Restructurings & Charges

FEDEX CORP announced a restructuring with charges of $250 million to $375 million affecting Europe (back-office and commercial functions) (between 1,700 and 2,000 employees).

“and commercial functions. We expect the pre-tax cost of the severance benefits and legal and professional fees to be provided under and related to the plan to range from $250 million to $375 million in cash expenditures. These charges are expected to be incurred through fiscal 2026 and will be classified as business optimization expenses. We expect savings”

CROWN CASTLE INC. announced a restructuring with charges of approximately $110 million affecting Fiber segment (reducing the Company's total employee headcount by more than 10%).

“On June 11, 2024, Crown Castle Inc. ("Company") initiated a restructuring plan ("Plan") as part of the Company's efforts to drive operational efficiencies and enhance returns by increasing return thresholds on new growth opportunities and reducing operating costs, with a primary focus on the Company's Fiber segment. The Plan includes reducing the Company's total employee headcount by more than 10% and closing certain offices. In connection with the Plan, the Company estimates it will incur aggregate restructuring charges of approximately $110 million, most of which the Company expects to incur in the second and third quarters of 2024.”

Lyra Therapeutics, Inc. announced a restructuring with charges of approximately $3.9 to $4.1 million (up to 87 employees).

“The Company currently estimates that it will incur charges of approximately $3.9 to $4.1 million in connection with the Workforce Reduction, primarily consisting of severance payments, employee benefits and related costs.”

ALPINE 4 HOLDINGS, INC. announced a impairment with charges of $33 million affecting certain reporting units.

“Non-cash impairment charges amounted to $33 million in Q3 2023, resulting from several different triggering events.”

ROGERS CORP announced a restructuring with charges of $18 to $28 million affecting advanced circuit materials manufacturing and related activities at its facility in Evergem, Belgium.

“the Company expects to record expenses in the range of $18 to 28 million, a majority of which is expected to comprise employee severance costs, with the balance comprising non-cash accelerated depreciation of fixed asset costs and other shutdown-related cash costs”

Yext, Inc. announced a restructuring with charges of approximately $5 million (approximately 12 percent of its full-time employees).

“its full-time employees as compared to its headcount as of January 31, 2024. The Company estimates that it will incur an incremental restructuring cash charge of approximately $5 million in connection with the Plan, primarily consisting of severance payments, payments in lieu of notice, employee benefits and related costs. The Company expects to incur the”

ILLUMINA, INC. announced a impairment with charges of potential indicator of impairment in the second quarter of 2024 for purposes of performing an interim goodwill impairment test, which could result in the recogn affecting GRAIL, LLC.

“Additionally, the approval of the Spin-Off by Illumina’s board of directors represents a potential indicator of impairment in the second quarter of 2024 for purposes of performing an interim goodwill impairment test, which could result in the recognition of an impairment.”

ILLUMINA, INC. announced a restructuring with charges of incremental charges of approximately $35 - $50 million, primarily comprised of cash expenditures relating to legal and advisory fees affecting Spin-Off.

“In connection with the Spin-Off (as defined and described below), Illumina, Inc. (the “Company” or “Illumina”) estimates that it will incur incremental charges of approximately $35 - $50 million, primarily comprised of cash expenditures relating to legal and advisory fees.”

OCULAR THERAPEUTIX, INC announced a restructuring with charges of approximately $1.0 to $2.0 million affecting research and development and technical operations (37 full-time employees).

“reduction in force and to record the related restructuring charges in the second quarter of 2024. The Company anticipates incurring total restructuring costs of approximately $1.0 to $2.0 million, which includes garden leave, severance benefits and related costs and which are expected to result in cash expenditures during the second and third quarters of”

FIRST KEYSTONE CORP announced a impairment with charges of approximately $19,133,000 affecting First Keystone Community Bank.

“The Corporation performed a quantitative impairment test as of March 31, 2024, due primarily to the decrease in the Corporation’s stock price during the first quarter of 2024 as a triggering event, and based on the results of the test, the Board of Directors determined on May 29, 2024, that the Corporation will record a first quarter non-cash goodwill impairment charge of approximately $19,133,000.”

ImageneBio, Inc. announced a restructuring with charges of approximately $1.2 million in cash expenditures affecting company-wide (clinical programs IK-930 and IK-595) (approximately 53%).

“the Restructuring Plan during the three months ended June 30, 2024 related to employee severance and related termination benefits, which are expected to result in approximately $1.2 million in cash expenditures. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 Ikena Oncology Announces Strategic Update Ikena to discontinue development of IK-930 IK-595 dose”

Lucid Group, Inc. announced a restructuring with charges of approximately $21 million to $25 million (approximately 400 employees, or approximately 6%).

