Kelly Services taking restructuring charge of up to $8.5 million as it reduces its work force

Kelly Services Inc.
KELYA,
-6.46%
said Thursday it’s implementing a workforce reduction plan for an undisclosed number of workers in a move described by CEO Peter Quigley as “difficult but necessary.” Kelly Services said it will take a restructuring charge of up to $8.5 million in the third quarter. The moves will yield a “meaningful expansion” in its earnings before interest, taxes, and amortization starting in the second half of 2023 and beyond, the company said. The Troy, Mich.-based staffing company also said more details will come out on Aug. 10 as part of its second-quarter results. Kelly Services stock is up 12.7% in 2023, compared with an 18.9% rise by the S&P 500
SPX,
-0.68%.