Safe & Green (NASDAQ:SGBX), an environmentally focused company, has disclosed measures to slash operating expenses in pursuit of sustained profitability. The company revealed on Wednesday that it would reduce its workforce at SG Echo, LLC, a subsidiary, by approximately 65 positions. The decision to eliminate jobs is governed by local regulations and the company's operational requirements.
The company anticipates that these cuts will not incur additional charges beyond the workforce reduction. Safe & Green estimates monthly cost savings of around $375,000 when compared to January 2024. The implementation of these cost-cutting measures is projected to be largely completed by the end of the first quarter of 2024, although this is contingent upon local legal and consultation mandates.
The information presented here is based on a statement from a press release.
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