Brief: Vintage Wine Estates Restructures Organization, Reduces About 15% Workforce

Vintage Wine Estates

17/01/2024 23:03

Jan 17 (Reuters) - Vintage Wine Estates Inc  VWE.O :
    * VINTAGE WINE ESTATES RESTRUCTURES ORGANIZATION, INITIATES
COST
CUTS AND SIMPLIFIES BUSINESS MODEL
    * VINTAGE WINE ESTATES INC: TO REDUCE WORKFORCE BY
APPROXIMATELY
15% FOR ANNUALIZED SAVINGS OF AN ESTIMATED $7.1 MILLION
    * VINTAGE WINE ESTATES INC: RESTRUCTURING CHARGES FOR
ACTIONS
EXPECTED ABOUT $1.5 MILLION, WILL BE REFLECTED IN Q3 2024
    * VINTAGE WINE ESTATES INC - SIMPLIFIES BUSINESS WITH
RESTRUCTURING AND REDUCTION OF NON-CORE, LOWER MARGIN PRODUCT
AND SERVICE OFFERINGS
    * VINTAGE WINE ESTATES INC - VWE TO SIGNIFICANTLY NARROW
FOCUS TO
A SMALLER, SUSTAINABLE CORE BUSINESS MODEL
    * VINTAGE WINE ESTATES INC - PLANS TO SIMPLIFY ITS DTC
OPERATIONS
TO CONCENTRATE RESOURCES ON CERTAIN SUPER PREMIUM+ ESTATE
WINERIES
    * VINTAGE WINE ESTATES INC - WILL LOOK TO WIND DOWN CERTAIN
CUSTOM
CRUSH AND B2B SERVICES

Source text for Eikon:  ID:nBw13r09xa 
Further company coverage:  VWE.O 

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