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This excerpt taken from the GVHR 8-K filed Feb 26, 2008. Item 2.05. Costs Associated with Exit or Disposal Activities.
After completion of a comprehensive strategic review of its non
co-employed offering, Gevity Edge Select™, on February 25, 2008 the
Board of Directors of the Company (the "Board") approved a plan to
discontinue Gevity Edge Select™ effective immediately. The Company will
be working closely with its existing non co-employed clients to provide
a smooth transition to either its core Gevity Edge™ PEO offering or an
alternative service provider. The discontinuation of Gevity Edge Select
is intended to allow the Company’s management to focus on growth of the
Company's core PEO business.
The Company plans to continue to operate the platform maintained in its
service facility in Charlotte, North Carolina for an interim period to
allow affected non co-employed clients to either transition to its core
Gevity Edge offering or an alternative service provider. The Company
intends to complete this transition and close its service facility in
Charlotte, North Carolina no later than June 30, 2008. Approximately,
30 jobs will be eliminated in both the Company’s service center in
Charlotte, North Carolina and its branch office in Atlanta, Georgia.
The Company expects to take a pre-tax charge in the range of $4.5 to
$5.5 million in the first half of 2008 related to the write off of
assets associated with Gevity Edge Select as well as the accrual of
other exist costs including appropriate severance arrangements. |
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