KELYA - Kelly Services implements workforce reduction plan

2023-07-20 08:16:34 ET

• Specialty talent solutions provider Kelly Services ( NASDAQ: KELYA ) ( NASDAQ: KELYB ) said on Thursday that it has implemented a workforce reduction plan.
• The reduction stems from strategic restructuring actions, which are part of a transformation initiative. The transformation initiative intends to drive EBITDA margin improvement and accelerate long-term profitable growth.
• The company said it has notified affected employees, and such employees are eligible for applicable severance, benefits and outplacement services.
• No other details on the workforce reduction plan were disclosed.
• The restructuring actions are expected to result in expansion of the company's EBITDA margin beginning immediately, and in substantial improvement of the EBITDA margin in H2 and beyond.
• The company expects to incur a restructuring charge in the range of $7.5M to $8.5M in Q3.
• Kelly Services said it will provide more details on the strategic restructuring during the Q2 earnings conference call on Aug. 10.
• Source: Press Release

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