Purple Innovation (PRPL) has shared an update.
Purple Innovation, Inc. is streamlining its operations by shutting down its manufacturing facilities in Utah and consolidating production in Georgia, resulting in a significant workforce reduction completed on August 22, 2024. This restructuring is projected to cost $35 million to $45 million with annual savings of $15 million to $20 million anticipated post-2025. While the restructure includes substantial costs related to employee terminations and relocation, the company believes these changes will improve operational efficiency. The financial community has been informed through a press release, which includes non-GAAP measures to aid in evaluating the company’s performance.
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