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<P align=center><FONT face="Times New Roman, Times, Serif" size=3><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B> </FONT></P><!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>WASHINGTON,
D.C. 20549-1004 </FONT></H1><!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>FORM 8-K
</FONT></H1><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Current Report
Pursuant to Section 13 or 15(d)of <BR>the Securities Exchange Act of 1934
</FONT></P><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->

<P align=center><FONT face="Times New Roman, Times, Serif"
size=3><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 9,
2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>(Date
of Report (Date of Earliest Event Reported))</FONT></P><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif"
size=3><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LA-Z-BOY
INCORPORATED
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>(Exact
name of registrant as specified in its charter) </FONT></P>





<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MICHIGAN</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1-9656</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38-0751137</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="1%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="28%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of</FONT></TD>
     <TD WIDTH="4%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="28%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission</FONT></TD>
     <TD WIDTH="4%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="29%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer</FONT></TD>
     <TD WIDTH="4%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="1%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="28%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>incorporation)</FONT></TD>
     <TD WIDTH="4%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="28%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File Number)</FONT></TD>
     <TD WIDTH="4%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="29%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indentification Number)</FONT></TD>
     <TD WIDTH="4%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>





<p>





<BR>
</p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center>

  <TR vAlign=bottom>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=2>1284 North
      Telegraph Road, Monroe, Michigan</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
      size=2>48162-3390</FONT>
      <HR width="100%" color=black noShade SIZE=1>
    </TH></TR>
  <TR vAlign=bottom>
    <TD align="center" width="41%"><FONT face="Times New Roman, Times, Serif"
      size=2>(Address of principal executive offices)</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align="center" width="53%"><FONT face="Times New Roman, Times, Serif"
      size=2>Zip Code </FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR> </TABLE>
<P align=center><FONT FACE="Times New Roman" SIZE="2">Registrant's telephone number, including area code <U>(734)
242-1444</U></font></P>
<p align="center"><BR><!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<FONT face="Times New Roman, Times, Serif"
size=3><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT>
<BR><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Former name or former
address, if changed since last report.)
</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="2">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:<br><br>

[&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br><br>

[&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br><br>

[&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br><br>

[&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>






<P style="PAGE-BREAK-AFTER: always"></P>

<HR color=black SIZE=4>


<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.05. &nbsp;Costs
Associated with Exit or Disposal Activities. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 8, 2007, Management
committed to a restructuring plan which will include the closures of its Lincolnton, North
Carolina and Iuka, Mississippi upholstery manufacturing facilities, the closure of its
rough mill lumber operation in North Wilkesboro, North Carolina, the consolidation of
operations at its Kincaid Taylorsville, North Carolina upholstery operation and the
elimination of a number of positions throughout the remainder of the organization. The
Lincolnton and Iuka facility closures will occur in the first quarter of fiscal 2008 and
will impact approximately 250 and 150 employees, respectively. The closure of our North
Wilkesboro lumber operation, consolidation of operations at Kincaid&#146;s Taylorsville
operation and the remaining activities will occur in the fourth quarter of fiscal 2007 and
will impact approximately 100 positions. These decisions were made to help align our
company with the current business strategy and strengthen our positioning going forward. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with these activities,
the Company expects to record total pre-tax restructuring and related asset impairment
charges of $9 to $10 million or $0.11 to $0.12 per share as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Asset impairment charges of $2.0 million in accordance with Statement of Financial
Accounting Standards (&#147;SFAS&#148;) No. 144 <I>Accounting for the Impairment or
Disposal of Long-Lived Assets</I> to write-down the facilities&#146; real and personal
property to estimated fair market value, less costs to sell, will be recorded in the
fourth quarter of fiscal 2007. </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH=95%>&nbsp;</TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Severance and benefit costs of $5.0 to $5.5 million in accordance with SFAS No. 146
<I>Accounting for Costs Associated with Exit or Disposal Activities</I> will be
recorded during the fourth quarter of fiscal 2007 and the first quarter of fiscal 2008. </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD WIDTH=95%>&nbsp;</TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Other costs incurred to close and consolidate facilities as well as transfer production to
other facilities of $2.0 to $2.5 million will be recorded during the first and second
quarters of fiscal 2008. </FONT></TD>
</TR>
</TABLE>
<p>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>All of the charges, except for the
$2.0 million asset impairment charge, will result in future cash expenditures relating to
severance, benefits and other plant exit and consolidation costs. </FONT>
</p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to the charges above, the
Company will incur a non-cash settlement charge as defined by SFAS No. 88
<I>Employers&#146; Accounting for Settlements and Curtailments of Defined Benefit Pension
Plans and for Termination Benefits</I> of approximately $1.4 million in the fourth quarter
of fiscal 2007 related to the termination and final payout of the Canadian pension plan.
This pension plan covered the employees who previously were employed at our Canadian
upholstery manufacturing facility which was closed in the third quarter of fiscal 2006. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Further information about the
restructuring plan is set forth in the press release attached as Exhibit 99.1, which is
incorporated herein by reference.&nbsp; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A003></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.06. Material
Impairments </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 8, 2007, in connection with
committing to the restructuring plan described in Item 2.05 above, we concluded that the
Company will be required to record the asset impairment charges described under Item 2.05.
The information set forth above in Item 2.05 is hereby incorporated by reference into this
Item 2.06. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A004></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01.
&nbsp;Financial Statements and Exhibits </FONT></H1>









