Brief: Vroom Inc - Have Implemented An Organizational Restructuring That Includes A Reduction In Force Across Vroom Organization As Of April 26, 2023

Vroom

26/04/2023 22:52

April 26 (Reuters) - Vroom Inc  VRM.O :
    * VROOM INC - HAVE IMPLEMENTED AN ORGANIZATIONAL
RESTRUCTURING
THAT INCLUDES A REDUCTION IN FORCE ACROSS VROOM ORGANIZATION AS
OF APRIL 26, 2023
    * VROOM INC - REDUCED VROOM'S HEADCOUNT BY ABOUT 120
EMPLOYEES
    * VROOM INC - EXPECTS TO INCUR TOTAL CASH CHARGES OF
APPROXIMATELY
$2 MILLION, PRIMARILY CONSISTING OF SEVERANCE
    * VROOM INC - EXPECTS TO ACHIEVE APPROXIMATELY $15 MILLION
OF
ANNUALIZED CASH SAVINGS AS A RESULT OF REDUCTION IN FORCE
    * VROOM INC - WHEN COMBINED WITH CO'S PREVIOUSLY ANNOUNCED
JANUARY
2023 REDUCTION IN FORCE, ANNUALIZED CASH SAVINGS ARE ABOUT $42
MILLION

Further company coverage:  VRM.O 

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