MONROE, Mich. — La-Z-Boy Inc. has completed its previously announced asset acquisition of the Seattle business that operated six independently owned La-Z-Boy Furniture Galleries stores, with approximately $30 million in annual retail volume in calendar 2019, and one warehouse.
Terms of the transaction, the result of the planned retirement of independent dealers, Chris and Lisa Washko, were not disclosed.
The stores have become part of La-Z-Boy’s Retail segment, which is now composed of 159 stores.
“We are thrilled to have acquired the strong base of La-Z-Boy Furniture Galleries stores in the Seattle market,” said Kurt L. Darrow, chairman, president and CEO of La-Z-Boy. “The stores have historically performed above the network average for sales, and we believe that there are great prospects for La-Z-Boy in this market. I’d like to thank Chris and Lisa for their leadership over the years and their unwavering commitment to the La-Z-Boy brand as they steadily grew the business.”
As La-Z-Boy is already recording a portion of the Seattle-based store volume in its wholesale segments, the acquisition of the six stores is expected to contribute approximately $15 million of additional sales annually to the company on a consolidated basis.