Culp, Inc. (CULP) Announces Broad Restructuring Plan

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Go back to Culp, Inc. (CULP) Announces Broad Restructuring Plan

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 EDT

Expect 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