Rocky Brands closes Boston office, cuts 13% of non-manufacturing staff; expects $3-4M annual savings

ROCKY BRANDS, INC.

Closes Boston office acquired from Honeywell; remaining staff relocating or going remote.
Approximately 13% non-manufacturing headcount reduction; $1.0M severance charge in Q2 2022.
Cost savings plan expected to yield $3.0-4.0 million in annualized savings.
ABL credit facility temporarily increased to $200M through Dec 31, 2022, then drops to $175M.
Term loan covenant set at 4.00:1.00 total leverage for Q2 2022.

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