<SEC-DOCUMENT>0000715787-19-000002.txt : 20190103
<SEC-HEADER>0000715787-19-000002.hdr.sgml : 20190103
<ACCEPTANCE-DATETIME>20190103160213
ACCESSION NUMBER:		0000715787-19-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181228
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Material Impairments
FILED AS OF DATE:		20190103
DATE AS OF CHANGE:		20190103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERFACE INC
		CENTRAL INDEX KEY:			0000715787
		STANDARD INDUSTRIAL CLASSIFICATION:	CARPETS AND RUGS [2273]
		IRS NUMBER:				581451243
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33994
		FILM NUMBER:		19505303

	BUSINESS ADDRESS:	
		STREET 1:		1280 WEST PEACHTREE ST. NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		7704376800

	MAIL ADDRESS:	
		STREET 1:		1280 WEST PEACHTREE ST. NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERFACE FLOORING SYSTEMS INC
		DATE OF NAME CHANGE:	19870817
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>q48krestructuringplan.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Interface
         Document created using EDGARfilings PROfile 5.0.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C.&#160; 20549</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM 8-K</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CURRENT REPORT</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to Section 13 or 15(d) of the</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of Report (Date of Earliest Event Reported):</font>&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">December
        28, 2018</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;INTERFACE,
            INC.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Exact name of Registrant as Specified in its Charter)</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z77b4f3b8eefc4a739c3929be92b016f7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Georgia</font></div>
            </div>
          </td>
          <td style="vertical-align: top; padding-bottom: 1px;" colspan="1">&#160;</td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">001-33994</font></div>
            </div>
          </td>
          <td style="vertical-align: top; padding-bottom: 1px;" colspan="1">&#160;</td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58-1451243</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State or other Jurisdiction of Incorporation or Organization)</font></div>
          </td>
          <td style="vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Commission File</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Number)</font></div>
          </td>
          <td style="vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(IRS Employer</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Identification No.)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8d2b4099ce304ee5a0765cea2e4edc93" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1280 West Peachtree Street NW</font></div>
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Atlanta, Georgia</font></div>
            </div>
          </td>
          <td style="vertical-align: top; padding-bottom: 1px;" colspan="1">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30309</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices)</font></div>
          </td>
          <td style="vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Zip code)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Registrant&#8217;s telephone number, including area code:&#160; (770) 437-6800</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Not Applicable</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
        width: 180pt">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Former name or former address, if changed since last report)</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
        of the following provisions (see General Instruction A.2. below):</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zcfe0657d66d94a2399a6fb60a6c4147d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 6.5%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.5%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.5%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.5%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.5%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.5%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.5%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.5%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
        Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
    <div style="text-align: left; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company</font>&#160;&#160; <font style="font-size: 10pt; font-family: 'Times
        New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the
          registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160; </font><font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif;">&#9744;</font></font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 2.05
          &#160; &#160; &#160; &#160;COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.</font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160; &#160; &#160; &#160; On December 28, 2018, Interface, Inc. (&#8220;the Company&#8221;) committed to a new restructuring plan as part of its continuing efforts to improve
        efficiencies and streamline operations to more closely align its operating structure with its business and value creation strategy. The plan involves (i) a reduction of approximately 200 positions globally and (ii) the write-down of certain
        obsolete, underutilized and impaired information technology and manufacturing assets.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; As a result of this plan, the Company expects to incur a pre-tax restructuring and asset impairment charge in the fourth quarter of 2018
        of approximately $22.0 million. The charge is comprised of severance expenses ($12.7 million), impairment of assets ($8.2 million) and other items ($1.1 million). The charge is expected to result in future cash expenditures of $13.5 million,
        primarily for severance payments ($12.5 million). The restructuring plan is expected to be substantially complete in the first half of 2019. The plan is expected to yield gross annual savings of approximately $12.5 million, however; the Company
        expects to redeploy essentially all of the anticipated savings toward the funding of sales and strategic growth initiatives and those investments will start in 2019 yielding negligible net savings on the Company&#8217;s income statement.</font></div>
    <div style="text-align: left; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 2.06
          &#160; &#160; &#160; &#160;MATERIAL IMPAIRMENTS.</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160; &#160; &#160; &#160; In connection with the above-described restructuring plan, which the Company committed to on December 28, 2018, the
        Company expects to record a non-cash charge of $8.2 million in the fourth quarter of 2018 for material impairment of assets that include the write-down of certain obsolete, underutilized and impaired information technology and manufacturing assets.</font></div>
    <div style="text-align: left; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160; &#160; &#160; &#160; This Current Report on Form 8-K contains statements which constitute
        &#8220;forward-looking statements&#8221; within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those forward-looking statements include
        statements regarding the anticipated future charges, expenditures and savings relating to the restructuring plan described above. In particular, all of the anticipated charges, expenditures, savings and time frame relating to the restructuring plan
        described above are estimates and are therefore subject to change. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including
        risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading &#8220;Risk Factors&#8221; included in Item 1A of the Company&#8217;s Annual Report on Form 10-K for
        the fiscal year ended December 31, 2017, as updated by the additional risk factor included in Item 1A of Part II of the Company&#8217;s Quarterly Report on Form 10-Q for the fiscal year ended July 1, 2018, which discussion is incorporated herein by this
        reference. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements
        made in this report except as required by law and cautions readers not to place undue reliance on any such forward-looking statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
        on its behalf by the undersigned hereunto duly authorized.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" id="z68cb39747a464759a18c89b990d756b9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 45.5%; vertical-align: top;">&#160;</td>
          <td style="width: 54.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">INTERFACE, INC.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.5%; vertical-align: top;">&#160;</td>
          <td style="width: 54.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45.5%; vertical-align: top;">&#160;</td>
          <td style="width: 54.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:&#160;&#160;&#160;&#160;&#160;</font></div>
          </td>
          <td style="width: 54.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;<u>&#160;/s/ Bruce A. Hausmann&#160;</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.5%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 54.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Bruce A. Hausmann</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.5%; vertical-align: top;">&#160;</td>
          <td style="width: 54.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.5%; vertical-align: top;">
            <div style="text-align: left; margin-left: 14.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; January 3, 2019</font></div>
          </td>
          <td style="width: 54.5%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
