Brief: Interface Says Co Committed To A New Restructuring Plan

Interface

23/12/2019 19:28

Dec 23 (Reuters) - Interface Inc  TILE.O :
    * INTERFACE INC - ON DEC 23, COMPANY COMMITTED TO A NEW
RESTRUCTURING PLAN
    * INTERFACE INC - EXPECTS TO INCUR A PRE-TAX RESTRUCTURING
CHARGE
IN Q4 OF 2019 OF APPROXIMATELY $8.8 MILLION
    * INTERFACE INC - PLAN INVOLVES A REDUCTION OF APPROXIMATELY
105
EMPLOYEES AND EARLY TERMINATION OF TWO OFFICE LEASES
    * INTERFACE INC - EXPECTS TO COMPLETE RESTRUCTURING PLAN IN
FISCAL
YEAR 2020
    * INTERFACE INC - EXPECTS PLAN TO YIELD ANNUALIZED SAVINGS
OF
APPROXIMATELY $6.0 MILLION
    * INTERFACE INC - RECORDED NON-CASH CHARGES OF $5.0 MILLION
PRIMARILY RELATED TO ADJUSTING CARRYING VALUE OF CERTAIN
INSURANCE RELATED ASSETS
    * INTERFACE INC - PORTION OF ANNUALIZED SAVINGS FROM
RESTRUCTURING
IS EXPECTED TO BE REALIZED ON INCOME STATEMENT IN FISCAL YEAR
2020
    * INTERFACE INC - REMAINING PORTION OF ANNUALIZED SAVINGS
FROM
RESTRUCTURING EXPECTED TO BE REALIZED IN FISCAL YEAR 2021

Source text: [https://bit.ly/2Mphsgx]
Further company coverage:  TILE.O 

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