Restructurings, exit costs, and impairments under 8-K Items 2.05/2.06.
MedAvail Holdings, Inc. announced a restructuring with charges of approximately $6.5 million affecting pharmacy services business.
“The Company currently estimates that it will incur one-time costs in the first half of 2023 related to the previously announced restructuring to be approximately $6.5 million, excluding the paydown of its existing loan facility.”
LAM RESEARCH CORP announced a restructuring with charges of approximately $80.0 million (approximately 1,300 employee positions, which is approximately 7% of the Company's total number of employees).
“On January 23, 2023, the Company commenced a workforce reduction that is intended to better align the Company’s cost structure with its outlook for the current economic environment and future business opportunities (the “Restructuring Plan”). The Company expects the Restructuring Plan to entail a workforce reduction of approximately 1,300 employee positions, which is approximately 7% of the Company’s total number of employees. This Restructuring Plan is expected to be substantially completed by the end of the quarter ending June 25, 2023, but the timing of actions may vary by country based on local legal requirements. The Restructuring Plan is expected to result in total charges of approximately $80.0 million, to be incurred during the quarter ending March 26, 2023.”
Global Business Travel Group, Inc. announced a restructuring with charges of approximately $20 million to $25 million affecting global, customer needs-driven operating model focusing on global and multinational (GMN) and small and medium-sized enterprises (SME) portfolios.
“The Company announced internally the organizational changes on January 24, 2023 and expects to incur total pre-tax restructuring and related charges of approximately $20 million to $25 million during the year ending December 31, 2023 in connection with the costs associated with implementing these changes, substantially all of which represent future cash expenditures for the payment of severance and related benefits costs.”
First Internet Bancorp announced a restructuring with charges of total pre-tax expense of approximately $3.3 million affecting consumer mortgage business ($3.1 million in severance and other employee-related costs).
“The Company estimates that it will incur total pre-tax expense of approximately $3.3 million in the first and second quarters of 2023 associated with exiting the consumer mortgage business.”
Vacasa, Inc. announced a restructuring with charges of approximately $5 million affecting the Company (approximately 1,300 positions).
“On January 23, 2023, the Board of Directors of the Company approved a workforce reduction plan (the “Plan”) designed to align the Company’s expected cost base with its 2023 strategic and operating priorities and achieve Adjusted EBITDA profitability in 2023, even against a wide range of macroeconomic outcomes. The Plan includes the elimination of approximately 1,300 positions across the Company, in both its local operations teams and central teams, representing approximately 17% of the workforce. The Company estimates the aggregate pre-tax costs associated with the Plan to be approximately $5 million, primarily consisting of severance payments of approximately $4 million and employee benefits and related costs of approximately $1 million.”
Finch Therapeutics Group, Inc. announced a restructuring with charges of approximately $4.1 million (reduction of the Company’s workforce by 77 full-time employees, or approximately 95% of the Company’s current employee b).
“On January 24, 2023, Finch Therapeutics Group, Inc. (the “Company”) announced decisions to discontinue its Phase 3 clinical trial of CP101 in recurrent C. difficile infection and to focus on realizing the value of its intellectual property estate and other assets. In connection with these decisions, on January 23, 2023, the Company’s board of directors approved certain expense reduction measures, including a reduction of the Company’s workforce by 77 full-time employees, or approximately 95% of the Company’s current employee base (the “Restructuring”). The Company initiated the Restructuring on January 24, 2023, with the majority of impacted positions ending in February 2023 and a small portion of positions maintained into May 2023. As a result of the Restructuring, the Company estimates that it will incur approximately $4.1 million in costs resulting from cash expenditures consisting of one-time severance payments, outplacement services and related expenses.”
PagerDuty, Inc. announced a restructuring with charges of non-recurring charges in a range of $5.0 million to $7.0 million (a 7% reduction in headcount).
