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 While
Pennsylvania House has 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.
Kurt Darrow, President and CEO, La-Z-Boy
La-Z-Boy has completed the sale of
the Pennsylvania House trade name to Universal Furniture for
$1.65 million. Pennsylvania House, a 120-year-old company, is
best known for its solid-wood furniture.
La-Z-Boy announced its plans to sell Pennsylvania House to
universal in September (see
story).
Kurt Darrow, President and Chief Executive Officer of La-Z-Boy
Incorporated, said, "While [Pennsylvania House] has 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."
Kevin O'Connor, President and CEO of Samson Marketing, parent
company of Universal, said in September, "The 'value added' 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 Furniture retail dealer base."
The La-Z-Boy Upholstery Group companies are Bauhaus, England,
La-Z-Boy and La-Z-Boy, U.K. The La-Z-Boy Casegoods Group
companies are American Drew, Hammary, Kincaid and Lea.
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