Restructurings & Charges

Sonos Inc announced a restructuring with charges of approximately $11 to $14 million (approximately 7% of our employees).

“The Company estimates that it will incur approximately $11 to $14 million of restructuring and related charges, of which $9 to $11 million is related to employee severance and benefits costs.”

Duke Energy CORP announced a impairment with charges of approximately $800 million affecting Company’s Commercial Renewables business segment, utility-scale solar and wind group.

“Duke Energy expects to recognize an estimated pre-tax impairment charge on the Assets Held for Sale of approximately $800 million in the second quarter of 2023”

Chrome Holding Co. announced a restructuring with charges of approximately $3.5 million in severance and benefit continuation charges and approximately $0.5 million in equity compensation charges (approximately 75 employees).

“modification of certain stock options and restricted stock units (“equity compensation charges”). Severance and benefit continuation charges are estimated to be approximately $3.5 million and are expected to be recognized primarily in the first quarter of fiscal 2024, with the majority of such charges anticipated to be paid in cash during the same quarter. Equity”

F5, INC. announced a restructuring with charges of Cost adjustments including reduction in force affecting approximately 620 employees and reduction of leased facilities, with estimated total restructuring costs affecting global workforce and leased facilities (approximately 620 employees, or approximately 9% of the Company's global workforce).

“As previously announced on April 19, 2023 and disclosed in the Original Report, the management of the Company initiated cost adjustments to better align strategic and financial objectives, optimize operations, and drive efficiencies for long-term growth and profitability, including a reduction in force affecting approximately 620 employees, or approximately 9% of the Company’s global workforce as of April 19, 2023.”

ASCENT INDUSTRIES CO. announced a impairment with charges of approximately $2.5 million to $10.3 million affecting welded pipe and tube facility located in Munhall, Pennsylvania.

“The Company also expects to incur non-cash charges of approximately $2.5 million to $10.3 million in asset impairments, inventory write-downs and other non-cash restructuring charges.”

ASCENT INDUSTRIES CO. announced a restructuring with charges of approximately $2.8 million to $6.7 million affecting welded pipe and tube facility located in Munhall, Pennsylvania.

“focus on its core operations and to improve profitability while driving operational efficiencies. The Company currently expects to incur pre-tax cash charges of approximately $2.8 million to $6.7 million in connection with the Munhall Closure in fiscal year 2023, which is expected to include $2.6 million in severance costs and $0.2 million to $4.1 million in other”

ARTS WAY MANUFACTURING CO INC announced a restructuring with charges of liquidation costs of approximately $200,000 affecting Tools segment (American Carbide Tool) (15 employees).

“The closure of American Carbide Tool ("ACT") is not expected to have a significant financial impact during the third quarter of fiscal year 2023, when the Company anticipates the operations of American Carbide Tool will cease. The Company expects to generate cash from the liquidation of receivables, inventory and other assets of $950,000 after operations cease, which will be used to fund liquidation costs of approximately $200,000. Additionally, the Company will market ACT’s land, building and equipment for sale. The real estate has been appraised at greater than net book value. Proceeds from the sale of the property are not included in the above-noted cash and financial impact estimates. The Company expects to incur substantially all of these costs, and to complete its closure plan, by the end of the fiscal year ending November 30, 2023. Closure of the Tools business is expected to impact 15 employees.”

HashiCorp, Inc. announced a restructuring with charges of approximately $6.5 million to $8.5 million in severance costs, and $0.5 million to $1.0 million in benefits continuation and other expenses (approximately 8%).

“As a result of the Reduction, the Company expects to incur approximately $6.5 million to $8.5 million in severance costs, and $0.5 million to $1.0 million in benefits continuation and other expenses.”

Edgio, Inc. announced a restructuring with charges of approximately $3.7 million (approximately 134 employees, or approximately 12% of the Company's global workforce).

“global workforce, to be implemented through the fourth quarter of 2023 (the “Reduction in Force”). The Company estimates that Restructuring Plan charges will be approximately $3.7 million and will be recorded as restructuring expenses which consist of one-time severance charges and continuation of health benefits. The foregoing estimated charges will be cash”

QUANTUM CORP /DE/ announced a restructuring with charges of approximately $8.5 million affecting global (over 10%).

