By Dean Seal

Intuit plans to cut about 1,800 employees and shutter two of its worksites in North America as part of a reallocation of resources toward what it calls key growth areas.

The maker of tax-preparation software said Wednesday that it will close its Boise and Edmonton sites as part of the reorganization plan that is "in service to growing technology teams and capabilities in strategic locations."

The job cuts and closures are expected to cost about $250 million to $260 million, which will be largely incurred in the fourth fiscal quarter that ends this month.

The charges include $217 million to $227 million in severance payments and employee benefits, along with about $33 million in non-cash charges related to share-based compensation and site closures.

The company said it expects substantially all actions related to the reorganization plan to be completed by its first fiscal quarter ending Oct. 31.

Intuit said it intends to hire a "nearly equivalent" number of employees in fiscal 2025, which starts next month, to support its growth objectives. Overall headcount is expected to grow from that point on, the company said.

Write to Dean Seal at

(END) Dow Jones Newswires

07-10-24 0936ET