Loyalty Ventures layoffs, on the record
Every job cut, severance charge and restructuring Loyalty Ventures reported in its annual reports, 2021, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | more than 1,400 | December 31, 2021 |
Job cuts, severance and restructuring
Our summaryIn 2019, the former parent evaluated its cost structure and carried out cost saving initiatives at each segment, including reductions in force, ending some reward product lines, closing office space, asset impairments and reorganizations.
Word for word“In 2019, the Parent, under the direction of its board of directors, evaluated the cost structure and executed on certain cost saving initiatives at each segment.” 10-K for 2021
Our summaryThe company recorded restructuring and other charges of $0.1 million in 2020 and $50.8 million in 2019, tied to the 2019 actions.
Word for word“Restructuring and other charges of $ 0.1 million and $ 50.8 million for the years ended December 31, 2020 and 2019, respectively, were incurred and recorded to cost of operations within the Company’s consolidated and combined statements of income.” 10-K for 2021
Our summaryThe company had an unpaid restructuring liability that it expects to settle by the end of 2022.
Word for word“The Company’s liability for restructuring and other charges is recognized in accrued expenses in its consolidated and combined balance sheets and was $ 1.3 million at each of December 31, 2021 and 2020, respectively.” 10-K for 2021
| Fiscal year ended | Restructuring charges |
|---|---|
| 2019-12-31 | $50.8 million |
| 2020-12-31 | $108,000 |
Loyalty Ventures 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 Loyalty Ventures’s annual reports (10-K for 2021) and the financial data it files with the SEC, as of 2022-02-28. 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.