Investment firm acquires 10.8% of La-Z-Boy stock

First Trust Portfolios buys 5.57 million shares

Larry Thomas -- Furniture Today, January 13, 2009

MONROE, Mich. — An Illinois-based investment firm has acquired a 10.8% stake in La-Z-Boy in recent weeks, according to a filing with the Securities and Exchange Commission.

The firm, First Trust Portfolios, said it oversees several unit investment trusts that own shares in the furniture producer, but no single trust owns more than 5%.

According to the regulatory filing, First Trust has accumulated 5.57 million La-Z-Boy shares in various investment trusts. In the filing, First Trust said the shares have been acquired for investment purposed only and said it is not part of any effort to gain control of the company.