Mahwah Bergen Retail Group layoffs, on the record
Every job cut, severance charge and restructuring Mahwah Bergen Retail Group reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 63,000 to approximately 35,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 63,000 | August 4, 2018 |
| 10-K for 2019 | approximately 53,000 | August 3, 2019 |
| 10-K for 2020 | approximately 35,000 | August 1, 2020 |
Job cuts, severance and restructuring
Our summaryCompany reported restructuring and other related charges under its Change for Growth program, including severance and benefit costs.
Word for word“Expenses of $78.5 million for Fiscal 2018 included $ 59.2 million for professional fees incurred in connection with the identification and implementation of transformation initiatives, $5.2 million of severance and other related expenses, and asset impairments of $ 14.1 million reflecting decisions within the fleet optimization program to close certain under-performing stores as well as a write-down of a building.” 10-K for 2018
Our summaryCompany recorded severance and benefit costs under the Change for Growth program, including additional severance accruals and true-ups.
Word for word“Severance and benefit costs reflect additional severance accruals associated with previously announced initiatives as well as adjustments to true up estimates of previously accrued severance-related costs to reflect amounts actually paid.” 10-K for 2018
Our summaryCompany announced the Change for Growth multi-year transformation plan, including consolidating support functions and reviewing its store fleet to close or reduce under-performing stores.
Word for word“In Fiscal 2017, the Company announced that it was beginning a multi-year transformation plan with the objective of supporting sustainable long-term growth and increasing shareholder value (the "Change for Growth" program).” 10-K for 2018
Our summaryCompany incurred acquisition and integration expenses including severance and retention costs related to the ANN Acquisition.
Word for word“The $39.4 million of unallocated acquisition and integration expenses in Fiscal 2017 represents costs related to the ANN Acquisition consisting of $14.3 34 ASCENA RETAIL GROUP, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – (Continued) million of severance and retention costs, $8.0 million of settlement charges and professional fees related to the termination of the pension plan acquired in the ANN Acquisition, and $17.1 million of other costs associated with the post-acquisition integration of ANN 's operations.” 10-K for 2018
Our summaryCompany incurred acquisition and integration expenses including severance and retention-related expenses related to the ANN Acquisition.
Word for word“The $77.4 million of unallocated acquisition and integration expenses in Fiscal 2016 represents costs related to the ANN Acquisition consisting of $20.8 million of legal, consulting and investment-banking related transaction costs, $37.5 million of severance and retention-related expenses and $17.3 million of integration costs primarily to combine the operations and infrastructure of the ANN business.” 10-K for 2018
Our summaryWind down of the Dressbarn brand, including store closures and severance, with the company exiting its Value Fashion segment once complete.
Word for word“During Fiscal 2019, the Company recorded approximately $50 million of costs, primarily reflecting $26 million of severance costs as well as a non-cash impairment charge of approximately $20 million to write-down Dressbarn 's 32 ASCENA RETAIL GROUP, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – (Continued) headquarters building to its fair market value.” 10-K for 2019
Our summaryOrganizational restructuring in the fourth quarter of Fiscal 2019 that included job eliminations as part of cost reduction initiatives.
Word for word“In addition to the Change for Growth program, the Company announced an additional organizational restructuring in the fourth quarter of Fiscal 2019, which included job eliminations, as it continues its cost reduction initiatives.” 10-K for 2019
Our summaryChange for Growth transformation program cost reduction actions, including severance, store closures and professional fees; actions completed in Fiscal 2019.
Word for word“Actions associated with the Change for Growth program were completed in Fiscal 2019.” 10-K for 2019
Our summaryClosure of under-performing stores under the fleet optimization program and a building write-down.
Word for word“Expenses of $76.6 million for Fiscal 2018 included $59.2 million for professional fees incurred in connection with the identification and implementation of the transformation initiatives, $5.7 million of severance and other related expenses, and asset impairments of $11.7 million reflecting the closure of certain under-performing stores as well as the write-down of a building.” 10-K for 2019
Our summarySeverance and other costs tied to the Change for Growth program and the ANN acquisition integration.
Word for word“The $78.1 million of unallocated restructuring and other related charges in Fiscal 2017 primarily reflect $30.8 million of severance and other related expenses, $12.7 million for charges related to the fleet optimization program and $33.4 million for professional fees incurred in connection with the identification and implementation of transformation initiatives.” 10-K for 2019
Our summaryThe company recorded restructuring charges tied to the Chapter 11 Cases, including severance, professional fees and non-cash asset impairments for stores identified to close.
Word for word“Unallocated restructuring and other related charges of $238.3 million primarily includes charges resulting from announcements and actions taken in connection with the Chapter 11 Cases and included $29.3 million of severance and other related charges, $19.3 million of professional fees, and $189.3 million of non-cash asset impairments primarily related to right-of-use lease assets associated with the stores identified to close as a result of the Chapter 11 Cases.” 10-K for 2020
Our summaryIn the prior fiscal year, the company recorded restructuring charges including severance from cost reduction actions, professional fees for transformation initiatives and asset write-downs.
Word for word“The $94.1 million of unallocated restructuring and other related charges in Fiscal 2019 primarily included $33.1 million for professional fees incurred in connection with the identification and implementation of transformation initiatives, $16.1 million of severance and other related charges, reflecting severance associated with the cost reduction actions taken in the fourth quarter of Fiscal 2019, and $44.9 million of non-cash asset impairments, reflecting the write-down of the Mahwah, NJ corporate headquarters as a result of the Dressbarn wind down and the write-down of a corporate-owned office building in Duluth, MN to fair market value as a result of the sale of maurices .” 10-K for 2020
Our summaryThe company furloughed a significant part of its workforce in response to COVID-19 and carried out earlier cost reduction initiatives, which lowered expenses.
Word for word“Operating loss of $1,113.6 million compared to $638.3 million for the year-ago period, resulting primarily from the lower Net sales and Gross margin decline, higher store-related asset-impairment charges, and higher restructuring and other related charges, which were offset in part by expense reductions, primarily reflecting the furlough of a significant portion of our workforce in response to COVID-19, the impact of our previously-announced cost reduction initiatives, and lower impairment of goodwill and other intangible assets; and” 10-K for 2020
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-07-30 | — | $0 | — |
| 2017-07-29 | — | $78.1 million | $44.7 million |
| 2018-08-04 | — | $76.6 million | $75.6 million |
| 2019-08-03 | $20.8 million | $94.1 million | $44.7 million |
| 2020-08-01 | $29.3 million | $238.3 million | $39.2 million |
Mahwah Bergen Retail Group 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 Mahwah Bergen Retail Group’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 2020-12-11. 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.