Performance Sports Group Ltd. announced additional corporate restructuring activities, which will result in the company reducing its workforce across several areas and levels of the organization.
As a result of this restructuring, the company expects to record severance expense of approximately $2.8 million in the first half of fiscal 2017, and estimates annualized savings of approximately $5.9 million in salary and associated benefits. Combined with the company’s recently-announced consolidation of its baseball/softball segment, Performance Sports Group will have reduced its workforce by approximately 15 percent since the close of its fiscal year 2016.
“We continue to examine our corporate structure as well as identify savings opportunities across the organization that can be re-invested in key consumer and customer-facing activities, and utilized to pay down debt,” said Harlan Kent, CEO of Performance Sports Group. “It is important that we focus our efforts on our core businesses of hockey, baseball/softball and lacrosse, while we make improvements to our business processes with the goal of making our entire company more efficient and effective.”
Performance Sports Group owns Bauer, Mission, Maverik, Cascade, Inaria, Combat And Easton.
