Brief: Blend Labs Committed To Second Workforce Reduction Plan

Blend Labs

15/08/2022 22:49

Aug 15 (Reuters) - Blend Labs Inc  BLND.N :
    * BLEND LABS- ON AUG 11,COMMITTED TO SECOND WORKFORCE
REDUCTION
PLAN( AUGUST PLAN) IN ADDITION TO INITIAL WORKFORCE REDUCTION
PLAN DISCLOSED ON APRIL 18
    * BLEND LABS INC - FOCUS OF AUGUST PLAN IS ON STREAMLINING
COMPANY'S TITLE AND GENERAL AND ADMINISTRATIVE OPERATIONS
    * BLEND LABS INC - AUGUST PLAN INCLUDES ELIMINATION OF ABOUT
220
POSITIONS ACROSS COMPANY, OR APPROXIMATELY 11% OF CO'S CURRENT
WORKFORCE
    * BLEND LABS INC - ELIMINATED POSITIONS INCLUDE ABOUT 140
CURRENT
EMPLOYEES AND ABOUT 80 VACANCIES
    * BLEND LABS INC - ESTIMATES THAT IT WILL INCUR ABOUT $4.0
MILLION
IN CHARGES IN CONNECTION WITH AUGUST PLAN
    * BLEND LABS INC - ELIMINATED POSITIONS REPRESENT ANNUALIZED
COMPENSATION EXPENSE OF ABOUT $27.3 MILLION
    * BLEND LABS INC - EXPECTS THAT EXECUTION OF AUGUST PLAN,
INCLUDING CASH PAYMENTS, WILL BE SUBSTANTIALLY COMPLETE IN Q3 OF
2022

Source text for Eikon: [https://bit.ly/3C7Ots1]
Further company coverage:  BLND.N 

 ((Reuters.Briefs@thomsonreuters.com;))