Brief: Eventbrite Inc - On February 27, Board Approved Restructuring Plan

Eventbrite

28/02/2023 22:46

Feb 28 (Reuters) - Eventbrite Inc  EB.N :
    * EVENTBRITE INC - ON FEBRUARY 27, BOARD APPROVED 
RESTRUCTURING
PLAN
    * EVENTBRITE INC - PLAN ELIMINATES ABOUT 8% OF EXISTING
ROLES OUT
OF CO'S CURRENT WORKFORCE OF 898 EMPLOYEES AND RELOCATES ABOUT
30% OF REMAINING ROLES
    * EVENTBRITE INC - EXPECTS INITIATIVE TO BE SUBSTANTIALLY
COMPLETE
BY END OF Q4 OF 2023
    * EVENTBRITE INC - PLAN ALSO INCLUDES REAL ESTATE REDUCTION
TO
REFLECT GEOGRAPHIC DISTRIBUTION OF CO'S EMPLOYEES AS WELL AS
OTHER COST CUTTING MEASURES
    * EVENTBRITE INC - EXPECTS TO INCUR TOTAL COSTS ASSOCIATED
WITH
PLAN OF $12-20 MILLION, PRE-TAX, PRIMARILY FUTURE CASH
EXPENDITURES
    * EVENTBRITE INC - EXPECTS MAJORITY OF EMPLOYEE TERMINATION
COSTS
TO BE INCURRED IN Q1 OF 2023
    * EVENTBRITE INC - EXPECTS RELOCATION AND TRANSITION RELATED
COSTS
TO BE SUBSTANTIALLY INCURRED IN REMAINDER OF 2023

Further company coverage:  EB.N 

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