Global upholstery manufacturer La-Z-Boy Incorporated has announced the sale of its American Drew and Kincaid wholesale casegoods businesses to Banner House (formerly Magnussen Home Furnishings, Inc.), a multi-branded portfolio of home furniture.
The transaction is subject to customary closing conditions and is currently expected to close in mid-May. American Drew and Kincaid casegoods products will continue to be available to wholesale customers in their current showrooms at High Point for this April Furniture Market.
Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said: “We are pleased to announce the sale of the American Drew and Kincaid wholesale casegoods businesses as we deliver on our previously announced portfolio optimization.
“This transaction will enable La-Z-Boy Incorporated to focus on our core, vertically integrated North American upholstery business and drive our Century Vision strategy. In addition, this shift in casegoods sourcing strategy will better allow us to delight and inspire consumers with enhanced offerings for their entire home in our La-Z-Boy stores, Comfort Studios, and Branded Spaces across North America.
“With this transaction, the American Drew and Kincaid brands will continue into the future under new ownership, enabling a seamless transition for employees, sales representatives, customers, dealers, and suppliers. And, as La-Z-Boy Incorporated approaches our 100-year anniversary in 2027, we are excited to move ahead as a more focused enterprise to drive value for all stakeholders.”