“On May 31, 2023, the Company’s board of directors (the “Board”) approved a global efficiency plan (the “Efficiency Plan”). The Efficiency Plan is intended to support the Company’s strategic plan and reduce operating expenses by further aligning its cost structure to focus on areas the Company believes are more likely to generate the best long-term results, in light of the current industry and macro-economic environment. As a result, the Company's activities under the Efficiency Plan include a reduction of the Company’s global workforce by over 10%. These activities are expected to be substantially completed by the end of fiscal year 2025. The Company currently estimates it will incur cash pre-tax restructuring charges of approximately $8.5 million through the end of fiscal year 2025, as a result of the Efficiency Plan, comprised primarily of severance and related costs.”

Korro Bio, Inc. announced a restructuring with charges of approximately $1.16 million (approximately 55% of its workforce).

“On May 31, 2023, Frequency Therapeutics, Inc. (the “Company”) announced a reduction in force (the “Reduction”) of approximately 55% of its workforce. The purpose of the Reduction, which was approved by the Board of Directors (the “Board”) of the Company on May 31, 2023, is to better align the Company’s workforce with the changing needs of its business. The Reduction will be completed by June 9, 2023. The total costs related to the Reduction are estimated to be approximately $1.16 million in future cash outlays primarily related to severance costs and related expenses.”

Stitch Fix, Inc. announced a restructuring with charges of between $7 million and $10 million affecting fulfillment centers in Bethlehem, Pennsylvania and Dallas, Texas.

“As a result of the intended Bethlehem and Dallas Closures, the Company estimates that it will incur between $7 million and $10 million in cash restructuring charges consisting of approximately $5 million to $7 million for separation-related payments, benefits, and related taxes, and $2 million to $3 million for transportation and other closure costs to redistribute inventory to other fulfillment centers.”

Sensata Technologies Holding plc announced a restructuring with charges of approximately $40 to $50 million affecting Spear Power System’s marine energy storage business (approximately 60 positions).

“Exiting the Business will result in the elimination of approximately 60 positions, primarily in Kansas City, Missouri, and the closure of Spear’s operations in Belgium. In connection with the plan to exit the Business, the Company is expected to incur total pre-tax charges in the range of approximately $40 to $50 million in the second quarter”

KENNAMETAL INC announced a restructuring with charges of approximately $20 million.

“The Company expects to incur a pre-tax charge of approximately $20 million in connection with the execution of this initiative, which is anticipated to be primarily severance-related cash expenditures.”

Rain Oncology Inc. announced a restructuring with charges of approximately $2.4 million to $2.6 million affecting the Company’s current workforce (approximately 65%).

“The Company estimates that it will incur approximately $2.4 million to $2.6 million in charges in connection with the Plan, almost all of which are cash expenditures related to employee transition, severance payments and employee benefits, and less than $0.1 million of which are charges related to non-cash stock-based compensation.”

InPoint Commercial Real Estate Income, Inc. announced a impairment with charges of impairment charge of approximately $7 million related to the Renaissance Chicago O’Hare Suites Hotel affecting Renaissance Chicago O’Hare Suites Hotel.

“On May 31, 2023, officers of InPoint Commercial Real Estate Income, Inc. (the “Company”) determined that (i) the entry into a contract for sale by the Company of the Renaissance Chicago O’Hare Suites Hotel (the “Renaissance O’Hare”) for a purchase price of $12 million and (ii) receipt of the deposit from the buyer pursuant to that contract, which deposit is generally non-refundable, subject to certain exceptions such as the failure of closing conditions under certain specified circumstances, resulted in this asset meeting the criteria under generally accepted accounting principles to be classified as “held-for-sale.” As a result of this classification, the Company determined that it will be required to record the asset at fair value, less estimated sales costs and, therefore, recognize an impairment charge of approximately $7 million in the second quarter of 2023.”

SYNLOGIC, INC. announced a restructuring with charges of approximately $0.9 million (approximately 21%).

