Restructurings & Charges

MOMENTIVE GLOBAL INC. announced a restructuring with charges of approximately $7.0 million to $9.0 million (approximately 14%).

“On February 15, 2023, we committed to a plan that is designed to improve operating margin (the “Plan”). The Plan includes a reduction of the Company’s workforce by approximately 14%. We estimate that we will incur approximately $7.0 million to $9.0 million in charges related to employee severance, employee benefits, and related facilitation costs in connection with the Plan.”

DigitalOcean Holdings, Inc. announced a restructuring with charges of approximately $25 million to $27 million in restructuring charges (approximately 11%).

“On January 27, 2023, the Board of Directors of the Company approved a restructuring plan to adjust its cost structure and accelerate its timeline to achieve greater than 20% free cash flow margins (the “Restructuring Plan”). The Restructuring Plan includes both the elimination of positions across the Company as well as the shifting of additional positions across a broader geographical footprint over the next several months. As a result of these headcount actions, the Company’s total employee base will be reduced by approximately 11%. The Company estimates that it will incur approximately $25 million to $27 million in restructuring charges in connection with the Restructuring Plan, consisting of (i) approximately $22 million to $23 million in cash expenditures for employee transition, notice period and severance payments, and employee benefits, and (ii) approximately $3 million to $4 million in stock-based compensation.”

TheRealReal, Inc. announced a restructuring with charges of approximately $1.7 to 2.2 million affecting workforce and real estate footprint (approximately 230 employees (the “RIF”), representing approximately 7% of its workforce).

“Under this plan, the Company will (a) terminate approximately 230 employees (the “RIF”), representing approximately 7% of its workforce, and (b) reduce its real estate presence, as described herein (the “Real Estate Reduction Plan”). At this time, the Company intends to (i) close two flagship stores (San Francisco, California and Chicago, Illinois), two neighborhood stores (Atlanta, Georgia and Austin, Texas), and two luxury consignment offices (Miami, Florida and Washington, D.C.), including any co-located logistics hubs, and (ii) reduce its office spaces in San Francisco, California and New York, New York. The Company will continue to evaluate its real estate presence as it deems appropriate to create efficiencies and to address trends in the marketplace and macroeconomic factors. Costs Associated with the RIF The Company estimates that it will incur non-recurring charges of approximately $1.7 to 2.2 million in connection with the RIF, primarily consisting of severance payments, empl”

DROPBOX, INC. announced a impairment with charges of $162.5 million and $175.2 million affecting corporate office real estate assets.

“the Company recorded additional impairment charges related to its corporate office real estate assets of $162.5 million and $175.2 million during the fourth quarter and full-year 2022, respectively.”

Digimarc CORP announced a restructuring with charges of approximately $1.5 million (approximately 17%).

“On February 13, 2023, the Board of Directors of Digimarc Corporation (the “Company”) committed to a reduction in force plan (the “Plan”) as part of the Company’s measures to streamline operations, remove redundancies, and improve operating margins. The Plan involves a reduction in the Company’s current workforce by approximately 17%. The Company currently estimates that it will incur one-time cash charges of approximately $1.5 million”

DOCUSIGN, INC. announced a restructuring with charges of charges of approximately $25 to $35 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice affecting worldwide field organization (restructure and reduce its current workforce by approximately 10%).

“On February 16, 2023, DocuSign, Inc. (the “Company”) announced a restructuring plan (the “Restructuring Plan”) that is designed to support the Company’s growth, scale and profitability objectives. As part of the Restructuring Plan, the Company expects it will restructure and reduce its current workforce by approximately 10%, primarily in the Company’s worldwide field organization. The Company currently estimates that it will incur charges of approximately $25 to $35 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs as well as non-cash expenses related to vesting of share-based awards.”

CervoMed Inc. announced a restructuring with charges of approximately $1.1 million affecting clinical operations function (six of the Company’s 13 current employees).

“Diffusion expects to record a one-time charge of approximately $1.1 million in the first quarter of 2023 in connection with the reduction in force, primarily related to one-time termination benefits to be paid in cash, which is expected to be completed in March 2023.”

Transocean Ltd. announced a impairment with charges of approximately $150 million to $160 million affecting stacked, ultra-deepwater drillship Ocean Rig Olympia.

