Express, Inc. Annualized Cost Reductions Of $120M For FY24 Include A Workforce Reduction Which Is Expected To Generate Savings Of ~$30M; Workforce Reduction Will Impact About 150 Employees And Is Expected To Be Completed By End Of Q3 Of Fiscal 2023
Portfolio Pulse from Happy Mohamed
The company plans to implement annualized cost reductions of $120M for FY24, which includes a workforce reduction expected to generate savings of approximately $30M. This reduction will impact about 150 employees and is expected to be completed by the end of Q3 of fiscal 2023.
August 17, 2023 | 8:22 pm
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POSITIVE IMPACT
EXPR is planning to reduce its workforce, which is expected to generate savings of $30M and contribute to the overall annualized cost reductions of $120M for FY24. This could potentially improve the company's financial performance.
The planned workforce reduction and cost savings could potentially improve EXPR's financial performance in the short term. However, the impact on employee morale and potential backlash could pose risks in the long term.
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