CarLotz, Inc.: restructuring charge — CarLotz closes three hubs; expects $1.4M-$2.2M in impairment and severance costs

CarLotz, Inc.

Closing Chesapeake (VA), Denver (CO), and Huntsville (AL) hubs; retail sales end Nov 10, all activities by Dec 2, 2022.
One-time severance costs of ~$100,000; non-cash lease asset impairment $300K-$800K; fixed asset impairment $1.0M-$1.3M.
Additional charges for contract termination and workforce reduction still under evaluation; amendment to follow.
Disclosure updates beneficial ownership as of Oct 27, 2022, in connection with pending Shift Technologies merger.

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

CarLotz, Inc. announced a impairment with charges of $1.0 million to $1.3 million affecting Chesapeake, VA; Denver, CO; and Huntsville, AL hubs.

Type: impairment
Charge: $1.0 million to $1.3 million
Affected area: Chesapeake, VA; Denver, CO; and Huntsville, AL hubs

Exact text from the filing

one-time non-cash charges of $1.0 million to $1.3 million associated with the impairment of other fixed assets

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CarLotz, Inc. announced a restructuring with charges of approximately $100,000 affecting Chesapeake, VA; Denver, CO; and Huntsville, AL hubs.

Type: restructuring
Charge: approximately $100,000
Affected area: Chesapeake, VA; Denver, CO; and Huntsville, AL hubs

Exact text from the filing

The Company expects to incur 1) one-time severance costs of approximately $100,000, 2) one-time non-cash charges of $300,000 to $800,000 associated with the impairment of lease assets, and 3) one-time non-cash charges of $1.0 million to $1.3 million associated with the impairment of other fixed assets.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CarLotz, Inc. announced a impairment with charges of $300,000 to $800,000 affecting Chesapeake, VA; Denver, CO; and Huntsville, AL hubs.

Type: impairment
Charge: $300,000 to $800,000
Affected area: Chesapeake, VA; Denver, CO; and Huntsville, AL hubs

Exact text from the filing

one-time non-cash charges of $300,000 to $800,000 associated with the impairment of lease assets

View on SEC.gov

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Source: SEC EDGAR

accession 0001628280-22-029491

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