A major Edmonton business is being bought out with Leon’s announcing that they were purchasing The Brick chain of furniture stores Sunday.

Leon’s will purchase the furniture store for about $700 million.

The two companies will continue operating under their own names, according to a release sent by Leon’s.

The Brick’s headquarters will remain in Edmonton, "preserving The Brick's roots in Edmonton,"  Brick CEO Vi Konkle wrote in the release.

The company opened its first furniture store in Edmonton in 1971.