Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
TheRealReal, Inc. announced a restructuring with charges of approximately $1.7 to 2.2 million affecting workforce and real estate footprint (approximately 230 employees (the “RIF”), representing approximately 7% of its workforce).
- Type
- restructuring
- Charge
- approximately $1.7 to 2.2 million
- Affected area
- workforce and real estate footprint
- Headcount
- approximately 230 employees (the “RIF”), representing approximately 7% of its workforce
Exact text from the filing
Under this plan, the Company will (a) terminate approximately 230 employees (the “RIF”), representing approximately 7% of its workforce, and (b) reduce its real estate presence, as described herein (the “Real Estate Reduction Plan”). At this time, the Company intends to (i) close two flagship stores (San Francisco, California and Chicago, Illinois), two neighborhood stores (Atlanta, Georgia and Austin, Texas), and two luxury consignment offices (Miami, Florida and Washington, D.C.), including any co-located logistics hubs, and (ii) reduce its office spaces in San Francisco, California and New York, New York. The Company will continue to evaluate its real estate presence as it deems appropriate to create efficiencies and to address trends in the marketplace and macroeconomic factors. Costs Associated with the RIF The Company estimates that it will incur non-recurring charges of approximately $1.7 to 2.2 million in connection with the RIF, primarily consisting of severance payments, empl
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