“On January 24, 2023, PagerDuty, Inc. (the "Company") announced that as part of the Company’s ongoing actions to drive efficient growth and expand operating margins, the Company is advancing global scaling initiatives designed to increase the Company’s capacity while improving its cost structure. The changes include reallocating certain roles and realigning teams to continue to improve operational resiliency and agility, and rationalizing the Company’s real estate footprint. The immediate impact is a 7% reduction in headcount, as some roles are eliminated and new roles created in high-talent, lower-cost geographies. The Company estimates that it will incur non-recurring charges in a range of $5.0 million to $7.0 million in connection with the headcount reductions, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs.”
NEWELL BRANDS INC. announced a restructuring with charges of approximately $100 million to $130 million affecting the Company's operating segments, real estate portfolio, supply chain, and go-to-market model (elimination of approximately 13% of the Company’s current office positions).
“The Plan is expected to result in the elimination of approximately 13% of the Company’s current office positions. The Company expects to realize annual pre-tax cost savings of $220 to $250 million, including headcount savings, real estate savings and other bought cost reductions, in connection with the Plan when it is fully implemented. The Company will begin reducing headcount in the first quarter 2023, with most of these actions expected to be completed by the end of 2023. Decisions regarding the elimination of positions as well as the timing of separations 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 $100 million to $130 million in restructuring and restructuring-related charges in connection with the Plan, substantially all of which are expected to be incurred by the end of fiscal 2023.”
Clever Leaves Holdings Inc. announced a restructuring with charges of approximately $19 million to $21 million affecting Portugal operations (approximately 96 % reduction to the Company’s workforce in Portugal and 21 % reduction to the Company’s total workforce).
“requirements. The Company expects to complete these actions in the first half of fiscal 2023. The Company currently estimates that it will incur charges of approximately $ 19 million to $ 21 million in connection with the restructuring plan. The total expected range includes approximately $ 0.7 million to $ 0.9 million related to severance and employee”
Clever Leaves Holdings Inc. announced a restructuring with charges of approximately $19 million to $21 million affecting Portugal operations (63 employees).
“requirements. The Company expects to complete these actions in the first half of fiscal 2023. The Company currently estimates that it will incur charges of approximately $ 19 million to $ 21 million in connection with the restructuring plan. The total expected range includes approximately $ 0.7 million to $ 0.9 million related to severance and employee”
Clever Leaves Holdings Inc. announced a restructuring with charges of approximately $19 million to $21 million affecting Portugal operations (approximately 96 % reduction to the Company’s workforce in Portugal and 21 % reduction to the Company’s total workforce).
“requirements. The Company expects to complete these actions in the first half of fiscal 2023. The Company currently estimates that it will incur charges of approximately $ 19 million to $ 21 million in connection with the restructuring plan. The total expected range includes approximately $ 0.7 million to $ 0.9 million related to severance and employee”
Proterra Inc announced a restructuring with charges of restructuring charges, of between $6 million and $10 million attributable to net cash payments primarily for severance benefits to employees, and $4 million to affecting City of Industry facility (approximately 300 employees).
“Closure and Workforce Restructuring will not be known until all related activities have been completed. The Company currently expects to incur restructuring charges, of between $6 million and $10 million attributable to net cash payments primarily for severance benefits to employees, and $4 million to $5 million in facility closure costs primarily consisting of”
Wayfair Inc. announced a restructuring with charges of between approximately $68 million and $78 million affecting global workforce (approximately 1,750 employees).
“These changes reflect efforts to eliminate management layers and reorganize to be more agile. As a result of this workforce reduction, we expect to incur between approximately $68 million and $78 million of costs, consisting primarily of employee severance and benefit costs, most of which are expected to be incurred in the first quarter of 2023. The foregoing”
Cyteir Therapeutics, Inc. announced a restructuring with charges of approximately $2.5 million to $3 million affecting Company (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”
CS Disco, Inc. announced a restructuring with charges of approximately $0.9 million to $1.1 million (approximately 62 employees, representing approximately 9% of the Company’s current global workforce).
