Whirlpool Expects to Rack Up $280 Million in Restructuring and Severance Costs

Home appliance company Whirlpool (NYSE: WHR) announced this week in an SEC filing that it expects to pay between $260 million and $280 million in restructuring costs this year, including severance pay for terminated workers. The new figure updates and replaces a previous estimate of $100 million in total restructuring expenses that the company provided earlier in the year.

Though Whirlpool and other home appliance companies saw a spike in sales of many appliance types during the first wave of the COVID-19 outbreak, the manufacturer is still feeling the effects of the pandemic. Whirlpool earlier launched cost-cutting initiatives such as limiting business travel, furloughing employees, and encouraging voluntary retirements.

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Source Fool.com