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CULP
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Weekly Report · 05/06 09:05
Culp to Undertake Broad Restructuring Plan
Culp is planning a broad restructuring plan that will focus on its mattress fabrics segment. The company will close a manufacturing plant in Quebec, Canada. The restructuring action will result in the loss of about 240 jobs. Culp expects annualized savings of $10 million to $11 million.
Dow Jones · 05/01 21:46
Culp Says Due To Further Weakness In Industry Demand, The Company's Consolidated Net Sales For Q4 2024 Are Now Expected To Be ~19% Lower YoY
Updated financial outlook for the fourth quarter of fiscal 2024. Company expects to end the fiscal year with $10.0 million in cash and cash equivalents and no outstanding borrowings. Company's consolidated net sales for fourth quarter expected to be 19.0 percent lower than in fiscal 2023.
Benzinga · 05/01 21:25
Culp Announces Broad Restructuring Plan Primarily Focused On Mattress Fabrics Segment Reduce The Number Of Associates By ~240 People, Representing Around 35% Of The Segment's Total Workforce, Expected To Generate $10M-$11M In Annualized Cost Savings
Culp, Inc. Expects to achieve $10.0 - $11.0 million in annualized savings and operating improvements with restructuring initiatives. The company's mattress fabrics and upholstery fabrics operations will be consolidated. The restructuring is designed to reduce costs, improve asset utilization, and drive profitable growth.
Benzinga · 05/01 21:23
*Culp Sees 4Q Consolidated Operating Loss of About $4.2M-$4.7M
Dow Jones · 05/01 20:23
*Culp Inc Sees 4Q Sales Down About 19%
Dow Jones · 05/01 20:22
*Culp Expects at Least $10M-$12M Cash Proceeds From the Sale of Real Estate Under Restructuring Plan
Dow Jones · 05/01 20:21
*Culp to Cut About 240 Jobs in Mattress Fabrics Segment
Dow Jones · 05/01 20:21
*Culp: Cash Restructuring Charges, Estimated at $2.5M, Expected to Be Funded With Proceeds From Equipment Sales
Dow Jones · 05/01 20:20
*Culp Plans Phased Wind-Down and Closure of Manufacturing Plant in Quebec
Dow Jones · 05/01 20:19
*Culp Expects to Achieve $10M-$11M in Annualized Savings and Operating Improvements With Restructuring Initiatives
Dow Jones · 05/01 20:19
*Culp: Lower Demand Resulted in Excess Capacity and an Unsustainable Cost Structure at Current Volume Levels Within Mattress Fabrics Business
Dow Jones · 05/01 20:18
*Culp: Industry Demand Backdrop in Both of Its Businesses Experienced Significant Deterioration During 4Q
Dow Jones · 05/01 20:18
*Culp Announces Broad Restructuring Plan Primarily Focused on Mattress Fabrics Segment
Dow Jones · 05/01 20:17
Press Release: Culp Announces Broad Restructuring -2-
Beliefs will prove correct. Factors that could influence the matters discussed in such statements include the level of housing starts and sales of existing homes, consumer confidence, and general economic conditions. The future performance of our business depends in part on our success in integrating acquired businesses. Changes in tariffs or trade policy could affect our financial results.
Dow Jones · 05/01 20:10
Press Release: Culp Announces Broad Restructuring Plan Primarily Focused on Mattress Fabrics Segment, Also Updates Financial Outlook for the Fourth Quarter of Fiscal 2024
Culp Announces Broad Restructuring Plan Primarily Focused on Mattress Fabrics Segment, Also Updates Financial Outlook for the Fourth Quarter of Fiscal 2024. The company expects to achieve $10.0 - $11.0 million in annualized savings. Culp expects to return to break even operating results at current industry demand levels.
Dow Jones · 05/01 20:10
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About CULP
Culp, Inc. is a marketer of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The Company markets a variety of fabrics to its global customer base of bedding and furniture companies, including fabrics produced at the Company's manufacturing facilities and fabrics sourced through other suppliers. The Company operates through two segments. The mattress fabrics segment markets primarily knitted and woven fabrics, as well as sewn covers made from those fabrics, which are used in the production of bedding products, including mattresses, foundations, and mattress sets. The upholstery fabrics segment markets a variety of fabric products that are used principally in the production of residential and commercial upholstered furniture, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, and office seating, as well as window treatment products and installation services for customers in the hospitality and commercial industries.