Covetrus layoffs, on the record
Every job cut, severance charge and restructuring Covetrus reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from over 5,500 to 5,657.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | over 5,500 | December 31, 2019 |
| 10-K for 2020 | 5,657 | As of December 31, 2020 |
Job cuts, severance and restructuring
Our summaryCompany recorded separation programs and executive severance expenses of $11 million for 2019, including $5 million in Europe and $4 million at Corporate.
Word for word“SG&A expenses for the year ended December 31, 2019 increased compared to the year ended December 29, 2018 , primarily due to the contribution of $169 million in SG&A from acquisitions (primarily Vets First Choice), $38 million due to an increase in share-based compensation expense, $34 million in expense related to the formation of Covetrus, and $11 million related to separation programs and executive severance, partially offset by $14 million favorable foreign exchange.” 10-K for 2019
Our summaryAnnounced a managed exit of the operations of its French distribution business, with severance accrued under French statutory requirements and other costs; operations ceased as of December 31, 2020.
Word for word“During the third quarter of 2020, we announced a managed exit of the operations of our French distribution business specializing in medicines, pet food, equipment, and services for veterinary clinics.” 10-K for 2020
Our summaryIn 2021 the company recorded separation and executive severance costs, including costs for reorganizing its operations in Germany and the U.K.
Word for word“Separation programs and executive severance - • 2021: Includes $ 8 million related to our organizational rationalization in Germany and the U.K., as well as other separation and executive severance programs • 2020: Includes $ 6 million related to our France managed exit of our distribution business specializing in medicines, pet food, equipment, and services for veterinary clinics beginning in the third quarter of 2020 as well as executive severance • 2019: $ 11 million of executive severance IT infrastructure - Includes certain IT infrastructure expenses necessary to establish ourselves as a newly public.” 10-K for 2021
| Fiscal year ended | Cash paid for restructuring |
|---|---|
| 2019-12-31 | $31 million |
| 2020-12-31 | $19 million |
| 2021-12-31 | $2 million |
Covetrus 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 Covetrus’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-02-28. 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.