INGLES MARKETS INC (IMKTA): restructuring charge — Ingles Markets estimates $35-55M impairment from Hurricane Helene; 4 stores closed

INGLES MARKETS INC

194 of 198 stores open; 4 closed due to flood damage, expected to reopen in 3-9 months.
Estimated pre-insurance impairment charge of $35-55M for lost inventory and property.
Expects $10-15M insurance recovery, reducing net impairment charge.
Distribution center is fully operational after Hurricane Helene disruption.
Impairment to be recorded in fiscal year ended September 28, 2024.

item 2.02 item 2.06 item 7.01 item 9.01

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

INGLES MARKETS INC announced a impairment with charges of $35.0 to $55.0 million affecting inventory and property.

Type: impairment
Charge: $35.0 to $55.0 million
Affected area: inventory and property

Exact text from the filing

On October 28, 2024, the Company determined that, as a result of the impact of Hurricane Helene, which caused record flooding and devastation to western North Carolina and the surrounding areas, the Company would be required to record a material charge for impairment under U.S. generally accepted accounting principles. Currently, the Company estimates that it will record a charge of between $35.0 to $55.0 million, before the application of any insurance recovery, due to the loss of inventory and property.

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Source: SEC EDGAR

accession 0001437749-24-032481

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