“intended to reduce the Company’s cost structure and accelerate its path to profitability. The Company estimates that it will incur non-recurring charges of approximately $0.9 million to $1.1 million in connection with the Plan, consisting of cash expenditures primarily for employee severance and other termination benefits. The Company expects that the”
MedAvail Holdings, Inc. announced a restructuring affecting Pharmacy Services Business (approximately 75% of the Company’s full-time employees).
“On January 18, 2023, and in connection with the Company's exit from the Pharmacy Services Business to focus on the Pharmacy Technology Business, the Company initiated a reduction in force (the “Reduction”), in which approximately 75% of the Company’s full-time employees were immediately terminated, effective January 18, 2023”
KAMAN Corp announced a impairment with charges of $54 million of noncash charges affecting inventories and fixed assets.
“approximately $54 million of noncash charges relating to the write down of existing aircraft, contract costs, excess spare parts and equipment inventories”
KAMAN Corp announced a restructuring with charges of $10 to $12 million affecting company-wide (reducing headcount).
“the Company currently expects to incur approximately $10 to $12 million in total pre-tax restructuring charges, consisting of approximately $9 to $10 million of future cash expenditures relating to various headcount reduction and personnel initiatives”
nCino, Inc. announced a restructuring with charges of approximately $4.5 to $5.0 million (approximately seven percent (7%)).
“On January 18, 2023, nCino, Inc. (the “Company”) announced a workforce reduction of approximately seven percent (7%) and office space reductions in certain markets (collectively, the “Plan”) in furtherance of its efforts to improve operating margins and advance the Company’s objective of profitable growth as discussed on its third quarter fiscal 2023 earnings call. Communications to impacted employees will be completed by the end of the fourth quarter of the Company’s fiscal 2023. The actions associated with the office space reductions are expected to be fully completed in fiscal 2024. The Company expects to incur charges in the fourth quarter of the Company’s fiscal 2023 of approximately $4.5 to $5.0 million in connection with the Plan.”
Starry Group Holdings, Inc. announced a restructuring with charges of approximately $0.8 million (approximately 100 employees, representing approximately 24% of the Company’s total workforce).
“and allow the Company to focus on serving its existing core markets and customers. The Company currently estimates that it will incur one-time cash charges of approximately $0.8 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs. The Company expects that the”
Bally's Corp announced a restructuring with charges of between approximately $10 million to $15 million affecting Interactive business / North American Interactive segment (reduction of the Company’s current Interactive workforce by up to 15 percent).
“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 between approximately $10 million to $15 million in cash severance costs in connection with the Plan, which the Company expects to incur in the first quarter of 2023. The estimates of the charges and expenditures”
Personalis, Inc. announced a restructuring with charges of approximately $3 million (up to approximately 30%).
“The reduction in workforce is expected to be completed on March 20, 2023. In connection with these actions, the Company estimates that it will incur charges of approximately $3 million for severance payments and employee benefits, primarily in the first quarter of 2023. Substantially all of the estimated charges are expected to result in future cash”
Teladoc Health, Inc. announced a restructuring with charges of approximately $17 million in pre-tax charges in 2023 affecting the Company (approximately 6 percent).
“On January 18, 2023, Teladoc Health, Inc. (the “Company”) announced a restructuring plan intended to reduce operating costs. In addition, the Company underwent certain other cost-saving actions taken during the latter part of the fourth quarter of 2022. The combination of these actions results in a reduction of the Company’s workforce of approximately 6 percent, and office space reductions within certain markets.”
VIVEVE MEDICAL, INC. announced a restructuring with charges of approximately $25,000.
“On January 14, 2023, the Board of Directors (the “Board”) of Viveve Medical, Inc. (the “Company”) approved a reduction of the Company’s workforce. The Company expects to record a charge of approximately $25,000 in the first quarter of 2023 relating to the reduction in force, which is expected to consist of healthcare and benefits related costs and expenses.”
LiveVox Holdings, Inc. announced a restructuring with charges of in the range of $3.0 million to $3.5 million (approximately 96 employees, comprising approximately 16% of the Company’s global workforce).
