Restructurings & Charges

Domtar CORP announced a restructuring with charges of approximately $85 million affecting Espanola pulp and paper mill (approximately 450 employees).

“pulp and paper mill are expected to be incurred largely in the third quarter of 2023. The closure is expected to result in an aggregate pre-tax earnings charge of approximately $85 million, of which an estimated $32 million are non-cash charges related to the write-off of the carrying amount of the equipment, related spare parts and inventory obsolescence, an”

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of approximately $210 million to $230 million affecting Europe, Middle East and Africa ("EMEA") (approximately 1,200 positions across multiple countries within EMEA while also creating approximately 500 new roles prin).

“in significant savings beginning in 2024 and to be substantially complete in 2025. The total pre-tax charges associated with these actions are expected to be approximately $210 million to $230 million, substantially all of which are expected to be cash charges primarily for associate-related and other implementation and exit costs. The amounts and timing of the”

Movella Holdings Inc. announced a restructuring with charges of between approximately $1.1 million and $1.6 million (approximately 20%).

“on August 31, 2023, the Company decided to reduce its number of employees by approximately 20%. The Company expects to substantially complete this workforce reduction in the third quarter of 2023. Additionally, the Company elected to restructure its operations by exiting certain non-core business activities. As a result of this workforce reduction and restructuring, the Company expects to incur a pre-tax cash charge for severance and restructuring costs, which consists of one-time termination benefits and contract termination costs, of between approximately $1.1 million and $1.6 million in the third quarter of 2023.”

ChargePoint Holdings, Inc. announced a restructuring with charges of approximately $8 million affecting global operations (approximately 10%).

“On September 6, 2023, the Company announced the reorganizing of its operations including a reduction of the Company's current global workforce by approximately 10% (the “Reorganization”). The Reorganization is expected to lead to approximately $8 million in charges, consisting primarily of severance benefits and facility-related expenses.”

ROKU, INC announced a impairment with charges of $55 million to $65 million affecting content portfolio.

“an impairment charge in a preliminary estimated range of $55 million to $65 million related to removing select existing licensed and produced content from Company-operated services on its TV streaming platform”

ROKU, INC announced a impairment with charges of $160 million to $200 million affecting office facilities.

“in the third quarter of fiscal 2023 the Company expects to record an impairment charge in a preliminary estimated range of $160 million to $200 million related to ceasing to use certain office facilities”

ROKU, INC announced a restructuring with charges of $45 million to $65 million (approximately 10% of the Company’s employees).

“The workforce reduction is expected to impact approximately 10% of the Company’s employees. The Company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and benefits costs, in a preliminary estimated range of $45 million to $65 million.”

SHIFT TECHNOLOGIES, INC. announced a impairment with charges of approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets affecting technology assets.

“As a result of the Restructuring and associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The Company has not yet completed its analysis of additional charges”

SHIFT TECHNOLOGIES, INC. announced a restructuring with charges of approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decomm affecting Portland-based vehicle storage and sales facility and additional streamlining of its corporate organization (approximately 25%).

“charges related to the Restructuring and associated workforce reduction. As a result of the Restructuring and associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The”

INFINITY PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $3.9 million (reduction of 3 positions).

“Restructuring is expected to be completed by the end of the third quarter of 2023. The Company expects to incur a one-time charge in the third quarter of 2023 of approximately $3.9 million in severance and restructuring costs in connection with the August Restructuring, of which approximately $1.6 million will represent cash costs. This charge primarily relates to”

SUPERIOR INDUSTRIES INTERNATIONAL INC announced a impairment with charges of approximately $81.7 million affecting SPG (Superior Industry Production Germany GmbH).

“Superior expects to recognize a non-cash charge of approximately $81.7 million in the third quarter of 2023, representing the excess of the carrying value over the estimated preliminary fair value of its interest in, and receivable from, SPG as of the Filing Date”

Sage Therapeutics, Inc. announced a restructuring with charges of approximately $36 million to $38 million affecting the Company (approximately 40%).

“On August 28, 2023, Sage Therapeutics, Inc. (the “Company”) committed to a plan to reorganize the Company’s business operations and pipeline priorities in order to support goals for long-term business growth, including the planned commercial launch of ZURZUVAE TM (zuranolone) for the treatment of adults with postpartum depression (“PPD”) in late 2023. As part of the reorganization, the Company plans to focus its development efforts on its product candidates SAGE-718 and SAGE-324, pause certain earlier-stage programs, implement a reduction of the Company’s workforce by approximately 40%, and align its leadership team structure to scale with its pipeline and commercial priorities. The Company expects a non-recurring charge for severance and related employee costs associated with the workforce reduction of approximately $36 million to $38 million, primarily incurred in the third quarter of 2023.”

