La-Z-Boy down after dropping Todd Oldham
La-Z-Boy Inc. (NYSE: LZB) shares are down after the furniture maker and retailer announced before the start of trading that it is ending its four-year partnership with fashion designer Todd Oldham. Current orders for Todd Oldham will be honored, the company said in a press release.
“The Todd Oldham by La-Z-Boy collection successfully drove awareness of the diverse La-Z-Boy product offering and enhanced our brand among younger, style-conscious customers,” Doug Collier, La-Z-Boy’s chief marketing officer, said in a statement.
The news came on the heels of a Friday announcement that Oldham was named the creative director for apparel retailer Gap, Inc.’s (NYSE: GPS) struggling Old Navy chain.
In morning trading, LZB shares are down $0.66, or 7.55%, at $8.08. Over the last 52 weeks, shares have ranged from $7.65 to $15.60.
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