COLUMBIA, Md., Oct. 14, 2020 /PRNewswire/ -- Global
workforce transformation solutions provider GP Strategies
Corporation (NYSE: GPX) reported today it has entered into an
amendment to the lease for its headquarters facility in
Columbia, Maryland that, effective
January 1, 2021, will reduce its
space by approximately 22,000 square feet and reduce its rental
expense for this office by approximately $750,000 per year. This amendment is part of a
global reevaluation of real estate needs, which has resulted in
strategic decisions on lease consolidations and office closures
over the past year. These actions are expected to result in
approximately $2.0M of annual savings
in facility expenses for the Company in 2021 compared to 2020.
"We have successfully adapted how we work virtually to maintain
our productivity and collaboration without any disruption to how we
serve our clients," stated Adam
Stedham, Chief Executive Officer of GP Strategies. "This
fresh look at our real estate footprint allowed us to take
advantage of alternative workplace strategies and gain efficiencies
in our facility space."
About GP Strategies
GP Strategies Corporation (NYSE:
GPX) is a global workforce transformation solutions provider of
training, digital learning strategies and solutions, management
consulting, and engineering services. GP Strategies' solutions
improve the effectiveness of organizations by delivering innovative
and superior training, consulting, and business improvement
services, customized to meet the specific needs of its clients.
Clients include Fortune 500 companies, automotive, financial
services, technology, and other commercial and government
customers.
Forward Looking Statement
We make statements in this
press release that are considered forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934.
These statements reflect our current expectations concerning future
events and results. We use words such as "expect," "intend,"
"believe," "may," "should," "could," "anticipates," and similar
expressions to identify forward-looking statements, but their
absence does not mean a statement is not forward-looking. These
statements are not guarantees of our future performance and are
subject to risks, uncertainties, and other important factors that
could cause our actual performance or achievements to be materially
different from those we project. For a full discussion of these
risks, uncertainties, and factors, we encourage you to read our
documents on file with the Securities and Exchange Commission,
including those set forth in our periodic reports under the
forward-looking statements and risk factors sections. Except as
required by law, we do not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
© 2020 GP Strategies Corporation. All rights reserved. GP
Strategies and the GP Strategies logo design are trademarks of GP
Strategies Corporation.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/gp-strategies-decreases-real-estate-expenses-as-they-make-a-permanent-shift-to-increased-remote-work-301151931.html
SOURCE GP Strategies Corporation