PALVELLA THERAPEUTICS, INC. announced a restructuring with charges of approximately $3.4 million affecting Workplace Restructuring.

“As a result of the Workplace Restructuring, the Company expects to incur estimated retention benefits, severance and related costs of approximately $3.4 million through the second quarter of 2024.”

NexImmune, Inc. announced a restructuring with charges of approximately 53% reduction in workforce affecting workforce (reduction in workforce from 47 to 22 full-time employees as of September 5, 2023).

“On August 31, 2023, NexImmune, Inc. (the “Company”) announced that, in order to reduce its cash expenditures while continuing to pursue its existing strategic plan, its Board of Directors approved and its management is implementing an approximately 53% reduction in workforce, designed to reduce costs and extend the Company’s cash. The realignment would reduce the Company’s workforce from 47 to 22 full-time employees as of September 5, 2023. The Company estimates that it will incur approximately $2.3 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. The Company may incur one-time cash costs associated with the termination of certain contracts under the workforce reduction, and is in the process of assessing the estimated impact. The Company communicated the workforce reduction on August 31, 2023 and expects the majority of the costs associated with the reduction to be incurred during the third quarter ending S”

FOSTER L B CO announced a restructuring with charges of $2.6 to $2.9 million affecting Steel Products and Measurement operating segment; fabricated bridge grid deck product line; Bedford, PA and Greentree, PA (separation of certain union and non-union employees both in Bedford and Greentree, PA).

“miscellaneous exit costs of approximately $0.2 million, and non-cash impairment reserves of approximately $1.4 to $1.5 million. Total exit costs are expected to range between $2.6 to $2.9 million, with cash costs ranging between $1.2 and $1.4 million, in its Steel Products and Measurement operating segment. The approximate expense resulting from this exit”

PEGASYSTEMS INC announced a restructuring with charges of approximately $16 million affecting various geographies (approximately 4% of its employees).

“as part of the go-to-market strategy and continued effort to elevate and simplify client engagement, on August 30, 2023, Pegasystems Inc. (the “Company”) announced a workforce realignment resulting in a reduction of approximately 4% of its employees across various geographies. Communications to impacted persons or their representatives are expected to be substantially completed by September 8, 2023. The Company expects to incur a charge of approximately $16 million in the third quarter of 2023 related principally to cash severance and related benefit costs for terminated employees.”

Quantum-Si Inc announced a restructuring with charges of approximately $2.5 million affecting organizational restructuring (approximately 16% of its workforce).

“with the restructuring, the Company expects that it will recognize over the remainder of 2023 a one-time cash charge related to severance and other benefits of approximately $2.5 million. In addition, the Company expects to recognize non-cash expense over the remainder of 2023 in the amount of approximately $0.3 million related to stock option modifications. The”

Apellis Pharmaceuticals, Inc. announced a restructuring with charges of approximately $9 million to $11 million affecting corporate restructuring includes SYFOVRE launch, EMPAVELI reduction, R&D prioritization (approximately 225 employees, or approximately 25% of its current workforce).

“in workforce will be substantially completed in the third quarter of 2023. As a result of the reduction in workforce, the Company estimates that it will incur approximately $9 million to $11 million in costs, substantially all of which are cash expenditures. These costs are anticipated to be incurred primarily in the second half of 2023. The estimate of costs”

LENZ Therapeutics, Inc. announced a restructuring with charges of approximately $1.6 million (approximately 70%).

“alternatives. Under the Plan, the Company is reducing its workforce by approximately 70%. The Company expects to incur estimated severance and related costs of approximately $1.6 million, which will be recorded primarily in the third quarter of 2023. As the Plan is implemented, the Company’s management will re-evaluate the estimated costs and expenses set forth”

BLACKLINE, INC. announced a restructuring with charges of up to $9.0 million (approximately 9.0%, or 166 total employee positions).

“On August 23, 2023, BlackLine, Inc. (“BlackLine” or the “Company”) announced a restructuring plan that is designed to support the Company’s growth, scale and profitability objectives. As part of the restructuring, the Company expects to reduce its global workforce by approximately 9.0%, or 166 total employee positions. In connection with the restructuring plan, the Company currently estimates that it will incur expenses of up to $9.0 million, primarily for severance and other termination benefits.”

