La-Z-Boy to Sell Bauhaus USA to Investors
MONROE, Mich.-La-Z-Boy has signed an agreement to sell Bauhaus USA, an operating company within its upholstery segment, to an investor group led by Britt Allred, Bauhaus' president.
Terms of the transaction were not disclosed. The deal is expected to close in the 2014 fiscal fourth quarter.
Based in Saltillo, Miss., Bauhaus offers contemporary sofas, sectionals and occasional chairs that are marketed in the United States, Canada, Europe and the Far East. La-Z-Boy has owned the company since 1999.
Kurt Darrow, La-Z-Boy's chairman, president and CEO, said, "From La-Z-Boy's perspective, with our emphasis on integrated retail, Bauhaus is not a strategic fit from a size perspective in terms of its revenue or earnings, and we believe our resources will be further enhanced by narrowing our focus to our core business strategy."