Bassett Furniture Industries Reduces Workforce

MT Newswires Live

Nov 20, 2024

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

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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.</p><p>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.</p><p>The company said it expects the workforce reductions and restructuring plan to result in total annual savings of between $8 million and $9 million.</p><p>Price: 14.48, Change: +0.09, Percent Change: +0.63</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4095","symbol_name":"家庭装饰品","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2484484061","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484484061","pubTimestamp":1732115035,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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