<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=544>
<TR VALIGN=Bottom>
     <TH COLSPAN=3 width="83"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH ALIGN="Left" width="339"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Description</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="Left" width="57">&nbsp;</TH>
     <TH COLSPAN=2 width="58"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Page #</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=46 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=12 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99</FONT></TD>
        <TD WIDTH=25 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=598 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     Press Release of La-Z-Boy Incorporated dated March 8, 2007</FONT></TD>
     <TD WIDTH=19 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=49 ALIGN=RIGHT>
     <font face="Times New Roman, Times, Serif" size="2">4</font></TD>
        <TD WIDTH=3 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

<P style="PAGE-BREAK-AFTER: always"></P>
<HR color=black SIZE=4>


&nbsp;<H1 align=left><FONT face="Times New Roman, Times, Serif"
size=3><B>SIGNATURE</B></FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>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. </FONT></P><!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%"><FONT face="Times New Roman, Times, Serif"
      size=2><B><u>LA-Z-BOY
      INCORPORATED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></B><BR>(Registrant)</FONT><BR></TD></TR> </TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date: March 9,&nbsp;
2007
</FONT></P><!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%"><FONT face="Times New Roman, Times, Serif"
      size=2><BR><BR><u>BY: /S/ Mark Copping&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
    Mark Copping<BR>Corporate Controller<BR>On behalf of the registrant and
      as<BR>Chief Accounting Officer</FONT>
</TD></TR> </TABLE>

<HR color=black SIZE=4>
<P style="PAGE-BREAK-AFTER: always"></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit 99.1</b>
 </FONT></P>











<P ALIGN="Center">
<IMG SRC="logo.jpg" WIDTH="412" HEIGHT="92">
</p>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>NEWS RELEASE</b> </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH ALIGN="LEFT">&nbsp;</TH>
     <TH ALIGN="CENTER">&nbsp;</TH>
     <TH ALIGN="RIGHT">&nbsp;</TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Contact:&nbsp;&nbsp;Mark Stegeman
</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(734) 241-4418
</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#0000FF"><U>mark.stegeman@la-z-boy.com</U> </FONT>
</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     &nbsp;&nbsp;Kathy Liebmann</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(734) 241-2438
</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#0000FF"><U>
     kathy.liebmann@la-z-boy.com</U> </FONT>
</TD></TR>
</TABLE>





