Bassett Furniture Industries (BSET) announced Wednesday workforce cuts through layoffs and retirements to streamline operations and align its cost structure with the current rate of its business.
The company did not disclose the number of affected employees but said it reduced its headcount by 11% over the past year, including the newly announced cuts. The new round of workforce reduction is estimated to yield about $2.5 million in annual savings and lead to $500,000 in severance charges in the current quarter, the company added.
Bassett also said it continues to execute its restructuring plan announced in July, with expected annual cost savings of $5.5 million to $6.5 million.
The company said it expects the workforce reductions and restructuring plan to result in total annual savings of between $8 million and $9 million.
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