La-Z-Boy buys 13 stores in the Chicago area

Deseret News (Salt Lake City), Feb 22, 2005

La-Z-Boy Inc., the largest U.S. home-furniture maker, said it purchased 13 stores that sell its products in Chicago and nearby suburbs as it seeks to expand its business in the biggest U.S. cities. Terms weren't disclosed.

The Michigan-based furniture chain, which has a manufacturing plant in Tremonton, Box Elder County, acquired the stores from Chuck Forcey, who built the business over the last three decades. The company said the purchase boosts the number of La-Z-Boy brand retail stores it owns by one-third.

"This acquisition fits well with our strategy of playing a larger corporate role, where necessary, in obtaining greater market penetration in the 25 largest markets," Kurt Darrow, the chief executive officer of La-Z-Boy said in the statement.

Chicago is the third-largest city in the U.S. La-Z-Boy said it can operate as many as 20 stores in the city and suburbs. By acquiring Forcey's stores, La-Z-Boy boosted the number of namesake retail stores it owns to 52 from 39.