UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
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Item 8.01 | Other Events. |
Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the “Company”) announced today that it will be consolidating two of its distribution centers in 2025. Lulus plans to close its distribution center in Chico, California and move operations from that facility to its consolidation center in Ontario, California. The facility in Ontario, California will serve as a consolidation and distribution center once the move is complete. The consolidation efforts, designed to improve operational efficiencies, reflect the Company’s strategy of cost reduction and simplification. Lulus expects the closure and consolidation, including the elimination of approximately 83 positions, to be substantially completed by the end of the first fiscal quarter of 2025, in accordance with a transition plan designed to minimize disruption to the business and its customers.
Lulus expects to record approximately $0.5 million to $1.0 million of exit costs between the fourth fiscal quarter of 2024 and the first quarter of 2025. These are primarily non-cash expenses associated with the accelerated amortization of a right-of-use asset for the leased distribution center and accelerated depreciation of fixed assets located in the distribution center.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Lulu’s Fashion Lounge Holdings, Inc. | |||
Date: December 5, 2024 |
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| By: |
| /s/ Crystal Landsem | |
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| Crystal Landsem | |||
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| Chief Executive Officer | |||