RESOURCES CONNECTION, INC. (RGP): restructuring charge — RGP announces workforce reduction, expects $8-10M annual savings; reaffirms Q2 guidance

RESOURCES CONNECTION, INC.

Authorized reduction of global management/administrative workforce on Dec 2, 2024.
Expected cost savings of $4-5M in H2 FY2025 and $8-10M annually thereafter.
Restructuring charges of $2.5-3.0M in Q3 FY2025; cash termination benefits; completion by end of Q3.
Reaffirms Q2 FY2025 guidance: revenue $135-140M, gross margin 36-37%, run-rate SG&A $48-50M.
Q2 FY2025 results to be reported on January 2, 2025.

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

RESOURCES CONNECTION, INC. announced a restructuring with charges of $2.5 million to $3.0 million affecting global management and administrative workforce (reduction of our global management and administrative workforce).

Type: restructuring
Charge: $2.5 million to $3.0 million
Affected area: global management and administrative workforce
Headcount: reduction of our global management and administrative workforce

Exact text from the filing

to result in cost savings of $4 million to $5 million in the second half of fiscal 2025, or $8 million to $10 million annually on a go-forward basis. Restructuring charges of $2.5 million to $3.0 million are expected to be recognized in the third quarter of fiscal 2025 and primarily consist of cash charges for one-time employee termination benefits. We expect the

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RESOURCES CONNECTION, INC. filing history →

Source: SEC EDGAR

accession 0001084765-24-000169

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