Brocade Communications Systems layoffs, on the record
Every job cut, severance charge and restructuring Brocade Communications Systems reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from 4,161 to 5,960.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | 4,161 | November 1, 2014 |
| 10-K for 2015 | 4,640 | October 31, 2015 |
| 10-K for 2016 | 5,960 | October 29, 2016 |
Job cuts, severance and restructuring
Our summaryFiscal 2013 Fourth Quarter Restructuring Plan included a workforce reduction, primarily in engineering, sales, and marketing; the plan was communicated to employees in September 2013 and substantially completed by the end of Q1 fiscal 2014.
Word for word“The plan included a workforce reduction of approximately 250 employees, primarily in the engineering, sales, and marketing organizations, as well as the 72 Table of Contents cancellation of certain nonrecurring engineering agreements and exit from certain leased facilities.” 10-K for 2014
Our summaryRestructuring plan announced in May 2013 restructured business operations, reorganized business units and reduced operating expense structure, mainly through severance and benefits for a reduction in workforce.
Word for word“Restructuring and other related costs for the fiscal year ended October 26, 2013, were primarily due to $20.4 million of severance and benefits related to a reduction in workforce, $4.0 million related to contract terminations and other charges, and $1.1 million related to estimated lease loss reserve and related costs recorded during the fiscal year ended October 26, 2013 (see Note 5 , “ Restructuring and Other Charges ,” of the Notes to Consolidated Financial Statements).” 10-K for 2014
Our summaryRecorded restructuring and other related charges in fiscal 2014 including a lease loss reserve and related costs and reduced investment in hardware-based Brocade ADX products, with a goodwill impairment.
Word for word“Restructuring, goodwill impairment, and other related costs for the fiscal year ended November 1, 2014 , were primarily due to the $83.4 million in goodwill impairment and $7.7 million in estimated lease loss reserve and other related costs recorded during the fiscal year ended November 1, 2014 (see Note 5 , “ Restructuring and Other Charges ,” of the Notes to Consolidated Financial Statements).” 10-K for 2014
Our summaryReversed part of severance accrual because actual cash payments to terminated employees were lower than estimates.
Word for word“During the fiscal year ended November 1, 2014 , the Company reversed approximately $1.8 million of severance and benefits charges due to actual cash payments to certain terminated employees being lower than original estimates as a result of the completion of the severance arrangements with these employees during the first quarter of fiscal year 2014.” 10-K for 2014
Our summaryFiscal 2013 restructuring plan announced in May 2013 to focus on key data center technology segments, restructuring business operations and reducing operating expenses, with severance and lease loss costs recorded.
Word for word“In May 2013, we announced that we were making certain changes in our strategic direction by focusing on certain key technology segments for the data center, such as our SAN fabrics, Ethernet fabrics, and software networking products.” 10-K for 2015
Our summaryFiscal 2014 restructuring, goodwill impairment and other costs, mainly a goodwill impairment tied to the hardware ADX product line strategy change, partly offset by a reduction in severance expense.
Word for word“Restructuring, goodwill impairment, and other related costs for the fiscal year ended November 1, 2014 , were primarily due to the $83.4 million in goodwill impairment and $7.7 million in estimated lease loss reserve and related costs recorded during the fiscal year ended November 1, 2014 , partially offset by a $1.8 million reduction in expense for severance and benefits due to actual cash payments made during the fiscal year ended November 1, 2014 , being lower than originally estimated.” 10-K for 2015
Our summaryNo restructuring costs were incurred in fiscal 2015; a small benefit was recorded from favorable changes in facilities lease loss assumptions.
Word for word“We did not incur any restructuring costs for fiscal year 2015.” 10-K for 2015
Our summaryThe company restructured operations and cut its operating expense structure, including a workforce reduction, canceled engineering agreements and facility exits; the plan was substantially completed in early fiscal 2014.
Word for word“During the fourth quarter of fiscal year 2013, and the first quarter of fiscal year 2014, the Company restructured certain business operations and reduced the Company’s operating expense structure.” 10-K for 2016
Our summaryThe company reversed part of its facilities lease loss reserve because the lease terms changed for one facility, recording a restructuring benefit.
Word for word“During the fiscal year ended October 29, 2016 , the Company reversed approximately $0.6 million of charges related to estimated facilities lease losses due to a change in lease terms for a certain facility.” 10-K for 2016
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-10-29 | $0 | $603,000 | $810,000 |
Brocade Communications Systems filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Brocade Communications Systems’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2016-12-16. 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.