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La-Z-Boy aims at millennials with Joybird acquisition

La-Z-Boy Inc. LZB, -Zero.50% said overdue Monday it had agreed to buy Joybird, an e-commerce store and maker of upholstered furnishings, aiming at millennial patrons with a style for mid-century fashionable furnishings. Joybird, which had annual revenue around $55 million closing yr, will change into a subsidiary of La-Z-Boy, it said. Terms of the deal were not disclosed. "The Joybird team has created an incredible brand and online shopping platform and this combination provides great synergies for both companies. For La-Z-Boy, it will allow us to better reach millennial and Gen X consumers, leverage our supply chain assets and provide us with a greater presence online," Chief Executive Kurt L. Darrow said in a observation. Shares of La-Z-Boy had been flat in overdue trading Monday after ending the regular trading time off Zero.five%.