La-Z-Boy Terminating 10% of Its Workforce
Well-known recliner and furniture maker La-Z-Boy (NYSE: LZB), finding the COVID-19 environment a poor fit for its business model, is acting to streamline its operations by terminating employees and closing facilities. The company said today it intends to permanently lay off approximately 10% of its employees worldwide, reducing its payroll by roughly 850 workers.
La-Z-Boy Chairman, President, and CEO Kurt Darrow said the terminations are "difficult decisions to make and we deeply regret the impact they will have on those employees who are affected," in addition to thanking the laid-off workers for their service. The company will also close its 60-year-old Newton, Mississippi, upholstery plant, moving the processes carried out there to other facilities across the United States.
Image source: Getty Images.
Source Fool.com
