* Move to result in workforce reduction
* Knoll to record charge of $7.5 mln
March 18 Office furniture maker Knoll Inc
(KNL.N) said it will relocate some manufacturing operations at
Grand Rapids, Michigan to other sites to better align its
manufacturing footprint with demand.
The move, which includes voluntary and involuntary layoffs,
will result in a charge of about $7.5 million to be recorded
from the second quarter of 2010, Knoll said in a regulatory
The company will relocate some of its warehouse
distribution centers into the Grand Rapids site in order to
make use of available space.
Office furniture makers have been hit by weak demand, high
office vacancies and corporate downsizing as firms cut costs to
weather the downturn.
The restructuring will commence in the second quarter of
2010 and continue through the second quarter of 2011.
Shares of the company were up slightly at $12.70 after the
bell. They closed at $12.54 Thursday on the New York Stock
(Reporting by A.Ananthalakshmi in Bangalore; Editing by Maju