Brief: Shift Technologies Expects To Incur One-Time Severance Costs Of About $2.4 Mln DUe To Workforce Reduction, Hub Closures

Shift Technologies

09/08/2022 22:59

Aug 9 (Reuters) - Shift Technologies Inc  SFT.O :
    * SHIFT TECHNOLOGIES INC -  EXPECT TO INCUR ONE-TIME
SEVERANCE
COSTS OF APPROXIMATELY $2.4 MILLION AS A RESULT OF WORKFORCE
REDUCTION AND HUB CLOSURES
    * SHIFT TECHNOLOGIES -  EXPECT ONE-TIME NON-CASH CHARGES OF
$11.5
TO $14.5 MILLION ASSOCIATED WITH IMPAIRMENT OF LEASE ASSETS AND
ASSOCIATED FIXED ASSETS
    * SHIFT TECHNOLOGIES INC - WILL CONTINUE TO EVALUATE ITS
BUSINESS
PLAN AS NECESSARY TO ADDRESS TRENDS IN MARKETPLACE AND
MACROECONOMIC FACTORS
    * SHIFT TECHNOLOGIES - HAS NOT YET COMPLETED ITS ANALYSIS OF
ADDITIONAL CHARGES ASSOCIATED WITH IMPLEMENTATION OF WORKFORCE
REDUCTION AND HUB CLOSURES,
    * SHIFT TECHNOLOGIES INC - CLOSING 7 HUBS DURING THE THIRD
AND
FOURTH FISCAL QUARTERS OF 2022
    * SHIFT TECHNOLOGIES INC - HUB CLOSURES WILL RESULT IN
ESTIMATED
WORKFORCE REDUCTION OF APPROXIMATELY 60%

Further company coverage:  SFT.O 

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