Clarcor layoffs, on the record
Every job cut, severance charge and restructuring Clarcor reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 6,015 to approximately 5,773.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 6,015 | November 30, 2014 |
| 10-K for 2015 | approximately 6,093 | November 30, 2015 |
| 10-K for 2016 | approximately 5,773 | December 3, 2016 |
Job cuts, severance and restructuring
Our summaryAnnounced a reduction-in-force as part of a broader effort to align operating expenses with long-term strategic initiatives and macroeconomic conditions.
Word for word“In November 2015, we announced a reduction-in-force as a part of a broader effort to more closely align our operating expenses with our long-term strategic initiatives and current macroeconomic conditions which adversely affected approximately 200 employees.” 10-K for 2015
Our summaryRecorded restructuring charges for the reduction-in-force, split between cost of sales and selling and administrative expenses, mainly severance and termination benefits.
Word for word“During the fourth quarter of fiscal 2015, the Company recorded restructuring charges of $5,629 , $1,047 of which is included in Cost of sales and $4,582 of which is included in Selling and administrative expenses in the Consolidated Statements of Earnings, related to a previously announced reduction-in-force executed as a part of a broader effort to more closely align operating expenses with the Company's long-term strategic initiatives and macroeconomic business conditions.” 10-K for 2015
Our summaryAnnounced additional cost reduction initiatives, including leveraging purchasing and logistics spending and reducing discretionary selling and administrative expenses, and is evaluating potential facility consolidations.
Word for word“In addition, as previously disclosed, we are undertaking several other cost reduction initiatives, including, but not limited to, leveraging purchasing and logistics spending across our historically decentralized business units and reducing discretionary selling and administrative expenses, and are also evaluating potential facility consolidations.” 10-K for 2015
Our summaryThe company announced a reduction-in-force to align operating expenses with its long-term strategic initiatives and macroeconomic conditions, and took a restructuring charge for severance and termination benefits.
Word for word“The Company recognized approximately $5.6 million of pre-tax restructuring charges in fiscal year 2015 in connection with this reduction-in-force, consisting of severance and other employee termination benefits, substantially all of which are expected to be settled in cash.” 10-K for 2016
Our summaryIn fiscal 2016 the company recorded restructuring charges for severance, facility closures and other upfront costs tied to its cost reduction initiatives.
Word for word“In fiscal 2016, we recognized 3 Table of Contents approximately $4.4 million of pre-tax restructuring charges consisting of severance and other employee termination benefits, facility closures costs, and other upfront costs in connection with these cost reduction initiatives, substantially all of which are expected to be settled in cash.” 10-K for 2016
Our summaryThe company undertook several cost reduction initiatives in fiscal 2016, including facility consolidations with reductions-in-force.
Word for word“In addition, as previously disclosed, we undertook several other cost reduction initiatives in fiscal 2016, including, but not limited to, leveraging purchasing and logistics spending across our historically decentralized business units, reducing discretionary selling and administrative expenses, and implementing facility consolidations including reductions-in-force.” 10-K for 2016
Our summaryCost of sales in one segment included upfront expenses for severance and termination payments from reductions in force in 2016.
Word for word“The $2.3 million of upfront expenses for cost reduction initiatives noted above were primarily related to severance and other employee termination payments pursuant to reductions in force.” 10-K for 2016
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-03 | $4.4 million |
Clarcor 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 Clarcor’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 2017-01-27. 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.