<H1 ALIGN=CENTER><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>LA-Z-BOY ANNOUNCES
RESTRUCTURING PLAN </FONT></u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MONROE, MI. March 8,
2007&#151;La-Z-Boy Incorporated <B>(NYSE: LZB)</B> today announced a restructuring plan
which will include the closures of its Lincolnton, North Carolina and Iuka, Mississippi
upholstery manufacturing facilities, the closure of its rough mill lumber operation in
North Wilkesboro, North Carolina, the consolidation of three operations into one at
Kincaid&#146;s Taylorsville, North Carolina upholstery operation and the elimination of a
number of positions throughout the remainder of the organization. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company&#146;s Lincolnton
facility employs 250 people, accounts for approximately 5% of the La-Z-Boy branded
business total upholstery manufacturing capacity and produces high-leg recliners and
occasional chairs. La-Z-Boy will cease operations at the Lincolnton plant in July 2007,
with production shifting to the company&#146;s Newton, Mississippi, Siloam Springs,
Arkansas and Dayton, Tennessee facilities. The Iuka facility produces sofas, love seats
and upholstered chairs for the company&#146;s Bauhaus division and has about 150
employees. The Iuka facility is scheduled to close in early May 2007 and its production
will move to Bauhaus&#146;s Saltillo and Sherman facilities in Mississippi. The
consolidation of the company&#146;s North Wilkesboro rough mill lumber operation into its
Hudson, North Carolina facility and the consolidation of the Taylorsville facilities,
combined with the change in La-Z-Boy&#146;s corporate structure, will eliminate
approximately 100 positions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kurt L. Darrow, President and Chief
Executive Officer of La-Z-Boy, said, &#147;After careful analysis and much consideration,
we made the difficult, but correct decision to close several facilities and reduce our
corporate workforce to align our company with the current business environment and
strengthen our positioning going forward. We regret the impact these actions will have on
the families and lives of those employees affected and greatly appreciate the contribution
of each employee and thank them for their years of dedicated service. However, these moves
are necessary for our company to remain competitive and we will provide outplacement
assistance to these employees during this transition period. Collectively, these actions
are expected to save the company $11 million per year when they are fully implemented,
and, when coupled with our ongoing process improvement initiatives, will result in
increased efficiencies in our remaining manufacturing facilities. Additionally, the
overall workforce reduction is a direct result of the strategic moves announced recently
to realign our portfolio of companies.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Darrow concluded, &#147;We remain
firmly committed to ensuring our dealers and their customers continue to receive excellent
service with quick and on-time deliveries as we move production to our other facilities.
Importantly, with more than 5.6 million square feet of upholstery manufacturing space in
North America and 8,000 employees in those facilities, we have substantial manufacturing
capacity to service both our existing business and the capacity necessary to fuel our
long-term growth plans.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Lincolnton facility, which is
approximately 370,000 square feet, and the two facilities at Taylorsville, will be idled
after operations cease and will be marketed for sale along with the equipment at the North
Wilkesboro rough mill operation. The North Wilkesboro casegoods plant will continue to
produce bedroom furniture with approximately 300 employees. The Iuka property is a leased
facility. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of these actions,
La-Z-Boy will take a pre-tax charge of approximately $9 million to $10 million, or $0.11
to $0.12 per share. This charge will be principally for severance and other benefit costs
and will also include the write-down of certain fixed assets and other associated costs.
The majority of these charges will be incurred in the fourth quarter of the company&#146;s
2007 fiscal year with the majority of the balance of the charge taken in the first fiscal
quarter of 2008.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Forward-looking
Information  </FONT></u></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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) changes in consumer confidence; (b) changes in
demographics; (c) changes in housing sales; (d) the impact of terrorism or war; (e)
continued energy price changes; (f) the impact of logistics on imports; (g) the impact of
interest rate changes; (h) the potential disruptions from Chinese imports; (i) inventory
supply price fluctuations; (j) the impact of imports as it relates to continued domestic
production; (k) changes in currency exchange rates; (l) competitive factors; (m) operating
factors, such as supply, labor or distribution disruptions including changes in operating
conditions or costs; (n) effects of restructuring actions; (o) changes in the domestic or
international regulatory environment; (p) not fully realizing cost reductions through
restructurings; (q) ability to implement global sourcing organization strategies; (r) the
impact of new manufacturing technologies; (s) the future financial performance and
condition of independently operated dealers that we are required to consolidate into our
financial statements or changes requiring us to consolidate additional independently
operated dealers; (t) fair value changes to our intangible assets due to actual results
differing from projected; (u) the impact of adopting new accounting principles; (v) the
impact from natural events such as hurricanes, earthquakes and tornadoes; (w) the ability
to turn around under-performing retail stores; (x) the impact of retail store relocation
costs, the success of new stores or the timing of converting stores to the New Generation
format; (y) the ability to procure fabric rolls or cut and sewn fabric sets domestically
or abroad; (z) the ability to sell the discontinued operations for their recorded fair
value; and (aa) 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>Additional Information</u> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
<font color="#0000FF">
<U>http://www.la-z-boy.com/about/investorRelations/sec_filings.aspx</U></font>. 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: </FONT></P>