“complete the Plan by the end of the third quarter of 2024, subject to local law and consultation requirements. The Company estimates that it will incur a total of approximately $21 million to $25 million in charges in connection with the Plan, which consist primarily of charges related to severance payments, employee benefits, employee transition, and stock-based”

EMCORE CORP announced a restructuring affecting Alhambra, CA facility (approximately 120 positions across all locations, collectively representing approximately 40% of the Company’s workforce).

“On May 20, 2024, the Restructuring Committee of the Company’s Board of Directors approved the Restructuring.”

Tonix Pharmaceuticals Holding Corp. announced a restructuring affecting Advanced Development Center ("ADC") in Massachusetts (23 full-time employees).

“Tonix Pharmaceuticals Holding Corp. (the “Company”) plans to reduce its workforce by 23 full-time employees and decommission its Advanced Development Center (“ADC”) in Massachusetts by June 7, 2024, to align the Company’s capital and human resources with its previously announced strategic prioritization of its TonmyaTM (TNX-102 SL cyclobenzaprine HCl sublingual tablet) product candidate for the management of fibromyalgia”

Oportun Financial Corp announced a restructuring with charges of approximately $2 to $4 million affecting corporate staff (excluding retail and contact center agents) (a headcount reduction of 100 employees, inclusive of roles eliminated due to recent attrition, representing approximatel).

“management expects to incur non-recurring, pre-tax charges of approximately $2 to $4 million in the second quarter of 2024, consisting primarily of severance payments, employee benefits contributions and related costs associated with the Company’s headcount reduction.”

PFIZER INC announced a restructuring with charges of approximately $1.7 billion affecting cost of goods sold.

“of which is expected to begin being realized in 2025. The one-time costs to achieve the savings associated with the first phase of the program are expected to be approximately $1.7 billion and primarily include severance and implementation costs. These costs will be recorded primarily in 2024, with cash outlays expected in 2025 and 2026. The estimate of costs that”

Heliogen, Inc. announced a restructuring affecting manufacturing facility in Long Beach, California (approximately 35 employees).

“On May 16, 2024, Heliogen, Inc. (the “Company”) made the decision to implement a targeted plan, which includes a workforce reduction, the closing of the Company’s manufacturing facility in Long Beach, California, and a reduction in third-party costs.”

HNI CORP announced a restructuring with charges of $10.3 million affecting workplace furnishings business (approximately 200 production and operations members).

“secondary geographies, healthcare, and hospitality. • Resulting charges. HNI anticipates charges resulting from the consolidation will impact pre-tax earnings by an estimated $10.3 million in 2024 and 2025, including $1.5 million of non-cash charges. The following table lists the estimated composition and timing of these charges: (Dollars in millions) Time Period”

NORTECH SYSTEMS INC announced a restructuring with charges of approximately $1.0 million to $1.1 million affecting Blue Earth, Minnesota manufacturing plant.

“On May 16, 2024, the Registrant issued a press release, attached hereto as Exhibit 99.1, announcing that the Registrant will close its manufacturing plant located in Blue Earth, Minnesota and relocate the production of products made in that facility to its facility in Bemidji, Minnesota. The registrant further announced that it expects this closure to result in out-of-pocket expenses for employee severance and other plant closure expenses of approximately $1.0 million to $1.1 million, including asset write-offs of about $0.4 million.”

Erasca, Inc. announced a restructuring with charges of approximately $2.2 million affecting drug discovery functions or on the deprioritized programs (by approximately 18%).

“by approximately 18%, primarily affecting employees working in drug discovery functions or on the deprioritized programs. The Company anticipates recognizing approximately $2.2 million in total charges in the second quarter of 2024 in connection with the reduction in force. These charges will consist primarily of one-time cash charges for termination benefits.”

Under Armour, Inc. announced a restructuring with charges of approximately $70 million to $90 million.

“On May 15, 2024, the Company’s Board of Directors approved a restructuring plan designed to rebalance the Company’s cost base to further improve profitability and cash flow generation. In connection with the restructuring plan, the Company expects to incur total estimated pre-tax restructuring and related charges of approximately $70 million to $90 million during fiscal year 2025”

Kubient, Inc. announced a restructuring with charges of approximately $243,000 affecting corporate workforce reduction in connection with potential wind-down of the Company’s business (approximately 50% reduction in the Company’s workforce, or two people).

