January 5, 2017 / 10:05 PM / 7 months ago

BRIEF-Interface announces restructuring plan

2 Min Read

Jan 6 (Reuters) - Interface Inc

* Interface announces restructuring plan

* Interface announces restructuring plan

* Announced a new restructuring plan that will result in pre-tax restructuring charges in q4 of 2016 and q1 of 2017

* Interface inc - to exit specialty retail channel and will eventually close majority of its flor retail stores between january and end of april 2017

* Interface inc says expects to incur a pre-tax restructuring and asset impairment charge in q4 of 2016 of about $17-19 million, followed by additional charge in q1 of $7-9 million

* Will relocate flor's headquarters from chicago to interface's headquarters in atlanta

* Interface Inc - charges to include workforce reductions of about 70 flor team members, number of other employees in commercial business in americas, europe

* Planned charge in q1 of 2017 is primarily related to exit costs associated with flor retail stores

* Anticipated charges, which total approximately $25-27 million, are part of a continued effort to streamline costs Source text for Eikon: Further company coverage:

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