La-Z-Boy Incorporated (NYSE:LZB) has announced its plans to acquire Joybird, an e-commerce retailer specializing in upholstered furniture.
The maker of the iconic recliner is hoping to reach out to younger and Generation X consumers by growing its online presence, according to its press release.
The deal is expected to close for an undisclosed amount by the second quarter of fiscal 2019.
“When we combine our world-class supply chain with Joybird’s current manufacturing capabilities, it will be able to accelerate expansion and better service its customers, by improving production speed and shortening delivery times, while lowering costs,” said CEO Kurt L. Darrow in a press release.
The furniture maker said it will give more details about the transaction when it reports its fiscal 2019 first-quarter results in August.
Shares of the Michigan-based company were down slightly to US$29.94 in Monday after-hours trading.