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ULTIMATE TO TAKE $32m PRE-TAX CHARGE FOR RESTRUCTURING

Ultimate Corp, which eliminated its US direct sales operation in the autumn (CI No 1,063), has now announced the bill – pre-tax charges of somewhere between $28m and $35m against its second quarter figures for the period to October 31. As a result, the East Hanover, New Jersey-based Pick-popper expects to report a net loss of between $18m and $23m for the period, during which operations were at about break-even on turnover that fell to between $43m and $49m from the $52m it reported a year earlier. The company, which does not say how many people will have to go in its restructuring and cost-cutting exercise, acknowledges it became spread to thin and that had been trying to do too much in too many markets.

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