“the Company expects its first-quarter 2023 results to include an estimated non-cash charge ranging from approximately $150 million to $160 million”

ECOLAB INC. announced a restructuring with charges of $195 million ($150 million after tax) affecting Institutional and Healthcare businesses in other regions.

“On February 14, 2023, Ecolab announced that it has expanded its previously announced Europe cost savings program to also focus on the Company’s Institutional and Healthcare businesses in other regions. In connection with the expanded program, Ecolab now expects to incur pre-tax charges of $195 million ($150 million after tax).”

Climb Bio, Inc. announced a restructuring with charges of approximately $17.1 million (approximately 55%).

“program. As part of the Plan, the Company will reduce its workforce by approximately 55% in the first half of 2023. The Company estimates that it will incur approximately $17.1 million in charges in connection with the Plan, which will be substantially incurred in 2023. These charges primarily relate to employee transition, severance payments, employee”

GoDaddy Inc. announced a restructuring with charges of approximately $55 to $65 million (approximately 550 employees).

“On February 8, 2023, the Audit and Finance Committee of the Board of Directors of the Company authorized a restructuring plan (the “Plan”) to reduce future operating expenses and improve cash flows of the Company through a combination of a reduction in force and a rationalization of its portfolio. As part of the Plan, the Company announced a reduction in its current workforce of approximately 550 employees, representing roughly 8% of the Company’s employees. The Company estimates it will incur approximately $55 to $65 million of pre-tax restructuring and exit related charges, of which $30 to $40 million represents future cash expenditures for the payment of severance and related benefit costs and approximately $25 million represents non-cash pre-tax charges in connection with the disposition of certain assets.”

Udemy, Inc. announced a restructuring with charges of between $9 million and $11 million affecting global workforce (approximately 10% of the Company’s global workforce).

“current macroeconomic environment and create a more streamlined organization to support its business. As a result, the Company expects to recognize restructuring charges between $9 million and $11 million in the first quarter of 2023, primarily consisting of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. Cash”

Korro Bio, Inc. announced a restructuring with charges of approximately $4 million (approximately 55% of its workforce).

“Also on February 13, 2023, 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 of the Company on February 11, 2023, is to better align the Company’s workforce with the needs of its business and focus more of its capital resources on its pre-clinical program for remyelination in Multiple Sclerosis (the “MS Program”). These changes will preserve capital, ensuring that the Company is appropriately resourced to complete a first clinical trial of its MS Program. The Reduction will take place in phases and be completed by April 30, 2023. The total costs related to the Reduction are estimated to be approximately $4 million in future cash outlays primarily related to severance costs and related expenses.”

TWILIO INC announced a impairment with charges of approximately $10-$25 million affecting office locations.

“The February announcement will result in an additional impairment of approximately $10-$25 million that will be recorded during 2023 as the exit activities are finalized in each location.”

TWILIO INC announced a restructuring with charges of approximately $100-$135 million (approximately 17% of the Company’s current workforce).

“On February 13, 2023, the Company committed to a workforce reduction plan (the “ February Plan ”), that is intended to reduce operating costs, improve operating margins, and accelerate profitability. The February Plan includes the elimination of approximately 17% of the Company’s current workforce. As a result of the February Plan, the Company estimates that it will incur approximately $100-$135 million in charges in connection with the workforce reduction, consisting of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related facilitation costs.”

IROBOT CORP announced a restructuring with charges of approximately $4 million (approximately 85 employees, which represents 7% of the Company’s global workforce).

“the Company expects to record restructuring charges of approximately $4 million in the first quarter of 2023”

Rigetti Computing, Inc. announced a restructuring with charges of approximately $1.4 million (approximately 50 employees).

“On February 8, 2023, the Board of Directors of Rigetti Computing, Inc. (the “Company”) approved a reduction in workforce to align with the Company’s updated business strategy and revised technology roadmap. The reduction in workforce is expected to reduce the Company’s current workforce by approximately 28%, and impact approximately 50 employees. The Company is beginning the activities with respect to its revised business plan, updated technology roadmap and reduction in workforce effective immediately. Affected employees are expected to be offered separation benefits, including severance payments and temporary healthcare coverage assistance. The Company currently expects to incur restructuring charges of approximately $1.4 million attributable to cash payments primarily for severance payments and temporary healthcare coverage to employees with respect to eliminated positions.”

Lyft, Inc. announced a restructuring with charges of approximately $27 million to $32 million of restructuring and related charges primarily related to employee severance and benefits costs affecting Company-wide.

