SHIFT TECHNOLOGIES, INC.: restructuring charge — Shift Technologies records $29.2M restructuring charges for closure of 7 hubs; 60% workforce reduction

SHIFT TECHNOLOGIES, INC.

Total restructuring charges of $29.2M in Q3 2022: inventory losses $8.5M, software decommissioning $6.5M, severance/CEO transition $3.7M.
Workforce reduction of approximately 60% due to closure of 7 inventory, reconditioning, and storage hubs.
Only $0.9M of charges expected to result in future cash expenditures; restructuring substantially completed by Sept 30, 2022.
Closures part of strategic business review; detailed cost estimates provided in this 8-K amendment.

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

SHIFT TECHNOLOGIES, INC. announced a restructuring with charges of Total $ 29,194 affecting 7 inventory inspection, reconditioning, and storage facilities, or hubs (approximately 60%).

Type: restructuring
Charge: Total $ 29,194
Affected area: 7 inventory inspection, reconditioning, and storage facilities, or hubs
Headcount: approximately 60%

Exact text from the filing

on early decommissioning of capitalized internal-use software 6,498 Severance, retention, and CEO transition 3,667 Labor and other costs incurred to close hubs 4,901 Total $ 29,194 Of the charges detailed in the table above, $0.9 million is expected to result in future cash expenditures as of the date of this filing. 1 SIGNATURE Pursuant to the requirements

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Source: SEC EDGAR

accession 0001213900-22-072785

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