Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 15

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 15
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 therefore we believe this information is classified as Level 2 within the fair value hierarchy (see Note 12 for further explanation of the fair value hierarchy). 

9. Accrued ExpensesA summary of accrued expenses follows: 

        (dollars in thousands)
         
        January 26, 2025

        January 28, 2024

        April 28, 2024

        Compensation, commissions and related benefits
         
        $
        2,318

        $
        3,771

        $
        4,204

        Other accrued expenses

        3,761

        3,529

        2,522

        $
        6,079

        $
        7,300

        $
        6,726

10. Restructuring Activities   Mattress Fabrics Segment, Upholstery Fabrics Segment, and Unallocated Corporate Fiscal 2025 Restructuring PlanOn April 29, 2024 (first quarter of fiscal 2025), our board of directors made a decision to (1) consolidate the company's North American mattress fabrics operations, including a gradual discontinuation of operations and sale of the company's manufacturing facility located in Quebec, Canada; (2) move a portion of the knitting and finishing capacity from the company's manufacturing facility located in Quebec, Canada to the company's manufacturing facility located in Stokesdale, North Carolina; (3) transition the mattress fabrics segment's weaving operation to a strategic sourcing model through the company's long standing supply partners; (4) consolidate the company's sewn mattress cover operation located in Ouanaminthe, Haiti, from two leased facilities into one building and reduce other operating expenses at this location; as well as (5) reduce unallocated corporate expenses and shared service expenses.As of the end of the third quarter of fiscal 2025, production at our facility located in Quebec, Canada has been discontinued and we have entered into a conditional agreement for the sale of this facility, subject to due diligence and other conditions. The consolidation of our sewn mattress cover operation located in Haiti was completed during the first quarter of fiscal 2025.  For fiscal 2025, these actions are expected to result in restructuring and restructuring related charges of approximately $8.5 million, of which approximately $5.3 million is expected to be cash expenditures.  The $8.5 million of estimated restructuring and restructuring related charges represents approximately $8.3 million and $155,000