“On May 3, 2024, Kubient, Inc. (the “Company”) implemented an approximately 50% reduction in the Company’s workforce, or two people. The reduction in workforce is intended to reduce the Company’s operating costs in connection with the potential wind-down of the Company’s business. The Company expects to recognize restructuring charges in connection with the workforce reduction plan with respect to severance payments and benefits. Severance and benefit continuation charges are estimated to be approximately $243,000 and are expected to be recognized primarily in the second quarter of 2024.”

Tenaya Therapeutics, Inc. announced a restructuring with charges of $1.3 million to $1.5 million (approximately 22% of the workforce).

“Employees impacted by the Workforce Reduction were notified on May 13, 2024, and represent approximately 22% of the workforce. In connection with the Workforce Reduction, Tenaya estimates that it will incur approximately $1.3 million to $1.5 million, of aggregate charges, primarily related to employee cash severance and continuing health benefits, which costs are expected to be substantially recognized during the second quarter of 2024.”

Bolt Biotherapeutics, Inc. announced a restructuring with charges of $3.0 million to $4.0 million affecting Bolt Biotherapeutics (approximately 50 employees, or approximately 50% of the Company's workforce).

“On May 14, 2024, the Company announced a strategic pipeline prioritization and restructuring plan pursuant to which it will discontinue developing trastuzumab imbotolimod, formerly known as BDC-1001, in order to focus on the Company’s next generation ISAC platform including new clinical candidate, BDC-4182, targeting Claudin 18.2, and Phase 1 asset, BDC-3042, a Dectin-2 agonist antibody, and reduce overall operating expenses to preserve cash. The restructuring plan includes a reduction of the Company’s current workforce by approximately 50 employees, or approximately 50% of the Company’s workforce. The Company estimates that it will incur aggregate pre-tax charges between approximately $3.0 million to $4.0 million in connection with the reduction-in-force, primarily consisting of severance payments, employee benefits, and related costs.”

BIOMARIN PHARMACEUTICAL INC announced a restructuring with charges of approximately $15 - $20 million affecting research and development programs (approximately 170 employees).

“In connection with the discontinuation of certain research and development programs, on May 9, 2024, the Company committed to a plan to reduce its global workforce by approximately 170 employees. The Company estimates that it will incur aggregate pre-tax charges of approximately $15 - $20 million during the second quarter of 2024, representing one-time cash expenditures for severance and other employee termination benefits.”

Vintage Wine Estates, Inc. announced a restructuring with charges of $0.6 million (approximately 10% of the workforce).

“On May 8, 2024, as a result of the Company's financial condition, the Company's Board of Directors approved a reduction in force affecting approximately 10% of the workforce. The Company expects the reduction in force to be substantially complete by the end of the fourth quarter of fiscal 2024. Cash expenditures for the reduction in force are estimated to be $0.6 million, substantially all of which are related to employee severance and benefits costs.”

Nxu, Inc. announced a restructuring with charges of approximately $837,000 affecting product, engineering, manufacturing and general and administrative functions.

“On May 8, 2024, Nxu, Inc (the “Company”) committed to reducing its headcount under a plan of termination as part of the Company’s efforts to reduce operating expenses and conserve cash resources in light of its intention to evaluate strategic alternatives. The plan of termination primarily impacts employees across the Company’s product, engineering, manufacturing and general and administrative functions. The Company expects the headcount reduction to be complete by May 10, 2024. The Company expects to record approximately $837,000 of charges in the second quarter of 2024 related to employee severance costs.”

MEDICAL PROPERTIES TRUST INC announced a impairment with charges of approximately $470 million of additional impairment charges affecting investments in Steward, including 9.9% equity interest and $362 million loan due from affiliates of Steward.

“the Company has concluded the investments in Steward have been further materially impaired and has recorded approximately $470 million of additional impairment charges in the quarter ended March 31, 2024 that fully reserves for the remaining value of our 9.9% equity interest in Steward and the $362 million loan due from affiliates of Steward, along with an accrual for property taxes and obligations not paid by Steward under its master leases.”

Vacasa, Inc. announced a impairment with charges of $84,000,000 affecting long-lived assets.

“Net Loss was $141 million for the first quarter of 2024, which includes an $84 million charge associated with the impairment of our long-lived assets.”

Vacasa, Inc. announced a restructuring with charges of between $8 million and $9 million affecting corporate and central operations (approximately 800 positions across the Company, representing approximately 13% of its workforce in aggregate, and approx).

“Item 2.05 Costs Associated with Exit or Disposal Activities. On May 7, 2024, the Board of Directors of the Company approved a workforce reduction and reorganization plan (the “Reorganization”). These changes will implement a reorganization of the Company’s operations, to further equip its field teams to locally manage, and be accountable for, their markets, while significantly reducing the Company’s central corporate footprint. The Reorganization includes the elimination of approximately 800 positions across the Company, representing approximately 13% of its workforce in aggregate, and approximately 40% of its corporate and central operations personnel and approximately 6% of its field personnel. The Company expects to incur between $8 million and $9 million of costs”

Bionano Genomics, Inc. announced a restructuring with charges of approximately $4.6 million.

