Deluxe layoffs, on the record
Every job cut, severance charge and restructuring Deluxe reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 5,170 to 4,571.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 5,170 | December 31, 2023 |
| 10-K for 2024 | 4,981 | December 31, 2024 |
| 10-K for 2025 | 4,571 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryDeluxe launched its North Star program, a set of initiatives to grow earnings and cash flow that includes employee reductions.
Word for word“We recently announced our North Star program, the goal of which is to further drive shareholder value by (1) expanding our EBITDA growth trajectory, (2) driving increased cash flow, (3) paying down debt, and (4) improving our leverage ratio.” 10-K for 2023
Our summaryDeluxe recorded restructuring and integration expense in 2023 that rose from 2022, driven mainly by consulting and severance costs tied to combining capabilities and reducing management layers.
Word for word“The associated costs, which consisted primarily of consulting and severance costs, drove the increase in restructuring and integration expense during 2023.” 10-K for 2023
Our summaryDeluxe expects to complete most of the employee reductions in its restructuring accruals and related severance payments by mid-2024.
Word for word“The majority of the employee reductions included in our restructuring and integration accruals as of December 31, 2023, as well as the related severance payments, are expected to be completed by mid-2024.” 10-K for 2023
Our summaryDeluxe reported cost savings in 2023 from employee reductions and facility closures compared with 2022, and expects further savings in 2024.
Word for word“As a result of our employee reductions, including those related to our North Star program, we realized cost savings of approximately $7 million in cost of sales and $25 million in SG&A expense in 2023, in comparison to our 2022 results of operations.” 10-K for 2023
Our summaryCompany pursued the North Star program, a set of restructuring and efficiency initiatives, with employee reductions and severance costs.
Word for word“Through December 31, 2024, we incurred related restructuring and integration expense of approximately $95 million ($ 50 million in 2024 and $ 45 million in 2023), and we expect to incur approximately $ 15 million in additional North Star restructuring and integration expense in 2025.” 10-K for 2024
Our summaryCompany expects the majority of employee reductions in its restructuring accruals to be completed, with related severance payments.
Word for word“The majority of the employee reductions included in our restructuring and integration accruals as of December 31, 2024, along with the related severance payments, are anticipated to be completed by mid-2025.” 10-K for 2024
Our summaryCompany reported restructuring and integration expense in its income statement for 2024, including employee severance costs across functional areas.
Word for word“Restructuring and integration expense $ 48,570 $ 78,245 (37.9%) We are actively pursuing several initiatives aimed at aligning our business with our growth strategy and enhancing operational efficiency.” 10-K for 2024
Our summaryThe company reported restructuring spending under its multi-year North Star program, mostly professional fees, employee severance and other restructuring costs.
Word for word“Through December 31, 2025, we incurred approximately $ 114.0 million in restructuring and integration expense related to the North Star program.” 10-K for 2025
Our summaryThe company expects most employee reductions in its restructuring accruals, and the related severance payments, to be finished around the middle of 2026.
Word for word“The majority of the employee reductions associated with our restructuring and integration accruals as of December 31, 2025, and the related severance payments, are expected to be completed in mid-2026.” 10-K for 2025
Our summaryThe company recorded lower restructuring and integration expense in 2025 than in 2024.
Word for word“Restructuring and integration expense $ 19.3 $ 48.6 (60.3%) We are actively pursuing initiatives aimed at aligning our business with our growth strategy and enhancing operational efficiency.” 10-K for 2025
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $7.8 million | $6.1 million |
| 2017-12-31 | $9.1 million | $7 million |
| 2018-12-31 | $21.2 million | $7.2 million |
| 2019-12-31 | $74.8 million | — |
| 2020-12-31 | $79.3 million | — |
| 2021-12-31 | $58.9 million | — |
| 2022-12-31 | $63.1 million | — |
| 2023-12-31 | $90.5 million | — |
| 2024-12-31 | $50.5 million | — |
| 2025-12-31 | $20.5 million | — |
Deluxe 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 Deluxe’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-13. 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.