Aaron's layoffs, on the record
Every job cut, severance charge and restructuring Aaron's reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 9,170 to 9,071.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 9,170 | December 31, 2021 |
| 10-K for 2022 | 10,060 | December 31, 2022 |
| 10-K for 2023 | 9,071 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryCompany initiated a real estate repositioning and optimization restructuring program that included a reduction in store support center staff headcount.
Word for word“During the first quarter of 2020, the Company initiated a real estate repositioning and optimization restructuring program.” 10-K for 2021
Our summaryCompany rationalized its store support center staff, reducing employee headcount in those areas, during 2020.
Word for word“During the year ended December 31, 2020, we also further rationalized our store support center staff, which resulted in a reduction in employee headcount in those areas to more closely align with current business conditions.” 10-K for 2021
Our summaryCompany initiated a 2019 restructuring program that closed 155 stores and rationalized store support center and field support staff, reducing associate headcount.
Word for word“The Company also rationalized its store support center and field support staff, which resulted in a reduction in associate headcount in those areas to more closely align with current business conditions.” 10-K for 2021
Our summaryCompany recorded severance charges related to workforce reductions in 2020 as part of restructuring expenses.
Word for word“Restructuring expenses for the year ended December 31, 2020 were $42.5 million, which were primarily comprised of $30.8 million of operating lease right-of-use asset and fixed asset impairment for company-operated stores identified for closure during 2020, $5.1 million of common area maintenance and other variable charges and taxes incurred related to closed stores, $6.2 million of severance charges related to workforce reductions, and $0.5 million of other restructuring related charges.” 10-K for 2021
Our summaryCompany recorded small severance charges under its restructuring programs in 2021, and paid out the remaining severance balance.
Word for word“Balance at December 31, 2021 $ — NOTE 11: STOCK-BASED COMPENSATION Description of Plans Historically, and until the separation and distribution was completed on November 30, 2020, Aaron's employees participated in the Aaron's, Inc.'s stock-based compensation plans, pursuant to which Aaron's Holdings Company, Inc. granted stock options, RSUs, RSAs and PSUs.” 10-K for 2021
Our summaryInitiated an operational efficiency and optimization restructuring program to reduce overall costs, including store labor realignments and centralization of support functions.
Word for word“During the third quarter of 2022, the Company initiated an operational efficiency and optimization restructuring program intended to reduce the Company's overall costs.” 10-K for 2022
Our summaryClosed or consolidated 22 Company-operated Aaron's stores under the operational efficiency program.
Word for word“The program resulted in the closure or consolidation of 22 Company-operated Aaron's stores during the year ended December 31, 2022.” 10-K for 2022
Our summaryAnnounced a headcount reduction of store support center and Aaron's Business store oversight functions.
Word for word“In January 2023, the Company announced a headcount reduction of its store support center and Aaron's Business store oversight functions to more closely align with current business conditions resulting in the recognition of $1.8 million in severance charges during the first quarter of 2023.” 10-K for 2022
Our summaryRecorded severance charges related to reductions in store support center staff within total restructuring expenses for 2022.
Word for word“Restructuring activity for the year ended December 31, 2022 resulted in expenses of $32.7 million, which were primarily comprised of $16.2 million of operating lease right-of-use asset and fixed asset impairment for Company-operated Aaron's stores identified for closure in 2022 as well as an administrative building in Kennesaw, Georgia, $7.2 million of continuing variable occupancy costs incurred related to previously closed stores, $4.9 million of professional advisory fees related to cost optimization initiatives, and $3.1 million of severance charges related to reductions in store support center staff.” 10-K for 2022
Our summaryContinued a real estate repositioning and optimization restructuring program that includes severance tied to reductions in store support center and field support staff headcount.
Word for word“Since inception of the real estate repositioning and optimization program, the Company has incurred charges of $61.6 million under the plan.” 10-K for 2022
Our summaryThe company completed a headcount reduction at its store support center and recognized severance charges.
Word for word“In January 2024, the Company completed a headcount reduction of its store support center to more closely align with current business conditions resulting in the recognition of $2.1 million in severance charges.” 10-K for 2023
Our summaryThe operational efficiency restructuring program led to closing or consolidating Aaron's stores in 2023.
Word for word“The program resulted in the closure or consolidation of 38 Company-operated Aaron's stores during the year ended December 31, 2023.” 10-K for 2023
Our summaryThe company reported net restructuring expenses under the operational efficiency program for 2023, including severance.
Word for word“Total net restructuring expenses under the Operational Efficiency and Optimization Restructuring Program related to the initiatives described above were $6.4 million during the year ended December 31, 2023.” 10-K for 2023
Our summaryThe company reported cumulative charges under its real estate repositioning program, which include severance for support staff reductions.
Word for word“Since inception of the real estate repositioning and optimization program, the Company has incurred charges of $70.8 million under the plan.” 10-K for 2023
Our summaryThe company reported total restructuring expenses for 2023.
Word for word“Restructuring activity for the year ended December 31, 2023 resulted in expenses of $15.6 million, which were primarily comprised of $7.1 million of continuing variable occupancy costs incurred related to previously closed stores, $4.1 million of operating lease right-of-use asset and fixed asset impairment for Company-operated Aaron's stores identified for closure in 2023, and $2.4 million of professional advisory fees and other charges.” 10-K for 2023
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2018-12-31 | $2.8 million | — |
| 2019-12-31 | $40 million | $3.3 million |
| 2020-12-31 | $42.5 million | $6.1 million |
| 2021-12-31 | $9.2 million | — |
| 2022-12-31 | $32.7 million | — |
| 2023-12-31 | $15.6 million | — |
Aaron's 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 Aaron's’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-29. 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.