“On June 5, 2023, Synlogic, Inc. (the “Company”) announced that it is implementing a reduction in workforce designed to focus resources on advancing the Company’s clinical stage programs and research activities that support the current clinical pipeline and its ongoing collaboration with Roche. The realignment is estimated to reduce the Company’s workforce by approximately 21%. The Company expects to complete substantially all of the reduction in workforce by the end of the fiscal quarter ending June 30, 2023. The Company estimates that it will incur approximately $0.9 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits.”

Walt Disney Co announced a impairment with charges of up to approximately $0.4 billion affecting DTC and other platforms.

“The Company is continuing its review and currently anticipates additional produced content will be removed from its DTC and other platforms, largely during the remainder of its third fiscal quarter. As a result, the Company currently estimates it may incur further impairment charges of up to approximately $0.4 billion related to produced content.”

Walt Disney Co announced a impairment with charges of a $1.5 billion impairment charge affecting direct-to-consumer services.

“On May 26, 2023, the Company removed certain produced content from its DTC services. As a result, the Company will record a $1.5 billion impairment charge in its fiscal third quarter financial statements to adjust the carrying value of these content assets to fair value.”

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of between $105 million and $115 million affecting Fulda, Germany tire manufacturing facility (EMEA segment) (approximately 550 job reductions at Fulda, consisting of 375 associates and 175 contracted positions).

“The Company expects to substantially complete this rationalization plan by the end of 2024 and estimates total pre-tax charges associated with this action to be between $105 million and $115 million, of which $95 million to $105 million is expected to be cash charges primarily for associate-related and other exit costs, with the remainder representing”

Oncorus, Inc. announced a restructuring with charges of aggregate charges in connection with the Workforce Reduction of approximately $2.6 million, which relate to severance payments, benefits and related costs, prim affecting workforce (reduce its workforce by 55 employees, representing substantially all of the Company's headcount).

“On May 29, 2023, the Board of Directors (the " Board ") of Oncorus, Inc. (the " Company ") approved a plan to reduce its workforce by 55 employees, representing substantially all of the Company's headcount (the " Workforce Reduction "), in order to preserve cash resources. The Company plans to retain certain employees and contractors who are expected to remain with the Company 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 $2.6 million, which relate to severance payments, benefits and related costs, primarily during the quarter ending June 30, 2023. The Workforce Reduction is expected to be completed by August 2023.”

SentinelOne, Inc. announced a restructuring with charges of approximately $3.9 million to $6.7 million affecting Company-wide (approximately 5%, or approximately 100, of the Company's full-time employee).

“The Company currently estimates that it will incur approximately $3.9 million to $6.7 million in connection with the Plan”

GreenLight Biosciences Holdings, PBC announced a restructuring with charges of approximately $6 to $8 million (approximately 51%).

“As a result of the Plan, the Company expects to incur a pre-tax restructuring charge in the second quarter of 2023 of approximately $6 to $8 million, consisting primarily of cash expenditures which are expected to consist of employee severance payments, employee transition, other restructuring related costs and expenses, and impacted contract commitments.”

ZIPRECRUITER, INC. announced a restructuring with charges of pre-tax charge in the range of $7 million to $9 million during the fiscal quarter ending June 30, 2023, consisting of one-time severance and other termination b affecting global headcount (reduce its global headcount by approximately 270 employees, which represents approximately 20% of the Company's total nu).

“On May 31, 2023, ZipRecruiter, Inc. (the “Company”) announced a plan to reduce its global headcount by approximately 270 employees, which represents approximately 20% of the Company's total number of employees prior to the reduction.”

Teads Holding Co. announced a restructuring with charges of The Company announced a reduction in its global workforce of approximately 10% affecting global workforce (approximately 10%).

“On May 31, 2023, Outbrain Inc. (the "Company") announced a reduction in its global workforce of approximately 10%, to adjust to the continued macroeconomic uncertainty, create additional operating efficiencies, and support the Company’s strategic growth and profitability objectives.”

COHERENT CORP. announced a restructuring with charges of approximately $150 million to $200 million of pre-tax charges affecting manufacturing facilities and sites across the Company.

