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La-Z-Boy Inc. to Acquire Boardman, Howland Stores
MONROE, Mich. -- La-Z-Boy Inc. says it will acquire the two La-Z-Boy Furniture Galleries stores in Boardman and Howland, Ohio. The two Mahoning Valley stores report combined revenue of approximately $6.5 million.
The stores are owned and operated by independent dealers Ron and Marisa D'Alesandro, who are retiring. It was mutually decided that transitioning the stores to a subsidiary of La-Z-Boy Inc. would be in the best interest of the employees of both stores while providing for the greatest stability and continuity of the business in the Ohio market, the parent company said.
“We are pleased to acquire the two Youngstown, Ohio stores and I would like to thank Ron and Marissa, who have run a great operation since 1975,” said Kurt Darrow, chairman, president and CEO of La-Z-Boy. “They have been excellent to work with over a nearly 40-year time period and we wish them all the best in their retirements. “Given the Mahoning Valley stores’ proximity to La-Z-Boy’s company-owned stores in southern Ohio and Pittsburgh, the two locations are “a natural extension of our retail footprint in the region,” he added.
The deal, which is expected to close in November, will bring the total company-owned store count within the retail segment to 98. Terms of the transaction are not being disclosed.
Published by The Business Journal, Youngstown, Ohio.
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