“as previously announced, on November 3, 2022, the Company committed to a plan of termination as part of the Company’s efforts to reduce operating expenses and adjust cash flows. At the time of the Original Report, the Company estimated that it would incur approximately $27 million to $32 million of restructuring and related charges primarily related to employee severance and benefits costs.”

Oportun Financial Corp announced a restructuring with charges of $5 million to $6 million (approximately 155 employees).

“In relation to these and other personnel related activities, management expects to incur non-recurring, pre-tax charges of $5 million to $6 million in the first quarter of 2023.”

Affirm Holdings, Inc. announced a restructuring with charges of approximately $35 million to $39 million affecting company-wide (approximately 500 employees).

“of its San Francisco office. The Company expects implementation of the Plan to be substantially complete by the end of fiscal 2023. The Company expects to incur approximately $35 million to $39 million in total restructuring costs, which includes cash expenditures of $24 million to $28 million relating to one-time employee severance and other employment”

TTM TECHNOLOGIES INC announced a restructuring with charges of approximately $22 million to $28 million affecting PCB operations located in Anaheim and Santa Clara, California, and Hong Kong (approximately 750 employees).

“Plan will result in its total headcount being reduced by approximately 750 employees. The Company estimates that it will incur total charges related to the Plan of approximately $22 million to $28 million in separation, asset impairment and disposal costs. Approximately 80% of these costs will be in the form of cash expenditures and the rest in the form of non-cash”

Dianthus Therapeutics, Inc. /DE/ announced a restructuring with charges of $5.4 million (up to 56 positions, or approximately 84%).

“or approximately 84%, to be substantially completed by February 17, 2023. As a result of the Plan, the Company expects to incur estimated severance and related costs of $5.4 million by the end of February 2023. Each departing employee of Magenta has played an integral role in the Company’s mission of improving stem cell transplant to enable access for more”

Zoom Communications, Inc. announced a restructuring with charges of approximately $50 million to $68 million (approximately 15 percent).

“The Company estimates that it will incur approximately $50 million to $68 million in charges in connection with the Plan, which will be substantially incurred in the first quarter of fiscal 2024.”

SecureWorks Corp announced a restructuring with charges of approximately $16.0 million affecting workforce and real estate (approximately 9%).

“other priorities, in order to balance continued growth with improving operating margins over time. The Company currently estimates that it will incur expenses of approximately $16.0 million, consisting primarily of severance and other termination benefits, as well as real estate-related expenses. The substantial majority of these expenses will result in cash”

Appgate, Inc. announced a restructuring with charges of approximately $500 thousand of costs and expenses (approximately an aggregate of 34 employees and contractors (approximately 8% of our workforce)).

“employees and contractors by February 2, 2023. The Reduction has now been substantially completed. In connection with the Reduction, we estimate that we will incur approximately $500 thousand of costs and expenses, primarily comprising severance and termination-related costs, which we expect to recognize in the first quarter of 2023. Forward-Looking Statements This”

CYREN Ltd. announced a restructuring with charges of a maximum of up to approximately $3,600,000.00 (approximately 121 employees).

“On February 1, 2023, Cyren Ltd. (the “Company”) approved a plan to reduce the workforce of the Company and its subsidiaries by approximately 121 employees in the aggregate, representing substantisally all of the Company’s and its subsidiaries’ total global workforce. This decision was based on cost-reduction initiatives intended to reduce operating expenses. The Company currently estimates that it will incur one-time cash charges of a maximum of up to approximately $3,600,000.00 in connection with the reduction in force, primarily consisting of accrued paid time off, notice period payments, employee benefits and related costs.”

SURMODICS INC announced a restructuring with charges of approximately $1.0 million to $1.2 million (approximately 13%).

“On January 30, 2023, Surmodics, Inc. (the “Company”) initiated certain organizational changes designed to align its human resources with its business needs and to reduce its use of cash. The organizational changes were prompted by the decision of the U.S. Food and Drug administration to request additional information and data related to the premarket approval application for the Company’s SurVeilTM drug-coated balloon, which led the Company to reassess the timing of a potential related milestone payment that would be due following approval and subsequent commercial revenue related to its distribution of the product. The organizational changes will result in a reduction in the Company’s workforce by approximately 13%. In connection with the workforce reduction, the Company expects to record total restructuring charges of approximately $1.0 million to $1.2 million in the second quarter of fiscal 2023. These charges represent cash expenditures for severance, benefits continuation, outpl”

Cyteir Therapeutics, Inc. announced a restructuring with charges of $2.5 million to $3 million (approximately 70% of the Company’s workforce).

