Finish Line layoffs, on the record
Every job cut, severance charge and restructuring Finish Line reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 14,300 to approximately 13,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 14,300 | February 27, 2016 |
| 10-K for 2017 | approximately 12,700 | February 25, 2017 |
| 10-K for 2018 | approximately 13,500 | March 3, 2018 |
Job cuts, severance and restructuring
Our summaryThe company recorded employee severance and retirement costs in fiscal 2016.
Word for word“(5) the Company recording $3.6 million in employee severance and retirement costs in fiscal 2016 ; and (6) variable costs in fulfillment, Macys.com license fees, and payroll in conjunction with the 3.8% increase in consolidated net sales.” 10-K for 2016
Our summaryIncurred employee severance and retirement costs, which the filing attributes to a reduction in workforce in fiscal 2017.
Word for word“(2) incremental costs of $3.7 million for severance and related benefits due to a reduction in workforce;” 10-K for 2017
Our summaryRecorded employee severance and retirement costs in fiscal 2016.
Word for word“(5) the Company recording $3.5 million in employee severance and retirement costs in fiscal 2016 ;” 10-K for 2017
Our summaryClosed stores and shops and recorded impairment charges and store closing costs in fiscal 2017.
Word for word“The $13.3 million in impairment charges and store closing costs recorded during fiscal 2017 were primarily the result of an $11.5 million write-off of long-lived assets of underperforming stores and a $1.0 million write-off of obsolete store fixtures and corporate assets.” 10-K for 2017
Our summaryClosed stores and shops and recorded impairment charges and store closing costs in fiscal 2016.
Word for word“The $43.6 million in impairment charges and store closing costs recorded during fiscal 2016 were primarily the result of a $33.3 million write-off of technology assets related to enterprise-wide systems infrastructure, as the Company determined that the systems were no longer going to be used for their originally intended purpose and instead the Company will focus on smaller upgrades and enhancements to its core systems going forward, a $8.4 million write-off of long-lived assets of underperforming stores, and a $1.1 million write-off of obsolete store fixtures and corporate assets.” 10-K for 2017
Our summarySold the JackRabbit business and recorded a loss on sale, and recorded goodwill impairment for JackRabbit in fiscal 2017.
Word for word“The Company recorded a loss on sale of $33.5 million , which represented the total cash payments to the Buyers of $10.1 million , net assets assumed by the Buyers of $18.3 million , and one-time costs of approximately $5.1 million associated with the transaction.” 10-K for 2017
Finish Line 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 Finish Line’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2018-05-11. 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.