• American Drew and Kincaid wholesale casegoods businesses to be sold to Banner House (formerly Magnussen Home Furnishings, Inc.), a multi-branded portfolio of home furniture
• Transaction is scheduled to close in mid-May
• La-Z-Boy will continue to offer casegoods products in its 374 stores across North America as part of its whole home solution for consumers
• Seamless transition expected for existing customers, dealers, and suppliers
• Transaction advances La-Z-Boy Incorporated progress of focusing on its core, vertically integrated North American upholstery business
  
   

MONROE, Mich., April 21, 2026 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB), a global leader in the retail and manufacture of residential furniture, announced the sale of its American Drew and Kincaid wholesale casegoods businesses to Banner House (formerly Magnussen Home Furnishings, Inc.), a multi-branded portfolio of home furniture. The transaction is subject to customary closing conditions and is currently expected to close in mid-May. American Drew and Kincaid casegoods products will continue to be available to wholesale customers in their current showrooms at High Point for this April Furniture Market.

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