Staffing 360 Solutions reported Q3 2024 revenue of $46.1 million, down 6.9% from $49.5 million in Q3 2023, with a net loss of $2.8 million compared to $4.3 million loss last year. The decline was primarily driven by a 19.1% drop in Commercial Staffing revenue, while Professional Staffing revenue increased by 4.3%. Gross profit margin decreased to 13.4% from 15.5% YoY due to a higher proportion of lower-margin Employer of Record business.Operating expenses decreased 18.4% to $7.5 million, reflecting cost reduction initiatives including workforce reductions implemented in May 2023 and February 2024. The company's working capital deficiency stood at $48.8 million as of September 28, 2024, with total debt of $19.8 million against cash and equivalents of $1.5 million, raising substantial going concern doubts.On November 1, 2024, Staffing 360 entered into a merger agreement with Atlantic International Corp., where Staffing 360 will become a wholly-owned subsidiary of Atlantic. The company also secured extensions on its credit facilities with MidCap and Jackson Investment Group until December and January 2025 respectively, though it remains in breach of certain debt covenants.

Staffing 360 Solutions reported Q3 2024 revenue of $46.1 million, down 6.9% from $49.5 million in Q3 2023, with a net loss of $2.8 million compared to $4.3 million loss last year. The decline was primarily driven by a 19.1% drop in Commercial Staffing revenue, while Professional Staffing revenue increased by 4.3%. Gross profit margin decreased to 13.4% from 15.5% YoY due to a higher proportion of lower-margin Employer of Record business.Operating expenses decreased 18.4% to $7.5 million, reflecting cost reduction initiatives including workforce reductions implemented in May 2023 and February 2024. The company's working capital deficiency stood at $48.8 million as of September 28, 2024, with total debt of $19.8 million against cash and equivalents of $1.5 million, raising substantial going concern doubts.On November 1, 2024, Staffing 360 entered into a merger agreement with Atlantic International Corp., where Staffing 360 will become a wholly-owned subsidiary of Atlantic. The company also secured extensions on its credit facilities with MidCap and Jackson Investment Group until December and January 2025 respectively, though it remains in breach of certain debt covenants.