FLOWERS FOODS, INC. (NYSE:FLO) Files An 8-K Costs Associated with Exit or Disposal Activities
Costs Associated with Exit or Disposal
On July17, 2017, Flowers Foods, Inc. (the Company) commenced a
voluntary employee separation incentive plan (the VSIP) as part
of its effort to restructure, streamline operations and better
position the Company for profitable growth. The VSIP is available
to certain salaried employees who meet the VSIPs age,
length-of-service and business function criteria. Employees who
elect to participate in the VSIP will receive enhanced separation
benefits. The VSIP is expected to be substantially completed by
the end of fiscal 2017.
The Company currently does not know which employees will elect to
participate in the VSIP. Accordingly, the Company is unable to
estimate the costs of the VSIP, which will consist primarily of
employee severance and benefits-related costs. The Company will
provide an estimate of the amount or range of costs and benefits
when a good faith determination can be made, which is expected to
be in the third quarter of 2017.
A copy of the press release announcing the VSIP is attached
hereto as Exhibit 99.1 and incorporated herein by reference.
|99.1||Press Release of Flowers Foods, Inc. dated July17, 2017|
FLOWERS FOODS INC ExhibitEX-99.1 2 d425627dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Company Press Release July 17,…To view the full exhibit click
About FLOWERS FOODS, INC. (NYSE:FLO)
Flowers Foods, Inc. is a producer and marketer of bakery products. The Company operates in two segments: direct-store-delivery segment (DSD Segment) and warehouse delivery segment (Warehouse Segment). The DSD segment’s production plant locations include Birmingham, Alabama; Opelika, Alabama; Tuscaloosa, Alabama; Goldsboro, North Carolina; Jamestown, North Carolina, and Oxford, Pennsylvania. The Warehouse Segment’s production plant locations include Montgomery, Alabama; Texarkana, Arkansas; London, Kentucky; Tucker, Georgia; Cedar Rapids, Iowa (mix plant); Cleveland, Tennessee, and Crossville, Tennessee. The Company’s DSD Segment operates approximately 40 bakeries that market a range of bakery foods, including breads, buns, rolls, tortillas and snack cakes. The Warehouse Segment produces frozen bread and rolls, and snack cakes. The Warehouse Segment’s Company-owned brands include Mrs. Freshley’s, European Bakers and Broad Street Bakery.