Container Store Group layoffs, on the record
Every job cut, severance charge and restructuring Container Store Group reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from approximately 5,200 to approximately 4,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 5,200 | April 2, 2022 |
| 10-K for 2023 | approximately 5,100 | April 1, 2023 |
| 10-K for 2024 | approximately 4,300 | March 30, 2024 |
Job cuts, severance and restructuring
Our summaryWorkforce reduction in fiscal 2020 as a result of the COVID-19 pandemic and temporary store closures, with severance costs recorded.
Word for word“Other expenses Other expenses of $1,112 in fiscal 2020, were primarily due to severance costs associated with the reduction in workforce as a result of the COVID-19 pandemic and the related temporary store closures in fiscal 2020.” 10-K for 2022
Our summaryAfter year-end, the company implemented cost management actions including eliminating open roles and a reduction in force.
Word for word“Subsequent to year-end, the Company implemented cost management actions, including the elimination of open roles and a reduction in force.” 10-K for 2023
Our summaryElfa severance charges were recorded in selling, general and administrative expenses in the fourth quarter of fiscal 2022.
Word for word“(g) Elfa severance charges recorded in selling, general and administrative expenses in the fourth quarter of fiscal 2022, which we do not consider in our evaluation of ongoing performance.” 10-K for 2023
Our summaryFiscal 2020 severance and other costs were incurred associated with a reduction in workforce due to the COVID-19 pandemic and temporary store closures.
Word for word“The fiscal 2020 amounts include costs primarily incurred in the first and second quarters of fiscal 2020 associated with the reduction in workforce as a result of the COVID-19 pandemic and the related temporary store closures in fiscal 2020.” 10-K for 2023
Our summaryExecutive transition costs, including severance, were recorded as selling, general and administrative expenses.
Word for word“(e) Costs related to the transition of key executives including signing bonus, severance and relocation expenses recorded as selling, general and administrative expenses, which we do not consider in our evaluation of ongoing performance.” 10-K for 2023
Our summaryThe company recorded severance charges for eliminating certain positions in fiscal 2023, along with a legal settlement and related legal fees, in other expenses.
Word for word“Other expenses Other expenses of $7,423 were recorded in fiscal 2023 due to severance charges associated with the elimination of certain positions in fiscal 2023, as well as a legal settlement and associated legal fees incurred in fiscal 2023.” 10-K for 2024
Our summaryThe company reported severance charges for eliminating certain positions, with part of the amount still accrued at fiscal year end.
Word for word“(f) Severance charges associated with the elimination of certain positions recorded in other expenses in fiscal 2023 and fiscal 2022, of which approximately $1,590 remains recorded in accrued liabilities on the consolidated balance sheet as of March 30, 2024, and which we do not consider in our evaluation of ongoing performance.” 10-K for 2024
Our summaryThe company closed down its Elfa segment sales operations in Poland and recorded restructuring charges.
Word for word“(g) Charges associated with the close-down of Elfa segment sales operations in Poland in fiscal 2023, which we do not consider in our evaluation of ongoing performance.” 10-K for 2024
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2019-03-30 | $178,000 | — |
| 2020-03-28 | −$23,000 | — |
| 2021-04-03 | $1.2 million | — |
| 2022-04-02 | $0 | $0 |
| 2023-04-01 | $383,000 | $0 |
| 2024-03-30 | $4.1 million | $181,000 |
Container Store Group 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 Container Store Group’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2024-05-28. 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.