TREE - LendingTree announces 13% workforce reduction plan to reduce operating costs
2023-03-30 05:01:55 ET
- LendingTree ( NASDAQ: TREE ) said on Wednesday that it is cutting about 13% of its workforce to reduce operating costs.
- The company expects to incur severance charges of about $5.6 million in the first and second quarters of 2023.
- The execution of its restructuring plan, which includes cash expenditures for employee separation costs of about $4.6 million and equity awards of approximately $1 million, will be completed by the end of the second quarter of 2024, they said.
- The company is not revising its first quarter or full-year outlook at this time and will provide any revisions when it formally reports first quarter results.
For further details see:
LendingTree announces 13% workforce reduction plan to reduce operating costs