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EZCORP INC FILES (8-K) Disclosing Costs Associated with Exit or Disposal Activities, Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 2.05 - Costs Associated with Exit or Disposal Activities On September 10, 2014, the Board of Directors, with management's recommendation, approved certain staff reductions and other personnel actions in order to "right-size" the business, align skills with needs, and refocus the organization on high-return, value-added activities. Such reductions and other actions are intended to constitute a "plan of termination" under FASB ASC Paragraph 420-10-25-4 (Exit or Disposal Cost Obligations). The Company began implementing the plan on September 11, 2014 and currently expects to complete the plan within 60 days. The total costs to be incurred in connection with the plan (all of which will constitute one-time termination benefits and will result in cash expenditures) is estimated to be $4 million. Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (b) On September 12, 2014, Barry W. Guest, President, Pawn and Cash Converters Americas and a Named Executive Officer, resigned from the Company. Item 8.01 - Other Events On September 15, 2014, the Company issued a press release announcing that Eric Fosse has joined the Compnay as President, Pawn and Cash Converters Americas. A copy of that press release is filed as Exhibit 99.1. Item 9.01 - Financial Statements and Exhibits (d) Exhibits. 99.1 Press Release, dated September 15, 2014, announcing the appointment of Eric Fosse as President, Pawn and Cash Converters Americas. |