CULP INC
For the period ended Jun 25, 2025. Filed Jun 25, 2025.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Jun 25, 2025 · Filed Jun 25, 2025
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Contents
EX-99.1 · Restructuring Plan Update
Restructuring Plan Update
The restructuring plan announced in May of 2024, which was primarily focused within the Company's mattress fabrics business, was completed as planned, with the sale of the Company's manufacturing facility in Quebec, Canada, consummated on April 30, 2025. The Company continues to expect the restructuring plan to generate $10.0-$11.0 million in annualized savings and operating improvements, with many of these benefits already beginning to manifest in the Company’s fourth quarter fiscal 2025 results.
The Company incurred total restructuring and restructuring-related expenses of $9.4 million in fiscal 2025, of which $5.6 million consisted of cash expenditures. The Company funded close to $2.3 million of these cash expenditures with proceeds from the sale of excess manufacturing equipment, proceeds from a building lease termination in Haiti, and a small portion of the proceeds from the sale of its Canada facility. In fiscal 2026, the Company expects to realize a total of approximately $3.0 to $3.5 million in cash proceeds, net of all taxes and commissions, on the sale of its Canada facility.
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