Furniture Today,
\nBrand will be developed, Universal parent Samson says
\nMONROE, Mich. \u00e2\u20ac\u201d Universal Furniture will acquire the Pennsylvania House trade name and certain assets from La-Z-Boy, the companies said today.<\/p>\n
La-Z-Boy said the parties have signed a letter of intent for the deal, which is expected to close later this month. Terms were not disclosed.
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\n No announcement was made on Pennsylvania House\u00e2\u20ac\u2122s sister company, Clayton Marcus, which also has been on the selling block for some time.<\/p>\n
Pennsylvania House, a 120-year-old company, makes furniture for every room in the home. La-Z-Boy acquired the brand in 2000 as part of its acquisition of Ladd Furniture.<\/p>\n
\u00e2\u20ac\u0153While Pennsylvania House has an excellent name and reputation in the marketplace, the company does not fit with La-Z-Boy\u00e2\u20ac\u2122s overall long-term strategy,\u00e2\u20ac\u009d said Kurt Darrow, La-Z-Boy president and CEO. \u00e2\u20ac\u0153Universal is a well-respected company and will be a natural partner for Pennsylvania House as it moves forward.\u00e2\u20ac\u009d<\/p>\n
Randy Chrisley, CEO of importer Universal, said, \u00e2\u20ac\u0153Pennsylvania House is a quality brand with outstanding consumer recognition. That recognition, combined with Universal Furniture\u00e2\u20ac\u2122s exceptional factory support, provides us with a unique opportunity to expand our ability to meet the changing needs of our customers.\u00e2\u20ac\u009d<\/p>\n
Kevin O\u00e2\u20ac\u2122Connor, president and CEO of Samson Marketing, the parent of Universal, said the acquisition fits in with the company\u00e2\u20ac\u2122s strategy.<\/p>\n
\u00e2\u20ac\u0153The strategic plan for Universal is to develop brands like Better Homes and Gardens and now Pennsylvania House, which we will market to the industry and the consumer. The \u00e2\u20ac\u02dcvalue added\u00e2\u20ac\u2122 of consumer brands, coupled with better-end products made in China, is a direction we feel will ultimately create a win-win equation for the corporation and our Universal retail dealer base,\u00e2\u20ac\u009d said O\u00e2\u20ac\u2122Connor.<\/p>\n
In recent years, virtually all of Pennsylvania House\u00e2\u20ac\u2122s line has been moved offshore.<\/p>\n
In February, La-Z-Boy Furniture sold occasional chair producer Sam Moore to Hooker Furniture, and at the time said it was talking to potential buyers of Pennsylvania House and Clayton Marcus.<\/p>\n","protected":false},"excerpt":{"rendered":"
Furniture Today, Brand will be developed, Universal parent Samson says MONROE, Mich. \u00e2\u20ac\u201d Universal Furniture will acquire the Pennsylvania House trade name and certain assets from La-Z-Boy, the companies said today. La-Z-Boy said the parties have signed a letter of intent for the deal, which is expected to close later this month. Terms were not […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4834","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=4834"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4834\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}