<p><u><font size="2" color="#0000FF">http://www.la-z-boy.com/about/investorRelations/IR_email_alerts.aspx</font></u><font size="2">.


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</p>
<H1 ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Background Information </FONT>
</u></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, Centurion, England and
La-Z-Boy. The La-Z-Boy Casegoods Group companies are American Drew, Hammary, Kincaid and
Lea. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The corporation&#146;s proprietary
distribution network is dedicated exclusively to selling La-Z-Boy Incorporated products
and brands, and includes 340 stand-alone La-Z-Boy Furniture Galleries&reg; stores and 307
La-Z-Boy In-Store Galleries, 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 <font color="#0000FF"> <U>http://www.la-z-boy.com/</U></font>. </FONT></P>

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[{"type": "8-K", "sequence": "1", "filename": "eightk.htm", "secsgml_size_bytes": 27062}]
{"company-data": {"conformed-name": "LA-Z-BOY INC", "cik": "0000057131", "assigned-sic": "2510", "irs-number": "380751137", "state-of-incorporation": "MI", "fiscal-year-end": "0428"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09656", "film-number": "07684806"}, "business-address": {"street1": "1284 N TELEGRAPH RD", "city": "MONROE", "state": "MI", "zip": "48162", "phone": "7342414414"}, "mail-address": {"street1": "1284 N TELEGRAPH RD", "city": "MONROE", "state": "MI", "zip": "48162"}, "former-company": {"former-conformed-name": "LA Z BOY CHAIR CO", "date-changed": "19920703"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549-1004
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)of
the Securities Exchange Act of 1934
March 9,
2007
(Date
of Report (Date of Earliest Event Reported))
LA-Z-BOY
INCORPORATED
(Exact
name of registrant as specified in its charter)
MICHIGAN
1-9656
38-0751137
(State or other jurisdiction of
(Commission
(IRS Employer
incorporation)
File Number)
Indentification Number)
1284 North
      Telegraph Road, Monroe, Michigan
48162-3390
(Address of principal executive offices)
Zip Code
Registrant's telephone number, including area code
(734)
242-1444
None
(Former name or former
address, if changed since last report.)
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:
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.05.  Costs
Associated with Exit or Disposal Activities.
On March 8, 2007, Management
committed to a restructuring plan which will include the closures of its Lincolnton, North
Carolina and Iuka, Mississippi upholstery manufacturing facilities, the closure of its
rough mill lumber operation in North Wilkesboro, North Carolina, the consolidation of
operations at its Kincaid Taylorsville, North Carolina upholstery operation and the
elimination of a number of positions throughout the remainder of the organization. The
Lincolnton and Iuka facility closures will occur in the first quarter of fiscal 2008 and
will impact approximately 250 and 150 employees, respectively. The closure of our North
Wilkesboro lumber operation, consolidation of operations at Kincaid's Taylorsville
operation and the remaining activities will occur in the fourth quarter of fiscal 2007 and
will impact approximately 100 positions. These decisions were made to help align our
company with the current business strategy and strengthen our positioning going forward.
In connection with these activities,
the Company expects to record total pre-tax restructuring and related asset impairment
charges of $9 to $10 million or $0.11 to $0.12 per share as follows:
o
Asset impairment charges of $2.0 million in accordance with Statement of Financial
Accounting Standards ("SFAS") No. 144
Accounting for the Impairment or
Disposal of Long-Lived Assets
to write-down the facilities' real and personal
property to estimated fair market value, less costs to sell, will be recorded in the
fourth quarter of fiscal 2007.
o
Severance and benefit costs of $5.0 to $5.5 million in accordance with SFAS No. 146
Accounting for Costs Associated with Exit or Disposal Activities
will be
recorded during the fourth quarter of fiscal 2007 and the first quarter of fiscal 2008.
o
Other costs incurred to close and consolidate facilities as well as transfer production to
other facilities of $2.0 to $2.5 million will be recorded during the first and second
quarters of fiscal 2008.
All of the charges, except for the
