Culp, Inc. (CULP) Announces Broad Restructuring Plan
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Culp Announces Broad Restructuring Plan Primarily Focused on Mattress Fabrics Segment, Also Updates Financial Outlook for the Fourth Quarter of Fiscal 2024
May 1, 2024 4:10 PM EDTExpect to achieve $10.0 - $11.0 million in annualized savings and operating improvements with restructuring initiatives Expect a return to break even operating results at current industry demand levels post restructuring Cash restructuring charges (estimated at $2.5 million) expected to be funded with proceeds from equipment sales Anticipate receiving at least $10.0 to $12.0 million in cash proceeds (net of all taxes and commissions) from sale of real estate associated with restructuring plan
HIGH POINT, N.C.--(BUSINESS WIRE)-- Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, CULP)... More