Trinseo PLC announced a restructuring with charges of approximately $22 million to $27 million affecting PMMA sheet network, primarily in Europe, Bronderslev (Denmark) plant, Belen (New Mexico) plant, Rho (Italy) plant, and general & administrative network (approximately $10 million to $12 million of severance benefits to affected employees).

“is expected to be substantially completed by the end of 2024. The Company expects to incur total restructuring charges in connection with the Plan ranging from approximately $22 million to $27 million. The total charges will consist of approximately $10 million to $12 million of severance benefits to affected employees; approximately $8 million to $9 million of”

AGENUS INC announced a restructuring with charges of approximately $1.4 million affecting Agenus Inc. (excluding its independently operating subsidiaries) (approximately 25%).

“As part of this effort, Agenus Inc. (excluding its independently operating subsidiaries) is reducing its workforce by approximately 25%, which the company expects to result in savings of approximately $2.8 million by year-end, after accounting for the cost of the workforce reduction of approximately $1.4 million.”

VivoSim Labs, INC. announced a restructuring (approximately six employees, which represents approximately 24% of its employees as of August 18, 2023).

“On August 18, 2023, Organovo Holdings, Inc. (the “Company”) announced to its employees a plan to reduce the Company’s workforce, effective August 25, 2023, by approximately six employees, which represents approximately 24% of its employees as of August 18, 2023.”

DICK'S SPORTING GOODS, INC. announced a restructuring with charges of approximately $20 million of severance expense affecting customer support center.

“The Company has eliminated certain positions primarily at our customer support center on August 21, 2023 for which it expects to incur approximately $20 million of severance expense in the third quarter of 2023.”

RE/MAX Holdings, Inc. announced a restructuring with charges of between approximately $2.75 million and $3.25 million (approximately 7%).

“On August 18, 2023, RE/MAX Holdings Inc. (the “Company”) announced a reduction in force and reorganization (the “Reorganization”) intended to streamline the Company’s operations and yield cost savings over the long term. The Reorganization will reduce the Company’s overall workforce by approximately 7%. Affected employees were notified by August 18, 2023, and the Reorganization is expected to be substantially complete by September 30, 2023. As a result of the Reorganization, the Company expects to incur a pre-tax cash charge for one-time termination benefits, which consist primarily of severance and related costs, of between approximately $2.75 million and $3.25 million, substantially all of which will be recognized in the third quarter of 2023.”

EXPRESS, INC. announced a restructuring with charges of approximately $5 million (approximately 150 employees).

“On August 17, 2023, the Company announced that it had initiated a workforce reduction to reduce costs and improve operating efficiencies. The workforce reduction, which is being implemented as part of a plan of strategic cost reduction actions and was committed to by management on July 27, 2023, will impact approximately 150 employees and is expected to be completed by the end of the third quarter of fiscal 2023. The Company expects that it will incur approximately $5 million in restructuring and related costs, primarily related to severance and benefit costs, in connection with the workforce reduction and recognized these costs in the second quarter of fiscal 2023.”

Magnera Corp announced a restructuring with charges of approximately $15 million affecting Glatfelter Ober-Schmitten GmbH (Ober-Schmitten facility in Germany) and related distributor operations in Asia (approximately $10.4 million of cash expenses in connection with employee separation benefits).

“The Company will not receive any proceeds from the sale and expects to record a loss of approximately $15 million on the sale.”

MERCURY SYSTEMS INC announced a restructuring with charges of approximately $9 million (eliminates approximately 150 positions).

“On July 20, 2023, we announced the plan to embed the 1MPACT value creation initiatives into operations, and on August 9, 2023, we approved and initiated a workforce reduction that, together with the 1MPACT related action, eliminates approximately 150 positions, resulting in expected restructuring charges of approximately $9 million.”

SecureWorks Corp announced a restructuring with charges of up to approximately $14.2 million affecting workforce and real estate (approximately 15%).

“for continued growth with improving operating margins over time. In connection with the Plan, the Company currently estimates that it will incur expenses up to approximately $14.2 million, the substantial majority of which are expected to result in future cash expenditures. These expenses are anticipated to consist primarily of severance and other termination”

Galera Therapeutics, Inc. announced a restructuring with charges of approximately $2.0 to $2.5 million affecting the Company’s current workforce (22 employees, approximately 70% of headcount) (22 employees, or approximately 70% of the Company’s headcount).

