Knoll layoffs, on the record
Every job cut, severance charge and restructuring Knoll reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from 3,541 to 3,082.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | 3,541 | December 31, 2018 |
| 10-K for 2019 | 3,734 | December 31, 2019 |
| 10-K for 2020 | 3,082 | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryKnoll recorded restructuring charges tied to an organizational realignment and headcount rationalization in the Office segment, with quarterly amounts reported for 2018.
Word for word“Operating expenses also included $1.9 million of acquisition-related expenses related to the Muuto transaction and restructuring charges of $2.6 million related to the supply chain optimization initiative, organizational realignment and headcount rationalization in the office segment that will result in greater operational efficiency and control.” 10-K for 2018
Our summaryKnoll recorded restructuring charges in 2017 related to headcount rationalization and equipment modernization in the Office segment.
Word for word“During the second quarter of 2017, Knoll recorded restructuring charges of $2.2 million related to headcount rationalization and modernization of equipment in the Office Segment.” 10-K for 2018
Our summaryPension settlement charge in 2017 related to lump sum elections by employees affected by the 2017 restructuring activities.
Word for word“The pension settlement charge for 2017 related to lump sum elections made by employees affected by the restructuring activities in the second quarter of 2017.” 10-K for 2018
Our summaryAnnounced consolidation of North American manufacturing, including closure of the Grand Rapids, Michigan manufacturing facility.
Word for word“In January 2020, we announced that we will consolidate our manufacturing footprint in North America, resulting in the closure of our Grand Rapids, Michigan manufacturing facility.” 10-K for 2019
Our summaryAnnounced the Grand Rapids, Michigan manufacturing closure as a subsequent event, with substantial closure expected by end of second quarter 2020 and logistics changes by end of 2021.
Word for word“On January 16, 2020 the Company announced the closure of the Grand Rapids, Michigan manufacturing operations.” 10-K for 2019
Our summaryRestructuring charges recorded in 2019 related to an organizational realignment in the Office segment.
Word for word“During the first, third and fourth quarters of 2019, the Company recorded restructuring charges of $ 0.1 million , $ 0.1 million and $ 0.6 million , respectively within the Office segment related to an organizational realignment that will result in greater operating efficiency and control.” 10-K for 2019
Our summaryDescribed a restructuring plan announced in January 2020 to reduce fixed cost footprint over two years.
Word for word“In addition, we just announced a restructuring plan in January 2020 involving a reduction of our fixed cost footprint that will occur over the next two years and will yield significant savings on an annualized basis as we near the end of 2021.” 10-K for 2019
Our summaryAnnounced a plan to consolidate North American manufacturing and close the Grand Rapids, Michigan manufacturing facility.
Word for word“In January 2020, the Company announced its plan to consolidate its manufacturing footprint in North America, resulting in the closure of the Grand Rapids, Michigan manufacturing facility (“Grand Rapids”).” 10-K for 2020
Our summaryEliminated about 70 positions through restructuring and about 500 more through other COVID-19 cost reductions.
Word for word“In addition to the restructuring actions noted above, under which approximately 70 positions were eliminated on a net basis, the Company has executed certain other cost reduction initiatives in May and October in response to the current economic environment from COVID-19 resulting in the elimination of approximately 500 positions.” 10-K for 2020
Our summaryExpects total restructuring and cost reduction charges of about $36.7 million, including severance and other termination benefits.
Word for word“Between the restructuring actions and other initiatives noted above, the Company expects to incur total charges of approximately $ 36.7 million, comprised of severance and other one-time termination benefits, facilities-related charges and other associated costs.” 10-K for 2020
Our summaryRecognized $28.5 million of restructuring charges in 2020.
Word for word“During the period ended December 31, 2020, the Company recognized restructuring charges of $ 28.5 million, attributable to the Office and Lifestyle segments in the amounts of $ 20.3 million and $ 0.8 million, respectively, and to Corporate in the amount of $ 7.4 million.” 10-K for 2020
Our summaryResponded to the pandemic's sales decline with cost reductions including temporary and permanent workforce reductions.
Word for word“As a response, we initiated cost reduction initiatives that involved temporary and permanent reductions in our workforce, discretionary spending reductions and other measures.” 10-K for 2020
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $0 | — |
| 2017-12-31 | $2.2 million | — |
| 2018-12-31 | $2.6 million | — |
| 2019-12-31 | $800,000 | — |
| 2020-12-31 | $28.5 million | $25.2 million |
Knoll 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 Knoll’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-03-01. 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.