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<SEC-DOCUMENT>0000950152-08-008891.txt : 20081107
<SEC-HEADER>0000950152-08-008891.hdr.sgml : 20081107
<ACCEPTANCE-DATETIME>20081107074338
ACCESSION NUMBER:		0000950152-08-008891
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081106
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081107
DATE AS OF CHANGE:		20081107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LA-Z-BOY INC
		CENTRAL INDEX KEY:			0000057131
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				380751137
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0428

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09656
		FILM NUMBER:		081168775

	BUSINESS ADDRESS:	
		STREET 1:		1284 N TELEGRAPH RD
		CITY:			MONROE
		STATE:			MI
		ZIP:			48162
		BUSINESS PHONE:		7342414414

	MAIL ADDRESS:	
		STREET 1:		1284 N TELEGRAPH RD
		CITY:			MONROE
		STATE:			MI
		ZIP:			48162

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LA Z BOY CHAIR CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k46924e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549-1004</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Current Report Pursuant to Section&nbsp;13 or 15(d)of<BR>
the Securities Exchange Act of 1934</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>November&nbsp;6, 2008<DIV style="width: 50%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV> (Date of Report (Date of Earliest Event Reported))</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>LA-Z-BOY INCORPORATED<DIV style="width: 80%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>MICHIGAN</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-9656</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>38-0751137</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Indentification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>1284 North Telegraph Road, Monroe, <BR>
Michigan</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>48162-3390</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Zip Code</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code <U>(734)&nbsp;242-1444</U></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">None<DIV style="width: 50%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Former name or former address, if changed since last report.)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;2.05. Costs Associated with Exit or Disposal Activities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9.01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="k46924exv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link2 "Item&nbsp;2.05. Costs Associated with Exit or Disposal Activities." -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.05. Costs Associated with Exit or Disposal Activities.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;6, 2008, the management of La-Z-Boy Incorporated committed to a series of initiatives
designed to respond to the challenges of the current operating environment. These initiatives
include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immediately reducing its headcount by about 10%, or approximately 850 employees, across
all levels of the company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Closing 15 to 20 La-Z-Boy Furniture Galleries&#174; stores, primarily dealer owned, over the
next 90 to 120&nbsp;days, due to the overall tightening of the credit markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Significantly reducing its planned fiscal 2009 capital expenditures from approximately
$27&nbsp;million to approximately $18&nbsp;million to $20&nbsp;million; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggressively reducing its overall discretionary expenses and inventories to be in
alignment with today&#146;s volumes.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Severance and other benefit costs will result in an approximate $1.5&nbsp;million to $2.5&nbsp;million
pre-tax charge, which will be cash expenditures incurred mainly in the third quarter of fiscal
2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further information about the restructuring plan is set forth in the press release attached as
Exhibit&nbsp;99.1, which is incorporated herein by reference.
</DIV>

<!-- link2 "Item&nbsp;9.01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued by the Company, dated November 6, 2008, announcing corporate initiatives.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SIGNATURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom: 1px solid #000000"><B>LA-Z-BOY INCORPORATED</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom: 0px solid #000000">
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" style="border-bottom: 0px solid #000000">
Date: November&nbsp;7, 2008
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>

