Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
UNIVERSAL LOGISTICS HOLDINGS, INC. announced a restructuring with charges of $6.0 million to $7.0 million affecting Universal Capacity Solutions, LLC (approximately 125 employees).
- Type
- restructuring
- Charge
- $6.0 million to $7.0 million
- Affected area
- Universal Capacity Solutions, LLC
- Headcount
- approximately 125 employees
Exact text from the filing
On August 20, 2024, Universal Logistics Holdings, Inc. (“ULH” or the “Company”) announced that in order to best position the Company to execute on its highest priorities, it was terminating the operations of subsidiary, Universal Capacity Solutions, LLC (“UCS”), effective August 23, 2024. UCS is a provider of third-party freight brokerage services. In connection with the announcement, UCS informed a total of approximately 125 employees on August 20, 2024 in Nashville, TN of the termination of their employment. UCS terminated approximately 112 of these employees on August 20, 2024, and the Company anticipates that the remainder’s employment will terminate by September 13, 2024. The Company currently estimates that it will incur pre-tax charges in the range of $6.0 million to $7.0 million, primarily consisting of severance, related costs, goodwill impairment, and other charges, of which $2.0 million to $3.0 million are expected to be future cash expenditures.
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