“The decision was based on cost-reduction initiatives intended to reduce operating expenses. The Company currently estimates that it will incur charges of approximately $2.0 to $2.5 million in connection with the Workforce Reduction, primarily consisting of severance payments, employee benefits and related costs. The Company expects that the majority”

Atreca, Inc. announced a restructuring with charges of approximately $1.6 million affecting operations (approximately 40% of its current employees).

“On August 10, 2023, the Company implemented and announced a corporate reorganization of its operations. As part of the reorganization, the Company is undertaking cost-saving initiatives, including a workforce reduction of approximately 40% of its current employees and the suspension of the development of ATRC-101, its former lead product candidate. The total cost related to the workforce reduction is estimated to be approximately $1.6 million, all of which is cash-based expenditures related primarily to severance payments.”

AMYRIS, INC. announced a restructuring with charges of approximately $6.8 million (approximately 260 employees).

“provided severance benefits, including cash severance payments and reimbursement of medical insurance premiums. The Company expects to record a one-time charge of approximately $6.8 million related to the reduction in its workforce, consisting primarily of one-time severance payments upon termination of the employees. The Company expects that the majority of these”

Blend Labs, Inc. announced a restructuring with charges of approximately $7.2 million affecting title operations, corporate operations in research and development, sales and marketing, and general and administrative functions (approximately 150 current positions, or approximately 19% of the Company’s current onshore workforce).

“The August 2023 Plan further streamlines the Company’s title operations, as well as its corporate operations in research and development, sales and marketing, and general and administrative functions. The August 2023 Plan includes the elimination of approximately 150 current positions, or approximately 19% of the Company’s current onshore workforce, and approximately 20 vacancies across the Company. The Company estimates that it will incur approximately $7.2 million in charges in connection with the August 2023 Plan”

OneSpan Inc. announced a restructuring with charges of from $15 million to $20 million.

“The Company preliminarily estimates that it will incur from $15 million to $20 million i n restructuring charges associated with the additional cost reduction actions.”

Chrome Holding Co. announced a restructuring with charges of approximately $3 million affecting Therapeutics segment (approximately 71 employees).

“modification of certain stock options and restricted stock units (“equity compensation charges”). Severance and benefit continuation charges are estimated to be approximately $3 million and are expected to be recognized primarily in the second quarter of fiscal 2024, with the majority of such charges anticipated to be paid in cash during the same quarter. Equity”

Rapid7, Inc. announced a impairment with charges of approximately $4 million affecting certain office locations.

“In connection with the Restructuring Plan, the Company plans to permanently close certain office locations. This will result in an impairment loss of approximately $4 million that will be recorded during 2023 as the exit activities are finalized in each location.”

Rapid7, Inc. announced a restructuring with charges of approximately $24-$32 million affecting company-wide (approximately 18%).

“the “ Restructuring Plan ”). The Restructuring Plan includes reduction of the Company’s workforce by approximately 18%. The Company estimates that it will incur approximately $24-$32 million in charges in connection with the Restructuring Plan, consisting of cash expenditures for employee transition, notice period and severance payments and employee”

Emergent BioSolutions Inc. announced a restructuring with charges of approximately $19.0 million to $21.0 million in charges affecting Bayview facility in Baltimore, Maryland; Canton, Massachusetts; Rockville, Maryland drug product facility (approximately 400 employees).

“On August 8, 2023, Emergent BioSolutions Inc. (the “Company”) announced an organizational restructuring plan (the “Restructuring Plan”) intended to strengthen its core business and financial position by reducing investment in and de-emphasizing focus on its CDMO services business for future growth. The Restructuring Plan includes a reduction of the Company’s current workforce by approximately 400 employees. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company estimates that it will incur approximately $19.0 million to $21.0 million in charges in connection with the Restructuring Plan, which it expects to incur in the third quarter of fiscal 2023. These charges consist primarily of cash charges related to severance (base bonus), transition services, and estimated benefits cost.”

Palladyne AI Corp. announced a restructuring with charges of Approximately $1.5 million of costs (approximately 71 employees, representing approximately 24% of the Company’s workforce).

“on July 10, 2023 the board of directors of the Company approved a reduction in force affecting approximately 71 employees, representing approximately 24% of the Company’s workforce. As disclosed in the Original Report, the Company expected to incur approximately $1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits.”

