Kate Spade layoffs, on the record
Every job cut, severance charge and restructuring Kate Spade reported in its annual reports, 2015 to 2016, quoted from the filings. Headcount went from approximately 3,500 to approximately 3,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 3,500 | January 3, 2015 |
| 10-K for 2016 | approximately 3,600 | January 2, 2016 |
| 10-K for 2016 | approximately 3,900 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryWind-down of the KATE SPADE SATURDAY business and closure of JACK SPADE retail stores, with estimated total restructuring charges of $32.0-$39.0 million including contract termination costs, employee-related costs and asset impairments.
Word for word“In connection with the KATE SPADE SATURDAY and JACK SPADE actions, we estimate total restructuring charges of $32.0-$39.0 million (related to these actions, including: (i) estimated contract assignment and termination costs of $21.0-$25.0 million; (ii) employee-related costs (including severance) of $4.0-$5.0 million); and (iii) non-cash asset impairment charges of $7.0-$9.0 million.” 10-K for 2015
Our summaryClosure of Juicy Couture offices and retail locations following the requirement to wind down Juicy Couture operations, with charges for asset impairments, severance and other items, substantially completed by end of Q2 2014.
Word for word“Also, as a result of the requirement to wind down the Juicy Couture operations, the Company closed Juicy Couture offices and retail locations.” 10-K for 2015
Our summaryChanges to senior management approved by the Board in connection with the sale of the Juicy Couture IP and former Lucky Brand business, resulting in severance charges.
Word for word“In connection with the sale of the Juicy Couture IP and former Lucky Brand business, the Board of Directors of the Company approved various changes to its senior management, which resulted in charges related to severance in 2014.” 10-K for 2015
Our summaryClosure of the Ohio Facility distribution operations with layoffs of union employees, later completed with a third-party operator that employs many prior employees; layoffs completed March 31, 2013.
Word for word“In addition, we notified the employees covered by the Agreement of the completion of layoffs on March 31, 2013, at which time the Agreement and CBA terminated.” 10-K for 2015
Our summaryThe company closed its Company-operated stores in Brazil and no longer operates directly there, recording charges for contract terminations, severance, asset impairment and other costs.
Word for word“As part of these actions, the Company completed the closure of its Company-operated stores during the third quarter of 2015 and no longer operates directly in Brazil.” 10-K for 2016
Our summaryThe company closed JACK SPADE Company-owned stores, resulting in restructuring charges for contract assignment and termination costs, severance and asset impairment.
Word for word“The Company also completed the closure of JACK SPADE's Company-owned stores.” 10-K for 2016
Our summaryThe company expects to pay accrued streamlining costs in 2016 and does not expect significant restructuring charges in 2016.
Word for word“The Company expects to pay approximately $7.7 million of accrued streamlining costs during 2016.” 10-K for 2016
Our summaryThe company recorded charges for severance tied to changes in senior management after the sale of the Juicy Couture IP and former Lucky Brand business.
Word for word“In connection with the sale of the Juicy Couture IP and former Lucky Brand business, the Board of Directors of the Company approved various changes to its senior management, which resulted in charges related to severance in the first quarter of 2014.” 10-K for 2016
Our summaryThe company closed JACK SPADE and KATE SPADE SATURDAY stores, resulting in restructuring charges that included severance.
Word for word“These actions resulted in restructuring charges related to contract assignment and termination costs, severance and non-cash asset impairment charges and were substantially completed in the second quarter of 2015.” 10-K for 2016
Our summaryAfter the sale of Juicy Couture and Lucky Brand assets, the Board approved senior management changes that led to severance charges in early 2014.
Word for word“In connection with the sale of the Juicy Couture intellectual property and former Lucky Brand business, the Board of Directors of the Company approved various changes to its senior management, which resulted in charges related to severance in the first quarter of 2014.” 10-K for 2016
Our summaryThe company expects to pay a small amount of remaining accrued streamlining costs in 2017 and expects no significant new restructuring charges.
Word for word“The Company expects to pay approximately $0.4 million of accrued streamlining costs during 2017.” 10-K for 2016
| Fiscal year ended | Cash paid for restructuring |
|---|---|
| 2016-12-31 | $7.6 million |
Kate Spade 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 Kate Spade’s annual reports (10-K for 2016, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-02-23. 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.