Brief: Culp Announces Broad Restructuring Plan Primarily Focused On Mattress Fabrics Segment

Culp

01/05/2024 22:24

May 1 (Reuters) - Culp Inc  CULP.N :
    * CULP ANNOUNCES BROAD RESTRUCTURING PLAN PRIMARILY FOCUSED
ON
MATTRESS FABRICS SEGMENT, ALSO UPDATES FINANCIAL OUTLOOK FOR THE
FOURTH QUARTER OF FISCAL 2024
    * CULP INC: EXPECT TO ACHIEVE $10.0 - $11.0 MILLION IN
ANNUALIZED
SAVINGS AND OPERATING IMPROVEMENTS WITH RESTRUCTURING
INITIATIVES
    * CULP INC - EXPECT TO ACHIEVE $10.0 - $11.0 MILLION IN
ANNUALIZED
SAVINGS AND OPERATING IMPROVEMENTS WITH RESTRUCTURING
INITIATIVES
    * CULP INC - RESTRUCTURING ACTIONS WILL REDUCE NUMBER OF
ASSOCIATES IN OUR MATTRESS FABRICS SEGMENT BY APPROXIMATELY 240
PEOPLE
    * CULP INC - RESTRUCTURING PLAN IS EXPECTED TO GENERATE
$10.0 -
$11.0 MILLION IN ANNUALIZED COST SAVINGS
    * CULP INC - CONSOLIDATED NET SALES FOR Q4 ARE NOW EXPECTED
TO BE
ABOUT 19.0 PERCENT LOWER AS COMPARED TO Q4 OF FISCAL 2023

Source text for Eikon:  ID:nBwW907Qa 
Further company coverage:  CULP.N 

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