Hudson layoffs, on the record
Every job cut, severance charge and restructuring Hudson reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 9,641 to 10,140.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2017 | 9,641 | December 31, 2017 |
| 20-F for 2018 | 10,094 | December 31, 2018 |
| 20-F for 2019 | 10,140 | December 31, 2019 |
Job cuts, severance and restructuring
Our summaryCompany reported $4.1 million of restructuring expenses associated with the World Duty Free Group acquisition in 2017.
Word for word“For the year ended December 31, 2017, other operational result consisted of $9.4 million of other operating income resulting from a related party loan waiver due to Dufry and other operating expenses including $3.4 million of audit and consulting costs related to preparatory work in connection with our initial public offering, $4.1 million of restructuring expenses associated with the World Duty Free Group acquisition and $5.5 million of other operating expenses including restructuring and non-recurring items.” 20-F for 2017
Our summaryCompany reported $8.3 million of restructuring expenses associated with the World Duty Free Group acquisition in 2016.
Word for word“For the year ended December 31, 2016, other operational result consisted primarily of $8.3 million of restructuring expenses associated with the World Duty Free Group acquisition.” 20-F for 2017
Our summaryCompany reported closing or restructuring of operations charges in its other operational expenses table for 2017, 2016 and 2015.
Word for word“Closing or restructuring of operations (2.7 ) (8.3 ) (2.0 ) Losses on sale of non-current assets (3.3 ) (2.0 ) (0.4 ) Project-related costs (3.4 ) - - Other operating expenses (3.7 ) (2.3 ) 0.3 Other operational expenses (14.2 ) (14.3 ) (3.2 ).” 20-F for 2017
Our summaryRestructuring expenses were recorded within other operational result for 2018, as part of a broader set of other operational charges.
Word for word“For the year ended December 31, 2018, other operational result consisted of $3.5 million of restructuring expenses, $2.8 million of litigation reserve, $1.9 million of uncollected receivables, $1.5 million of asset write-offs related to conversions and store closings, $0.7 million of IPO transaction costs and $0.5 million of other expenses and non-recurring items.” 20-F for 2018
Hudson 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 Hudson’s annual reports (20-F for 2019, 20-F for 2018, 20-F for 2017) and the financial data it files with the SEC, as of 2020-03-11. 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.