“the Company’s cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. The Company expects to incur approximately $150 million to $200 million of pre-tax charges primarily as a result of the reduction in force and facility consolidations related to the closure and relocation of sites. The charges include”

NEWELL BRANDS INC. announced a restructuring with charges of approximately $37 million to $49 million affecting North American distribution network.

“and other bought cost reductions, in connection with the Network Optimization Project when it is fully implemented. The Company estimates that it will incur approximately $37 million to $49 million in restructuring and restructuring-related charges associated with execution of the Network Optimization Project and expects that the costs incurred will be”

EVERSOURCE ENERGY announced a impairment with charges of $220 million to $280 million affecting offshore wind business (50% ownership interest in North East Offshore, LLC, including three contracted projects and uncommitted lease area).

“Eversource determined that an impairment charge is required to be recognized in the second quarter of 2023. The estimated range of the after-tax impairment charge is from $220 million to $280 million.”

DHI GROUP, INC. announced a restructuring with charges of approximately $2.6 million in cash and non cash charges related to employee severance and benefits and the acceleration of share-based awards (approximately 10%).

“On May 22, 2023, DHI Group, Inc. (the “Company”) announced an organizational restructuring intended to streamline its operations, drive business objectives, reduce operating costs and improve operating margins. This included a reduction of the Company’s current workforce by approximately 10%. The restructuring is expected to generate annual cost savings of approximately $8 million to $10 million. The Company estimates that it will incur approximately $2.6 million in cash and non cash charges related to employee severance and benefits and the acceleration of share-based awards.”

Benson Hill, Inc. announced a restructuring with charges of approximately $3.6 million affecting Seymour, Indiana facility.

“The Company now estimates it will incur approximately $3.6 million in one-time expenses in connection with the Plan. Included in this amount are approximately $2.5 million in costs attributable to the Company’s exploration and possible execution of strategic options for its Seymour, Indiana facility, and approximately $1.1 million of expenses the Company expects to incur relating to employee severance and benefits costs.”

INTEGRA LIFESCIENCES HOLDINGS CORP announced a impairment with charges of approximately $22 million affecting Boston, Massachusetts facility.

“Integra LifeSciences Holdings Corporation (the “Company”), after consultation with the U.S. Food and Drug Administration (the “FDA”), initiated a voluntary global recall of all products manufactured in its Boston, Massachusetts facility (the “Boston facility”) distributed between March 1, 2018 and May 22, 2023 (the “voluntary recall”). As a result, the Company concluded on May 22, 2023 that it expects it will incur an impairment charge related to the write-off of inventories, net, of approximately $22 million.”

PTC THERAPEUTICS, INC. announced a restructuring with charges of approximately $7.0 million affecting gene therapy platform; primarily affects employees in the United States (reduction in workforce of approximately 8%).

“other benefits. The Company estimates that the employee severance and benefit costs along with required pre-termination associated payments and benefits will be approximately $7.0 million, substantially all of which are expected to be cash expenditures. T he estimate of costs that the Company expects to incur, and the timing thereof, are subject to a number of”

MUSTANG BIO, INC. announced a restructuring with charges of approximately $2.9 million affecting corporate (discontinued programs and workforce reduction) (approximately 82% (inclusive of the Offered Employees)).

“receive a payment in an amount equal to their prorated annual bonus through the Closing Date. In connection with these actions, the Company will incur expenses of approximately $2.9 million, consisting of (i) severance and termination-related costs of approximately $2.1 million, which will be paid in cash during the quarter ended June 30, 2023 and (ii) the”

Tectonic Therapeutic, Inc. announced a restructuring affecting cystinosis gene therapy program (designated AVR-RD-04).

“The Company is currently unable to make a determination of the estimated amount or range of amounts of the charge that will result in future cash expenditures in connection with the Asset Sale”

Athenex, Inc. announced a restructuring with charges of approximately $1.3 million (approximately 140 employees, or approximately 67% of the Company’s current employees).

“On May 9, 2023, the Company’s board of directors ("Board") authorized the termination of approximately 140 employees, or approximately 67% of the Company’s current employees, effective May 12, 2023 and restructured the Company’s operations to maintain a transition team of approximately 68 employees to continue operations in connection with the Chapter 11 Case. The Company recorded a one-time charge of approximately $1.3 million related to the reduction in its workforce, consisting primarily of one-time severance payments upon termination of the employees.”

