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La-Z-Boy Incorporated Announces Sale of American Drew and Kincaid Wholesale Casegoods Businesses

  • La-Z-Boy Incorporated announced the sale of its American Drew & Kincaid wholesale casegoods businesses to Banner House, formerly known as Magnussen Home Furnishings, Inc.
  • The transaction is subject to customary closing conditions & is expected to conclude in mid-May.
  • La-Z-Boy will maintain its 374 North American retail stores, continuing to offer casegoods products as part of a whole-home solution for consumers.
  • The sale supports La-Z-Boy's strategy to focus on its core, vertically integrated North American upholstery business while advancing its Century Vision.
  • A seamless transition is anticipated for existing employees, sales representatives, customers, dealers, & suppliers.
  • American Drew & Kincaid products will remain available to wholesale customers in current High Point showrooms during the April Furniture Market.
  • Stump & Company served as the financial advisor for La-Z-Boy in connection with the sale.
  • La-Z-Boy approaches its 100-year anniversary in 2027 as a more focused enterprise aimed at driving value for stakeholders.