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Article Date: September 2020
Word Count: 283

Under Armour Expands Restructuring, Will Lay Off 600


Under Dog’s board approved a $75 million increase to its 2020 restructuring plan, bringing the total bill to $550 to $600 million in pre-tax charges, according to an SEC filing, with the additional costs brought on by the Covid-19 pandemic. The added budget consists of about $60 million of cash charges, with $40 million going toward contract termination costs, likely including its ongoing efforts to extract itself from expensive and unproductive college sponsorships. Another $15 million in cash will go towards facility and lease terminations, and $5 million for employee severance and benefits. The final $15 million will be non-cash ... Log in to view full article.

 


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