Brief: Shift Technologies Announces Closing Of Its Portland-Based Vehicle Storage And Sales Facility

Shift Technologies

05/09/2023 22:38

Sept 5 (Reuters) - Shift Technologies Inc  SFT.O :
    * SHIFT TECHNOLOGIES INC - ON SEPTEMBER 5  ANNOUNCED CLOSING
OF
ITS PORTLAND-BASED VEHICLE STORAGE AND SALES FACILITY
    * SHIFT TECHNOLOGIES INC - RESTRUCTURING WILL RESULT IN AN
ESTIMATED WORKFORCE REDUCTION OF APPROXIMATELY 25%
    * SHIFT TECHNOLOGIES INC - COMPANY EXPECTS RESTRUCTURING AND
ASSOCIATED WORKFORCE REDUCTION WILL BE SUBSTANTIALLY COMPLETED
BY SEPTEMBER 5
    * SHIFT TECHNOLOGIES INC - EXPECTS THAT RESTRUCTURING AND
ASSOCIATED WORKFORCE REDUCTION WILL RESULT IN TOTAL ANNUALIZED
COST SAVINGS OF UP TO $23 MILLION
    * SHIFT TECHNOLOGIES- PREVIOUSLY ANNOUNCED REVIEW OF
STRATEGIC
ALTERNATIVES BY ITS BOARD OF DIRECTORS, MANAGEMENT TEAM, AND
ADVISORS REMAINS ONGOING

Further company coverage:  SFT.O 

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