PROG Holdings announces cost reduction initiatives, staff cuts

PROG Holdings “announced several actions as a continuation of cost reduction initiatives expected to result in annual pre-tax savings for the Company. These additional actions, which include a reduction in workforce, the termination of certain independent sales agent agreements, and office space consolidation, are intended to drive efficiencies within the Company’s cost structure while enabling it to remain committed to funding growth-related initiatives. The Company believes that these actions, which are expected to be substantially completed during the first quarter of 2024, will result in annualized pre-tax savings of approximately $15 million.”