Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

La-Z-Boy Will Fire 100 Workers as It Closes Plants

Don't Miss Out —
Follow us on:

April 16 (Bloomberg) -- La-Z-Boy Inc., the maker of American Drew and Kincaid furniture, said it’s firing about 100 workers as it closes plants in a company restructuring.

La-Z-Boy will discontinue wood furniture production at its Hudson, North Carolina, facility in the second quarter of fiscal 2015 as it switches to imported materials, the Monroe, Michigan-based maker of furniture and recliner chairs said today in a statement. It’s also putting its Lea Industries children’s furniture unit and two manufacturing facilities up for sale.

The restructuring will result in a pretax charge of as much as $15 million, the majority of which will be incurred in the fiscal fourth quarter ending this month, the company said.

Other retailers including Family Dollar Stores Inc. have cut jobs recently amid restructuring and store closures. La-Z-Boy sales growth slowed in the most recent quarter, rising 3 percent to $350.4 million in the three months ended Jan. 25, compared with a 14 percent gain in the previous quarter.

The shares rose 1.5 percent to $24.98 today at the New York close and have fallen 19 percent this year. The Standard & Poor’s 500 Index has gained 0.8 percent this year.

To contact the reporter on this story: Leslie Patton in Chicago at lpatton5@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net Stephen West, John Lear

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.