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

|About: La-Z-Boy Incorporated (LZB)|By:, SA News Editor

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.