Brief: IM Cannabis Announces Additional Restructuring Initiatives To Reduce Costs

IM Cannabis

08/03/2023 13:32

March 8 (Reuters) - IM Cannabis Corp  IMCC.CD :
    * IM CANNABIS ANNOUNCES ADDITIONAL RESTRUCTURING INITIATIVES
DESIGNED TO DRIVE SUSTAINABLE PROFITABILITY AND REDUCE COSTS
    * IM CANNABIS CORP- WILL BE REDUCING ITS WORKFORCE IN ISRAEL
BY
20%-25% ACROSS ALL FUNCTIONS
    * IM CANNABIS CORP- ALL ACTIONS ASSOCIATED WITH WORKFORCE
REDUCTION ARE EXPECTED TO BE SUBSTANTIALLY COMPLETE BY MID-2023
    * IM CANNABIS CORP- AIMS LEANER ORGANIZATION WITH PRIMARY
FOCUS ON
ACHIEVING PROFITABILITY IN 2023 AND ABOUT CAD$3.5 MILLION IN
ANNUALIZED COST SAVINGS
    * IM CANNABIS CORP- EXPECTS TO SUBSTANTIALLY COMPLETE
RESTRUCTURING EFFORTS DURING FIRST HALF OF 2023
    * IM CANNABIS CORP- KEY POSITIONS IN COMPANY'S GLOBAL
LEADERSHIP
TEAM WILL BE TRANSITIONED TO HIGHLY SKILLED INTERNAL SUCCESSORS

Source text for Eikon:  ID:nPnc8DLk8a 
Further company coverage:  IMCC.CD