“the Reduction is expected to result in total restructuring charges of approximately $4.6 million, including $3.9 million, comprised primarily of severance payments and wages for the 60-day notice period in accordance with the California Worker Adjustment and Retraining Notification (WARN) Act and $0.2 million in connection with lease terminations.”

STERIS plc announced a restructuring with charges of approximately $100 million affecting Healthcare surgical business in Europe.

“this plan to potentially impacted employees on May 7, 2024 and the restructuring is expected to be substantially completed by the end of fiscal 2025. The approximately $100 million of anticipated restructuring charges includes approximately $44.4 million recorded in the fiscal 2024 fourth quarter with the balance expected to be recorded in fiscal 2025. Of”

Kubient, Inc. announced a restructuring with charges of approximately $[●] (approximately 50% reduction in the Company’s workforce, or two people).

“On May 3, 2024, Kubient, Inc. (the “Company”) implemented an approximately 50% reduction in the Company’s workforce, or two people.”

ASHLAND INC. announced a impairment with charges of $110 million to $120 million affecting nutraceuticals business.

“the Company expects to incur a non-cash impairment charge relating to the goodwill and other intangible assets and property, plant and equipment of this business during the third quarter of fiscal 2024 in the range of $110 million to $120 million”

Kenvue Inc. announced a restructuring with charges of approximately $550 million (net global workforce reduction of approximately 4%).

“On May 6, 2024, the Company’s Board of Directors approved a multi-year initiative to build on the Company’s strengths and optimize its cost structure by rebalancing resources to better position the Company for future growth. The initiative is expected to result in a net global workforce reduction of approximately 4% and will result in annualized pre-tax gross cost savings of approximately $350 million upon full realization. The Company expects to fully realize these cost savings beginning in fiscal year 2026. The initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $275 million in each of fiscal year 2024 and fiscal year 2025, for a total of approximately $550 million, consisting of IT and project-related costs (approximately 50%), employee-related costs (approximately 40%), and other implementation costs (approximately 10%).”

Thoughtworks Holding, Inc. announced a restructuring with charges of approximately $6.5 million to $8.0 million.

“Thoughtworks expects to incur additional pre-tax cash charges of approximately $6.5 million to $8.0 million, for total expected pre-tax charges of approximately $26.5 million to $33.0 million (the “Updated Total Charges”).”

Akari Therapeutics Plc announced a restructuring with charges of approximately $3.1 million to $3.2 million (approximately 67% of its total workforce).

“expects expenses related to the reduction-in-force, consisting primarily of cash severance and termination benefits and related costs, to be in the range of approximately $3.1 million to $3.2 million, which includes approximately $1.6 million of non-cash expenses related to vesting of equity awards. The Company expects these costs to be payable through the”

Luminar Technologies, Inc./DE announced a restructuring with charges of approximately $6 million to $8 million in cash charges associated with employee severance and related employee costs (a reduction in its workforce by approximately 20%).

“of the Company’s business are expected to commence immediately and to be substantially complete by the end of 2024. The Company estimates that it will incur approximately $6 million to $8 million in cash charges associated with employee severance and related employee costs, to be incurred primarily in the second quarter and third quarter of 2024.”

META MATERIALS INC. announced a restructuring with charges of approximately $2.3 million (approximately 80% of its employees).

“to assist with its exploration of strategic alternatives. The Company estimates that it will incur aggregate charges in connection with the Workforce Reduction of approximately $2.3 million, which relate to severance payments, benefits and related costs. The estimate of the charges that the Company expects to incur in connection with the Workforce Reduction, and the”

ILLUMINA, INC. announced a impairment with charges of additional right-of-use asset impairments of $18 million in Q1 2024 related to our campus in Foster City, California and another property in San Diego, Californ affecting our campus in Foster City, California and another property in San Diego, California.

“The Company recorded additional right-of-use asset impairments of $18 million in Q1 2024 related to our campus in Foster City, California and another property in San Diego, California. The Company also recorded $14 million of leasehold improvement impairments related to our Foster City campus in Q1 2024.”

ILLUMINA, INC. announced a impairment with charges of $43 million affecting Foster City campus.

“The company recorded right-of-use asset and leasehold improvement impairment charges of $43 million in the fourth fiscal quarter of 2023 related to that exit.”

