OLD MARKET CAPITAL Corp (OMCC): restructuring charge — Nicholas Financial to cut 63% of workforce, close Rock Hill hub

OLD MARKET CAPITAL Corp

Reduction of ~63% of full-time employees and closure of central operations hub in Rock Hill, SC.
Expected total charges of $0.2M-$0.4M cash; non-cash impairment of ~$0.1M on lease obligations.
Decision made Nov 14, 2023; charges expected mostly in Q3 FY2024.
Restructuring follows Master Asset Purchase Agreement reported on Nov 17, 2023 (Item 1.01).

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

OLD MARKET CAPITAL Corp announced a restructuring with charges of between $0.2 million and $0.4 million affecting central business operations hub located in Rock Hill, South Carolina (approximately 63% of its full-time employees).

Type: restructuring
Charge: between $0.2 million and $0.4 million
Affected area: central business operations hub located in Rock Hill, South Carolina
Headcount: approximately 63% of its full-time employees

Exact text from the filing

the Company determined on November 14, 2023 to reduce the Company's workforce by approximately 63% of its full-time employees and close the Company's central business operations hub located in Rock Hill, South Carolina. The expected total charges associated with the reduction in force and closure of central business operations hub are between $0.2 million and $0.4 million, consisting of cash expenditures between $0.2 million and $0.4 million, and approximately $0.1 million of non-cash impairment charges associated with lease obligations.

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OLD MARKET CAPITAL Corp filing history →

Source: SEC EDGAR

accession 0000950170-23-065149

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