The primary elements of the Restructuring Plan are as follows: Optimizing unit economics and GPU, by optimizing sales through Shift's most profitable online channel, and rebalancing inventory mix to favor Value vehicles, which Shift defines as older than 8 years or over 80,000 miles Consolidating Shift's physical operations to three West Coast markets in Los Angeles, Oakland, and Portland to efficiently support our new omnichannel fulfillment model, and closing seven existing locations Restructuring our workforce around our reduced physical footprint and more-efficient fulfillment model, eliminating approximately 650 positions or 60% of our workforce and, Undertaking additional efforts to reduce spending on overhead.
Other Inside Shift Technologies, Inc.'s 10-K Annual Report:Īcquisition costs and vehicle reconditioning costs, including parts, applied labor, unapplied labor, inbound transportation costs and other incremental costs, are allocated to inventory via specific identification and standard costing, which approximate average costs.
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