La-Z-Boy Signs Deal for 15-Store Asset Purchase, Updates Q1 Outlook

Rhea-AI Filing Summary

La-Z-Boy Incorporated (NYSE: LZB) filed a Form 8-K on 14 July 2025 announcing it has signed an Asset Purchase Agreement to acquire certain assets of Atlanta Furniture Galleries, LLC. The deal covers 15 La-Z-Boy Furniture Galleries stores and four warehouses located in the southeastern United States. Both parties must satisfy customary closing conditions before completion.

In the same press release (Exhibit 99.1), the company also provided an updated outlook for its fiscal Q1 ending 26 July 2025; however, the 8-K does not disclose the revised figures. No purchase price, financing details, or expected closing date were included in the filing. The company clarified that the furnished information is not deemed filed for liability purposes under the Exchange Act.

The transaction, once closed, would increase the number of company-owned retail locations, strengthening La-Z-Boy’s direct-to-consumer channel in a key growth region. Investors will need additional disclosures—particularly financial terms and updated earnings guidance—to fully assess the impact on revenue, margins, and cash flow.

Positive

• Acquisition of 15 La-Z-Boy Furniture Galleries stores and four warehouses expands company-owned retail network in a growing southeastern market.
• Strategic alignment with direct-to-consumer growth plan may enhance brand control and margin mix once integrated.

Negative

• No purchase price or financing information disclosed, preventing assessment of return on investment and earnings impact.
• Transaction has not yet closed; customary conditions introduce execution risk.

Insights

M&A Specialist

TL;DR: Strategic store acquisition expands LZB’s footprint; financial terms undisclosed, so impact appears modestly positive.

The purchase of 15 stores and four warehouses fits La-Z-Boy’s strategy of owning more retail distribution, which typically yields higher gross margins and tighter brand control. The southeastern U.S. is a growth market for residential furniture, giving the firm greater regional density and logistics efficiency. Because the filing omits valuation metrics, it is impossible to calculate deal multiples or accretion. Customary closing conditions add execution risk, but such conditions are standard. Overall, the move should modestly enhance revenue scale and leverage fixed costs once integrated.

Equity Analyst

TL;DR: Acquisition likely grows sales but limited guidance keeps outlook uncertain; effect neutral-to-positive.

Additional company-owned stores can lift consolidated sales and margin mix versus licensed locations. Still, without purchase price, earnings impact, or updated Q1 figures, investors cannot gauge return on investment or near-term dilution. The separate reference to an outlook update suggests management confidence, yet specifics are lacking. I view the announcement as strategically constructive but not materially transformative until financial details emerge.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

			Date of Report (Date of earliest event reported):						July 14, 2025
LA-Z-BOY INCORPORATED
(Exact name of registrant as specified in its charter)

Michigan

1-9656

38-0751137

(State or other jurisdiction of

(Commission

(IRS Employer

incorporation)

File Number)

Identification No.)

One La-Z-Boy Drive,

Monroe,

Michigan

48162-5138

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code (734) 242-1444

N/A

      (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

LZB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐                                                         

Item 7.01  Regulation FD Disclosure.

On July 14, 2025, La-Z-Boy Incorporated (the "Company") issued a news release announcing that it had entered into an asset purchase agreement (the "Asset Purchase Agreement") with Atlanta Furniture Galleries, LLC (the "Seller"), certain of Seller's subsidiaries, and Seller's principals, Thomas and Amy DeGoey, pursuant to which the Company has agreed to acquire from the Seller certain assets related to a La-Z-Boy Furniture Galleries® business comprised of 15 stores and four warehouses in the southeast region of the United States. Pursuant to the Asset Purchase Agreement, the obligations of the Company and the Seller to complete the transactions are subject to customary closing conditions.

In the news release, separately, the Company also provided an update on its previously-issued outlook for financial results for the fiscal first quarter ending July 26, 2025.

A copy of the news release is attached to this Current Report on Form 8-K as Exhibit 99.1. The information furnished pursuant to this Item 7.01 and the related exhibit (Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01  Financial Statements and Exhibits.

    (d)        The following exhibits are furnished as part of this report:

Description
99.1						News Release Dated July 14, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LA-Z-BOY INCORPORATED

(Registrant)

Date: July 14, 2025

BY: /s/ Raphael Z. Richmond

Raphael Z. Richmond
Vice President, General Counsel and Chief Compliance Officer

FAQ

What did La-Z-Boy (LZB) announce in its 8-K filed on July 14 2025?

LZB disclosed an Asset Purchase Agreement to buy assets of Atlanta Furniture Galleries, covering 15 stores and four warehouses in the Southeast.

How many locations are included in La-Z-Boy’s planned acquisition?

The deal involves 15 La-Z-Boy Furniture Galleries stores and four warehouses.

Were the financial terms of the LZB acquisition provided?

No. The 8-K does not disclose the purchase price, financing structure, or expected closing date.

Did La-Z-Boy change its Q1 FY2026 outlook?

Yes, the company referenced an updated outlook for the quarter ending July 26 2025, but specific figures were not included in the filing.

Is the transaction with Atlanta Furniture Galleries final?

Not yet. It is subject to customary closing conditions as outlined in the Asset Purchase Agreement.