FaZe Holdings Inc. announced a restructuring with charges of approximately $1.1 million (approximately 46 positions, which represents approximately 40% of the total workforce).

“the Company expects to reduce its headcount by approximately 46 positions, which represents approximately 40% of the total workforce. The Company estimates the expenses associated with the headcount reductions will result in annualized savings of approximately $6 million. The Company expects to incur aggregate charges of approximately $1.1 million, consisting primarily of employee severance and benefit costs associated with the restructuring.”

EyePoint, Inc. announced a restructuring with charges of approximately $1.2 million to $1.6 million in total pre-tax charges affecting sales and marketing organization and other supporting roles (approximately 35 employees).

“of a separation agreement, which includes a general release of claims against the Company. The Company estimates that the implementation of the RIF will result in approximately $1.2 million to $1.6 million in total pre-tax charges and cash outlays for termination of employees. The Company expects the charges will be incurred primarily in the second quarter of 2023,”

Silvergate Capital Corp announced a restructuring with charges of approximately $13.6 million affecting Silvergate Bank (approximately 230 employees).

“The Company estimates aggregate costs associated with these reductions in force of approximately $13.6 million, including approximately $10.7 million in severance and retention bonus payments and $2.8 million in employee benefits and job placement expenses.”

3D SYSTEMS CORP announced a restructuring with charges of $3.5 to $4.5 million affecting Corporate and Business support functions that are predominantly located in the US and Europe (approximately 6% of the Company’s workforce).

“On May 8, 2023, the Company announced the next phase of its multi-faceted restructuring initiative intended to improve operating efficiencies throughout the organization and drive long-term value creation. This phase of the restructuring initiative includes a reduction of headcount by approximately 6% of the Company’s workforce, with the majority of the workforce reduction being made in Corporate and Business support functions that are predominantly located in the US and Europe. The headcount reduction is expected to be completed in the third quarter of 2023. The Company expects this initiative will reduce operating expenses by approximately $4.0 to $6.0 million in 2023 and provide annualized savings of approximately $9.0 million and $11.0 million beginning in 2024. The Company expects to incur cash charges in the range of $3.5 to $4.5 million predominantly related to severance costs.”

Aterian, Inc. announced a restructuring with charges of between $1.0 million to $1.3 million (approximately 70 employees and 30 contractors globally).

“connection with these reductions. The Company expects to recognize restructuring charges in connection with the headcount reduction plan from primarily from severance of between $1.0 million to $1.3 million. The Company expects the charges will be recognized primarily in the second quarter of 2023, with the majority of such charges anticipated to be paid by the end”

Honest Company, Inc. announced a restructuring with charges of approximately $10.0 million to $15.0 million for the full year 2023, with $7.0 million recognized during the three months ended March 31, 2023 affecting Asia and Europe.

“Costs associated with the Transformation Initiative, including restructuring costs, are expected to be approximately $10.0 million to $15.0 million for the full year 2023, with $7.0 million recognized during the three months ended March 31, 2023.”

NOVAVAX INC announced a restructuring with charges of approximately $10 million to $15 million (approximately 25% reduction of its global workforce).

“On May 8, 2023, the Board of Directors of the Company approved an approximately 25% reduction of its global workforce, comprised of an approximately 20% reduction in the Company’s full-time employees and the remainder comprised of contractors and consultants. The Company expects the full annual impact of the cost savings to be realized in 2024 and approximately half of the annual impact, excluding one-time charges, to be realized in 2023 due to timing of implementing the measures, and the applicable laws, regulations, and other factors in the jurisdictions in which it operates. The Company is expected to record a charge of approximately $10 million to $15 million related one-time employee severance and benefit costs, the majority of which is expected to be incurred in the second quarter of 2023 and it is evaluating the anticipated cost related to the consolidation of facilities and infrastructure.”

EQRx, Inc. announced a restructuring with charges of in the range of $45.0 million to $55.0 million (a decrease in headcount of approximately 170 positions).

