Clever Leaves Holdings Inc.: restructuring charge — Clever Leaves winds down Portugal ops; cuts 21% workforce, expects $19-21M charges

Clever Leaves Holdings Inc.

63 employees dismissed in Portugal; 96% of Portugal workforce and 21% of total workforce eliminated.
Expected charges: $19M-$21M ($0.7M-$0.9M severance, $12M-$13M real estate/equipment exit, $6M-$7M inventory write-off).
Only $1.5M-$2.0M of total charges are cash; balance is non-cash write-offs of prior investments.
Annualized cost savings of ~$7M expected by year-end 2023; company to consolidate cultivation in Colombia.
Colombia operations: 1.8M sq ft, EU-GMP certified; dry flower sales from Colombia expected to commence in Q1 2023.

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 (approximately 96 % reduction to the Company’s workforce in Portugal and 21 % reduction to the Company’s total workforce).

Type: restructuring
Charge: approximately $19 million to $21 million
Affected area: Portugal operations
Headcount: approximately 96 % reduction to the Company’s workforce in Portugal and 21 % reduction to the Company’s total workforce

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 0001819615-23-000011

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