---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-22-072785"
form_type: "8-K/A"
ticker: null
cik: "0001762322"
company_name: "SHIFT TECHNOLOGIES, INC."
filed_at: "2022-11-15T23:59:59+00:00"
generated_at: "2026-06-21T18:43:26.536498+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Shift Technologies records $29.2M restructuring charges for closure of 7 hubs; 60% workforce reduction

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-22-072785
- form_type: 8-K/A
- cik: 0001762322
- company_name: SHIFT TECHNOLOGIES, INC.
- filed_at: 2022-11-15T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1762322/000121390022072785/0001213900-22-072785-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1762322/000121390022072785/ea168463-8ka1_shifttech.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-22-072785
- JSON: https://secwatch.observer/filing/0001213900-22-072785.json
- Plain text: https://secwatch.observer/filing/0001213900-22-072785.txt

## Key facts
- Restructurings & Charges
  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%
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390022072785/0001213900-22-072785-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.