Freds layoffs, on the record
Every job cut, severance charge and restructuring Freds reported in its annual reports, 2017 to 2019, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | 4,832 full-time and 4,984 part-time employees | January 28, 2017 |
| 10-K for 2018 | 4,138 full-time and 4,968 part-time employees | February 3, 2018 |
| 10-K for 2019 | 2,642 full-time and 3,930 part-time employees | February 2, 2019 |
Job cuts, severance and restructuring
Our summaryClosed underperforming stores and recorded lease obligations and severance and exit costs under FASB ASC 420 for closed stores.
Word for word“Based upon an overall analysis of store performance and expected trends, we periodically evaluate the need to close underperforming stores.” 10-K for 2018
Our summaryMr. Bloom resigned and executed a Separation Agreement and General Release, receiving severance payments and continued benefits.
Word for word“In connection with his resignation, Mr. Bloom executed a Separation Agreement and General Release, effective as of April 24, 2018, pursuant to which he will continue to receive his regular base salary through May 24, 2018, and will receive severance payments totaling $1,166,666.67 and the continuation of benefits in exchange for a general release of all claims against the Company.” 10-K for 2018
Our summaryTimothy Liebmann and Mary Lou Gardner resigned, effective immediately, and will receive severance.
Word for word“Liebmann and Ms. Gardner will receive severance equal to $800,000 and $663,000, respectively.” 10-K for 2018
Our summaryThe company continued to reduce its workforce and other operating expenses during fiscal year 2018 to lower selling, general and administrative expenses.
Word for word“During fiscal year 2018, we continued to make improvements to the front store that we believe will result in better operating performance going forward, including: • Continued reductions in our workforce and other operating expenses, which should result in lower selling, general and administrative expenses on a go forward basis; • Growth in new categories such as closeouts, beer and wine, lottery and expansion of certain private brand offerings throughout many departments; • Implementation of our “Fred’s Rewards Club” loyalty program, which now has over one million members; and • Continued reductions in unproductive inventory and optimization of merchandise selection throughout the front store.” 10-K for 2019
| Fiscal year ended | Restructuring charges |
|---|---|
| 2018-02-03 | $5.5 million |
Freds filed 3 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Freds’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2019-05-03. 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.