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LZB > SEC Filings for LZB > Form 8-K on 21-Apr-2014All Recent SEC Filings

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Form 8-K for LA-Z-BOY INC


Costs Associated with Exit or Disposal Activities, Material Impairments, Regulation

Item 2.05 Costs Associated with Exit or Disposal Activities.

On April 16, 2014, we issued a news release committing to a restructuring of our casegoods business to transition to an all-import model for our wood furniture. As a result of the restructuring we intend to:

discontinue casegoods production at our Hudson, North Carolina facility,

exit the hospitality business,

market for sale our youth furniture business, Lea Industries, and

consolidate operations from two North Wilkesboro, North Carolina facilities at the Hudson facility.

As a result of the restructuring, we will incur costs that we estimate will total between $2.5 million and $2.9 million, including approximately $1.2 to $1.4 million for one-time employee termination benefits and approximately $1.3 to $1.5 million of costs to consolidate facilities. We estimate that all of these costs will result in future cash expenditures.

In addition to these costs, we expect to incur impairment charges as described in Item 2.06.

Item 2.06 Material Impairments

In connection with committing to the restructuring described in Item 2.05 of this report, we concluded that generally accepted accounting principles will require charges for impairment of some of our long-lived assets and inventory totaling between $9.5 million and $11.5 million, none of which we estimate will result in future cash expenditures.

Item 7.01 Regulation FD Disclosure

A copy of the news release referred to in Item 2.05 is attached to this current report on Form 8-K as Exhibit 99.1.

The information in this Item 7.01 and the related exhibit (Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) The following exhibit is furnished as part of this report:

99.1 News Release Dated April 16, 2014

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