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MONROE, MI-Michigan furniture maker La-Z-Boy Inc. has purchased a total of eight retail stores in Pittsburgh and Connecticut. Terms of the transactions were not disclosed. The Pittsburgh store portfolio was purchased from previous owner Paul Teplitz, while the Connecticut operation was purchased from Tom Greene.
With the move, La-Z-Boy says it plans to open additional stores and is particularly considering the Hartford market. It also said it will renovate the existing stores, but that some under performing locations could close.
"With these two acquisitions we have fulfilled our objective of transitioning out of all of our initial poor performing VIE [Variable Interest Entities] dealers," says La-Z-Boy president and CEO Kurt L. Darrow. "Though there is significant work necessary to reposition these markets in order to achieve our expected operating levels, we are confident that our retail team is up to the challenge."
The Pittsburgh system consists of four stores, all of which are in the former store format. The stores are located in McMurray, Monroeville, Pittsburgh and Wexford, PA. The Connecticut operation is comprised of four stores located in Brookfield, Clinton, Orange and Waterbury. The Brookfield store is in the new generation format.
This purchases increases the company's corporate-owned store count to 61, out of 332 total La-Z-Boy Furniture Galleries stores in North America. La-Z-Boy had about $2 billion worth of sales in 2004.
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