Cabelas layoffs, on the record
Every job cut, severance charge and restructuring Cabelas reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 19,300 to approximately 19,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 19,300 | At the end of 2014 |
| 10-K for 2016 | approximately 19,700 | At the end of 2015 |
| 10-K for 2016 | approximately 19,100 | At the end of 2016 |
Job cuts, severance and restructuring
Our summaryRecorded a restructuring charge for employee severance and termination benefits tied to moving Canada merchandise processing to a third-party logistics provider in Calgary.
Word for word“Accordingly, in fiscal year 2014, the Company recognized a restructuring charge related to employee severance agreements and termination benefits totaling $641 .” 10-K for 2014
Our summaryCabela's recorded a charge for severance and related benefits tied to a corporate office restructure and a reduction in the number of personnel.
Word for word“In 2015 , we incurred charges totaling $6 million for severance and related benefits due to a corporate office restructure and reduction in the number of personnel.” 10-K for 2016
Our summaryCabela's reported a restatement of the 2015 severance charge to $5,556 thousand in the notes to the financial statements, primarily for a corporate office restructure and reduction in personnel.
Word for word“In 2015 , we incurred charges totaling $5,556 for severance and related benefits primarily attributable to a corporate office restructure and reduction in the number of personnel.” 10-K for 2016
Our summaryCabela's launched a major multi-year corporate restructuring project to lower its operating expense base, with a goal of reducing operating expenses as a percentage of revenue by 75 to 150 basis points over three years.
Word for word“The goal of this restructuring project is to reduce operating expenses as a percentage of total revenue by 75 to 150 basis points over the next three years.” 10-K for 2016
Our summaryCabela's closed its Winnipeg, Manitoba distribution center after moving Canadian distribution to a third-party logistics provider, with related employee severance and termination benefits.
Word for word“Accordingly, in the second quarter of 2014 the Company recognized a restructuring charge related to employee severance agreements and termination benefits totaling approximately $1 million.” 10-K for 2016
Our summaryIn 2016 and 2015 the company recorded severance and related benefit charges tied to its corporate restructuring and a reduction in the number of personnel.
Word for word“In 2016 and 2015 , we incurred charges totaling $4 million and $6 million , respectively, for severance and related benefits primarily attributable to our corporate restructure and reduction in the number of personnel.” 10-K for 2016
Our summaryIn 2014 the company moved Canadian distribution to a third-party logistics provider, closed its Winnipeg distribution center, and recorded a severance restructuring charge.
Word for word“In 2014 , we transitioned to a third-party logistics provider for our distribution needs in Canada and closed our distribution center in Winnipeg, Manitoba.” 10-K for 2016
Our summaryThe company launched a multi-year corporate restructuring project to lower its operating expense base and raise its return on invested capital.
Word for word“In the second half of 2015 , we launched a major multi-year corporate restructuring project that continued throughout 2016 aimed at lowering the Company’s operating expense base to increase our return on invested capital.” 10-K for 2016
| Fiscal year ended | Severance costs | Restructuring costs incurred |
|---|---|---|
| 2016-12-31 | $4 million | $14.1 million |
Cabelas 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 Cabelas’s annual reports (10-K for 2016, 10-K for 2016, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-16. 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.