Old Copper Company layoffs, on the record
Every job cut, severance charge and restructuring Old Copper Company reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 98,000 to approximately 90,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 98,000 | February 3, 2018 |
| 10-K for 2019 | approximately 95,000 | February 2, 2019 |
| 10-K for 2020 | approximately 90,000 | February 1, 2020 |
Job cuts, severance and restructuring
Our summaryClosed 138 stores as part of a restructuring, with a $14 million severance charge for the expected displacement of store associates.
Word for word“On March 17, 2017, the Company finalized its plans to close 138 stores to help align the Company's brick-and-mortar presence with its omnichannel network, thereby redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential.” 10-K for 2018
Our summaryOffered a Voluntary Early Retirement Program to eligible associates.
Word for word“In February 2017, we announced a Voluntary Early Retirement Program (VERP), which was offered to approximately 6,000 eligible associates.” 10-K for 2018
Our summaryRecorded home office and store restructuring charges covering employee termination benefits, store lease termination and impairment charges.
Word for word“Home office and stores -- charges for actions to reduce our store and home office expenses including employee termination benefits, store lease termination and impairment charges;” 10-K for 2018
Our summaryRecorded home office and store restructuring costs related to employee termination benefits, lease termination and impairment charges for 2016 store closures, and eliminated approximately 300 home office positions in 2015.
Word for word“Additionally, the costs include employee termination benefits in connection with the elimination of approximately 300 positions in our home office in 2015.” 10-K for 2018
Our summaryRecorded costs to reduce store and home office expenses in 2018, including employee termination benefits.
Word for word“Costs during 2018 include employee termination benefits of $10 million, store related closing costs of $6 million and a $3 million net gain of the sales of certain closed stores.” 10-K for 2019
Our summaryRecorded management transition charges tied to changes within the management leadership team.
Word for word“Management transition 9 — Other — 8 Total $ 22 $ 184 ” 10-K for 2019
Our summaryRecorded store and home office restructuring costs in 2017, primarily tied to the closure of 138 stores, including employee termination benefits.
Word for word“Costs during 2017, primarily related to the closure of 138 stores, included store closing asset impairments of $77 million, employee termination benefits of $29 million and store related closing costs of $75 million.” 10-K for 2019
Our summaryRecorded restructuring charges in 2016 to reduce store and home office expenses and management transition costs, plus other contract termination costs.
Word for word“We also implemented changes within our management leadership team during 2016 that resulted in management transition costs of $3 million .” 10-K for 2019
Our summaryReported a voluntary early retirement program (VERP) that drove restructuring charges in 2017.
Word for word“The reduction in net income/(loss) in 2017 was driven primarily by restructuring charges associated with the 2017 store closures and the VERP.” 10-K for 2019
Our summaryIn the first quarter of 2019 the company finalized plans to close 18 full-line stores and 9 ancillary home and furniture stores, recording asset impairment and severance charges.
Word for word“In the first quarter of 2019, the Company finalized plans to close 18 full-line stores and 9 ancillary home and furniture stores, further aligning the Company's brick-and-mortar presence with its omnichannel network, and enabling capital resources to be reallocated to locations and initiatives that offer the greatest long-term value potential.” 10-K for 2020
Our summaryThe company recorded impairment charges for the planned closure of 6 more stores in 2020.
Word for word“During the second half of 2019, impairment charges of $ 5 million were recorded for the planned closure of 6 stores in 2020.” 10-K for 2020
Our summaryTotal restructuring and management transition charges for 2019 included employee termination benefits and store closure costs.
Word for word“Costs during 2019 include store impairments of $19 million and accelerated depreciation of $4 million related to announced store closures, employee termination benefits of $10 million, store related closing costs of $4 million and advisory costs of $6 million.” 10-K for 2020
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2017-01-28 | — | $26 million |
| 2018-02-03 | $14 million | $184 million |
| 2019-02-02 | $14 million | $22 million |
| 2020-02-01 | — | $48 million |
Old Copper Company 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 Old Copper Company’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 2020-03-20. 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.