Methode Electronics layoffs, on the record
Every job cut, severance charge and restructuring Methode Electronics reported in its annual reports, 2024 to 2026, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | approximately 7,500 | April 27, 2024 |
| 10-K for 2025 | approximately 6,500 employees and 800 contractors | May 3, 2025 |
| 10-K for 2026 | approximately 6,650 employees | May 2, 2026 |
Job cuts, severance and restructuring
Our summaryDiscontinued the Dabir Surfaces business in the Medical segment, with severance and fixed asset impairment costs recognized in fiscal 2024.
Word for word“In fiscal 2024 , the Company recognized $ 0.5 million of severance costs in selling and administrative expenses and $ 0.6 million of fixed asset impairment charges in cost of products sold related to this restructuring action.” 10-K for 2024
Our summaryRecorded total restructuring and impairment charges, including employee termination benefits and asset impairments across segments.
Word for word“Components of restructuring and impairment charges were as follows: Fiscal Year Ended (in millions) April 27, 2024 April 29, 2023 Employee termination benefits $ 1.3 $ 0.3 Asset impairment charges 2.4 0.7 Total $ 3.7 $ 1.0 The table below presents restructuring and impairment charges by reportable segment: Fiscal Year Ended (in millions) April 27, 2024 April 29, 2023 Automotive $ 0.7 $ 0.4 Industrial 0.7 0.5 Interface 0.1 — Medical 1.1 — Eliminations/Corporate 1.1 0.1 Total $ 3.7 $ 1.0 Recognized in: Cost of products sold $ 1.7 $ 0.5 Selling and administrative expenses 2.0 0.5 $ 3.7 $ 1.0 The Company’s restructuring liability was $ 0.7 million and $ 0.0 million as of April 27, 2024 and April 29, 2023 , respectively.” 10-K for 2024
Our summaryRecorded restructuring and asset impairment charges, including employee termination benefits, in fiscal 2025 totaling $2.7 million, with $1.6 million of employee termination benefits.
Word for word“Components of restructuring and asset impairment charges were as follows: Fiscal Year Ended May 3, 2025 April 27, 2024 April 29, 2023 (in millions) (53 Weeks) (52 Weeks) (52 Weeks) Employee termination benefits $ 1.6 $ 1.3 $ 0.3 Asset impairment charges 1.1 2.4 0.7 Total $ 2.7 $ 3.7 $ 1.0 The table below presents restructuring and asset impairment charges by reportable segment: Fiscal Year Ended May 3, 2025 April 27, 2024 April 29, 2023 (in millions) (53 Weeks) (52 Weeks) (52 Weeks) Automotive $ 0.9 $ 0.7 $ 0.4 Industrial 0.8 0.7 0.5 Interface — 0.1 — Medical — 1.1 — Eliminations/Corporate 1.0 1.1 0.1 Total $ 2.7 $ 3.7 $ 1.0 Recognized in: Cost of products sold $ 1.1 $ 1.7 $ 0.5 Selling and administrative expenses 1.6 2.0 0.5 $ 2.7 $ 3.7 $ 1.0 The Company's restructuring liability was $ 0.7 million and $ 0.7 million as of May 3, 2025 and April 27, 2024 , respectively.” 10-K for 2025
Our summaryCompany stated it expects to take additional restructuring actions, which may include facility consolidation or closings and production relocation.
Word for word“We expect to take additional restructuring actions which may include the consolidating or closing of facilities, the movement of production from one geographic region to another, and logistics and sourcing optimization measures.” 10-K for 2025
Our summaryThe company recorded restructuring and impairment charges in cost of products sold in fiscal 2026, lower than the prior year.
Word for word“Restructuring and impairment charges included within cost of products sold were $0.8 million in fiscal 2026, compared to $1.1 million in fiscal 2025.” 10-K for 2026
Our summaryThe company recorded higher restructuring and impairment charges in selling and administrative expenses in fiscal 2026 than in the prior year.
Word for word“Restructuring and impairment charges included within selling and administrative expenses were $4.2 million in fiscal 2026, compared to $1.6 million in fiscal 2025.” 10-K for 2026
Our summaryThe company recorded asset impairments tied to relocating its corporate headquarters as part of its fiscal 2026 restructuring and impairment charges.
Word for word“For fiscal 2026, restructuring and asset impairment charges included $1.1 million in asset impairments associated with the relocation of our corporate headquarters.” 10-K for 2026
Our summaryThe company reported employee termination benefits as part of its total restructuring and asset impairment charges for the fiscal year ended May 2, 2026.
Word for word“Components of restructuring and asset impairment charges were as follows: Fiscal Year Ended May 2, 2026 May 3, 2025 April 27, 2024 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Employee termination benefits $ 3.8 $ 1.6 $ 1.3 Asset impairment charges 1.2 1.1 2.4 Total $ 5.0 $ 2.7 $ 3.7 F- 16 Table of Contents METHODE ELECTRONICS, INC.” 10-K for 2026
Our summaryThe company subleased its Chicago corporate headquarters to exit it, recording impairment charges on leasehold improvements.
Word for word“In fiscal 2026, the Company entered into a sublease agreement to exit its corporate headquarters in Chicago, Illinois, resulting in a $ 0.5 million impairment charge associated with certain leasehold improvements and a $ 0.6 million impairment charge on the corresponding right of use operating lease asset; s ee Note 16, “Leases” for additional information.” 10-K for 2026
Methode Electronics filed 1 restructuring notice (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 Methode Electronics’s annual reports (10-K for 2026, 10-K for 2025, 10-K for 2024) and the financial data it files with the SEC, as of 2026-06-24. 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.