Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 58

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 58
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 segment for the three months ended January 26, 2025, and January 28, 2024: 

    (1)

    (2)

    Three Months Ended

    Three Months Ended

    (dollars in thousands)
     
    January 26, 2025

    January 28, 2024

    Other associated costs
     
    $
    8

    $
    —

    Gain on sale of equipment

    —

    (50
    )

    Gain on disposal of inventory

    —

    (61
    )

    Restructuring expense (credit) and restructuring related credit (3) (4)
     
    $
    8

    $
    (111
    )

(1) The $8,000 relates to our U.S. upholstery fabrics operations under the Fiscal 2025 Restructuring Plan, which is described more fully in Note 10 of the consolidated financial statements. 

(2) The total $(111,000) is related to the closure of our upholstery cut and sewn kits operation located in Ouanaminthe, Haiti, as described above.

(3) The total $8,000 was recorded within restructuring expense in the Consolidated Statement of Net Loss for the three-month period ended January 26, 2025.

(4) Of the $(111,000) total, $(50,000) and $(61,000) were recorded within restructuring expense (credit) and cost of sales, respectively, in the Consolidated Statement of Net Loss for the three-month period ended January 28, 2024.

The following summarizes our restructuring expense and restructuring related charges for all restructuring activities for the upholstery fabrics segment for the nine months ended January 26, 2025, and January 28, 2024: 

    (1)

    (2)

    Nine Months Ended

    Nine Months Ended

    (dollars in thousands)
     
    January 26, 2025

    January 28, 2024

    Employee termination benefits
     
    $
    102

    $
    103

    Impairment loss - equipment

    —

    329

    Other associated costs

    67

    —

    Loss on disposal and markdowns of inventory

    —

    40

    Restructuring expense and restructuring related charge (3) (4)
     
    $
    169

    $
    472

I-41

(1) Of the