Dover Local Business
Local business in Dover, NJ
Tuesday Nov 15 | via World News Report
La-Z-Boy Incorporated today announced it signed an agreement to acquire the license for the La-Z-Boy brand in the United Kingdom and Ireland from Furnico Ltd., which has been La-Z-Boy's sales and distribution partner in the market for the past eight years. Annual wholesale revenue for this business is approximately $42 million, based on current exchange rates. Due to the licensing agreement in place today, La-Z-Boy Incorporated already captures approximately half of the sales volume. The agreement will be effective January 1, 2017, and its results will be reported in the company's upholstery segment. The existing Furnico business outside of the La-Z-Boy license will continue with its normal operations. Comment?
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