Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG), a leading developer and manufacturer of high performance sports equipment and apparel, today 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 recent announcement of a consolidation of its baseball/softball segment, Performance Sports Group will have reduced its workforce by approximately 15% 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, Chief Executive Officer, 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."
About Performance Sports Group Ltd.
Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel. The Company is the global leader in hockey with the strongest and most recognized brand, and is a leader in North America in baseball and softball. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. In addition, the Company distributes its hockey products through its Burlington, Massachusetts and Bloomington, Minnesota Own The Moment Hockey Experience retail stores. Performance Sports Group is a member of the Russell 2000 and 3000 Indexes. For more information on the Company, plea se visit www.PerformanceSportsGroup.com.
