GrowGeneration Corp. (GRWG): restructuring charge — GrowGeneration Q2 prelim revenue >$53M, up 10.6% sequentially; plans 19 store closures, $12M annual savings

GrowGeneration Corp.

2024-Q2 EPS reported -$0.24 revenue$101,424,000

Q2 2024 preliminary net revenue expected over $53M, a sequential increase of at least 10.6% vs $47.9M in Q1.
Restructuring plan to close 19 underperforming stores (7 already closed in H1 2024); 31 stores will remain.
Expects ~$12 million in annualized cost savings from closures, workforce reductions, and operational improvements.
Targeting proprietary brands to account for 35% of total sales by end of 2025; adding ~50 new products.
B2B e-commerce portal launch planned for Q4 2024; restructuring substantially complete by end of FY 2024.

item 2.02 item 2.05 item 7.01

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

GrowGeneration Corp. announced a restructuring affecting Gardening and Cultivation segment (proprietary brands, commercial sales, e-commerce).

Type: restructuring
Affected area: Gardening and Cultivation segment (proprietary brands, commercial sales, e-commerce)

Exact text from the filing

On July 22, 2024 , the Company announced a strategic restructuring plan focused on long-term profitability and advancing growth initiatives in key areas of its Gardening and Cultivation segment such as its proprietary brands, commercial sales, and e-commerce business.

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13 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

GrowGeneration Corp. filing history →

Source: SEC EDGAR

accession 0001628280-24-032545

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