La-Z-Boy lays off 6,800, slashes compensation, closes plants, stores – By Gregg Krupa (The Detroit News) / March 29 2020
La-Z-Boy Inc. announced Sunday it will temporarily close all of its manufacturing plants, stores and regional distribution centers, and lay off about 6,800 employees amid the coronavirus crisis.
The furniture manufacturer, one of the top-60 employers in Michigan, also announced a 50% salary reduction for senior management and 25% for salaried employees, until further notice, the company said in a news release. The layoffs represent about 70% of its workforce.
Kurt L. Darrow, Chairman, president and CEO, said: “As we move through this unprecedented global pandemic, keeping our employees, customers and the communities in which we operate safe and healthy is of paramount importance.”
“Our leadership team has determined that more significant measures are necessary to protect the health and safety of our employees, and to assist in the national effort to combat the spread of COVID-19,” Darrow said.
“While the decisions made were extremely difficult and we deeply regret the impact they will have on those affected and their families, they are deemed necessary as we face one of the most challenging periods in our history.”