TORONTO, Oct. 17,
2022 /CNW/ - Leon's Furniture Limited
("LFL" or the "Company") (TSX: LNF) today
announced plans to develop a new Distribution Centre (DC) and
corporate office for The Brick in Edmonton, Alberta. The new 500,000
square foot facility, which is slated to open in 2024, will replace
the existing 365,000 square foot facility in Edmonton. With the addition of the new
Edmonton facility, LFL will expand
its retail and distribution footprint to approximately 14,000,000
square feet of owned and leased real estate across Canada.
The new facility, which will be built on 28 acres of purchased
land in the northwest quadrant of Edmonton, is a 50/50 joint venture with
Qualico Properties. The DC, the second largest in the LFL portfolio
after the Mississauga, Ontario DC
at 870,000 square feet, will service bricks and mortar and online
fulfillment for all The Brick retail and commercial banners.
At full capacity, the new DC facility will house approximately
$50 million dollars in inventory with
the potential to add an additional 100,000 square feet of
warehousing space in the future.
"We are constantly evaluating strategies that will improve
efficiencies and customer service," said Mike Walsh, President and Chief Executive
Officer of LFL Group. "In addition to expanded inventory capacity,
the new Distribution Centre will feature state-of-the art equipment
allowing for quicker order fulfillment to the Brick stores across
Alberta and Saskatchewan."
About Leon's Furniture
Limited
Leon's Furniture Limited is the largest retailer of furniture,
appliances and electronics in Canada. Our retail banners include: Leon's;
The Brick; Brick Outlet; and The Brick Mattress Store. Finally,
with The Brick's Midnorthern Appliance banner alongside with Leon's
Appliance Canada banner, this makes the Company the country's
largest commercial retailer of appliances to builders, developers,
hotels and property management companies. The Company has 306
retail stores from coast to coast in Canada under various banners. The Company
operates five websites: leons.ca, thebrick.com,
furniture.ca, midnorthern.com and appliancecanada.com.
Cautionary Statement
This press release may contain forward-looking statements that
are subject to known and unknown risks and uncertainties that could
cause actual results to vary materially from targeted results. Such
risks and uncertainties include those described in Leon's Furniture
Limited's periodic reports including the annual report or in the
filings made by Leon's Furniture Limited from time to time with
securities regulatory authorities.
This News Release may include certain "forward-looking
statements" which are not comprised of historical facts.
Forward-looking statements include estimates and statements that
describe the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects",
"estimates", "may", "could", "would", "will", or "plan". Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, the Company's objectives, goals or
future plans, and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify beneficial business opportunities, failure to convert
the potential in the pursued business opportunities to tangible
benefits to the Company or its shareholders, the ability of the
Company to counteract the potential impact of the COVID-19
coronavirus on factors relevant to the Company's business, delays
in obtaining or failures to obtain required shareholder and TSX
approvals, changes in equity markets, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the
development of projects, and those risks set out in the Company's
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
SOURCE Leon's Furniture Limited