Kaspien Holdings Inc.: restructuring charge — Kaspien Holdings to cut substantially all employees; estimates $1.8M in severance costs

Kaspien Holdings Inc.

Reduction in force of substantially all employees except a core group.
Estimated $1.8 million for retention, severance, and other termination costs in Q4 2023.
Workforce reduction expected to be substantially complete by end of January 2024.
Decision based on assessment of current cash and liquidity position.

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

Kaspien Holdings Inc. announced a restructuring with charges of approximately $1.8 million (substantially all of our employees).

Type: restructuring
Charge: approximately $1.8 million
Headcount: substantially all of our employees

Exact text from the filing

After an assessment of our current cash and liquidity position, we decided to initiate a reduction in force of substantially all of our employees other than a core group of employees. We estimate that we will incur approximately $1.8 million for retention, severance and other employee termination-related costs in the fourth quarter of 2023.

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Source: SEC EDGAR

accession 0001140361-23-055944

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