FaZe Holdings Inc.: restructuring charge — FaZe Holdings cuts ~40% of workforce (46 positions) in restructuring plan

FaZe Holdings Inc.

Workforce reduction of ~46 positions, representing about 40% of total headcount.
Annualized savings of approximately $6 million expected from headcount cuts.
Estimated restructuring charges of ~$1.1 million, mostly cash severance and benefits.
Majority of charges expected in Q2 2023; CEO cites macroeconomic and industry challenges.
Company remains an emerging growth company under SEC rules.

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

FaZe Holdings Inc. announced a restructuring with charges of approximately $1.1 million (approximately 46 positions, which represents approximately 40% of the total workforce).

Type: restructuring
Charge: approximately $1.1 million
Headcount: approximately 46 positions, which represents approximately 40% of the total workforce

Exact text from the filing

the Company expects to reduce its headcount by approximately 46 positions, which represents approximately 40% of the total workforce. The Company estimates the expenses associated with the headcount reductions will result in annualized savings of approximately $6 million. The Company expects to incur aggregate charges of approximately $1.1 million, consisting primarily of employee severance and benefit costs associated with the restructuring.

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Source: SEC EDGAR

accession 0001213900-23-041595

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