La-Z-Boy Cutting 100 Jobs In N.C.
MONROE, Mich. (AP) -- La-Z-Boy Inc. is closing two facilities and eliminating 100 jobs in North Carolina as part of a larger restructuring of its business.
The furniture maker said Wednesday that it will idle two North Wilkesboro facilities and put them up for sale. It will move warehouse and repair functions from those sites to another North Carolina plant, in Hudson. La-Z-Boy is ending production of some of its bedroom furniture at the Hudson facility in the quarter that ends in October in 2014, as it shifts to importing all of its wood furniture.
The company said that its North Carolina facility was too big given the level of demand in the U.S.
It also plans to exit a division that sells furniture to hotels and will put its youth furniture business up for sale.
As a result of these changes, the company expects to take $13 million to $15 million in pre-tax charges, or 15 to 17 cents per share after tax, over the fourth quarter and first half of its next fiscal year.
Shares of the Monroe, Mich.-based company rose 37 cents to close at $24.98 and were unchanged in after-hours trading.