Rosetta Stone 2013 Annual Report Download - page 105
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Table of Contents
(“PAL”) channel. The Company expects to incur a charge in the first quarter for the actions in Asia of $3.5 million to $4.0 million, predominantly for
severance expenses, lease termination costs and inventory writedowns. All final decisions with respect to the reduction of operations in Japan and Korea were
made on January 10, 2014. With respect to employee severance decisions, all communications to affected employees were made on that same date. All leased
space to be abandoned will not occur until sometime in 2014. Inventory consists of software products and as the restructuring strategy is to eliminate the sales
of products and move to a third party hosted model, such inventory will be destroyed in 2014 based on the date of the final decisions.
The Company also announced in the press release an effort to reduce general and administrative expenses through a planned space consolidation,
primarily at its Arlington, Virginia headquarters location, resulting in a charge of $2.5 million to $3.5 million in the first quarter of 2014. All leased space was
abandoned and ceased to be used by the Company on January 31, 2014.
F-39