“the Company expects to have 15 or fewer full-time employees. The Company estimates that, in connection with these changes, it will incur aggregate charges of approximately $2.5 million to $3 million, all of which are anticipated to result in future cash expenditures, primarily for one-time employee severance and benefit costs, the majority of which are expected”

Vyant Bio, Inc. announced a restructuring with charges of approximately $1.4 million.

“the Board determined on January 31, 2023 to conduct a reduction in force as soon as practical, resulting in the retention of a core group of employees required for one or more potential strategic transactions and/or to execute an orderly wind down of the Company if required. The Company estimates that it will incur approximately $1.4 million for retention, severance and other employee termination-related costs in the first and second quarters of 2023.”

VIAVI SOLUTIONS INC. announced a restructuring with charges of approximately $15 million (approximately 5% of its global workforce).

“On February 1, 2023, the Company approved a restructuring and workforce reduction plan (the “Plan”) intended to improve operational efficiencies and better align the Company’s workforce with current business needs and strategic growth opportunities. The Company expects approximately 5% of its global workforce to be affected and estimates it will incur charges of approximately $15 million in connection with the Plan.”

Getaround, Inc announced a restructuring with charges of approximately $1.4 million affecting North American teams (approximately 10%).

“the cost of risk during trips booked on the Getaround marketplace. The Company estimates that it will incur total costs in connection with the restructuring of approximately $1.4 million, substantially all of which is expected to be related to severance and benefits costs. These changes together are estimated to result in cost savings of between $25 million and”

Desktop Metal, Inc. announced a restructuring with charges of $19.6 million to $26.0 million affecting closing and consolidating select locations in the United States and Canada (reducing the Company’s workforce by an additional 15%).

“On January 31, 2023, the Company committed to additional actions to continue and expand the Initiative. These additional actions include closing and consolidating select locations in the United States and Canada and reducing the Company’s workforce by an additional 15%, prioritizing investments and operations in line with near-term revenue generation, positioning the company to achieve its long-term financial goals. For all committed restructuring activities under the Initiative, the Company now expects to incur total pre-tax restructuring charges of $19.6 million to $26.0 million”

Evelo Biosciences, Inc. announced a restructuring with charges of aggregate charges in connection with the Workforce Reduction of approximately $2.7 million, which relate primarily to severance payments and related continuatio affecting workforce (48 employees, or approximately 45% of the Company's headcount as of January 31, 2023).

“and prioritize investment in its core clinical programs. The Company estimates that it will incur aggregate charges in connection with the Workforce Reduction of approximately $2.7 million, which relate primarily to severance payments and related continuation of benefits costs, all of which are anticipated to result in future cash expenditures, along with the”

Thermon Group Holdings, Inc. announced a restructuring with charges of approximately $8.3 million affecting operations in the Russian Federation.

“As a result of the continued impact of the Russo-Ukrainian war, including the sanctions related thereto, the Company conducted a strategic assessment of its operations in the Russian Federation, and, on January 31, 2023, the board of directors authorized the Company to withdraw from its operations in the Russian Federation (the “Russia Exit”), through a planned disposition of its Russian subsidiary. The charges of approximately $8.3 million recognized in the third fiscal quarter, related to the strategic assessment, were comprised of impairments of assets and other charges at December 31, 2022”

WW INTERNATIONAL, INC. announced a restructuring with charges of between $39.0 million to $46.0 million in the aggregate affecting global business operations.

“On January 30, 2023, the Company committed to a restructuring plan consisting of (i) an organizational restructuring and rationalization of certain functions and systems to centralize the Company’s management, align resources with strategic business lines and reduce costs associated with certain functions and systems (the “Organizational Restructuring”) and (ii) the continued rationalization of its real estate portfolio and resulting operating lease termination charges and the associated employment termination costs (the “Real Estate Restructuring,” and together with the Organizational Restructuring, the “2023 Restructuring Plan”). In connection with the 2023 Restructuring Plan, the Company anticipates recording restructuring charges which it currently estimates will range between $39.0 million to $46.0 million in the aggregate.”

