La-Z-Boy to acquire southeast store network from Atlanta Furniture Galleries

La-Z-Boy (LZB) announced the signing of an asset purchase agreement to acquire a La-Z-Boy Furniture Galleries store network in the southeast region of the United States from Atlanta Furniture Galleries, owned by Tom and Amy DeGoey. The DeGoey business is the second-largest independent operator within the entire La-Z-Boy Furniture Galleries store network, with 15 stores, four warehouses, and approximately $80M in annual sales. Once complete, the 15 stores will become part of La-Z-Boy’s retail reporting segment, will be immediately accretive to sales and profits, and will bring the total company-owned store count to 220, 60% of the entire La-Z-Boy Furniture Galleries store network. The transaction is expected to close in late October, subject to customary closing conditions. The transaction is expected to be funded with cash on hand. Additional terms of the deal were not disclosed. La-Z-Boy Incorporated will provide additional financial information relating to the transaction in its fiscal year 2026 second-quarter results in November. As La-Z-Boy Incorporated is already manufacturing for the acquired business and therefore, recording a portion of the annual sales in its Wholesale segment, the acquisition is currently expected to contribute approximately $40M of additional sales annually to the company on a consolidated basis.