Twist Bioscience Corp announced a restructuring with charges of $9 and $11 million affecting South San Francisco and Wilsonville, Oregon facilities (approximately 270 employees worldwide, representing approximately 25% of the Company's total workforce).

“Company expects it to be substantially completed by the end of fiscal year 2023. As disclosed in the Original Report, the Company expected to incur pre-tax charges of between $9 and $11 million, consisting of cash expenditures for employee severance and related benefit costs. The Company recognized cumulative pre-tax restructuring costs of approximately”

SERVOTRONICS INC /DE/ announced a impairment with charges of approximately $1,100,000 affecting OKC Building (Franklinville, NY).

“The Company currently estimates that the non-cash impairment charge for the OKC Building will be approximately $1,100,000.”

SERVOTRONICS INC /DE/ announced a impairment with charges of approximately $3,200,000 affecting Purchased Assets.

“the Company will recognize an impairment charge of approximately $3,200,000 in the second fiscal quarter of 2023.”

SERVOTRONICS INC /DE/ announced a restructuring affecting OKC (the employment of substantially all of OKC’s employees has terminated).

“In connection with the Asset Sale Transaction, the employment of substantially all of OKC’s employees has terminated, although a small number of employees are expected to continue for a period of time after the closing in order to assist the Company with the process of winding up the remaining business activities of OKC.”

SERVOTRONICS INC /DE/ announced a restructuring with charges of approximately $1,129,000 affecting OKC.

“The Company expects to incur costs of approximately $1,129,000, including costs related to the termination of vendor relationships, retention payments to certain employees and other costs in connection with the cessation of OKC’s business activities.”

Magnera Corp announced a restructuring with charges of approximately $10.4 million of cash expenses in connection with employee severance and benefit costs affecting Ober-Schmitten, Germany facility.

“The Company now estimates that it will incur approximately $10.4 million of cash expenses in connection with employee severance and benefit costs associated with the termination of the employees at the Facility and will recognized an expense for this amount in its second quarter 2023 financial statements for the three and six months ended June 30, 2023 included in its second quarter 2023 Form 10-Q.”

Rocket Companies, Inc. announced a restructuring with charges of $50 to $60 million dollars.

“On July 28, 2023, the Company committed to a voluntary career transition program that was offered to certain eligible team members. The voluntary career transition program includes a compensation package, healthcare coverage, career transition services, and accelerated vesting of certain equity awards, if applicable. The Company expects to incur a non-recurring charge and make cash payments of $50 to $60 million dollars primarily in the third quarter of 2023, which is the period that the eligible team members accept their offers.”

MARIN SOFTWARE INC announced a restructuring with charges of approximately $1.0 million to $1.5 million affecting global employees (approximately 64 employees, representing approximately 37% of its global employees as of June 30, 2023).

“Company expects to substantially complete the 2023 Restructuring Plan by the end of the quarter ending September 30, 2023. The Company estimates that it will incur approximately $1.0 million to $1.5 million of cash expenditures in connection with the 2023 Restructuring Plan, substantially all of which relates to severance costs. The Company expects to recognize the”

NeuBase Therapeutics, Inc. announced a restructuring with charges of approximately $400,000 affecting different areas and functions (approximately 83%).

“compensation grants and continuation of group health insurance coverage for a specified period to the affected employees. The Company estimates that it will incur approximately $400,000 of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. The costs related to the Restructuring are subject to a”

AstroNova, Inc. announced a restructuring with charges of approximately $3.2 million affecting Product Identification segment.

“Product Identification segment restructuring plan, in the second quarter of our fiscal year 2024 we expect to record pre-tax restructuring and other charges of approximately $3.2 million, comprised primarily of non-cash charges of approximately $1.7 million related to inventory write-offs related to product curtailment and discontinuation, and cash charges of”

Definitive Healthcare Corp. announced a restructuring with charges of approximately $1.8 million to $2.0 million (42 people, or approximately 4 percent of its total workforce).

“On July 27, 2023, the Company committed to a restructuring plan (the “Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The Plan provides for a reduction of the Company’s current workforce by 42 people, or approximately 4 percent of its total workforce. The Company estimates that in the third quarter of 2023 it will incur pre-tax cash restructuring and related charges to its GAAP financial results of approximately $1.8 million to $2.0 million, consisting primarily of severance payments, employee benefits, and related cash expenses, as well as a non-cash charge related to the vesting of share-based awards for employees who are terminated.”