La-Z-Boy plans to divest American Drew, Kincaid wholesale casegoods units
La-Z-Boy Inc. announced Tuesday plans to sell its American Drew and Kincaid wholesale casegoods businesses to Banner House in a transaction projected to close in mid-May. Terms were not disclosed.
American Drew and Kincaid casegoods products will continue to be available to wholesale customers in their current showrooms at this month's High Point Market.
La-Z-Boy said the sale is part of a portfolio shift focused on its core and vertically integrated North American upholstery business.
"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," Melinda Whittington, La-Z-Boy's chairwoman, president and chief executive, said in a statement.
"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."
La-Z-Boy operates a retail network of more than 370 branded stores, including 226 company-owned locations, and its digital platform at La-Z-Boy.com. Within the wholesale segment, 90% of its products are produced in North America.
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