La-Z-Boy to stop U.S. wood furniture production, sell youth furniture business

La-Z-Boy (LZB) unveils plans to restructure its casegoods business, which represents ~10% of revenue, by transitioning to an all-import model for its wood furniture.

LZB will discontinue production at its Hudson, N.C., plant, which handles bedroom furniture for the Kincaid and American Drew Lines, which account for a combined 12% of its wood-furniture business; LZB also will look to sell its youth-furniture unit, Lea Industries, saying it doesn't align with its long-term strategic objectives.

The restructuring is expected to result in charges of $0.15-$0.17/share, mostly during its FQ4.

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Comments (1)
  • capitolp
    , contributor
    Comments (716) | Send Message
    I will make it a point to never buy a La-Z-Boy product again.
    16 Apr 2014, 07:04 PM Reply Like
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