CafePress Will Move Bay Area Operations To Smaller Facility, Will Terminate Lease Agreement FOr San Mateo Office, BDO USA, LLP Will Become Certified Accountant
CafePress Inc. (NASDAQ: PRSS) (the "Company") announced that it has concluded several cost reduction initiatives designed to unlock sustainable savings opportunities and maximize operating efficiencies. These initiatives are complementary to the previously announced business divestitures that have significantly streamlined the business and strengthened its balance sheet. CafePress' expense reduction initiatives span the Company's operations and are strategic to achieving its goal of stabilizing, optimizing and energizing the business over time.
Specifically, the Company announced that it intends to move its Bay Area operations into a smaller facility and has therefore entered into a lease termination agreement regarding its current office space in San Mateo, California. Separately, CafePress announced the transition of its independent registered public accounting firm. Effective immediately, BDO USA, LLP will become the Company's certifying accountant, maintaining high-quality service with lower associated fees.
"We are taking swift and meaningful action to implement cost reductions that we believe will be instrumental to our ongoing commitment to optimize our business and drive sustainable profitability. We are targeting structural cost-saving opportunities that we believe will right-size our business and better align our expenses with revenues," said Fred Durham, Chief Executive Officer.
While the full positive impact of these changes may not be realized until 2016 or later, the Company anticipates meaningful reductions in its General and Administrative expense run-rate. CafePress will make public filings regarding these initiatives as appropriate.
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