La-Z-Boy Incorporated Sells Pilliod Division

Furniture World Magazine

La-Z-Boy Incorporated 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."