Michaels Companies layoffs, on the record
Every job cut, severance charge and restructuring Michaels Companies reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 47,000 to approximately 45,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 47,000 | February 2, 2019 |
| 10-K for 2020 | approximately 44,000 | February 1, 2020 |
| 10-K for 2021 | approximately 45,000 | January 30, 2021 |
Job cuts, severance and restructuring
Our summaryDecided to close substantially all Aaron Brothers stores and closed all 36 Pat Catan's stores, recording restructure charges mainly tied to store closures.
Word for word“In March 2018, we made the decision to close substantially all of our Aaron Brothers stores and in January 2019 we closed all 36 of our Pat Catan's stores.” 10-K for 2019
Our summaryRecorded total restructure charges for store closures and corporate support center organizational changes, and expects additional charges.
Word for word“We recorded restructure charges totaling $104.2 million consisting of $41.7 million related to the closure of substantially all of our Aaron Brothers stores, $57.2 million related to the closure of all of our Pat Catan's stores and $5.3 million of employee-related charges as a result of certain organizational changes made to streamline our operations at our corporate support center.” 10-K for 2019
Our summaryMade organizational changes to streamline operations at the corporate support center, with employee-related charges.
Word for word“In addition, we recorded $5.3 million of employee-related charges as a result of certain organizational changes made to streamline our operations at our corporate support center.” 10-K for 2019
Our summaryClosed Pat Catan's stores, recording restructure charges that were primarily employee-related expenses and an impairment of an indefinite-lived intangible asset.
Word for word“In January 2019 and March 2018, we closed our Pat Catan's and Aaron Brothers stores, respectively.” 10-K for 2020
Our summaryClosed Aaron Brothers stores, recording restructure charges that included transfer of inventory rights, goodwill impairment and employee-related expenses.
Word for word“As a result of the store closures, we recorded restructure charges of $ 8.2 million and $ 98.9 million in fiscal 2019 and fiscal 2018, respectively.” 10-K for 2020
Our summaryMade organizational changes to streamline operations at the corporate support center, recording employee-related charges.
Word for word“In addition, we recorded $ 5.3 million of employee-related charges in fiscal 2018 as a result of certain organizational changes made to streamline our operations at our corporate support center.” 10-K for 2020
Our summaryRecorded impairment charges on the Darice wholesale business due to lower than expected performance.
Word for word“We recorded restructure and impairment charges totaling $48.3 million, consisting of $40.1 million of impairment charges as a result of lower than expected operating performance in our Darice wholesale business and $8.2 million related to the closure of our Pat Catan's stores.” 10-K for 2020
Our summaryPaid severance to the previous CEO, included in CEO transition costs.
Word for word“CEO transition costs includes $5.6 million of severance paid to our previous CEO and a $3.7 million sign-on bonus for our new CEO Designate.” 10-K for 2020
Our summaryThe company closed its Pat Catan's and Aaron Brothers stores and recorded restructure charges, mostly tied to the store closures.
Word for word“As a result of the store closures, we recorded restructure charges of $8.2 million and $98.9 million in fiscal 2019 and fiscal 2018, respectively.” 10-K for 2021
Our summaryThe company recorded impairment charges in fiscal 2020 for closing 13 underperforming stores and relocating its corporate offices in Irving, Texas.
Word for word“In fiscal 2020, we recorded $28.8 million of impairment charges, consisting of $19.4 million related to the closure of 13 underperforming stores and $9.4 million primarily related to the relocation of our corporate offices in Irving, Texas.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2017-01-28 | — | $2.9 million | $1.5 million |
| 2018-02-03 | — | $1.4 million | $1.6 million |
| 2019-02-02 | $5.3 million | $104.2 million | — |
Michaels Companies 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 Michaels Companies’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2021-03-09. 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.