---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-22-021926"
form_type: "8-K"
ticker: "OMCC"
cik: "0001000045"
company_name: "OLD MARKET CAPITAL Corp"
filed_at: "2022-11-03T23:59:59+00:00"
generated_at: "2026-06-22T07:32:07.470600+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Nicholas Financial to close 34 branches, cut 82% of workforce, outsource servicing to Westlake

## Summary
- Closes 34 of 36 branches; workforce reduction of ~173 employees (82%).
- Total expected charges $11.1M-$12.4M (cash $11M-$12.3M; $0.1M non-cash lease impairment).
- Outsources servicing, collections and recovery to Westlake Portfolio Management; expects significant annual cost savings.
- Company to continue auto finance purchase/origination under regionalized model; CEO says savings to pay down Wells Fargo line.
- Servicing agreement with Westlake includes boarding and monthly fees; early termination fee exceeds $1M.

## SEC filing metadata
- accession: 0000950170-22-021926
- form_type: 8-K
- ticker: OMCC
- cik: 0001000045
- company_name: OLD MARKET CAPITAL Corp
- filed_at: 2022-11-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 2.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000045/000095017022021926/0000950170-22-021926-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000045/000095017022021926/nick-20221103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-22-021926
- JSON: https://secwatch.observer/filing/0000950170-22-021926.json
- Plain text: https://secwatch.observer/filing/0000950170-22-021926.txt

## Key facts
- Restructurings & Charges
  OLD MARKET CAPITAL Corp announced a restructuring with charges of between $11.1 million and $12.4 million affecting 34 of its 36 branches (approximately 173 employees, representing 82% of the Company workforce).
  - Type: restructuring
  - Charge: between $11.1 million and $12.4 million
  - Affected area: 34 of its 36 branches
  - Headcount: approximately 173 employees, representing 82% of the Company workforce
  source text: the Board of Directors of the Company determined on November 3, 2022 to close 34 of its 36 branches. Consolidation of workforce associated with these closures is expected to impact approximately 173 employees, representing 82% of the Company workforce as of such date. The expected total charges are between $11.1 million and $12.4 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1000045/000095017022021926/0000950170-22-021926-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.