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.
Price: 14.48, Change: +0.09, Percent Change: +0.63
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.