Innovative Food Holdings, Inc. announced that with the unanimous support of its board, the company is restructuring its Home Gourmet e-commerce business. This announcement of the restructuring of the Home Gourmet business entails a reduction in workforce of approximately 20 of employees, the halt of all paid marketing associated with this business, and a 50% reduction in assortment. The company expects the financial impact of these actions to be a decrease of approximately $6 million in annualized revenue, and an increase of about $650,000 in annualized profit, with a one-time restructuring cost of between $100,000-$200,000.
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Apr. 15 | Innovative Food Holdings, Inc. Announces New Contract with Cheney Brothers | CI |
Mar. 21 | Innovative Food Holdings, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
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