“On January 13, 2023, LiveVox Holdings, Inc. (the “Company”) authorized a new cost reduction plan (the “CRP”). Management, with the oversight and guidance of the Company’s board of directors, determined to implement the CRP following a review of the Company’s business, operating expenses and the macroeconomic environment. The CRP is intended to reduce the Company’s cost structure and improve its operational efficiency. The CRP will include a reduction of approximately 96 employees, comprising approximately 16% of the Company’s global workforce. In connection with the CRP, the Company estimates that it will record an aggregate restructuring charge in the first quarter related to one-time termination benefits in the range of $3.0 million to $3.5 million, the substantial majority of which will result in cash expenditures.”
Avaya Holdings Corp. announced a restructuring with charges of approximately $45 million to $51 million in pre-tax restructuring charges in connection with this reduction in force, all of which are expected to be in the for affecting Europe (employees in Europe).
“reduction in force is aimed at aligning the size of Avaya’s workforce with its operational strategy and cost structure. The Company estimates that it will incur approximately $45 million to $ 51 million in pre-tax restructuring charges in connection with this reduction in force, all of which are expected to be in the form of cash-based expenditures and”
KORN FERRY announced a restructuring with charges of approximately $45.0 million to $50 million (less than five percent of the Company’s employees).
“In light of the Company’s evolution to an organization that is selling larger integrated solutions in a world where there are shifts in global trade lanes and persistent inflationary pressures, on January 11, 2023, the Company initiated a plan (the “Plan”) intended to realign its workforce with its business needs and objectives, namely, to invest in areas of potential growth and implement reductions where there is excess capacity. In addition to headcount reductions (which will affect less than five percent of the Company’s employees), the Company will further reduce its cost base by eliminating underutilized office space. The Plan is expected to be substantially completed by the end of fiscal 2023. The Plan is expected to reduce the Company’s annualized cost base by approximately $45.0 million to $55.0 million (after taking into account new hires in connection with the rebalancing of the Company’s workforce) and is expected to result in an estimated pre-tax charge of approximately $45”
Definitive Healthcare Corp. announced a restructuring with charges of $2.0 million to $2.5 million (approximately 55 people, or approximately 6 percent of its total workforce).
“The Plan provides for a reduction of the Company’s current workforce by approximately 55 people, or approximately 6 percent of its total workforce. The Company estimates that in the first quarter of 2023 it will incur pre-tax cash restructuring and related charges to its GAAP financial results of approximately $2.0 million to $2.5 million, consisting primarily of severance payments, employee benefits, and related cash expenses, as well as an immaterial non-cash stock-based compensation charge related to the vesting of share-based awards for employees who are terminated.”
Akili, Inc. announced a restructuring with charges of approximately $1.5 – $2.5 million (approximately 30%).
“of 2023. Affected employees will be offered severance and other benefits, and the Company estimates that these severance and termination-related costs will be approximately $1.5 – $2.5 million and expects to record these charges in the first quarter of 2023. The Company also expects that payments of these costs will be made in the first quarter of 2023.”
Life360, Inc. announced a restructuring with charges of approximately $4 million (approximately 14% reduction of the Company's workforce).
“product initiatives. The restructure will result in an approximately 14% reduction of the Company's workforce. The Company estimates that it will incur charges of approximately $4 million in connection with the restructure, primarily related to expected cash payments related to severance costs of approximately $4 million. The Company expects that the majority of”
SOUNDHOUND AI, INC. announced a restructuring with charges of approximately $4.5 million to $5.5 million affecting the Company (approximately 40%).
“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 $4.5 million to $5.5 million in charges in connection with the Plan, of which the majority is expected to be incurred in the first quarter of 2023. These charges consist primarily of $4.4”
Butterfly Network, Inc. announced a restructuring with charges of approximately $5 million to $6 million (approximately 25% of the Company’s workforce).
“In addition to decreasing other operating expenses, the plan includes a reduction in force representing approximately 25% of the Company’s workforce. The Company estimates that it will incur between approximately $5 million to $6 million of cash charges related to employee severance and benefits costs, substantially all of which the Company expects to incur in the first and second quarters of 2023.”
