HOOKER FURNISHINGS Corp (HOFT): restructuring charge — Hooker Furnishings exits ACH e-commerce unit; records ~$34M non-cash charge; HMI loss in FY2024

HOOKER FURNISHINGS Corp

Approved exit of Accentrics Home (ACH) e-commerce unit and repositioning of PRI to direct-container model.
Expects ~$34M non-cash charge in Q4 FY2023 including inventory write-downs and ~$250K severance.
Plans to reduce warehouse/office footprints in Savannah, GA and High Point, NC during FY2024.
Home Meridian expected to post loss in FY2024 but turn profitable in second half; breakeven cut by ~$100M.
ACH accounted for >60% of HMI's operating loss on only 13% of FY2023 revenue.

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

HOOKER FURNISHINGS Corp announced a restructuring with charges of approximate $34 million non-cash charge affecting Home Meridian operating segment (Accentrics Home e-commerce business unit and Prime Resources International business unit).

Type: restructuring
Charge: approximate $34 million non-cash charge
Affected area: Home Meridian operating segment (Accentrics Home e-commerce business unit and Prime Resources International business unit)

Exact text from the filing

On March 14, 2023, Hooker Furnishings Corporation (the “Company”), approved a plan to exit the Accentrics Home (“ACH”) e-commerce business unit of its Home Meridian operating segment (“Home Meridian” or “HMI”) along with repositioning the Prime Resources International (“PRI”) business unit as a direct-container only business model. Concurrent with that exit, the Company expects to record an approximate $34 million non-cash charge related to the exit.

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Source: SEC EDGAR

accession 0001185185-23-000225

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