Essendant layoffs, on the record
Every job cut, severance charge and restructuring Essendant reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 6,400 to approximately 6,400.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 6,400 | February 12, 2016 |
| 10-K for 2016 | approximately 6,600 | January 31, 2017 |
| 10-K for 2017 | approximately 6,400 | January 31, 2018 |
Job cuts, severance and restructuring
Our summaryRestructuring actions in 2015 included workforce reductions and facility consolidations to improve operational utilization, labor spend, inventory performance and functional alignment.
Word for word“This included workforce reductions and facility consolidations with an expense impact of $18.6 million in 2015.” 10-K for 2015
Our summaryBeginning restructuring actions that included workforce reduction and facility closures, with expense recorded for facility consolidations.
Word for word“Commencing in the first quarter of 2015, the Company began certain restructuring actions which included workforce reduction and facility closures.” 10-K for 2015
Our summaryPrior restructuring actions (substantially completed in 2013) that included OKI facility closures and severance and workforce reduction expenses; cash outflows continued into 2015.
Word for word“The pre-tax charge is comprised of certain OKI facility closure expenses of $1.2 million and severance and workforce reduction-related expenses of $13.2 million which were included in operating expenses.” 10-K for 2015
Our summaryCompany commenced restructuring actions in 2015 including workforce reductions, facility closures and management delayering, substantially completed in 2016.
Word for word“Commencing in 2015, the Company took certain restructuring actions which included workforce reduction, facility closures and actions to reduce costs through management delayering in order to achieve broader functional alignment of the organization.” 10-K for 2016
Our summaryCompany recorded a 2015 restructuring charge for workforce reductions and facility consolidations.
Word for word“This included workforce reductions and facility consolidations with an unfavorable impact of $18.6 million for the year ended December 31, 2015.” 10-K for 2016
Our summaryCompany severed two members of its operating leadership team, with severance costs recorded.
Word for word“In 2016, the Company incurred charges of $1.2 million related to severance costs for two members of the Company’s operating leadership team.” 10-K for 2016
Our summaryCompany recorded a 2013 charge for a workforce reduction and facility closures.
Word for word“2013 — $13.0 million charge for a workforce reduction and facility closures and a $1.2 million asset impairment charge.” 10-K for 2016
Our summaryThe Board approved a restructuring program with facility consolidations and workforce reductions, running from early 2018 to mid-2020, in response to sales declines in 2017.
Word for word“On February 15, 2018, the Board of Directors of the Company approved a restructuring program in response to significant sales declines in 2017, which were largely unanticipated and outpaced the Company’s ability to align its cost base.” 10-K for 2017
Our summaryThe company began two restructuring actions in 2015 involving workforce reductions, facility closures and management delayering.
Word for word“In 2015, the Company commenced two restructuring actions that included workforce reductions, facility closures and actions to reduce costs through management delayering in order to achieve broader functional alignment of the organization.” 10-K for 2017
| Fiscal year ended | Severance costs | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $776,000 | −$256,000 | $1.2 million |
| 2017-12-31 | — | — | $94,000 |
Essendant 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 Essendant’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-02-21. 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.