$2.0 million asset impairment charge, will result in future cash expenditures relating to
severance, benefits and other plant exit and consolidation costs.
In addition to the charges above, the
Company will incur a non-cash settlement charge as defined by SFAS No. 88
Employers' Accounting for Settlements and Curtailments of Defined Benefit Pension
Plans and for Termination Benefits
of approximately $1.4 million in the fourth quarter
of fiscal 2007 related to the termination and final payout of the Canadian pension plan.
This pension plan covered the employees who previously were employed at our Canadian
upholstery manufacturing facility which was closed in the third quarter of fiscal 2006.
Further information about the
restructuring plan is set forth in the press release attached as Exhibit 99.1, which is
incorporated herein by reference.
Item 2.06. Material
Impairments
On March 8, 2007, in connection with
committing to the restructuring plan described in Item 2.05 above, we concluded that the
Company will be required to record the asset impairment charges described under Item 2.05.
The information set forth above in Item 2.05 is hereby incorporated by reference into this
Item 2.06.
Item 9.01.
 Financial Statements and Exhibits
Description
Page #
99
.1
Press Release of La-Z-Boy Incorporated dated March 8, 2007
4
SIGNATURE
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.
LA-Z-BOY
      INCORPORATED
(Registrant)
Date: March 9, 
2007
BY: /S/ Mark Copping
Mark Copping
Corporate Controller
On behalf of the registrant and
      as
Chief Accounting Officer
Exhibit 99.1
NEWS RELEASE
Contact:  Mark Stegeman
(734) 241-4418
mark.stegeman@la-z-boy.com
Kathy Liebmann
(734) 241-2438
kathy.liebmann@la-z-boy.com
LA-Z-BOY ANNOUNCES
RESTRUCTURING PLAN
MONROE, MI. March 8,
2007—La-Z-Boy Incorporated
(NYSE: LZB)
today announced a restructuring plan
which will include the closures of its Lincolnton, North Carolina and Iuka, Mississippi
upholstery manufacturing facilities, the closure of its rough mill lumber operation in
North Wilkesboro, North Carolina, the consolidation of three operations into one at
Kincaid's Taylorsville, North Carolina upholstery operation and the elimination of a
number of positions throughout the remainder of the organization.
The company's Lincolnton
facility employs 250 people, accounts for approximately 5% of the La-Z-Boy branded
business total upholstery manufacturing capacity and produces high-leg recliners and
occasional chairs. La-Z-Boy will cease operations at the Lincolnton plant in July 2007,
with production shifting to the company's Newton, Mississippi, Siloam Springs,
Arkansas and Dayton, Tennessee facilities. The Iuka facility produces sofas, love seats
and upholstered chairs for the company's Bauhaus division and has about 150
employees. The Iuka facility is scheduled to close in early May 2007 and its production
will move to Bauhaus's Saltillo and Sherman facilities in Mississippi. The
consolidation of the company's North Wilkesboro rough mill lumber operation into its
Hudson, North Carolina facility and the consolidation of the Taylorsville facilities,
combined with the change in La-Z-Boy's corporate structure, will eliminate
approximately 100 positions.
Kurt L. Darrow, President and Chief
Executive Officer of La-Z-Boy, said, "After careful analysis and much consideration,
we made the difficult, but correct decision to close several facilities and reduce our
corporate workforce to align our company with the current business environment and
strengthen our positioning going forward. We regret the impact these actions will have on
the families and lives of those employees affected and greatly appreciate the contribution
of each employee and thank them for their years of dedicated service. However, these moves
are necessary for our company to remain competitive and we will provide outplacement
assistance to these employees during this transition period. Collectively, these actions
are expected to save the company $11 million per year when they are fully implemented,
and, when coupled with our ongoing process improvement initiatives, will result in
increased efficiencies in our remaining manufacturing facilities. Additionally, the
overall workforce reduction is a direct result of the strategic moves announced recently
to realign our portfolio of companies."
Darrow concluded, "We remain
firmly committed to ensuring our dealers and their customers continue to receive excellent
service with quick and on-time deliveries as we move production to our other facilities.