Qualtrics International Inc. announced a restructuring with charges of approximately $5.8 million affecting across the Company globally (approximately 270 roles across the Company globally).
“Company’s highest priorities for 2023. This represents less than 5% of the Company’s workforce. The Company estimates that it will incur non-recurring charges of approximately $5.8 million in connection with the headcount reductions, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs. The”
AVANOS MEDICAL, INC. announced a restructuring affecting Chronic Care and Pain franchises combined into single commercial organization; exit certain low-margin, low-growth product categories.
“On January 10, 2023, Avanos Medical, Inc. (the “Company”) approved a three-year transformation process (the “Transformation Process”) pursuant to which the Company plans to: (i) combine its Chronic Care and Pain franchises into a single commercial organization focused on the Digestive Health and Orthopedic Pain & Recovery product categories; (ii) exit certain low-margin, low-growth product categories, including through targeted divestitures; (iii) undertake additional cost management activities to enhance the Company’s operating profitability; and (iv) pursue efficient capital allocation strategies, including through acquisitions that meet the Company’s strategic and financial criteria.”
LIMEADE, INC announced a restructuring with charges of approximately $1.3 million affecting R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams (15%).
“On January 11, 2023, Limeade, Inc. (the "Company") (ASX: LME), an immersive employee well-being company that creates healthy employee experiences, today announced a company restructure that will lower its headcount overall by 15% and restructure its R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams. The one-time costs associated with the reduction in force include severance payments and employee benefits and will involve future cash expenditures. Costs are anticipated to be approximately $1.3 million”
FORRESTER RESEARCH, INC. announced a restructuring with charges of $4.6 million to $5.1 million affecting across various geographies and functions (approximately 4% of its employees).
“On January 11, 2023, the Company announced a reduction in its workforce of approximately 4% of its employees across various geographies and functions. Notification to affected persons commenced January 3, 2023 and is expected to be completed by January 27, 2023. The Company expects to incur pre-tax expenses of $4.6 million to $5.1 million in the fourth quarter of 2022 and first quarter of 2023 related principally to cash severance and related benefit costs for terminated employees.”
Informatica Inc. announced a restructuring with charges of $25 million to $35 million (approximately 450 employees).
“On January 10, 2023, Informatica Inc. (the “Company”) announced a plan to reduce its workforce by approximately 450 employees, representing approximately 7% of the Company’s current global workforce (the “Plan”). The Plan is intended to better align the Company’s global workforce and cost base with its cloud-focused strategic priorities and current business needs. The Company estimates that it will incur non-recurring charges of approximately $25 million to $35 million in connection with the Plan, primarily related to cash expenditures for employee transition, notice period and severance payments, and employee benefits.”
Blend Labs, Inc. announced a restructuring with charges of approximately $14 million affecting the Company’s title operations, as well as its corporate operations in R&D, sales and marketing, and general and administrative functions (approximately 340 positions across the Company, or approximately 28% of the Company’s current onshore workforce).
“of approximately 340 positions across the Company, or approximately 28% of the Company’s current onshore workforce. The Company estimates that it will incur approximately $14 million in charges in connection with the January Plan, consisting of cash expenditures for severance payments, employee benefits, payroll taxes and related facilitation costs. The”
Motus GI Holdings, Inc. announced a restructuring with charges of approximately $1.0 to $2.0 million (approximately 45% of its workforce).
“the Board of Directors of the Company (the "Board") approved a strategic restructuring program aimed at capital preservation. The Company expects to reduce its quarterly cash expenditures by approximately 35% by eliminating approximately 45% of its workforce during the first quarter of 2023. In connection with the restructuring, the Company expects to incur a non-recurring charge of approximately $1.0 to $2.0 million in the first quarter of 2023.”
Coinbase Global, Inc. announced a restructuring with charges of approximately $149 million to $163 million (approximately 950 employees).