WHIRLPOOL CORP /DE/ announced a restructuring with charges of approximately $75 million to $80 million affecting global.

“On April 29, 2024, the Company began the employee notification process for an additional global workforce reduction plan, including involuntary severance actions (the “Second Quarter Workforce Reduction Plans”). Total expected costs for actions under the Second Quarter Workforce Reduction Plans are an estimated $52 million to $57 million, primarily in employee termination costs, which we expect to incur within the second quarter of 2024. The Company expects total restructuring charges of approximately $75 million to $80 million for fiscal year 2024, reflecting amounts under the First Quarter Workforce Reduction Plans and Second Quarter Workforce Reduction Plans outlined above.”

SEELOS THERAPEUTICS, INC. announced a restructuring with charges of approximately $50,000 (approximately 33% of its current employees).

“On April 30, 2024, the Company announced a reduction in its workforce that affected approximately 33% of its current employees (the “RIF”), along with a reduction in working hours and related compensation for all of its remaining employees. This decision relates to the Company’s recent announcement of its strategic focus on its mental health initiatives and serves to reduce ongoing operating expenses not related to such initiatives and extend the Company’s cash runway. Total annualized cost savings from the RIF are estimated at approximately $0.8 million and total annualized cost savings from the reduction in working hours are estimated at approximately $1.6 million. The RIF was substantially completed on April 30, 2024. The Company expects to recognize approximately $50,000 in total charges for related benefits for employees whose employment was terminated pursuant to the RIF.”

OMNICELL, INC. announced a restructuring with charges of approximately $15 - $20 million affecting Medimat Robotic Dispensing System (RDS) product line (more than 80 employees).

“once any required consent of the works council, as applicable, has finally been obtained. If the RDS Plan proceeds, the Company estimates that it will incur approximately $15 - $20 million of nonrecurring charges, of which $10 - $13 million are expected to result in future cash expenditures. The estimated nonrecurring charges consist of (i)”

FLEX LTD. announced a restructuring with charges of $75 million to $125 million.

“On April 30, 2024, the Company’s management committed to targeted restructuring activities to improve operational efficiencies by reducing excess workforce capacity and optimizing the Company’s manufacturing footprint. While a detailed action plan has not been finalized, the Company currently estimates charges in the range of $75 million to $125 million will be recognized in the first three quarters of the fiscal year ending March 31, 2025.”

CULP INC announced a restructuring with charges of restructuring and restructuring-related costs and charges of approximately $8.0 million, of which $2.6 million are anticipated to be incurred in the first quart affecting mattress fabrics segment; upholstery fabrics segment (approximately 240 people).

“completed during the first quarter of fiscal 2025. These actions are expected to result in estimated restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures. The costs include cash charges of approximately $1.1 million associated with expected ongoing operating”

CULP INC announced a restructuring with charges of restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures affecting mattress fabrics segment; mattress fabrics segment; upholstery fabrics segment (approximately 240 people).

“completed during the first quarter of fiscal 2025. These actions are expected to result in estimated restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures. The costs include cash charges of approximately $1.1 million associated with expected ongoing operating”

Cue Health Inc. announced a restructuring (a reduction in the Company’s employee base by 230 employees, which constitutes a reduction of approximately 49% in the C).

“The CRP will include a reduction in the Company’s employee base by 230 employees, which constitutes a reduction of approximately 49% in the Company’s global workforce.”

Akili, Inc. announced a restructuring with charges of approximately $2.3 – $2.8 million affecting Company's workforce across different areas and functions, including eliminating the Company's marketing and medical affairs teams (approximately 46%).

“On April 26, 2024, the Board of Directors of the Company (the "Board") approved a revised operating plan and budget for the remainder of 2024 and a related restructuring that will result in a reduction of the Company's operating expenses. As part of this plan, the Company's workforce will be reduced by approximately 46% across different areas and functions, including eliminating the Company's marketing and medical affairs teams. This workforce reduction was communicated to employees on April 30, 2024 and is expected to be completed by the end of the second quarter of 2024. Affected employees will be offered severance and other benefits, and the Company estimates that these severance and restructuring-related costs will be approximately $2.3 – $2.8 million and expects to record these charges in the second quarter of 2024.”

TEXTRON INC announced a restructuring with charges of $25 million to $30 million affecting Textron Systems, Bell, Industrial (approximately 1,500 positions).

“of the 2023 restructuring plan, we have incurred $140 million in pre-tax special charges and now expect to incur severance costs in the second quarter of 2024 in the range of $25 million to $30 million. Headcount reductions for the plan are now expected to total approximately 1,500 positions, representing 4% of our global workforce. We estimate that remaining”