Brief: Flexsteel Expects To Reduce Workforce By 130 People

Flexsteel Industries

15/05/2019 17:01

May 15 (Reuters) - Flexsteel Industries Inc  FLXS.O :
    * FLEXSTEEL INDUSTRIES, INC. ANNOUNCES INITIAL RESTRUCTURING
PLANS
    * AS A RESULT OF ANNOUNCEMENTS, COMPANY EXPECTS TO REDUCE
ITS
WORKFORCE BY APPROXIMATELY 130 PEOPLE.
    * FLEXSTEEL EXPECTS TO INCUR APPROXIMATELY $4 MILLION IN
ONE-TIME
CASH CHARGES FOR EMPLOYEE SEVERANCE
    * IN ADDITION, COMPANY WILL IMMEDIATELY CLOSE ITS RIVERSIDE,
CA
MANUFACTURING FACILITY
    * EXPECTS TO COMPLETE WIND DOWN OF PRODUCT LINES AND CLOSURE
OF
MANUFACTURING SITE WITHIN CURRENT QUARTER
    * EXPECTS TO INCUR APPROXIMATELY $9 MILLION IN NON-CASH
CHARGES
FOR INVENTORY IMPAIRMENTS DUE TO RESTRUCTURING ACTION
    * EXITING COMMERCIAL OFFICE AND CUSTOM-DESIGNED HOSPITALITY
PRODUCT LINES

Source text for Eikon:  ID:nBw9pCQ94a 
Further company coverage:  FLXS.O 

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