PVH CORP. /DE/ (PVH): restructuring charge — PVH announces additional $50M severance costs under restructuring plan

PVH CORP. /DE/

Severance expense of ~$50M primarily in Q2 2023; cash payments over next 12 months.
Costs excluded from non-GAAP results and not included in prior FY2023 earnings guidance.
Previous $20M severance incurred in 2022 under same plan; annual savings target >$100M.
Additional actions expected in Q3 2023 with severance costs not yet estimable.
Global office headcount reduction target of ~10% by end of 2023 to drive efficiencies.

item 2.05

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PVH CORP. /DE/ announced a restructuring with charges of approximately $50 million affecting global offices.

Type: restructuring
Charge: approximately $50 million
Affected area: global offices

Exact text from the filing

The Company announced additional headcount reductions under these plans on July 11, 2023 for which it expects to incur approximately $50 million of severance expense, primarily in the second quarter of 2023.

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Source: SEC EDGAR

accession 0000078239-23-000104

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