(RTTNews) - Lifecore Biomedical, Inc. (LFCR) announced Friday that on Monday it determined to implement a strategic reduction of the Company's workforce to terminate 46 full-time employees of the Company, representing approximately 9% of the Company's workforce, as part of an initiative to strategically optimize the Company's cost structure.
In connection with the workforce reduction plan, the Company estimates that it will incur termination benefit costs of approximately $1.0 million, which primarily consist of one-time severance benefits.
These costs are expected to be incurred in the first quarter of fiscal 2025 and paid during both the first and second quarters of fiscal 2025.
