View:
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 4, 2001
(Date of Report (Date of Earliest Event Reported))
LA-Z-BOY INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Michigan
(State or Other Jurisdiction of Incorporation)
1-9656
(Commission File Number)
38-0751137
(I.R.S. Employer Identification No.)
1284 N. Telegraph Road
Monroe, Michigan 48162
(Address of Principal Executive Offices, Including Zip Code)
(734) 241-4414
(Registrant's Telephone Number, Including Area Code)
[not applicable]
(Former Name or Former Address If Changed Since Last Report)
Contact: Mark Stegeman (734) 241-4418 mark.stegeman@la-z-boy.com
--------------------------
LA-Z-BOY INCORPORATED SELLS PILLIOD DIVISION
MONROE, Mich., Dec. 3, 2001 - La-Z-Boy Incorporated (NYSE, PCX: LZB) announced
today that it has sold its Pilliod Furniture division to Michels South Carolina,
Inc., a subsidiary of Michels & Company, a privately-held company headquartered
in Lynwood, CA. Terms of the transaction, which became effective November 30,
were not disclosed. The transaction will not have a material impact to
La-Z-Boy's third fiscal quarter results.
La-Z-Boy acquired Pilliod, which produces promotionally-priced bedroom and
occasional furniture at its manufacturing facility in Nichols, SC, as part of
its January 2000 acquisition of Greensboro, NC-based LADD Furniture, Inc.
La-Z-Boy Incorporated President and CEO Jerry Kiser said, "The product line
produced by Pilliod did not strategically align with our other product lines,
and we are glad we were able to find a buyer who is already in this segment of
the industry, where a good strategic fit does exist. We wish our former
employees well under the new management and new ownership."
La-Z-Boy Background Information
With annual sales in excess of $2 billion, La-Z-Boy Incorporated is one of the
world's largest residential furniture producers, with manufacturing operations
in ten states and four foreign countries. The La-Z-Boy Incorporated family of
companies produces furniture for every room of the home and office. And, under
the American of Martinsville brand name, La-Z-Boy is also a leading manufacturer
of contract furniture for the hospitality and assisted-living markets.
La-Z-Boy Incorporated's vast distribution network of proprietary retailers
includes 296 La-Z-Boy Furniture Galleries(R) and 323 La-Z-Boy In-Store Gallerys;
in-store gallery programs at Kincaid, Pennsylvania House and Clayton Marcus;
England's Custom Comfort Centers and Lea's Kid's Generation displays. According
to industry trade publication Furniture/Today, the La-Z-Boy Furniture Galleries
retail network, by itself, represents the industry's fifth largest U.S.
furniture store. La-Z-Boy's stock is traded on the New York and Pacific stock
exchanges under the trading symbol: LZB. Additional information on the company
is available at www.la-z-boy.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LA-Z-BOY INCORPORATED
Date: December 4, 2001 /s/ James J. Korsnack
---------------------
James J. Korsnack
Chief Accounting Officer