La-Z-Boy announced Thursday that it has agreed to buy two La-Z-Boy Furniture Galleries stores in the Youngstown, Ohio, market from a retiring licensee.
The two stores, which have combined annual revenue of about $6.5 million, are owned and operated by Ron and Marisa D'Alesandro. The couple has been an independent licensee of the company since 1975.
"They have been excellent to work with over a nearly 40-year time period, and we wish them all the best in their retirements," said Kurt Darrow, La-Z-Boy's chairman, president and CEO.
The latest acquisition will boost the number of company-owned retail stores to 98, including three in the Las Vegas market that were acquired last month from a retiring licensee.
"Given the Youngstown stores' proximity to the company-owned La-Z-Boy Furniture Galleries stores in southern Ohio and Pittsburgh, Pa., they are a natural extension of our retail footprint in the region," Darrow said.
He said the stores will be serviced by an existing company-operated distribution center in Ohio, which will improve operational efficiencies and give the stores a greater in-stock position.
The transaction is expected to close in mid-November. Terms of the deal were not disclosed.
There are a total of 312 La-Z-Boy Furniture Galleries stores in its branded retail network.
