.
  • LZB +5.00% premarket to $27.30.
  • Source: Press Release

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