---
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"
generated_at: "2026-06-03T03:29:52.540530+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Culp announces major restructuring; expects Q4 operating loss of $4.2M-$4.7M, sales down 19%

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 2.05, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-051289
- JSON: https://secwatch.observer/filing/0000950170-24-051289.json
- Plain text: https://secwatch.observer/filing/0000950170-24-051289.txt

## Key facts
- Earnings Releases
  CULP INC updated its fourth quarter of fiscal 2024 ended April 28, 2024 guidance (lowered).
  - Period: fourth quarter of fiscal 2024 ended April 28, 2024
  - Guidance: lowered
  - Result: guidance update
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm
- Restructurings & Charges
  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).
  - Type: restructuring
  - Charge: restructuring and restructuring-related costs and charges of approximately $8.0 million, of which approximately $2.5 million is expected to be cash expenditures
  - Affected area: mattress fabrics segment; mattress fabrics segment; upholstery fabrics segment
  - Headcount: approximately 240 people
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm
- Restructurings & Charges
  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).
  - Type: restructuring
  - Charge: 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
  - Affected area: mattress fabrics segment; upholstery fabrics segment
  - Headcount: approximately 240 people
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723603/000095017024051289/0000950170-24-051289-index.htm

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