RMAX - Re/Max to slash 17% of its headcount by year end
- Real estate services firm Re/Max ( RMAX ) is planning to cut 17% of its workforce, or 120 employees, by the end of 2022, according to an SEC filing released Thursday.
- Due to the layoffs, Re/Max ( RMAX ) is expecting to incur a pre-tax cash charge for one-time termination benefits of $5.75M-6.75M in Q3, it said.
- The move comes as the company is seeking to outsource certain technology demands.
- Specifically, Re/Max ( RMAX ) said some of its subsidiaries are partnering with Inside Real Estate, a real estate software firm and the developers of the vCORE cloud-based real estate platform.
- In mid-March, SA's Quant Rating warned investors that Re/Max stock was at high risk of performing badly due to decelerating momentum and negative EPS revisions .
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Re/Max to slash 17% of its headcount by year end