La-Z-Boy Inc said on Sunday it was putting 6,800 employees on furlough, cutting workers' pay, scrapping its June dividend and ending its share repurchase plan indefinitely to conserve cash as it deals with the fallout from the coronavirus. The furniture maker, which said the furlough affected 70% of its workers, added that it was cutting senior management pay by 50% and dropping salaried workers' pay by 25% until further notice. Monroe, Michigan-based La-Z-Boy said it was temporarily closing its U.S. manufacturing facilities effective immediately and would re-evaluate the decision on April 13.
The Zacks Analyst Blog Highlights: Amkor Technology, SolarEdge Technologies, Ultra Clean, La-Z-Boy and SYNNEX
MONROE, Mich., April 09, 2020 -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential furniture, today provided an update to its COVID-19 action plan. With a.
La-Z-Boy Incorporated (LZB) today announced it intends to acquire the business that operates six independently owned La-Z-Boy Furniture Galleries® stores, with approximately $30 million in annual retail volume, and one warehouse in the Seattle, Washington market. The transaction is a result of the planned retirement of independent dealers, Chris and Lisa Washko, who took over the stores in 2011, and the mutually agreed-upon decision that selling the stores to La-Z-Boy Incorporated would be in the best interest of their employees while providing for the greatest stability and continuity of the business. The stores will become part of La-Z-Boy’s Retail segment, which today is composed of 155 stores.
Unfortunately for some shareholders, the La-Z-Boy (NYSE:LZB) share price has dived 37% in the last thirty days. That...
To conserve cash, some employers are suspending contributions to their workers’ 401(k) accounts. Tenet Healthcare (THC) and a physician practice in Boston on the front lines of providing expensive coronavirus care have also suspended their matches. Employers are required to give their workers a 30-day notice and cannot stop the match prior to the 30-day period.
Moody's Investors Service, ("Moody's") has downgraded the ratings on one class and affirmed the ratings on four classes in Morgan Stanley Capital I Trust 2007-TOP25. The rating on one P&I class, Cl. A-J, was downgraded due to the deal's exposure to specially serviced loans and Moody's concerns of potential interest shortfalls. The ratings on three P&I classes were affirmed because the ratings are consistent with Moody's expected loss plus realized losses.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
As if a savage bear market hasn’t inflicted enough damage on retirement accounts held by millions of American workers, many are suffering from an additional body blow: companies hammered by the coronavirus are cutting contributions to employees’ 401(k) plans in a desperate bid to save cash. Now, other companies are announcing similar moves. The Wall Street Journal reports that Amtrak, travel tech firm Sabre Corp. (SABR) and at least two national retailers—La-Z-Boy (LZB) and Mattress Firm Inc.—have also announced plans to suspend or cut contributions to employees.
Remember when Americans struggled to save for retirement because they were juggling high housing costs, student loan payments, credit card debt and scanty access to workplace savings? Add in a global pandemic, record unemployment and an economic lockdown. The coronavirus poses a threat to many Americans’ health and current financial well-being, but it also has the potential to derail an individual’s future retirement security.
The you know what is about to hit the fan in America's retail sector because of the coronavirus pandemic.
Q3 2020 La-Z-Boy Inc Earnings Call
La-Z-Boy, one of the most recognized brands in the furniture industry, is launching a new campaign called "One Million Thanks" that honors the sacrifices of frontline healthcare workers throughout the COVID-19 pandemic. With support from brand ambassador Kristen Bell, La-Z-Boy is rallying the collective creativity of the internet community to create one million different ways to say "thank you" to healthcare workers. By tagging pictures and videos with OneMillionThanks, the campaign aims to create an overwhelming online show of support for healthcare workers.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
La-Z-Boy Incorporated (LZB), a global leader in residential furniture, today announced its response to the COVID-19 crisis. Throughout this period, La-Z-Boy has followed all government regulations and recommendations and implemented best-practice health and safety protocols.
Everyone seems to be buying a new bed during the COVID-19 pandemic.
Zacks.com featured highlights include: La-Z-Boy, Chipotle Mexican Grill, Ulta Beauty, Cypress Semiconductor and TopBuild
La-Z-Boy (LZB) seems to be a good value pick, as it has decent revenue metrics to back up its earnings, and is seeing solid earnings estimate revisions as well.
La-Z-Boy Incorporated (LZB), a global leader in residential furniture, today announced it will begin to resume operations at partial production capacity at several U.S.-based plants on April 27, 2020, following the temporary closure of its manufacturing facilities and company-owned La-Z-Boy Furniture Galleries® stores in response to the COVID-19 pandemic. The company is resuming production to work through its existing backlog and to be able to service expected demand. Additionally, over the past week, based on various applicable state guidelines, the company opened several retail locations across the U.S. on a reduced schedule and expects to open additional stores in the coming weeks.
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