</TR>



<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">BY:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Margaret L. Mueller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Margaret L. Mueller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Corporate Controller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>k46924exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="k46924k4692401.gif" alt="(LAZBOY INCORPORATED LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>NEWS RELEASE</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Contact: </B>Kathy Liebmann
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(734) 241-2438
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><U>kathy.liebmann@la-z-boy.com</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>LA-Z-BOY ANNOUNCES CORPORATE INITIATIVES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MONROE, MI. November&nbsp;6, 2008&#151;La-Z-Boy Incorporated (NYSE: LZB) today announced a series of
initiatives designed to respond to the challenges of the current operating environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to difficult macroeconomic conditions, fueled principally by events in the financial, credit
and housing markets, declining consumer confidence and the discretionary nature of home furnishings
purchases, La-Z-Boy will take the following actions to align its operating structure with today&#146;s
level of business. It will:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immediately reduce its headcount by about 10%, or approximately 850 employees, across
all levels of the company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Close 15 to 20 La-Z-Boy Furniture Galleries&#174; stores, primarily dealer owned, over the
next 90 to 120&nbsp;days, due to the overall tightening of the credit markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Significantly reduce its planned fiscal 2009 capital expenditures from approximately
$27&nbsp;million to approximately $18&nbsp;million to $20&nbsp;million; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggressively reduce its overall operating expenses and inventories to be in alignment
with today&#146;s volumes.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kurt Darrow, La-Z-Boy&#146;s President and Chief Executive Officer, said, &#147;Given the turmoil in the
global financial markets coupled with declining consumer confidence and tightening credit, the
furniture industry is in the midst of an unprecedented downward spiral as the consumer reacts to
these events by postponing home furnishings and other discretionary purchases. Based on the
magnitude of the change in our incoming order rates, we are taking immediate action to aggressively
reshape our business so that our costs and inventories more accurately reflect the reality of the
current operating climate. While these decisions are difficult to make and we regret the impact
they will have on those affected and their families, they are necessary to structure our company to
operate
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">more efficiently in what has rapidly turned in recent weeks into a much weaker demand
environment. In the short-term, we will focus on managing the business for cash generation and
ensuring the continued liquidity of our corporation.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Darrow added, &#147;Although we are making these significant changes and curtailing our expenditures on
a number of projects that do not contribute immediately to the bottom line, we are continuing to
move forward with our investment in several major initiatives that are key to our profitable
growth. These include our new cut-and-sew facility in Mexico, which is scheduled to open in
January of 2009, and the continued warehouse consolidation process of the La-Z-Boy Furniture
Galleries&#174; dealer base. Importantly, we have every confidence that both the strength of our brand
and maintaining a strong financial position will allow us to weather the unprecedented storm that
has had an adverse effect on our industry.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Severance and other benefit costs will result in an approximate $1.5&nbsp;million to $2.5&nbsp;million
pre-tax charge, the majority of which will be incurred in the third quarter of the company&#146;s 2009
fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company plans to report its fiscal 2009 second-quarter results after the close of market on
November&nbsp;18, 2008, with a conference call scheduled for the morning of November&nbsp;19, 2008, and will
update the investment community with more details on its various initiatives at that time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Forward-looking Information </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any forward-looking statements contained in this news release are based on current information and
assumptions and represent management&#146;s best judgment at the present time. Actual results could
differ materially from those anticipated or projected due to a number of factors. These factors
include, but are not limited to: (a)&nbsp;changes in consumer confidence; (b)&nbsp;changes in demographics;
(c)&nbsp;further changes in the housing market; (d)&nbsp;the impact of terrorism or war; (e)&nbsp;continued energy
price changes; (f)&nbsp;the impact of logistics on imports; (g)&nbsp;the impact of interest rate changes; (h)
changes in currency exchange rates; (i)&nbsp;competitive factors; (j)&nbsp;operating factors, such as supply,
labor or distribution disruptions including changes in operating conditions or costs; (k)&nbsp;effects
of restructuring actions; (l)&nbsp;changes in the domestic or international regulatory environment; (m)
ability to implement global sourcing organization strategies; (n)&nbsp;fair value changes to our
intangible assets due to actual results differing from projected; (o)&nbsp;the impact of adopting new
accounting principles; (p)&nbsp;the impact from natural events such as hurricanes, earthquakes and
tornadoes; (q)&nbsp;the ability to procure fabric rolls and leather hides or cut and sewn fabric sets
domestically or abroad; (r)&nbsp;continued decline in the credit market and potential impacts on our
customers; (s)&nbsp;those matters discussed in Item&nbsp;1A of our fiscal 2008 Annual Report and factors
relating to acquisitions and other factors identified from time to time in our reports filed with
the Securities and Exchange Commission. We undertake no obligation to update or revise any
forward-looking statements, either to reflect new developments or for any other reason.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Additional Information</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This news release is just one part of La-Z-Boy&#146;s financial disclosures and should be read in
conjunction with other information filed with the Securities and Exchange
Commission, which is available at <U>http://www.la-z-boy.com/about/investorRelations/sec_filings.aspx</U>.
Investors and others wishing to be notified of future La-Z-Boy news releases, SEC filings and
quarterly investor conference calls may sign up at:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>http://www.la-z-boy.com/about/investorRelations/IR_email_alerts.aspx</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Background Information</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">La-Z-Boy Incorporated is one of the world&#146;s leading residential furniture producers, marketing
furniture for every room of the home. The La-Z-Boy Upholstery Group companies are Bauhaus, England
and La-Z-Boy. The La-Z-Boy Casegoods Group companies are American Drew/Lea, Hammary and Kincaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The corporation&#146;s proprietary distribution network is dedicated exclusively to selling La-Z-Boy
Incorporated products and brands, and includes 333 stand-alone La-Z-Boy Furniture Galleries&#174;
stores, 21 La-Z-Boy In-Store Galleries and 387 Comfort Studios, in addition to in-store gallery
programs at the company&#146;s Kincaid, England and Lea operating units. According to industry trade
publication <I>In Furniture</I>, the La-Z-Boy Furniture Galleries retail network is North America&#146;s
largest single-brand furniture retailer. Additional information is available at
<U>http://www.la-z-boy.com/</U>.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">#&nbsp;&nbsp;#&nbsp;&nbsp; #
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
