Clever Leaves Holdings Inc.: restructuring charge — Clever Leaves to wind down Portugal ops; expects $19-21M charges, $7M annual savings

Clever Leaves Holdings Inc.

Board authorized restructuring Jan 17; Portugal cultivation to cease by end of Q1 2023.
Workforce reduction of 63 employees in Portugal (96% of local staff, 21% total workforce).
Expected charges: $0.7-0.9M severance, $12-13M real estate/equipment, $6-7M inventory write-off.
Operational transition to Colombia expected to generate ~$7M in annual cost savings by year-end 2023.
About $1.5-2.0M of charges are cash expenditures; remainder non-cash write-offs.

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

Clever Leaves Holdings Inc. announced a restructuring with charges of approximately $19 million to $21 million affecting Portugal operations (63 employees).

Type: restructuring
Charge: approximately $19 million to $21 million
Affected area: Portugal operations
Headcount: 63 employees

Exact text from the filing

requirements. The Company expects to complete these actions in the first half of fiscal 2023. The Company currently estimates that it will incur charges of approximately $ 19 million to $ 21 million in connection with the restructuring plan. The total expected range includes approximately $ 0.7 million to $ 0.9 million related to severance and employee

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Source: SEC EDGAR

accession 0001819615-23-000004

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