Vintage Wine Estates, Inc. will be reducing its workforce by approximately 15% for expected annualized savings of $7.1 million. Restructuring charges for the actions are expected to be approximately $1.5 million, which will be reflected in the third quarter of fiscal 2024 which ends March 31, 2024. The Company plans to simplify its DTC operations to concentrate resources on certain Super Premium+ estate wineries.

VWE also plans to monetize its Clos Pegase winery and tasting room in Napa and its Viansa property in Sonoma. It also will look to wind down certain custom crush and B2B services while evaluating its array of production services businesses and the contributions of each. Its priority brands will include a number of Super Premium+ estate brands and the select lifestyle brands of Layer Cake, Bar Dog, Cherry Pie and ACE Cider.

The Super Premium+ estate priority brands will include Girard, Kunde, B.R. Cohn, Laetitia and Firesteed, among others.