Saltillo Furniture Company Sold To Investor Group
MONROE, Mich., Feb. 13, 2014 /PRNewswire/ — La-Z-Boy Incorporated (NYSE: LZB) today announced it signed an agreement to sell Bauhaus U.S.A., Inc., an operating company within La-Z-Boy’s upholstery segment, to an investor group led by Britt Allred, President, Bauhaus. Terms of the transaction, which is expected to close in the fiscal 2014 fourth quarter, were not disclosed. Bauhaus, a 25-year-old company that La-Z-Boy has owned since 1999, is based in Saltillo, Mississippi, and offers primarily contemporary sofas, sectionals and occasional chairs that are marketed in the U.S., Canada, the Far East and Europe.
Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy commented, “We are pleased to have the opportunity to sell Bauhaus to an investor group that will provide continuity and seamlessness to all its customers through the transition period to new ownership. I am confident Britt and his team will ensure customers receive the same level of innovation and service from Bauhaus that they have come to expect and we wish the new ownership group and employees all the best going forward. From La-Z-Boy’s perspective, with our emphasis on integrated retail, Bauhaus is not a strategic fit from a size perspective in terms of its revenue or earnings and we believe our resources will be further enhanced by narrowing our focus to our core business strategy.”