Carrols Restaurant Group layoffs, on the record
Every job cut, severance charge and restructuring Carrols Restaurant Group reported in its annual reports, 2022 to 2023, quoted from the filings. Headcount went from approximately 25,500 to approximately 25,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 25,500 | January 2, 2022 |
| 10-K for 2023 | approximately 24,300 | January 1, 2023 |
| 10-K for 2023 | approximately 25,000 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe company recorded executive severance costs in 2021 as part of litigation and other professional expenses.
Word for word“These reductions were partially offset by 2020 including short-term salary and travel reductions ($2.4 million) as well as executive severance costs incurred in 2021 ($0.7 million) and higher stock-based compensation expense in 2021 ($1.0 million).” 10-K for 2022
Our summaryThe company entered into a separation and release of claims agreement with its former executive Carl Hauch.
Word for word“10.49 Separation and Release of Claims Agreement dated as of August 2, 2021 between Carrols Restaurant Group, Inc. and Carl Hauch (incorporated by reference to Exhibit 10.1 to Carrols Restaurant Group, Inc.'s Quarterly Report on Form 10-Q filed on November 10, 2021) † ” 10-K for 2022
Our summaryThe company reported higher executive severance expense in 2022 than in 2021 within general and administrative expenses.
Word for word“General and administrative expenses increased to $88.1 million in 2022 from $83.7 million in 2021, and, as a percentage of total revenue, remained flat at 5.1%.” 10-K for 2023
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2017-01-01 | $1.2 million | $59,000 | $691,000 |
| 2017-12-31 | $900,000 | $249,000 | $889,000 |
| 2018-12-30 | $200,000 | — | $889,000 |
| 2019-12-29 | $1.9 million | — | $678,000 |
| 2021-01-03 | $4.6 million | — | — |
| 2022-01-02 | $600,000 | — | — |
| 2023-01-01 | $2.1 million | — | — |
| 2023-12-31 | $5.9 million | — | — |
Carrols Restaurant Group 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 Carrols Restaurant Group’s annual reports (10-K for 2023, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2024-03-08. 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.