GREY:MMNFQ - Post by User
Post by
KCRULESon Jan 21, 2020 10:26pm
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Post# 30580870
Rumors Put To Bed!
Rumors Put To Bed!Hey T,
As mentioned in the press release dated December 11, 2019, the Company has been focused on adjustments to corporate SG&A. The revised annualized run-rate is based on the realization of headcount and cost reduction initiatives. MedMen has strategically reduced corporate headcount by over 40% representing approximately US$20 million in annual salary related savings. Employees who were part of this cost reduction received letters notifying them of their pending position eliminations. Under applicable California law, these employees were provided 60 days’ advance notification that their positions were being eliminated, meaning their official last day with the Company would be February 7, 2020.
The aforementioned press release (linked below) further highlights MedMen’s efforts to strengthen its balance sheet through a new equity investment, and by way of amendments to its senior secured convertible facility and to its secured term loan.
https://investors.medmen.com/press-releases/press-release-details/2019/MedMen-Strengthens-Balance-Sheet-Provides-Updated-Guidance-and-Enhances-Corporate-Governance/default.aspx
Additionally, MedMen is working with all of our vendors to devise payment plans that will assist in our cash management, with several options being contemplated, which in some cases include stock consideration.
Anything contrary published on social media is not factual. MedMen material information is disclosed to the public through press releases. We encourage you to sign up to receive investor alerts including press releases on the MedMen website at the bottom of the investor section. (https://investors.medmen.com)
We invite you to tune into our next earnings call on February 26th for further information and updates on MedMen’s strategic path to profitability.