Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 89

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 2
Chunk 89
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 Employee termination benefits

    176

    1,326

    Lease termination costs

    —

    849

    Other associated costs

    1,504

    2,676

    Loss on disposal, valuation, and markdowns of inventory

    624

    1,509

    Net gain on disposal of equipment

    (33
    )
     
    (42
    )

    Restructuring expense and restructuring related charges (1) (2)
     
    $
    2,271
     
    $
    7,657

I-37

(1) Of the total $2.3 million restructuring and restructuring related charges, $1.8 million and $624,000 were classified within restructuring expense and cost of sales, respectively, in the Consolidated Statement of Net Loss for the three-month period ended January 26, 2025.  

(2) Of the total $7.7 million restructuring and restructuring related charges, $6.2 million and $1.5 million were classified within restructuring expense and cost of sales, respectively, in the Consolidated Statement of Net Loss for the nine-month period ended January 26, 2025.

Refer to Note 10 of the consolidated financial statements for further details.

Segment assets

Segment assets consist of accounts receivable; inventory; property, plant, and equipment; right of use assets; and assets held for sale:

    (dollars in thousands)
     
    January 26, 2025
     
    January 28, 2024
     
    April 28, 2024

    Accounts receivable
     
    $
    11,607
     
    $
    11,463
     
    $
    10,003

    Inventory

    31,377

    27,925

    27,671

    Property, plant & equipment

    24,210

    32,263

    31,472

    Right of use assets

    200

    1,798

    1,627

    Assets held for sale

    2,214

    —

    —

    $
    69,608
     
    $
    73,449
     
    $
    70,773

Refer to Note 14 of the consolidated financial statements for disclosures regarding determination of our segment assets.

Accounts Receivable

As of January 26,