La-Z-Boy Provides COVID-19 Manufacturing and Retail Update

La-Z-Boy Incorporated (“La-Z-Boy” or the “Company”), a global leader in residential furniture, 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. Regional Distribution Centers remain operational to deliver in-process orders.

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy Incorporated, said: “We are monitoring the COVID-19 situation daily, with the health, safety and well-being of our employees, customers and communities our highest priority. We are reviewing data from across the country, as well as the applicable federal, state and local requirements and guidelines where we do business. Initially, we will open several La-Z-Boy branded manufacturing facilities at partial production capacity. The products produced will serve to address the backlog we had when we closed our plants at the end of March and to satisfy orders that we expect to see as many states begin to allow our retail customers to re-open on a limited basis over the next several weeks. Moving forward, we will operate the business as customer demand dictates and are hopeful that as more retailers re-open, we will be able to increase production accordingly and bring additional employees back to work.”

Darrow added, “Last week, several La-Z-Boy Furniture Galleries® stores in a few markets opened, based on applicable state and local guidelines, and we were pleased with consumer response. The stores are operating with strict health, safety, and social distancing guidelines in place for the safety and comfort of our employees and customers. We plan to continue to open stores over the next several weeks when it is deemed safe by various states to do so and state closure orders in the respective markets permit.”

The company continues to prioritize the health and safety of its employees and customers by building upon the health, sanitation, and safety practices it already had in place across all facilities, and is following guidelines from the Centers for Disease Control and Prevention (“CDC”) and the World Health Organization (“WHO”).

The company remains focused on managing the business to preserve cash and to ensure the continued liquidity of the company.

Customers may engage with La-Z-Boy online and continue their shopping experience by placing orders at La-Z-Boy.com and Joybird.com

About La-Z-Boy

La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew®, Hammary®, and Kincaid®. The company-owned Retail segment includes 155 of the 355 La-Z-Boy Furniture Galleries® stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture. The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 355 stand-alone La-Z-Boy Furniture Galleries® stores and 559 independent Comfort Studio® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/.

Contact:

Kathy Liebmann – kathy.liebmann@la-z-boy.com – (734) 241-2438

Source: La-Z-Boy Incorporated