for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Healthcare

BRIEF-La-Z-Boy Announces Temporary Closure Of US Manufacturing Facilities Effective Immediately

March 29 (Reuters) - La-Z-Boy Inc:

* TEMPORARY CLOSURE OF U.S. MANUFACTURING FACILITIES, EFFECTIVE IMMEDIATELY, TO BE RE-EVALUATED ON APRIL 13

* LA-Z-BOY - TEMPORARY CLOSURE OF ALL COMPANY-OWNED LA-Z-BOY FURNITURE GALLERIES STORES IN PROCESS, WITH 130 OF 155 STORES CURRENTLY CLOSED

* TEMPORARY CLOSURE OF ITS REGIONAL DISTRIBUTION CENTERS ONCE IN-PROCESS ORDERS ARE DELIVERED

* LA-Z-BOY - FURLOUGH OF APPROXIMATELY 6,800 EMPLOYEES, OR APPROXIMATELY 70% OF ITS GLOBAL WORKFORCE

* SALARY REDUCTION OF 50% FOR SENIOR MANAGEMENT AND 25% FOR SALARIED EMPLOYEES UNTIL FURTHER NOTICE

* ELIMINATION OF JUNE QUARTERLY DIVIDEND AND TERMINATION OF SHARE REPURCHASE PROGRAM INDEFINITELY

* CO HAS PROACTIVELY DRAWN $75 MILLION UNDER ITS $150 MILLION REVOLVING CREDIT FACILITY Source text for Eikon: Further company coverage:

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up