Lifecore Biomedical, Inc. (LFCR) announced on Friday that it has decided to implement a strategic workforce reduction effective Monday, resulting in the termination of 46 full-time employees, which constitutes approximately 9% of its workforce. This move is part of an initiative to optimize the company's cost structure strategically.
As part of this workforce reduction plan, Lifecore Biomedical estimates it will incur termination benefit costs totaling around $1.0 million, primarily comprising one-time severance benefits.
These costs are expected to be recognized in the first quarter of fiscal 2025 and will be disbursed during both the first and second quarters of fiscal 2025.
