CSS Industries, Inc. (NYSE:CSS) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 30, 2019, we committed to a restructuring plan to further reduce our cost base. As part of the plan, we are reducing our employment costs by eliminating certain positions, primarily in the United States. We initiated these actions to better position ourselves for improved profitability and to better align our resources with our current business operations. These actions will largely be completed during the second quarter of fiscal 2020. We expect that the execution of this plan will result in operational efficiencies and a reduction of our overall cost structure. In connection with these actions, we expect to incur pre-tax restructuring charges in the second quarter of fiscal 2020 that are currently estimated to be approximately $1,000,000, all related to employee severance costs. These changes are expected to require cash expenditures in the amount of the charges.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At our annual meeting of stockholders held on August 30, 2019 (the “Meeting”), the following matters were submitted to a vote of our stockholders: (1) election of a board of nine directors; (2) a proposal to ratify the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2020; and (3) a proposal to approve, on an advisory basis, the compensation paid to our named executive officers for the fiscal year ended March 31, 2019.
With respect to the election of directors, each nominee for election to our Board was elected at the Meeting to serve on our Board until our 2020 annual meeting of stockholders and until the election and qualification of his or her successor. The table below reflects the results of the vote for each of the nine nominees:
Our stockholders voted to ratify the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2020. The results of the vote were as follows:
Our stockholders voted to approve, on an advisory basis, the compensation paid to our named executive officers for the fiscal year ended March 31, 2019. The results of the vote were as follows:
About CSS Industries, Inc. (NYSE:CSS)
CSS Industries, Inc. is a consumer products company, which is engaged in the design, manufacture, procurement, distribution and sale of non-durable all occasion and seasonal social expression products, principally to mass market retailers in the United States and Canada. The Company’s occasion and seasonal products include classroom exchange Valentines, infant products, journals, buttons, gift wrap, floral accessories, craft and educational products, Easter egg dyes and novelties, memory books, scrapbooks, stickers, stationery and other items. Its Christmas products include decorative ribbons and bows, boxed greeting cards, gift tags, gift bags, gift boxes, gift card holders, tissue paper and decorations. Valentine product offerings include classroom exchange Valentine cards and other related Valentine products, while its Easter product offerings include Dudley’s brand of Easter egg dyes and related Easter seasonal products. Its brands include Paper Magic, Berwick, Offray and others.
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