Importantly, with more than 5.6 million square feet of upholstery manufacturing space in
North America and 8,000 employees in those facilities, we have substantial manufacturing
capacity to service both our existing business and the capacity necessary to fuel our
long-term growth plans."
The Lincolnton facility, which is
approximately 370,000 square feet, and the two facilities at Taylorsville, will be idled
after operations cease and will be marketed for sale along with the equipment at the North
Wilkesboro rough mill operation. The North Wilkesboro casegoods plant will continue to
produce bedroom furniture with approximately 300 employees. The Iuka property is a leased
facility.
As a result of these actions,
La-Z-Boy will take a pre-tax charge of approximately $9 million to $10 million, or $0.11
to $0.12 per share. This charge will be principally for severance and other benefit costs
and will also include the write-down of certain fixed assets and other associated costs.
The majority of these charges will be incurred in the fourth quarter of the company's
2007 fiscal year with the majority of the balance of the charge taken in the first fiscal
quarter of 2008."
Forward-looking
Information
Any forward-looking statements
contained in this news release are based on current information and assumptions and
represent management'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) changes in consumer confidence; (b) changes in
demographics; (c) changes in housing sales; (d) the impact of terrorism or war; (e)
continued energy price changes; (f) the impact of logistics on imports; (g) the impact of
interest rate changes; (h) the potential disruptions from Chinese imports; (i) inventory
supply price fluctuations; (j) the impact of imports as it relates to continued domestic
production; (k) changes in currency exchange rates; (l) competitive factors; (m) operating
factors, such as supply, labor or distribution disruptions including changes in operating
conditions or costs; (n) effects of restructuring actions; (o) changes in the domestic or
international regulatory environment; (p) not fully realizing cost reductions through
restructurings; (q) ability to implement global sourcing organization strategies; (r) the
impact of new manufacturing technologies; (s) the future financial performance and
condition of independently operated dealers that we are required to consolidate into our
financial statements or changes requiring us to consolidate additional independently
operated dealers; (t) fair value changes to our intangible assets due to actual results
differing from projected; (u) the impact of adopting new accounting principles; (v) the
impact from natural events such as hurricanes, earthquakes and tornadoes; (w) the ability
to turn around under-performing retail stores; (x) the impact of retail store relocation
costs, the success of new stores or the timing of converting stores to the New Generation
format; (y) the ability to procure fabric rolls or cut and sewn fabric sets domestically
or abroad; (z) the ability to sell the discontinued operations for their recorded fair
value; and (aa) 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.
Additional Information
This news release is just one part of
La-Z-Boy's financial disclosures and should be read in conjunction with other
information filed with the Securities and Exchange Commission, which is available at
http://www.la-z-boy.com/about/investorRelations/sec_filings.aspx
. 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:
http://www.la-z-boy.com/about/investorRelations/IR_email_alerts.aspx
.
Background Information
La-Z-Boy Incorporated is one of the
world's leading residential furniture producers, marketing furniture for every room
of the home. The La-Z-Boy Upholstery Group companies are Bauhaus, Centurion, England and
La-Z-Boy. The La-Z-Boy Casegoods Group companies are American Drew, Hammary, Kincaid and
Lea.
The corporation's proprietary
distribution network is dedicated exclusively to selling La-Z-Boy Incorporated products
and brands, and includes 340 stand-alone La-Z-Boy Furniture Galleries® stores and 307
La-Z-Boy In-Store Galleries, in addition to in-store gallery programs at the
company's Kincaid, England and Lea operating units. According to industry trade
publication
In Furniture
, the La-Z-Boy Furniture Galleries retail network is North
America's largest single-brand furniture retailer. Additional information is
available at
http://www.la-z-boy.com/
.