Fossil Group layoffs, on the record
Every job cut, severance charge and restructuring Fossil Group reported in its annual reports, 2023 to 2026, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | approximately 5,200 | December 28, 2024 |
| 10-K for 2026 | approximately 4,500 employees | As of January 3, 2026 |
Job cuts, severance and restructuring
Our summaryFossil announced a restructuring plan called Transform and Grow (TAG).
Word for word“In February 2023, we announced that we had implemented a restructuring plan entitled “Transform and Grow”.” 10-K for 2023
Our summaryFossil expanded the TAG restructuring plan to cover gross margin, working capital and broader operating initiatives, targeting about $300 million of annualized operating income benefits by the end of fiscal 2025.
Word for word“In August 2023, as a result of a more comprehensive review of our business operations, we expanded the scope of TAG.” 10-K for 2023
Our summaryImplemented a Turnaround Plan that includes a strategic reduction in force, which the filing says occurred in late February 2025.
Word for word“In March 2025, we announced that we had implemented our Turnaround Plan.” 10-K for 2024
Our summaryStrategic reduction in force carried out as part of the Turnaround Plan to cut SG&A costs.
Word for word“In 2025, we expect to achieve selling, general and administrative ("SG&A") cost savings of approximately $100 million in fiscal 2025 as compared to fiscal 2024 through a series of initiatives including a strategic reduction in force which occurred in late February 2025, reduced costs associated with the transition of smaller international markets to a distributor model, and the closing of approximately 50 FOSSIL retail stores.” 10-K for 2024
Our summaryClosing of approximately 50 FOSSIL retail stores as part of the Turnaround Plan.
Word for word“We will seek to identify additional cost-reduction opportunities, which may generate incremental savings in 2025.” 10-K for 2024
Our summaryExpanded the TAG restructuring program in August 2023 to a broader transformation covering operating model, store rationalization and other workstreams.
Word for word“In August 2023, as a result of a more comprehensive business review, we expanded TAG to address a broader transformation and capture a greater level of benefits.” 10-K for 2024
Our summaryAdministrative agent imposed a $10.0 million restructuring reserve on the Revolving Facility borrowing base.
Word for word“The administrative agent has imposed reserves previously, including a $10.0 million restructuring reserve in July 2024, that reduced the amount we were able to borrow under the Revolving Facility .” 10-K for 2024
Our summaryThe company cut SG&A costs by about $100 million in 2025 through several initiatives, including a strategic reduction in force, a shift to distributors in smaller international markets, and closing underperforming retail stores.
Word for word“In 2025, we achieved selling, general and administrative ("SG&A") cost savings of approximately $100 million as compared to fiscal 2024 through a series of initiatives including a strategic reduction in force, the reduction in costs associated with the transition of smaller international markets to a distributor model, and the closing of underperforming FOSSIL retail stores.” 10-K for 2026
Our summaryThe company closed a net 49 retail stores as part of its turnaround efforts.
Word for word“We closed a net 49 retail stores during 2025.” 10-K for 2026
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $27.8 million | $6.7 million |
| 2017-12-30 | $48.2 million | $38.4 million |
| 2018-12-29 | $46.6 million | $36.8 million |
| 2019-12-28 | $29.6 million | — |
| 2021-01-02 | $36.5 million | — |
| 2022-01-01 | $21.9 million | — |
| 2022-12-31 | $6.1 million | — |
| 2023-12-30 | $43.3 million | — |
| 2024-12-28 | $59.8 million | — |
| 2026-01-03 | $40.6 million | — |
Fossil Group 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 Fossil Group’s annual reports (10-K for 2026, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-03-12. 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.