Vroom, Inc. (VRM): restructuring charge — Vroom estimates $31.5M in one-time costs for ecommerce wind-down

Vroom, Inc.

Vroom estimates $31.5M in one-time expenses for Value Maximization Plan.
$15.0M for contract and lease terminations.
$16.5M for employee severance and benefits costs.
Ecommerce wind-down expected substantially complete by March 31, 2024.
Additional wind-down costs may be incurred through end of 2024.

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

Vroom, Inc. announced a restructuring with charges of approximately $31.5 million affecting ecommerce operations and used vehicle dealership business.

Type: restructuring
Charge: approximately $31.5 million
Affected area: ecommerce operations and used vehicle dealership business

Exact text from the filing

the Company now estimates it will incur approximately $31.5 million in one-time expenses in connection with the Plan. Included in this amount are approximately $15.0 million in costs attributable to contract and lease terminations and approximately $16.5 million of expenses the Company expects to incur relating to employee severance and benefits costs

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Vroom, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-030786

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