MONROE, Mich. — La-Z-Boy Inc, signed an asset purchase agreement to acquire a La-Z-Boy Furniture Galleries store network in the Southeast from Atlanta Furniture Galleries owned by Tom and Amy DeGoey.

The DeGoey business is the second-largest independent operator within the La-Z-Boy Furniture Galleries store network, with 15 stores, four warehouses, and approximately $80 million in annual sales.

Once complete, the 15 stores will become part of La-Z-Boy’s Retail reporting segment and will bring the total company-owned store count to 220, 60% of the La-Z-Boy Furniture Galleries store network.

Melinda D. Whittington, board chair, president and CEO of La-Z-Boy Inc., said, “We are pleased to acquire this business in the rapidly growing and strategic southeast region. These stores are in core markets for us, including Atlanta, Orlando, Jacksonville, and Knoxville, and will pave the way for additional growth.”

Whittington added, “This significant acquisition is another example of creating our own momentum in an increasingly challenging macro environment and investing for our next 100 years despite current headwinds. This is another proof point of La-Z-Boy Incorporated continuing to deliver on its Century Vision objectives and growing retail and direct to consumer. Our vertically integrated model is a key differentiator, and we have the opportunity to further leverage the combined margin associated with earning sales and profit on both wholesale and retail sales.”