SPLUNK INC announced a restructuring with charges of approximately $28 million in charges and future cash expenditures in connection with the Plan, consisting primarily of cash expenditures related to severance pa affecting North America (approximately 4 percent of the Company’s global workforce, mostly in North America).

“On February 1, 2023, Splunk Inc. (the “Company”) announced a plan of reorganization (the “Plan”) involving approximately 4 percent of the Company’s global workforce, mostly in North America. This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing the Company’s processes, cost structure and how the Company operates globally to ensure the Company continues to balance growth with profitability through these uncertain times and drive success over the long term. The Company estimates that it will incur approximately $28 million in charges and future cash expenditures in connection with the Plan, consisting primarily of cash expenditures related to severance payments, certain retention payments (for roles being moved to lower cost regions), employee benefits and employee transition costs, as well as non-cash charges for share-based compensation expense.”

NATIONAL INSTRUMENTS CORP announced a restructuring with charges of approximately $20 million to $25 million (approximately 4%).

“On January 31, 2023, NI announced a workforce reduction plan (the “Plan”) intended to accelerate its growth strategy and further optimize its operations and cost structure. The Plan is expected to reduce NI’s worldwide headcount by approximately 4% during 2023, with a majority of the reductions expected to occur in the first quarter of 2023. In connection with the Plan, NI estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $20 million to $25 million, consisting primarily of cash termination benefits and other employee-related costs that are expected to be paid in 2023. NI anticipates that the majority of these charges will be recognized during the first quarter of 2023, with the remaining amount expected to be recognized during 2023.”

ContextLogic Inc. announced a restructuring with charges of primarily related to employee severance and other personnel reduction costs affecting global (up to 150 employees).

“On January 31, 2023, ContextLogic Inc. (the "Company") announced a plan to reduce its workforce by up to 150 employees, representing approximately 17% of the Company's current global workforce (the "Plan"). The Plan is intended to refocus the Company's operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies. The Company estimates that it will incur non-recurring charges of approximately $3 million to $4 million in connection with the Plan, primarily related to employee severance and other personnel reduction costs.”

Upstart Holdings, Inc. announced a restructuring with charges of approximately $15 million in total charges (approximately 20%, or approximately 365 employees).

“The January 2023 Plan involves a reduction of Upstart’s current workforce by approximately 20%, or approximately 365 employees. Upstart estimates that it will incur approximately $15 million in total charges in connection with the January 2023 Plan.”

HUBSPOT INC announced a restructuring with charges of approximately $72.0 million to $105.0 million affecting the Company (approximately 7%).

“On January 25, 2023, the Board of Directors of HubSpot, Inc. (the “Company”) authorized a restructuring plan (the “Plan”) that is designed to reduce operating costs and enable investment in key opportunities for long-term growth while driving continued profitability. The Plan includes a reduction of the Company’s current workforce by approximately 7% and a lease consolidation to create higher density across our workspaces. The Company estimates that it will incur charges of approximately $72.0 million to $105.0 million in connection with the Plan”

INOVIO PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $1.1 million (approximately 24 employees).

“On January 31, 2023, Inovio Pharmaceuticals, Inc. (the “ Company ”) committed to and communicated a corporate reorganization plan, including a reduction in force (the “ Reduction ”). The purpose of the Reduction is to decrease expenses and maintain a streamlined organization to support key clinical programs that are expected to drive long-term growth. As part of the Reduction, the Company has reduced its overall headcount by approximately 24 employees, which represents 11% of its full-time employees. Along with other planned cost-saving measures, the Reduction is expected to provide annual savings of approximately $4.3 million. The Company expects to incur a one-time pre-tax charge of approximately $1.1 million in the first quarter of 2023 related to the Reduction”

NetApp, Inc. announced a restructuring with charges of approximately $85 to $95 million (approximately 8%).

“in workforce is expected to be substantially implemented through the end of the fourth quarter of fiscal 2023. The Company expects to incur aggregate charges of approximately $85 to $95 million consisting primarily of employee severance and benefit costs associated with the restructuring. The Company expects that most of these charges will be cash”

Quantum-Si Inc announced a restructuring with charges of up to $1.0 m illion (approximately 12% of its workforce).

