Re/Max Holdings to reduce workforce by 7% in latest round of job cuts

By Denny Jacob

Re/Max Holdings Inc. will reduce its workforce by 7%, trimming its headcount further after a previous round of job cuts.

The company (RMAX), which provides real estate franchise services through its subsidiaries, said it expects to incur a pre-tax cash charge for one-time termination benefits of between $2.8 million and $3.3 million, according to a regulatory filing. Substantially all of the charge will be recognized in the third quarter.

Affected employees were notified Friday and the reorganization is expected to be largely completed by the end of September, Re/Max said.

The Denver-based company listed 594 full-time employees in its latest annual filing. The disclosure also noted that a strategy shift led to a reduction of its workforce of about 120 employees, or 17% of its headcount at the time the changes were announced at the beginning of the third quarter of 2022. The workforce reduction was largely completed by the end of 2022 and finalized by March 31, according to the filing.

Write to Denny Jacob at denny.jacob@wsj.com

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08-18-23 1657ET

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