Purple Innovation, Inc. (PRPL): restructuring charge — Purple Innovation to close two Utah plants, cut ~13% workforce; expects $35-45M restructuring charges

Purple Innovation, Inc.

Closing manufacturing facilities in Grantsville and Salt Lake City, UT; consolidating into McDonough, GA facility.
Restructuring costs estimated at $35-45M ($26-32M non-cash) from Q3 2024 through Q2 2025.
Workforce reduction of ~13%; corporate headcount cut completed Aug 22, 2024.
Expected annualized EBITDA benefit of $15-20M in 2025; no impact on FY 2024 guidance.
Closure of Utah facilities expected by Q1 2025; consolidation into Georgia facility by Dec 31, 2024.

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

Purple Innovation, Inc. announced a restructuring with charges of $35 million to $45 million affecting manufacturing operations in Grantsville, Utah and Salt Lake City, Utah; headquarters in Lehi, Utah (approximate 13% net reduction of the Company's workforce).

Type: restructuring
Charge: $35 million to $45 million
Affected area: manufacturing operations in Grantsville, Utah and Salt Lake City, Utah; headquarters in Lehi, Utah
Headcount: approximate 13% net reduction of the Company's workforce

Exact text from the filing

These actions are expected to result in an estimated range of restructuring-related costs and charges of $35 million to $45 million, beginning in the third quarter of 2024 through the second quarter of 2025 and are expected to result in an approximate 13% net reduction of the Company’s workforce.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Purple Innovation, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-071839

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