SHIFT TECHNOLOGIES, INC.: restructuring charge — Shift Technologies closes Portland facility, cuts ~25% of workforce, expects $23M annual savings

SHIFT TECHNOLOGIES, INC.

Closure of Portland vehicle storage/sales facility and corporate streamlining; workforce reduction of ~25%.
Total annualized cost savings estimated at up to $23M ($13M from facility, $10M from headcount).
Expects $0.5M in one-time cash severance and $8.5M non-cash charges for decommissioning technology assets.
Restructuring expected to be substantially completed by September 5, 2023.
Board's review of strategic alternatives remains ongoing.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.85

SHIFT TECHNOLOGIES, INC. announced a impairment with charges of approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets affecting technology assets.

Type: impairment
Charge: approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets
Affected area: technology assets

Exact text from the filing

As a result of the Restructuring and associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The Company has not yet completed its analysis of additional charges

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

SHIFT TECHNOLOGIES, INC. announced a restructuring with charges of approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decomm affecting Portland-based vehicle storage and sales facility and additional streamlining of its corporate organization (approximately 25%).

Type: restructuring
Charge: approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decomm
Affected area: Portland-based vehicle storage and sales facility and additional streamlining of its corporate organization
Headcount: approximately 25%

Exact text from the filing

charges related to the Restructuring and associated workforce reduction. As a result of the Restructuring and associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The

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Source: SEC EDGAR

accession 0001213900-23-073946

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