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La-Z-Boy Completes Pennsylvania House Deal.
MONROE, Mich., Oct. 16 /PRNewswire-FirstCall/ -- La-Z-Boy Incorporated today announced that it completed the sale of the Pennsylvania House trade name and certain related assets to Universal Furniture for $1.65 million. The company will record a pre-tax charge of $0.6 million related to the trade name and expects to record an additional pre-tax charge in the range of $3 to $4 million for liquidating the subsidiary's remaining inventory. The total of these charges, net of tax, will be included in the "income (loss) from discontinued operations (net of tax)" line of La-Z-Boy's Statement of Operations.
Pennsylvania House, a 120-year-old company, specializes in furniture for every room in the home and is best known for its stylish solid-wood furniture with high-quality craftsmanship.
Kurt Darrow, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "We are pleased to have finalized the Pennsylvania House deal. While it has an excellent name in the marketplace, it did not fit with our long-term strategy and we believe Universal will be a natural partner for it."
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