99 Cents Only Stores layoffs, on the record
Every job cut, severance charge and restructuring 99 Cents Only Stores reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 18,200 to approximately 17,200.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 18,200 | January 30, 2015 |
| 10-K for 2016 | approximately 17,000 | January 29, 2016 |
| 10-K for 2017 | approximately 17,200 | January 27, 2017 |
Job cuts, severance and restructuring
Our summaryThe company took a third quarter reduction in force in transition fiscal 2014, recording restructuring charges.
Word for word“In fiscal 2013, we recorded stock-based compensation expense of $18.4 million (including $9.9 million of accelerated vesting expense for three executive officers and one employee who separated from their positions in the fourth quarter of fiscal 2013 and $6.5 million related to former executive officers’ put rights) (see Note 11 to the Consolidated Financial Statements).” 10-K for 2015
Our summaryThe company recorded payroll-related severance charges in fiscal 2013, and the filing contrasts them with the fiscal 2014 restructuring charges.
Word for word“Additionally, the increase as a percentage of sales was partially offset by higher payroll-related severance charges of $10.2 million in fiscal 2013 compared to restructuring charges of $4.4 million in transition fiscal 2014 related to a third quarter of transition fiscal 2014 reduction in force.” 10-K for 2015
Our summaryThree executives separated from their positions, and the company accelerated their stock option vesting under their employment agreements.
Word for word“In accordance with their employment agreements, the Company accelerated vesting of 29,604 stock options and recorded an additional $9.3 million stock-based compensation expense in the fourth quarter of fiscal 2013.” 10-K for 2015
Our summaryA reduction in workforce during transition fiscal 2014 led to outsourcing of the Loss Prevention department, which was not brought back in-house until the third quarter of fiscal 2016.
Word for word“A reduction in workforce during transition fiscal 2014 resulted in the outsourcing of our Loss Prevention department, which was not reinstated in-house until the third quarter of fiscal 2016.” 10-K for 2016
Our summaryFormer executive Gonthier resigned and received severance amounts in exchange for a release of claims.
Word for word“Gonthier and Lukow resigned from the Company in May 2015 and June 2015, respectively.” 10-K for 2016
Our summaryFormer executive Lukow resigned and received a severance payment in exchange for a release of claims.
Word for word“In connection with his resignation during fiscal 2016, Mr. Lukow received a severance payment of $1,000 in exchange for his execution of a release of claims in favor of the Company and continued compliance with certain restrictive covenants.” 10-K for 2016
99 Cents Only Stores has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from 99 Cents Only Stores’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-04-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.