RH latest to lay off, as it cuts 440 in reorganization


CORTE MADERA, Calif. — In a 10-K filing with the SEC filed on March 29, Top 100 retailer RH noted that it cut approximately 440 positions in March as it implemented what it’s calling a business reorganization.

“On March 24, we implemented a restructuring that includes workforce and expense reductions in order to improve and simplify our organizational structure, streamline certain aspects of our business operations and better position us for further growth,” the company wrote in the filing. “As a result of the workforce reduction associated with the initiative, which affected approximately 440 roles, we expect to incur certain charges. The reorganization and accompanying workforce reduction includes the elimination of numerous leadership and other positions throughout the organization.”

The news comes on the heels of the company’s latest earnings report, in which it posted adjusted fourth-quarter net revenues of $772 million and adjusted net income of $73 million, or $2.88 per adjusted diluted share for the three months ended Jan. 28. For the full fiscal year 2022, RH reported adjusted net revenues of $3.59 billion and adjusted net income of $529 million, or $20.06 per adjusted diluted share. The figures for the quarter and the year were down from the company’s 2021 highs.

In the 10-K filing, RH was not prepared to go into detail about outcomes for the reorganization.

“We are currently unable to make a good faith determination of an estimate of the total amount or range of future amounts for each major type of cost expected to be incurred in connection with the reorganization, an estimate of the total amount or range of future amounts expected to be incurred in connection with the reorganization, or an estimate of the total amount or range of future amounts of the charges that will result in future cash expenditures,” the company wrote. “We will provide additional information in a subsequent filing after we determine the costs and charges associated with this business reorganization.”

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