Staffing 360 Solutions Shifts Strategy to Focus Exclusively on U.S. Staffing Industry; Divests U.K. Staffing Business
February 15 2024 - 4:15PM
Staffing 360 Solutions, Inc. (the “Company” or “Staffing
360 Solutions”) (Nasdaq:
STAF), a company executing a
buy-integrate-build strategy through the acquisition of staffing
organizations in the United States, today announced a targeted
shift in its focus exclusively on its U.S. staffing business of
Monroe Staffing Services, Key Resources, Headway Workforce
Solutions and Lighthouse Professional Services, and that IPE
Ventures has assumed ownership of the Company’s U.K.-based staffing
operation.
After a thorough, strategic review of its business and current
industry conditions, the Board of Directors of Staffing 360
Solutions (the “Board”) concluded that the Company will be best
served by focusing solely on the U.S. staffing market, which is the
largest such market in the world. The Board currently is evaluating
various options through which the Company can successfully execute
on this new strategy.
“The United States Staffing and Recruitment Market is projected
to grow by 12.7% from 2022 to 2030 and divesting our U.K. business
will allow us to focus our resources on the world’s largest and
most dynamic staffing market,” said Brendan Flood, CEO and
President of Staffing 360 Solutions. “We believe this strategy will
give us enhanced insight into one marketplace and allow us to
better concentrate on marketing our services and responding quickly
to the needs of our U.S. clients.”
About Staffing 360 Solutions Inc.Staffing 360
Solutions, Inc. is engaged in the execution of a
buy-integrate-build strategy through the acquisition of domestic
and international staffing organizations in the United States. The
Company believes that the staffing industry offers opportunities
for accretive acquisitions and as part of its targeted
consolidation model, is pursuing acquisition targets in the finance
and accounting, administrative, engineering, IT, and light
industrial staffing space.
For more information,
visit http://www.staffing360solutions.com. Follow Staffing 360
Solutions
on Facebook, LinkedIn and Twitter.
Forward-Looking StatementsThis press release
contains forward-looking statements, which may be identified by
words such as "expect," "look forward to," "anticipate," "intend,"
"plan," "believe," "seek," "estimate," "will," "project" or words
of similar meaning. Forward-looking statements are not guarantees
of future performance, are based on certain assumptions and are
subject to various known and unknown risks and uncertainties, many
of which are beyond the Company's control, and cannot be predicted
or quantified; consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, our
ability to maintain compliance with the listing rules of the Nasdaq
Capital Market, our ability to retain our listing on the Nasdaq
Capital Market; market and other conditions; the geographic, social
and economic impact of COVID-19 on the Company’s ability to conduct
its business and raise capital in the future when needed; weakness
in general economic conditions and levels of capital spending by
customers in the industries the Company serves; weakness or
volatility in the financial and capital markets, which may result
in the postponement or cancellation of customer capital projects or
the inability of the Company’s customers to pay the Company’s fees;
the termination of a major customer contract or project; delays or
reductions in U.S. government spending; credit risks associated
with the Company’s customers; competitive market pressures; the
availability and cost of qualified labor; the Company’s level of
success in attracting, training and retaining qualified management
personnel and other staff employees; changes in tax laws and other
government regulations, including the impact of health care reform
laws and regulations; the possibility of incurring liability for
the Company’s business activities, including, but not limited to,
the activities of the Company’s temporary employees; the Company’s
performance on customer contracts; negative outcome of pending and
future claims and litigation; government policies, legislation or
judicial decisions adverse to the Company’s businesses; the
Company’s ability to access the capital markets by pursuing
additional debt and equity financing to fund its business plan and
expenses on terms acceptable to the Company or at all; and the
Company’s ability to comply with its contractual covenants,
including in respect of its debt agreements, as well as various
additional risks, many of which are now unknown and generally out
of the Company’s control, and which are detailed from time to time
in reports filed by the Company with the SEC, including quarterly
reports on Form 10-Q, reports on Form 8-K and annual reports on
Form 10-K. Staffing 360 Solutions does not undertake any duty to
update any statements contained herein (including any
forward-looking statements), except as required by law.
Investor Relations Contact:Roger Pondel or
Laurie BermanPondelWilkinson Inc.+1
310-279-5980pwinvestor@pondel.com
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