MONROE, MI – La-Z-Boy Inc. announced that it completed the sale of the Pennsylvania House trade name and certain related assets to Universal Furniture for $1.65 million.
La-Z-Boy said it will record a pre-tax charge of $600,000 related to the trade name and expects to record an additional pre-tax charge in the range of $3 million to $4 million for liquidating the subsidiary’s remaining inventory.
The Pennsylvania House name has been around for 120 years.
Kurt Darrow, president and CEO of La-Z-Boy, said, “We are pleased to have finalized the Pennsylvania House deal. While it is an excellent name in the marketplace, it did not fit with our long-term strategy and we believe Universal will be a natural partner for it.”
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