{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-24-051289","form_type":"8-K","ticker":"CULP","cik":"0000723603","company_name":"CULP INC","filed_at":"2024-05-01T23:59:59+00:00","discovered_at":"2026-05-14T18:03:21.784413+00:00","generated_at":"2026-06-03T03:29:52.540530+00:00","sec_items":["2.02","2.05","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Culp announces major restructuring; expects Q4 operating loss of $4.2M-$4.7M, sales down 19%","bullets":["Restructuring includes phasing out Quebec plant, consolidating Haiti operations, reducing mattress fabrics workforce by ~240 (35%).","Annualized cost savings of $10M-$11M; expects break-even operating results at current demand levels post-restructuring.","Q4 fiscal 2024 net sales expected ~19% lower YoY; operating loss $(4.2)M to $(4.7)M.","Restructuring charges ~$8.0M ($2.5M cash); funded by equipment sales; expects $10M-$12M net from real estate sale.","End fiscal 2024 with ~$10M cash and no borrowings; implementation mostly complete by end of calendar 2024."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-24-051289","json":"https://secwatch.observer/filing/0000950170-24-051289.json","markdown":"https://secwatch.observer/filing/0000950170-24-051289.md","text":"https://secwatch.observer/filing/0000950170-24-051289.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/culp-20240429.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-03T03:29:52.540530+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"3496dcdd306e7e46ce40026d26d79c41b12cbc9e","claim":"CULP INC updated its fourth quarter of fiscal 2024 ended April 28, 2024 guidance (lowered).","evidence_excerpt":"On May 1, 2024, Culp, Inc. (the “Company”) issued a news release regarding revised expectations about its financial results for the fourth quarter of the Company’s fiscal 2024 ended April 28, 2024.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm","confidence":0.75,"family_label":"Earnings Releases","details":[{"label":"Period","value":"fourth quarter of fiscal 2024 ended April 28, 2024"},{"label":"Guidance","value":"lowered"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"3f12477706ac2fe04554ee4514f22c1dbe8273b1","claim":"CULP INC announced a restructuring with charges of restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures affecting mattress fabrics segment; mattress fabrics segment; upholstery fabrics segment (approximately 240 people).","evidence_excerpt":"completed during the first quarter of fiscal 2025. These actions are expected to result in estimated restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures. The costs include cash charges of approximately $1.1 million associated with expected ongoing operating","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm","confidence":0.95,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures"},{"label":"Affected area","value":"mattress fabrics segment; mattress fabrics segment; upholstery fabrics segment"},{"label":"Headcount","value":"approximately 240 people"}],"fact_type":"restructuring_charge"},{"claim_id":"987314415bec65cb8094a3fcd979feaac3ba51a9","claim":"CULP INC announced a restructuring with charges of restructuring and restructuring-related costs and charges of approximately $8.0 million, of which $2.6 million are anticipated to be incurred in the first quart affecting mattress fabrics segment; upholstery fabrics segment (approximately 240 people).","evidence_excerpt":"completed during the first quarter of fiscal 2025. These actions are expected to result in estimated restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures. The costs include cash charges of approximately $1.1 million associated with expected ongoing operating","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm","confidence":0.95,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"restructuring and restructuring-related costs and charges of approximately $8.0 million, of which $2.6 million are anticipated to be incurred in the first quart"},{"label":"Affected area","value":"mattress fabrics segment; upholstery fabrics segment"},{"label":"Headcount","value":"approximately 240 people"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}