Maryland State Retirement & Pension System Acquires Stake in La-Z-Boy, Securing Position in Furniture Industry Leader

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4 April, 2023

Maryland State Retirement & Pension System has recently acquired a new stake in La-Z-Boy Incorporated, as reported by its most recent filing with the Securities and Exchange Commission. The purchase amounted to 17,940 shares at approximately $409,000. This move solidifies Maryland State Retirement & Pension System’s position in a company that engages in the production of reclining chairs and manufacture and distribution of residential furniture.

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Bank of New York Mellon Trims Position in MillerKnoll, Inc. as Furniture Manufacturer Posts Impressive Q1 Results

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2 April, 2023

MillerKnoll, Inc. (NASDAQ: MLKN), a leading manufacturer of household and office furniture, has recently seen a minor change in the number of shares owned by Bank of New York Mellon Corp. The financial institution trimmed its position by 5.2% during the third quarter, selling over 57 thousand shares on the market according to its latest 13F filing with the Securities and Exchange Commission. As of the most recent reporting period, Bank of New York Mellon Corp owned approximately 1.38% of MillerKnoll stock, worth $16,315,000.

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MillerKnoll to permanently close Wisconsin plant, laying off 162

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30 March, 2023

SHEBOYGAN, Wis. – Office furniture giant MillerKnoll will permanently close its manufacturing facility in Sheboygan, Wis., laying off 162 employees.

According to a Worker Adjustment and Retraining Notification (WARN) Act notice filed at the end of March, the company will phase out all operations at the plant over the coming months. By Sept. 29, the plant will be completely shut down.

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La-Z-Boy Furniture Galleries brings on retail veteran, realigns executive team

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30 March, 2023

MONROE, Mich. — La-Z-Boy Inc. is realigning its executive team in conjunction with several upcoming retirements. As of April 17, Rebecca Reeder will be president, Retail La-Z-Boy Furniture Galleries.

In this role, Reeder will have executive oversight and P&L responsibility for the company’s retail segment, which includes 168 of the 346 La-Z-Boy Furniture Galleries stores. She will assume responsibility for sales to the remaining independently owned La-Z-Boy Furniture Galleries stores.

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Longtime local office furniture company ducks into bankruptcy

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30 March, 2023

Battered by the pandemic and unable to regain its footing, a longtime local office furnishings company is seeking bankruptcy protection and searching for a buyer.

Office Interiors of Virginia, a 35-year-old firm based in Sandston, filed for Chapter 11 bankruptcy on Sunday.

The company said in court filings that the Chapter 11 process will allow it to remain in business, retain its 35 employees and attempt to sell the business or restructure its debts. It said many of its employees have been with the company for over 25 years.

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MillerKnoll CEO sparks backlash after telling employees to “leave Pity City” over lack of bonuses

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30 March, 2023

The CEO of a high-end office furniture company is sparking a backlash over a video in which she exhorts employees to “leave Pity City” after some asked about staying motivated if employees don’t receive bonuses this year.

Andi Owen, whose company MillerKnoll sells the iconic Herman Miller Aeron chair, along with other upscale furniture, responded in a 1 minute, 21-second video clip that some social media users blasted as “unhinged,” “nasty” and “toxic.”

Owen made the remarks as part of a 75-minute online meeting with workers, the company said in an email to CBS MoneyWatch. It added that the clip “loses the context of the broader discussion.”

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MillerKnoll to cease operating Fully as a stand-alone brand

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29 March, 2023

ZEELAND, Mich. — In its third quarter results, MillerKnoll announced targeted actions aimed at reducing costs and improving operating efficiencies, including deciding to cease operating its Fully division as a stand-alone brand and instead sell select Fully products through its Design Within Reach and Herman Miller eCommerce sites.

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Returns On Capital At La-Z-Boy (NYSE:LZB) Have Hit The Brakes

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28 March, 2023

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we’d want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it’s a company with a great business model and plenty of profitable reinvestment opportunities. So, when we ran our eye over La-Z-Boy’s (NYSE:LZB) trend of ROCE, we liked what we saw.

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Steelcase Inc Up 15.22% To $8.29 After Earnings Beat

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23 March, 2023

Thursday, March 23, 2023 – Steelcase Inc (SCS) reported upside earnings and revenues today.

Steelcase Inc’s earnings came in at an EPS of $0.19 per share, 73.00% higher than estimates for an EPS of $0.11 per share. The firm’s earnings are up 1050% since reporting losses of $0.02 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

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MillerKnoll sees Q3 sales decline, cites economic uncertainty

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23 March, 2023

ZEELAND, Mich. – Contract furniture giant MillerKnoll reported third quarter sales of $984.7 million, a decline of 4.4% over last year and a nearly 8% dip from last quarter.

Orders in the quarter hit $885.4 million, down 19.2% over same period last year. Consolidated operating expenses for the quarter were $314.4 million, compared with $310.3 million in the prior year.

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