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Trulia Announces Reorganization With Market Leader

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By on Technology & Software

In a filing with the SEC on Wednesday, real-estate search engine Trulia (TRLA) said it approved a reorganization plan for its Market Leader subsidiary to integrate the operations of the subsidiary with those of Trulia and to eliminate 85 overlapping positions. 

Trulia also anticipates incurring pre-tax restructuring charges of approximately $4.0 million to $6.0 million, of which nearly all would result in cash expenditures, with $2.0 million to $4.0 million to be paid in 2014 and the remainder in 2015. The company expects the reorganization will result in approximately $4 million to $6 million of cost savings during the remainder of 2014. 

The reorganization will also result in the termination of Ian Morris as President of Market Leader, effective September 4. Morris will then serve as a consultant to Trulia until August 31, 2015. 

Shares of TRLA are trading more than 2% higher at $38.83 with a 52-week range of $26.35 to $52.71.

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