Lakeland Industries (LAKE) said Monday it will close its warehouse facility in Hull, UK, and its Veridian plant in Quitman, Arkansas.
The protective clothing supplier said the closures are part of its operational consolidation plan to improve efficiency and cut costs and are expected to generate annual savings of about $1 million for the rest of its fiscal year that ends in January.
Lakeland also said it's executing more initiatives expected to yield an additional $3 million in annualized savings, with the benefits anticipated to happen in H2 of its fiscal year.
Shares were 1% lower in recent premarket activity.
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