La-Z-Boy Inc. buying three Nevada locations from independent dealer

Monroe, Mich. -- La-Z-Boy Inc. announced it intends to acquire three La-Z-Boy Furniture Galleries stores located in the Las Vegas market, with combined revenue of approximately $11 million. Included in the transaction are two stores in Las Vegas, and one in Henderson.

The transaction is a result of the planned retirement of the independent dealer, Steve Hueftle, who opened his first La-Z-Boy Furniture Galleries store in 1988, and the mutually agreed-upon decision that transitioning the stores to a subsidiary of La-Z-Boy would be in the best interest of his employees while providing for the greatest stability and continuity of the long-standing business in the Las Vegas market.

The three stores will become part of La-Z-Boy's retail operation and will bring the total company-owned store count within the retail segment to 96. The deal is expected to close on September 30, 2013, subject to customary closing condit