Note 7 - Restructuring Charges

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE

7.

RESTRUCTURING CHARGES

During the

first

quarter of

2021,

we recorded restructuring charges of

$219

 related to the consolidation of our production facilities and closure of our Merrifield, Minnesota facility. With the Merrifiled closure, we are shifting wire and cable assembly, system-level assembly and printed circuit board (PCB) manufacturing to Nortech's other Minnesota locations.

No

amounts were accrued for the period ended

March 31, 2021.

We reduced our workforce by approximately

42

employees as a result of this facility closure. As of

March 31, 2021,

this closure did qualify for held for sale accounting. Loss on held for sale assets, relating to write downs to fair value, was

$28

during the

three

months ended

March 31, 2021.