FLOWERS FOODS, INC. (NYSE:FLO) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05.
As previously disclosed in the Original 8-K, on July17, 2017, the Company commenced the VSIP as part of its effort to restructure, streamline operations and better position the Company for profitable growth.
As of the date of this Amendment, the VSIP has resulted in the voluntary separation of approximately 321 employees of the Company. Employee separations under the VSIP began on September 7, 2017, with the remaining separations expected to occur primarily throughout the remainder of fiscal 2017. The Company currently expects that the VSIP will result in a net reduction of approximately 3% of the Company’s total workforce prior to the implementation of the VSIP.
In connection with the actions described above, the Company expects to record aggregate charges of approximately $27 million to $30 million in the third quarter of 2017, with 25% to be paid during the remainder of 2017, and 75% to be paid during the first quarter of 2018. These charges consist primarily of employee severance and benefits-related costs.
| Item 2.05. | Regulation FD Disclosure. |
On September27, 2017, the Company issued a press release detailing competitive advantages and strategic priorities that were discussed during an investor briefing at the New York Stock Exchange on the same date. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 2.05. | Financial Statements and Exhibits. |
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Exhibit Number |
Description |
| 99.1 | Press Release of Flowers Foods, Inc. dated September 27, 2017 |
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EXHIBIT INDEX
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FLOWERS FOODS INC ExhibitEX-99.1 2 d464174dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Company Press Release September 27,…To view the full exhibit click here
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.