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TILE > SEC Filings for TILE > Form 8-K on 28-Jul-2014All Recent SEC Filings

Show all filings for INTERFACE INC

Form 8-K for INTERFACE INC


28-Jul-2014

Costs Associated with Exit or Disposal Activities


ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.

On July 23, 2014, Interface, Inc. (the "Company") committed to a new restructuring plan in its continuing efforts to reduce costs in the Company's FLOR business and overseas floorcovering operations. As a result of this plan, the Company expects to incur a pre-tax restructuring charge of approximately $3 million to $5 million during the third quarter of 2014. Substantially all of the expected charge is for employee severance expenses which will result in future cash expenditures. The restructuring plan is expected to be substantially completed by the end of 2014, and is expected to yield annual cost savings of approximately $3 million to $5 million beginning in fiscal year 2015.

This Current Report on Form 8-K contains statements which constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those forward-looking statements include statements regarding the anticipated future charges, expenditures and savings relating to the restructuring plan described above. In particular, all of the anticipated charges, expenditures, savings and time frame relating to the restructuring plan described above are estimates and are therefore subject to change. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading "Risk Factors" included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2013, which discussion is incorporated herein by this reference. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this report and cautions readers not to place undue reliance on any such forward-looking statements.

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