Millerknoll, Inc 8-K, filed May 18, 2020
Millerknoll, Inc. (MLKN)
8-K
2020-05-18
For: 2020-05-12
View Original
Added on
April 09, 2026
About this 8-K
Millerknoll, Inc filed this 8-K on May 18, 2020, reporting on events of May 12, 2020.
Items reported
- Item 2.05: Exit or restructuring costs
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 2.05 | Costs Associated With Exit or Disposal Activities |
Herman Miller, Inc. (the "Company") has taken a variety of actions to substantially reduce expenses and further enhance its liquidity in response to the impact of the COVID-19 pandemic and related restrictions. Included among the activities is a voluntary reduction in its North American and international workforce as well as an involuntary reduction in its North American workforce. Combined, these actions resulted in the elimination of approximately 300 full-time positions throughout the Company in various businesses and functions as of May 14, 2020.
As the result of these actions, the Company projects an annualized expense reduction of approximately $32.2 million, of which approximately twenty-seven percent of the savings are attributable to the Company's voluntary severance program. The Company currently expects to incur severance and related charges of approximately $13.5 million (pre-tax) in the fourth quarter of fiscal 2020, consisting solely of cash expenditures for employee termination and severance costs to be paid in the Company’s next fiscal year, beginning on May 31, 2020. Depending upon the future levels of its business activities, the Company may experience further reductions in its global workforce.
SIGNATURE
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 thereunto duly authorized.
Dated: | May 18, 2020 | HERMAN MILLER, INC. | ||
(Registrant) | ||||
By: | /s/ Kevin J. Veltman Kevin J. Veltman | |||
Vice President of Investor Relations & Treasurer (Duly Authorized Signatory for Registrant) | ||||