Re/Max Holdings, a provider of real estate franchise services, has announced plans to decrease its workforce by 7% after a previous round of job cuts. According to a regulatory filing, the company expects to incur a pre-tax cash charge for one-time termination benefits, estimated to be between $2.8 million and $3.3 million. The majority of this charge will be recognized in the third quarter.
Affected employees were notified of the reorganization on Friday, and the process is anticipated to be mostly completed by the end of September, as stated by Re/Max.
In its latest annual filing, the Denver-based company reported having 594 full-time employees. The disclosure also mentioned that a strategy shift resulted in a reduction of about 120 employees, equivalent to 17% of its previous headcount, during the third quarter of 2022. The workforce reduction was finalized by the end of 2022 and concluded by March 31, according to the filing.
Re/Max Holdings continues to make adjustments to its workforce, anticipating improvements in efficiency and aligning with strategic shifts within the company.