Is Lazy Boy Going Out of Business?

Is Lazy Boy going out of business? No, Lazy Boy is still in the business and selling quality furniture at many locations. 

Is Lazy Boy Going Out of Business?
Is Lazy Boy Going Out of Business?

Lazy Boy is a popular American furniture manufacturer and retailer known for their quality and comfortable furniture. The company has been in the market for many years and produces customizable and trendy furniture. Over the years, Lazy Boy has expanded its product range to include sofas, sectionals, and various home furnishings. All their products are designed with an emphasis on both style and comfort. 

Recently, Lazy Boy closed its manufacturing facilities in the United States. This closure news has made people wonder, is Lazy Boy going out of business? Many rumors of its closure are circulating in the market. Furniture enthusiasts are also worried about the future of their beloved furniture retailer. But no worries, we are here to bring the facts to your table. 

In this guide, we will find is Lazy Boy going out of business. We will also explore the reasons for their closure and future plans. So, don’t miss out on this informative guide, and keep reading. 

History of Lazy Boy

The history of Lazy Boy was started in 1927. This innovative furniture store was founded by two cousins, Edward M. Knabusch and Edwin J. Shoemaker. Their journey began with the design of a unique wooden reclining chair with a slanted seat and a folding mechanism. This chair allowed the occupant to recline while sitting comfortably. This innovative design resulted in the birth of Lazy Boy. 

In 1927, the cousins patented their innovative chair design and started its production on a big scale. After that, they introduced many other furniture items. The name Lazy Boy soon became trustworthy and reliable. They are known for their stylish and comfortable furniture. 

During World War II, Lazy Boy served the army by manufacturing military furniture such as seats for army tanks and airplanes. After the war, they came back to their normal production. In the 1980s, Lazy Boy started manufacturing reclining sofas and other inventive and restful home and office furniture. 

Lazy Boy has been known for manufacturing the finest and prime quality furniture throughout its journey. Like other businesses, Lazy Boy also faced some challenges but remained steadfast and never compromised on quality and comfort. 

Is Lazy Boy Going Out of Business?

Is Lazy Boy Going Out of Business?

As we have discussed earlier, Lazy Boy has closed some of its stores at many locations. It has also faced some troubles due to lawsuits. All this raises the rumors of the brand closure. All their customers are questioning, is Lazy Boy going out of business? No, Lazy Boy is still in the business and selling quality furniture at many locations. 

Although they closed some stores, there are no official announcements of permanent closure. Their store closure was a part of their business plan to expand and increase their range. You can still find Lazy Boy furniture at any of your nearby outlets. Moreover, their website is also active. Using their official website, you can buy any of your favorite chairs, sofa or bedroom set. 

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Temporary Closure of Lazy Boy Stores

Lazy Boy closed some of its stores temporarily. The reason behind this closure was the recent pandemic of COVID-19. Like other businesses, Lazy Boy is also affected by this pandemic and finds it hard to keep operating normally. So, the company decided to shut down some of its locations. This closure was the company’s strategic plan to overcome the difficulties. 

Due to this temporary closure, the employees at Lazy Boy faced many problems. About 70% of their global workforce had to go on a break from work. To deal with these challenges, Lazy Boy made some tough decisions. They closed one of their factories in Mississippi to make their operations more efficient. They also announced the closure of their only factory in Canada and shifted production to plants in Missouri and Tennessee. However, this closure was temporary, and now the business is back to its normal. 

Action Class Lawsuits Against Lazy Boy

Back in March 2016, La-Z-Boy got caught up in a legal fight in the court in Florida. This lawsuit was claimed due to an agreement they signed in 2002. According to this agreement, the company has to pay some royalties on its products, which they missed. 

The court held the company liable for 5.8 million dollars in this damage. To pay this money the company decided to set an amount of 5.8 million dollars aside. 

Due to this action class lawsuit, the Lazy Boy decided to cut the costs. They reduced the salaries of employees and bonuses. They also stop spending on things they don’t need. Although the company faced these action-class lawsuits bravely, its market reputation was greatly affected. Due to this, law battles their sales decreases, resulting in various concerns. 

Let’s Wrap It Up!

In conclusion, Lazy Boy is a well-reputed brand that manufactures quality and comfortable furniture. The company has been operating in the market for many years. The journey of Lazy Boy was full of many challenges. The company faced some lawsuits and closed some stores due to financial loss during the pandemic of COVID-19. 

All this raised concerns related to their permanent closure. But the fantastic news is that they are not closing permanently. They closed some stores as a plan to improve their operations. There are no plans for Lazy Boy closing or leaving the market. Moreover, they are planning to expand their business. They are also providing online services. So, you buy any furniture product using Lazy Boy’s official website.

FAQs

  1. Why is Lazy Boy So Expensive?

Lazy Boy is relatively expensive compared to other furniture brands because they use high-quality materials for production. With quality, they do not compromise on comfort, so their prices are higher. 

  1. What is the Net Worth of Lazy Boy Furniture?

As of August 20, 2023, the net worth of Lazy Boy is around 1.33 billion dollars. Its market cap increased by around 6.68% in one year. 

  1. Is Lazy Boy Made in Canada?

No, Lazy Boy is an American furniture manufacturer and retailer brand that has been producing furniture since 1927. 

  1. Is Lazy Boy Closing in Canada?

Yes, Lazy Boy has announced closing their only Canadian factory. They have announced to shift production to plants in Missouri and Tennessee. 

  1. Is Lazy Boy Going Out of Business?

No, Lazy Boy is not going out of business. Although they announced temporary store closure, they are not closing permanently. They are still in business and operating at many locations.