MONROE, Mich., Sept. 6 /PRNewswire-FirstCall/ -- La-Z-Boy Incorporated (NYSE: LZB) today announced it signed a Letter of Intent for Universal Furniture to acquire the Pennsylvania House trade name and certain assets. Terms of the deal, which is expected to close later this month, were not disclosed.

Pennsylvania House, a 120-year-old company, specializes in furniture for every room in the home. Acquired by La-Z-Boy in 2000, Pennsylvania House is best known for its stylish solid-wood furniture with high-quality craftsmanship. Offering a wide variety of styles, ranging from traditional to casual, country and traditional, the company distributes its furniture throughout the United States and abroad.

Kurt Darrow, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "While Pennsylvania House has an excellent name and reputation in the marketplace, the company does not fit with La-Z-Boy's overall long-term strategy. Universal is a well-respected company and will be a natural partner for Pennsylvania House as it moves forward."

Randy Chrisley, Chief Executive Officer of Universal Furniture, said, "Pennsylvania House is a quality brand with outstanding consumer recognition. That recognition, combined with Universal Furniture's exceptional factory support, provides us with a unique opportunity to expand our ability to meet the changing needs of our customers."

Kevin O'Connor, President and CEO of Samson Marketing, parent company of Universal, stated: "The strategic plan for Universal Furniture is to develop brands like Better Homes and Gardens and now Pennsylvania House, which we will market to the industry and the consumer. The 'value added' of consumer brands coupled with better-end products made in China is a direction we feel will ultimately create a 'win-win' equation for the corporation and our Universal Furniture retail dealer base."

Background Information

La-Z-Boy Incorporated is one of the world's leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery Group companies are Bauhaus, England, La-Z-Boy and La-Z-Boy, U.K. The La-Z-Boy Casegoods Group companies are American Drew, Hammary, Kincaid and Lea.

The corporation's proprietary distribution network is dedicated exclusively to selling La-Z-Boy Incorporated products and brands, and includes 333 stand-alone La-Z-Boy Furniture Galleries(R) stores and 281 La-Z-Boy In-Store Galleries, in addition to in-store gallery programs at the company's Kincaid, England and Lea operating units. According to industry trade publication In Furniture, the La-Z-Boy Furniture Galleries retail network is North America's largest single-brand furniture retailer. Additional information is available at http://www.la-z-boy.com/.

SOURCE  La-Z-Boy Incorporated
    -0-                             09/06/2007
    /CONTACT:  Kathy Liebmann of La-Z-Boy Incorporated, +1-734-241-2438, or
kathy.liebmann@la-z-boy.com/
    /Web site:  http://www.la-z-boy.com /
    (LZB)

CO:  La-Z-Boy Incorporated; Universal Furniture; Pennsylvania House; Samson
     Marketing
ST:  Michigan
IN:  HOU REA
SU:  TNM

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8947 09/06/2007 09:15 EDT http://www.prnewswire.com