“a result of, or that are associated with, the other May 2023 strategic decisions. Therefore, EQRx currently estimates total restructuring costs for 2023 will be in the range of $45.0 million to $55.0 million. Each departing employee of EQRx has played an integral role in EQRx’s commitment to develop and commercialize innovative medicines for some of the most”

Oportun Financial Corp announced a restructuring with charges of approximately $8 million affecting corporate staff (a headcount reduction of 255 employees, representing approximately 19% of the Company's corporate staff).

“On May 8, 2023, the Company announced that it is taking a series of personnel and other cost saving measures to reduce expenses and streamline efficiency. These measures include a headcount reduction of 255 employees, representing approximately 19% of the Company's corporate staff, which excludes retail and contact center agents. The Company also announced additional measures to reduce its expenditures on external contractors and vendors. In relation to these and other personnel related activities, management expects to incur non-recurring, pre-tax charges of approximately $8 million in the second quarter of 2023.”

Twist Bioscience Corp announced a restructuring with charges of between $9 and $11 million affecting worldwide (approximately 270 employees).

“On May 3, 2023, the Company’s board of directors approved a strategic restructuring plan, which includes a reduction in force affecting approximately 270 employees worldwide, representing approximately 25% of the Company’s total workforce. The Company expects the plan to be implemented beginning in the third quarter of fiscal year 2023 and substantially completed by the end of fiscal year 2023. The Company expects to incur pre-tax charges of between $9 and $11 million, consisting of cash expenditures for employee severance and related benefit costs.”

Employers Holdings, Inc. announced a restructuring with charges of approximately $10.4 million, consisting of: (i) a one-time lease surrender payment of $7.6 million; (ii) a write-off of $2.6 million related to remaining leaseh affecting Reno, Nevada.

“On May 5, 2023, Employers Holdings, Inc. (the “Company”), through its wholly owned subsidiary EIG Services, Inc., entered into an agreement to early terminate the lease for the Company’s former corporate headquarters located in Reno, Nevada, effective as of June 1, 2023. The decision to early terminate the lease was undertaken as part of a review of the Company’s facilities needs. In connection with the lease termination, the Company estimates that it will incur a non-recurring charge of approximately $10.4 million, consisting of: (i) a one-time lease surrender payment of $7.6 million; (ii) a write-off of $2.6 million related to remaining leasehold improvements and furniture and fixtures; and (iii) miscellaneous expenses associated with exiting the property of approximately $0.2 million. The Company expects that these one-time charges will be incurred in the second quarter of 2023.”

SIGMATRON INTERNATIONAL INC announced a impairment with charges of approximately $2.5 million to $3.0 million affecting Pet Tech business.

“the Company expects to incur a non-cash impairment charge of approximately $2.5 million to $3.0 million related to the sale of the business, which the Company expects to record in its financial statements for the Company’s fourth quarter of its fiscal year 2023 ended April 30, 2023; the charge primarily relates to the impairment of certain assets that were not transferred to Buyer in connection with the sale transaction.”

Aceragen, Inc. announced a restructuring with charges of approximately $4.5 million (approximately 80% of the Company’s employees).

“(the “2022 Form 10-K”). In connection with the Reduction, the Company estimates that it will incur aggregate restructuring charges in the second quarter of 2023 of approximately $4.5 million related to severance payments and other employee-related costs. The Company’s estimates are subject to a number of assumptions, and actual results may differ. The Company may”

MediaAlpha, Inc. announced a restructuring with charges of approximately $1.6 million (25 employees or 16%).

“On May 1, 2023, MediaAlpha committed to a plan to reduce its workforce (the “Plan”) by 25 employees or 16% to reduce its cost structure in response to a significant pull back in marketing investment by certain of the Company's major insurance carrier partners. The Company expects to incur restructuring charges associated with the Plan in the quarter ending June 30, 2023 of approximately $1.6 million, consisting primarily of one-time termination benefits provided to the terminated employees, of which approximately $1.3 million are cash expenditures.”

First Internet Bancorp announced a impairment.

“The information set forth in Item 2.02 above regarding the material impairment resulting from the additional partial charge-off of the participation loan is incorporated into this Item 2.06 by reference. We do not expect any future cash expenditures related to the impairment.”