iRobot Corporation
11/05/2024 | Press release | Distributed by Public on 11/05/2024 15:03
Reorganization Form 8 K
| Item 2.05 | Costs Associated with Exit or Disposal Activities. |
On November 5, 2024, iRobot Corporation (the "Company") announced it will implement an operational restructuring plan that is expected to include an overall reduction of approximately 105 employees, which represents 16% of the Company's global workforce as of September 28, 2024. In connection with this workforce reduction, the Company expects to record restructuring charges of approximately $5.3 million primarily relating to severance packages and related benefits, with the majority of the restructuring charges anticipated in the fourth quarter of 2024. These estimates of the charges that the Company expects to incur, and the timing thereof, are subject to a number of assumptions and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the actions described above.
Cautionary Statements Regarding Forward-Looking Statements
The disclosure contained in this Current Report on Form 8-K contains certain forward-looking information about the Company that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the anticipated timing and details of the reduction in workforce and costs associated with the reduction in workforce that the Company expects to incur. These statements are based on current expectations, estimates, and projections about the Company's business based, in part, on assumptions made by management, and are subject to a number of risks and uncertainties, many of risks and uncertainties relate to matters beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include: possible changes in the expected costs and expenses associated with the reduction in workforce and risks associated with the Company's ability to achieve the expected benefits of the operational restructuring; and the ability of the Company to retain and hire key personnel. Additionally, these forward-looking statements should be considered in conjunction with the cautionary statements and risk factors described in the Company's Annual Report on Form 10-K for the year ended December 30, 2023, as updated by the Company's subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.