“execution of the Plan to be substantially complete by the second quarter of 2023. In connection with these actions, the Company estimates that it will incur approximately $149 million to $163 million in total restructuring expenses, consisting of approximately $58 million to $68 million in cash charges related to employee severance and other termination”
NeueHealth, Inc. announced a restructuring with charges of $65 million to $90 million.
“The Company expects it will incur approximately $65 million to $90 million of pre-tax restructuring charges”
Nabriva Therapeutics plc announced a restructuring with charges of Termination of all employees not deemed necessary to execute an orderly wind down of the Company affecting Workforce (all of its employees not deemed necessary to execute an orderly wind down of the Company).
“As part of the Cash Preservation Plan, the Board determined on January 4, 2023 to terminate all of its employees not deemed necessary to execute an orderly wind down of the Company.”
Knightscope, Inc. announced a restructuring with charges of approximately $613,400 affecting Knightscope, Inc. (approximately 20%).
“commitment to profitable growth. The Plan includes a reduction of the Company’s current workforce by approximately 20%. The Company estimates that it will incur approximately $613,400 in cash and non-cash charges in connection with the Plan, of which approximately $594,600 is expected to be incurred in the first quarter of 2023. These charges relate primarily”
Calithera Biosciences, Inc. announced a restructuring with charges of approximately $8 million affecting Calithera Biosciences, Inc. (complete dissolution) (reduction-in-force of substantially all our employees, including our executive officers).
“We estimate that we will incur charges of approximately $8 million in connection with the reduction-in-force, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs.”
Emergent BioSolutions Inc. announced a restructuring with charges of $9.0M to $11.0M affecting the Company (approximately 5 percent).
“On January 9, 2023, the Company also announced an organizational 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 includes a reduction of the Company’s current workforce by approximately 5 percent.”
Gentherm Inc announced a restructuring with charges of between $13 million and $18 million affecting non-automotive electronics business.
“be utilized by other operations of the Company. In connection with approval of the plan to exit the Business, the Company is expected to incur total non-cash expenses of between $13 million and $18 million, including impairment of inventory of between $7 million and $12 million, impairment of intangible assets of approximately $5 million, and impairment of a portion”
BIOCEPT INC announced a restructuring with charges of approximately $0.6 million (approximately 36%).
“the Company is implementing a restructuring plan that will result in a reduction in the Company’s workforce by approximately 36%. The reduction in force is expected to be completed during the first quarter of 2023. The Company estimates that it will incur charges of approximately $0.6 million for severance and other employee termination-related costs in the first quarter of 2023.”
TCR2 THERAPEUTICS INC. announced a restructuring with charges of approximately $3 million (approximately 40%).
“On January 5, 2023, TCR 2 Therapeutics Inc. (the “Company”) announced a reprioritization of the Company’s clinical and research priorities and a corresponding reduction in workforce and adjustment to the Company’s manufacturing network, designed to reduce costs and reallocate resources while maintaining the personnel needed to support the Company’s key programs and refocused pipeline (the “Restructuring”). The Restructuring would reduce the Company’s workforce by approximately 40%, with the reductions in personnel expected to be substantially completed by the end of January 2023. The Company estimates that it will incur aggregate pre-tax charges of approximately $3 million in connection with the Restructuring, which includes one-time employee severance and termination payments and other disposal and restructuring charges.”
Cue Health Inc. announced a restructuring with charges of approximately $6.0 million to $8.0 million (388 employees, which constitutes a reduction of approximately 26% in the Company’s global workforce).
“The CRP will include a reduction in the Company’s employee base by 388 employees, which constitutes a reduction of approximately 26% in the Company’s global workforce. In connection with the CRP, the Company estimates that it will record an aggregate restructuring charge related to one-time termination benefits in the range of approximately $6.0 million to $8.0 million.”
Stitch Fix, Inc. announced a restructuring with charges of between $15 million and $20 million (approximately 6% of the Company’s current employee workforce, including approximately 20% of employees in salaried posit).
“As a result of the January 2023 Reduction in Force, the Company estimates that it will incur between $15 million and $20 million in cash restructuring charges for separation-related payments, benefits, and related taxes.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.