---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-073946"
form_type: "8-K"
ticker: null
cik: "0001762322"
company_name: "SHIFT TECHNOLOGIES, INC."
filed_at: "2023-09-05T23:59:59+00:00"
generated_at: "2026-06-11T00:05:18.239335+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Shift Technologies closes Portland facility, cuts ~25% of workforce, expects $23M annual savings

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-073946
- form_type: 8-K
- cik: 0001762322
- company_name: SHIFT TECHNOLOGIES, INC.
- filed_at: 2023-09-05T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05, 2.06
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/0001213900-23-073946-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/ea184680-8k_shifttech.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-073946
- JSON: https://secwatch.observer/filing/0001213900-23-073946.json
- Plain text: https://secwatch.observer/filing/0001213900-23-073946.txt

## Key facts
- Restructurings & Charges
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/0001213900-23-073946-index.htm
- Restructurings & Charges
  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%
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/0001213900-23-073946-index.htm

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