Brief: Site Centers In Q2, Initiated Restructuring Plan

Site Centers

31/05/2023 22:09

May 31 (Reuters) - Site Centers Corp  SITC.N :
    * SITE CENTERS CORP - DURING Q2, INITIATED RESTRUCTURING
PLAN,
WHICH INCLUDES VOLUNTARY RETIREMENT OFFER
    * SITE CENTERS CORP - VOLUNTARY RETIREMENT OFFER WAS OFFERED
TO
CERTAIN ELIGIBLE EMPLOYEES AGED 59.5 OR ABOVE WITH 10 YEARS OR
MORE OF SERVICE
    * SITE CENTERS - EXPECTS TO INCUR TOTAL SEVERANCE, OTHER
CHARGES,
INCLUDING ACCELERATED NON-REAL ESTATE DEPRECIATION AND
AMORTIZATION, OF ABOUT $5.3 MILLION
    * SITE CENTERS CORP - ABOUT $3.1 MILLION OF CHARGES ARE
EXPECTED
TO BE RECOGNIZED IN Q2 AND BALANCE IN THIRD AND FOURTH QUARTERS
OF 2023
    * SITE CENTERS CORP - EXPECTS TO REALIZE FULL BENEFIT OF
SAVINGS
BEGINNING IN Q2 OF 2024

Further company coverage:  SITC.N 

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