Sotheby's (BID) Board Approves Restructuring Plan, Headcount Reduction; Sees $13M in Related Charges

On July 16, 2014, the Executive Committee of Sotheby's (NYSE: BID) Board of Directors approved a restructuring plan principally impacting Sotheby's operations in the United States and the United Kingdom. The restructuring plan is the result of a strategic review conducted by management and will result in the reallocation of resources to collecting categories and regions with the highest growth opportunity in the future. The restructuring plan is expected to result in employee-related restructuring charges in the range of approximately $13 million recognized in the third quarter of 2014 and the corresponding headcount reductions are expected to be fully implemented by the end of 2014. Sotheby’s will provide specific guidance on the anticipated cost savings in due course; upon full implementation, management expects a net benefit to Sotheby’s cost base as a result of this restructuring plan and resource reallocation.

You May Also Be Interested In

• Equifax (EFX) shares tumble as Q2, full-year guidance falls short
• Abbott Laboratories (ABT) narrows 2024 earnings guidance, shares slip
• Crown Castle (CCI) Tops Q1 EPS by 1c; maintains outlook for FY24