CURO Group Holdings layoffs, on the record
Every job cut, severance charge and restructuring CURO Group Holdings reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 3,900 to approximately 4,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 3,900 | As of December 31, 2020 |
| 10-K for 2021 | approximately 5,200 | December 31, 2021 |
| 10-K for 2022 | approximately 4,000 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryIn 2020 the company recorded severance costs for certain corporate employees, reported within legal and other costs.
Word for word“2020: (i) costs for certain litigation and related matters of $2.4 million, (ii) legal and advisory costs related to the Katapult and Flexiti transactions of $2.7 million, and (iii) severance costs for certain corporate employees of $0.5 million.” 10-K for 2020
Our summaryIn 2019 the company eliminated 121 positions in North America in the first quarter, with related costs recorded.
Word for word“2019: (i) costs related to certain securities litigation and related matters of $2.5 million, (ii) legal and advisory costs of $0.3 million related to the repurchase of shares from FFL, (iii) $1.8 million due to eliminating 121 positions in North America in the first quarter, and (iv) $0.3 million of legal and advisory costs related to the purchase of Ad Astra.” 10-K for 2020
Our summaryIn 2016 the company eliminated certain corporate positions at its Canadian headquarters and closed six underperforming stores in Texas. This is outside the 2020 reporting year but appears in the filing.
Word for word“2016: (i) $2.6 million related to the elimination of certain corporate positions in our Canadian headquarters and (ii) the costs incurred related to the closure of six underperforming stores in Texas.” 10-K for 2020
Our summaryThe company closed U.S. stores in the second and third quarters of 2021, with restructuring costs that included severance for store employees.
Word for word“The Company incurred $ 12.7 million of total one-time charges associated with the U.S. store closures during the year ended December 31, 2021, as follows: (in thousands) Year Ended December 31, 2021 (1) Store closure costs Severance and employee costs $ 3,943 Lease termination costs 1,710 Net accelerated depreciation and write-off of ROU assets and lease liabilities 7,064 Total store closure costs $ 12,717 (1) During the year ended December 31, 2021, the Statement of Operations included $ 3.9 million of store closure costs recorded within "Salaries and benefits" and $ 8.7 million recorded within "Other operating expense."” 10-K for 2021
Our summaryThe company eliminated 121 positions in North America as a restructuring.
Word for word“Restructuring costs for the year ended December 31, 2019 related to eliminating 121 positions in North America.” 10-K for 2021
Our summaryThe company began restructuring in October 2022 to cut its global workforce and close 89 stores in the U.S. and Canada to improve operating efficiency.
Word for word“In October 2022, we began restructuring actions to increase our operating efficiency by reducing our global workforce and closing 89 stores across the U.S. and Canada.” 10-K for 2022
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | — | $2.6 million | — |
| 2017-12-31 | — | $0 | $496,000 |
| 2018-12-31 | — | $0 | $36,000 |
| 2021-12-31 | $3.9 million | $12.7 million | — |
| 2022-12-31 | — | $16 million | — |
CURO Group Holdings 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 CURO Group Holdings’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-03-10. 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.