SALTILLO, Miss. (AP) - La-Z-Boy Inc. is selling a Saltillo, Miss.-based company it has owned since 1999.
La-Z-Boy, based in Monroe, Mich., announced in a news release Friday that Bauhaus U.S.A. Inc., an operating company within its upholstery segment, is being sold to an investor group led By Bauhaus president Britt Allred.
Terms of the transaction, which is expected to close in the fiscal 2014 fourth quarter, were not disclosed.
Bauhaus offers primarily contemporary sofas, sectionals and occasional chairs that are marketed in the U.S., Canada, the Far East and Europe.
La-Z-Boy officials say Bauhaus was not a good strategic fit for the company in terms of revenue or earnings.
Bauhaus has operated in northeast Mississippi since 1989. It was bought by La-Z-Boy in 1999.
It employs about 275 workers in Saltillo.