Cellcom Israel layoffs, on the record
Every job cut, severance charge and restructuring Cellcom Israel reported in its annual reports, 2018 to 2020, quoted from the filings.
Job cuts, severance and restructuring
Our summaryThe company subleased part of its headquarters property following a reduction in headcount there.
Word for word“As of 2015, we started subleasing part of the property, which currently amounts to a quarter of our headquarters to several sub-lessees for a period of up to five years, following the reduction in headcount in our headquarters.” 20-F for 2018
Our summaryAnnounced a comprehensive restructuring plan, including a target to cut costs and reduce manpower by the end of 2020.
Word for word“In September 2019 we announced and put in motion a comprehensive restructuring plan, or the Restructuring Plan, which includes the following goals, with a target to achieve them by the end of 2020: (1) return to positive net income (excluding special and unusual items).” 20-F for 2019
Our summaryCommitted to cut NIS 150 million from third quarter 2019 operating expense levels, including a substantial reduction in manpower, and entered a new collective employment agreement that includes a voluntary retirement program.
Word for word“Cost cutting initiatives have begun immediately following the publication of the Restructuring Plan, are in line with the target, and include reduction of consideration to suppliers for a certain period, sale of internet services using IBC 's infrastructure under the IRU Agreement, instead of the more costly landline wholesale arrangement, and entering a new collective employment agreement which includes a voluntary retirement program (see Item 6. Directors, senior management and employees - D.” 20-F for 2019
Our summaryNoted that execution of the Restructuring Plan may entail one-time expenses not included in the plan components.
Word for word“Execution of the Restructuring Plan may entail one-time expenses.” 20-F for 2019
Our summaryReported a reduction in headcount at headquarters, after which a quarter of the headquarters property was subleased starting in 2015.
Word for word“As of 2015, we started subleasing part of the property, which currently amounts to a quarter of our headquarters to several sub-lessees for a period of up to three years, following the reduction in headcount in our headquarters.” 20-F for 2019
Our summaryThe company says it completed the main points of a restructuring plan announced in September 2019, which cut expenses, manpower and investments and included a capital raise.
Word for word“We have completed the main points of the restructuring plan announced and put to motion on September 2019, mainly the reduction of expenses and reduction in manpower and investments and a capital raise, in order to return to positive net income, to reduce the Company’s net debt to EBITDA (excluding IFRS16 ramifications and special and unusual items) ratio to below 3 and prepare the Company to better cope with market conditions and the intense competition.” 20-F for 2020
Cellcom Israel 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 Cellcom Israel’s annual reports (20-F for 2020, 20-F for 2019, 20-F for 2018) and the financial data it files with the SEC, as of 2021-04-28. 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.