La-Z-Boy sells American of Martinsville subsidiary
05 Aug '06
2 min read
Home furnishing retailer La-Z-Boy Incorporated announced that it has completed the sale of its American of Martinsville subsidiary, to Hancock Park Associates, a Los Angeles-based private equity firm.
Terms of the transaction were not immediately disclosed, although the company expects it will result in a small gain which will be reported when the company issues its fiscal 2007 first-quarter results on August 15, 2006. American of Martinsville's net sales for fiscal 2006 represented approximately 5% of La-Z-Boy Incorporated's total revenue.
La-Z-Boy President and CEO Kurt L. Darrow said, “Our business model and long-term strategy are focused on providing comfortable and stylish furnishings for the home and, therefore, we have made a number of changes over the past two years to better align our company's business units with that model.
While American of Martinsville is a great company and a leader in the hospitality arena, it is not core to our strategy as a residential company. We are confident American of Martinsville will maintain its leadership position in the hospitality industry under its new ownership with its customers continuing to be offered premium custom furniture with quick delivery and excellent service.
Over the years, we have had a dedicated staff of employees at American of Martinsville and I would like to take this opportunity to thank them for their hard work and commitment and wish them well as they move with the company to join Hancock Park's operations.”
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