Robinhood Markets Inc. said late Friday it will take higher-than-expected restructuring charges as it exits leases on office space that it is not using. In a Securities and Exchange Commission filing Friday, the online broker said it expects to take charges of $90 million to $105 million in the third quarter, up from a previous estimate between $45 million to $60 million, in restructuring charges as a result. In August, the company said it was cutting 23% of its full-time staff, following cuts announced in April, which led it to re-evaluate its real-estate portfolio. Robinhood said it decided to partially or completely close five more offices, with four of those leases on office space that has never been occupied. The closures will not result in further layoffs, the company said.
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