Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
Employers Holdings, Inc. announced a restructuring with charges of approximately $10.4 million, consisting of: (i) a one-time lease surrender payment of $7.6 million; (ii) a write-off of $2.6 million related to remaining leaseh affecting Reno, Nevada.
- Type
- restructuring
- Charge
- approximately $10.4 million, consisting of: (i) a one-time lease surrender payment of $7.6 million; (ii) a write-off of $2.6 million related to remaining leaseh
- Affected area
- Reno, Nevada
Exact text from the filing
On May 5, 2023, Employers Holdings, Inc. (the “Company”), through its wholly owned subsidiary EIG Services, Inc., entered into an agreement to early terminate the lease for the Company’s former corporate headquarters located in Reno, Nevada, effective as of June 1, 2023. The decision to early terminate the lease was undertaken as part of a review of the Company’s facilities needs. In connection with the lease termination, the Company estimates that it will incur a non-recurring charge of approximately $10.4 million, consisting of: (i) a one-time lease surrender payment of $7.6 million; (ii) a write-off of $2.6 million related to remaining leasehold improvements and furniture and fixtures; and (iii) miscellaneous expenses associated with exiting the property of approximately $0.2 million. The Company expects that these one-time charges will be incurred in the second quarter of 2023.
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