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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EX-99.1 · SUMMARY OF RESTRUCTURING EXPENSE
SUMMARY OF RESTRUCTURING EXPENSE
The following summarizes restructuring expense for three-month period ending April 27, 2025:
| Upholstery · Mattress · Unallocated | ||||
|---|---|---|---|---|
| Description | Fabrics | Fabrics | Corporate | Total |
| Employee termination benefits | $112 | $12 | $— | $124 |
| Impairment charge related to intangible asset | — | — | 540 | 540 |
| Loss on the sale and disposal of equipment | 24 | 2 | — | 26 |
| Facility consolidation and relocation expenses | — | 322 | — | 322 |
| Cost incurred to ready a closed facility for sale | — | 360 | — | 360 |
| Other associated costs | — | 50 | — | 50 |
| Total restructuring expense (1) | $136 | $746 | $540 | $1,422 |
(1) During the three months ending April 27, 2025, restructuring expense of $1.4 million represents costs associated with (i) the closure of the company's mattress fabrics manufacturing facility located in Quebec, Canada; (ii) initial costs related to consolidating production and distribution activities from the company's upholstery fabrics distribution center located in Burlington, N.C. to the company's mattress fabrics manufacturing and distribution center located in Stokesdale, N.C.; and (iii) other expenses incurred as part of the company's strategic plan to transform its operating model as announced on April 24, 2025.
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