The press release states the following:
Titan Machinery is a network of full-service agricultural and construction equipment dealerships, and on Feb. 9, it announced the implementation of a restructuring plan to consolidate certain dealership locations and a reorganization of its operating structure. The restructuring plan is expected to result in a significant reduction of expenses while allowing the company to continue to provide a leading level of service to its customers. The company closed one construction location during the fourth quarter that ended Jan. 31, 2017, and expects to close 14 agriculture locations during the first half of the current fiscal year.
Expected financial results
The restructuring plan is expected to be completed by the end of July 2017, the end of the company's second fiscal quarter. The company is focused on retaining the majority of the revenue from the locations being closed by leveraging its footprint density and scale of the locations in a geographic proximity. The reduction in revenue is expected to be approximately $40 million, or less than 4 percent of overall company revenue, on an annual basis and $30 million for the current fiscal year (fiscal 2018). The restructuring plan is expected to generate an annual expense reduction of approximately $25 million. For fiscal 2018, the expense reduction is expected to be approximately $20 million. The restructuring plan, excluding nonrecurring costs, is expected to increase adjusted pre-tax income by approximately $16 million (or 44 cents per diluted share) on an annual basis and $13 million (or 37 cents per diluted share) for fiscal 2018.
David Meyer, Titan Machinery's chairman and chief executive officer, stated, "As we built one of the largest equipment dealership networks in North America, we made a number of acquisitions, including smaller ones, in close proximity to other locations in our network. Although it's a difficult decision to close a Titan location, by consolidating these adjacent locations, we will be able to achieve increased scale and efficiency to support our customers in those markets. We are committed to and focused on retaining the majority of our customers and many specialty-trained employees from locations that will be consolidated. Employees displaced by the restructuring plan will be offered positions in nearby locations where possible or will be offered severance benefits. The company is committed to transparency and to treating employees affected by the restructuring plan with respect and fairness."
Meyer continued, "In addition to location consolidation, we have reorganized our operating structure to increase our operating efficiency and provide additional focus on parts and service support." 
—From Titan Machinery Inc. news release