“On January 30, 2023, Quantum-Si Incorporated (the “Company”) committed to an organizational restructuring designed to decrease its costs and create a more streamlined organization to support its business. As a result, the Company is terminating approximately 12% of its workforce, effective in the first quarter of 2023. In connection with the restructuring, the Company currently estimates it will incur up to $1.0 m illion of costs, consisting primarily of cash severance costs and other severance benefits.”

BM Technologies, Inc. announced a restructuring with charges of $1.5 million to $3.0 million (approximately 25% as compared to its headcount at December 31, 2022).

“The Company expects the actions necessary to attain these cost reductions will be substantially completed by June 30, 2023. The Company estimates that it will incur $1.5 million to $3.0 million in charges in connection with the Plan, substantially all of which are expected to be incurred in the first quarter of 2023. The charges and timing of such”

Quince Therapeutics, Inc. announced a restructuring with charges of approximately $0.6 million to $0.8 million (approximately 47%).

“share-based compensation and any one-time costs related to strategic actions). In connection with the Plan, the Company estimates that it will incur expenses of approximately $0.6 million to $0.8 million, substantially all of which will be cash expenditures and other costs relating to the Plan through August 2023. The Company may incur other charges, including”

Groupon, Inc. announced a restructuring with charges of between $10.0 million and $20.0 million (approximately 500 positions globally).

“On January 25, 2023, the Board of Directors of Groupon, Inc. (the “Company”) approved the second phase of the Company’s multi-phase restructuring plan (the “2022 Restructuring Plan”), which is part of the Company’s comprehensive cost savings plan, announced in August 2022 (the “2022 Cost Savings Plan”). This second phase is expected to include an overall reduction of approximately 500 positions globally, with the majority of these reductions expected to occur by the end of the second quarter of 2023. In connection with the 2022 Restructuring Plan, the Company has incurred total pretax charges of approximately $9.6 million since the inception of the 2022 Restructuring Plan through December 31, 2022. In connection with the actions under the second phase, the Company expects to record total pre-tax charges of between $10.0 million and $20.0 million.”

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of approximately $55 million (approximately 5 percent reduction in salaried staff globally, or about 500 positions).

“substantially complete the rationalization plan during the first and second quarters of 2023 and estimates total pre-tax charges associated with this action to be approximately $55 million, of which approximately $39 million are expected to be cash charges primarily for associate-related and other exit costs, with the remainder representing non-cash charges”

DOW INC. announced a restructuring with charges of $550 million to $725 million (approximately 2,000 roles).

“The Company will record a charge in the first quarter of 2023 for costs associated with these activities. In total, these costs are expected to be in the range of $550 million to $725 million and will consist of severance and related benefit costs ranging from $330 million to $425 million in connection with a global workforce reduction of approximately 2,000 roles; costs associated with exit and disposal activities ranging from $20 million to $50 million; and asset write-downs and write-offs ranging from $200 million to $250 million.”

Confluent, Inc. announced a restructuring with charges of approximately $27 to $31 million affecting global workforce and real estate footprint (approximately 8% of the Company's global workforce of 2,761 employees as of December 31, 2022).

“On January 17, 2023, the Board of Directors of the Company approved restructuring actions (the “Restructuring Plan”) to adjust its cost structure and real estate footprint and accelerate its timeline to achieve breakeven non-GAAP operating margin. The Company now expects to exit the fourth quarter of 2023 with breakeven non-GAAP operating margin, while delivering approximately 30% annual revenue growth in 2023. The Restructuring Plan includes a reduction of approximately 8% of the Company’s global workforce of 2,761 employees as of December 31, 2022, with most of these reductions expected to occur by the end of the second quarter of 2023. Worldwide, the Company expects the workforce reductions to comply with applicable laws including consultation requirements. Any local separations will be determined at the time and as required by any local consultation or process requirements. The Company estimates it will incur approximately $27 to $31 million in non-recurring charges in connection w”

JELD-WEN Holding, Inc. announced a restructuring with charges of approximately $19 million affecting manufacturing facility in Atlanta, Georgia.

“On January 26, 2023, JELD-WEN Holding, Inc. (the “Company”) announced to employees a restructuring plan to close a manufacturing facility in Atlanta, Georgia in a continuing effort to optimize the Company’s footprint and drive operational efficiencies (the “Plan”). The Company expects to incur pre-tax restructuring expenses, other closure costs and capital spending, including building restoration, equipment relocation and employee-related costs, of approximately $19 million, substantially all of which are expected to be incurred by the end of the third quarter of 2023.”