Yes it can.
Fairly notably quite a lot of publishers sell their physical books and newspapers and require retailer unsold copies to be destroyed - but they were sold to the retailer.
> Moreover if the rightsholder for that patent had been licensing only under the terms that the purchased chair is destroyed after 5 years but then a change in consumer protection law prevents that practice, they'd need to license it out under more reasonable terms (like you can only sell the chairs with the mechanism for 5 years, but there's no limit on how long people can use the mechanism in their purchased chairs) - otherwise they'd get no business.
They quite possibly already have an alternative business of licensing the component for non-game offerings that they won't jeopardise.