GrowGeneration (GRWG) has shared an update.
On July 22, 2024, the Company unveiled a restructuring strategy aimed at bolstering long-term profits and accelerating growth in its Gardening and Cultivation sector, focusing on proprietary brands, commercial sales, and e-commerce. The plan involves closing 12 retail stores, adding to 7 shut down earlier in the year, reducing the workforce, and implementing operational enhancements, with expected completion by year-end. These changes are projected to save $12 million annually, though the full financial impact of the restructuring is still being assessed. Costs related to these changes will be excluded from the Company’s non-GAAP financial metrics, such as Adjusted EBITDA.
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