Party City Holdco layoffs, on the record
Every job cut, severance charge and restructuring Party City Holdco reported in its annual reports, 2020 to 2022, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 8,370 full-time employees and 8,928 part-time employees | As of December 31, 2020 |
| 10-K for 2021 | approximately 6,400 full time and 10,100 part time team members | In 2021 |
| 10-K for 2022 | approximately 5,700 full-time and 9,500 part-time team members, and an additional 14,500 seasonal team members | 2022 |
Job cuts, severance and restructuring
Our summaryCompany recorded severance expense tied to organizational changes, reported as other restructuring, retention and severance charges.
Word for word“(b) Amounts expensed during 2020 principally relate to severance due to organizational changes.” 10-K for 2020
Our summaryCompany ran a store optimization program, reviewing store locations and accelerating optimization of its store portfolio, with related store impairment and restructuring charges.
Word for word“During the years ended December 31, 2020 and 2019, the Company performed a comprehensive review of its store locations aimed at improving the overall productivity of such locations (“store optimization program”) and, after careful consideration and evaluation of the store locations, the Company made the decision to accelerate the optimization of its store portfolio.” 10-K for 2020
Our summaryClosed a manufacturing facility in New Mexico, ceasing operations, and recorded charges for equipment and inventory impairments, severance and other costs.
Word for word“In December 2021, the Company announced the closure of a manufacturing facility in New Mexico that will cease operations in February 2022.” 10-K for 2021
Our summaryRecorded other restructuring, retention and severance charges.
Word for word“Other restructuring, retention and severance 2,346 12,104 Deferred rent 3,325 (d) (3,147 ) (d) Corporate development expenses — 7,197 (e) Foreign currency losses (gains) (1,090 ) (1,058 ) Closed store expense 4,743 (f) 3,858 (f) Stock option expense 397 (g) 8,643 (g) Non-employee equity based compensation — 1,033 (h) Restricted stock units expense—time based 2,557 (i) 2,071 (i) Restricted stock units expense—performance based 3,773 (i) 1,460 (i) Undistributed loss (income) in equity method investments (220 ) — Non-recurring legal settlements/costs — 7,843 (Gain) on debt repayment/refinancing (1,106 ) (j) (273,149 ) (j) Loss on disposal of property, plant and equipment 2,784 — Loss on sale of business 3,211 (k) 73,948 (k) Inventory disposal reserve 68,707 (l) 88,358 (l) COVID - 19 1,270 (m) 73,843 (m) Other 4,502 3,388 Adjusted EBITDA $ 266,294 $ 95,534 33 Fiscal Year Ended December 31, 2021 2020 Loss before income taxes $ (874 ) $ (685,110 ) Intangible asset amortization 9,075 11,362 Amortization of deferred financing costs and original issuance discounts 4,516 4,198 Store impairment and restructuring charges — 30,813 (a) Goodwill and intangibles impairment 11,974 (c) 581,380 (c) Stock option expense 397 (g) 8,643 (g) Restricted stock units expense—performance based 3,773 (i) 1,460 (i) Non-employee equity based compensation — 1,033 (h) Other restructuring charges 1,967 10,139 Non-recurring legal settlements — 7,094 (Gain) on debt refinancing — (273,149 ) (Gain) on sale of Canada retail assets — — Loss on sale of assets 2,642 Inventory disposal reserve 69,632 (l) 88,358 (l) Loss on sale of business 3,211 (k) 73,948 (k) COVID - 19 1,270 (m) 73,661 (m) Adjusted income (loss) before income taxes 107,583 (66,170 ) Adjusted income tax expense (benefit) 29,332 (n) (16,940 ) (n) Adjusted net income (loss) $ 78,251 $ (49,225 ) Adjusted net income (loss) per common share—diluted $ 0.68 $ (0.49 ) (a) During the years ended December 31, 2020 and 2019, the Company performed a comprehensive review of its store locations aimed at improving the overall productivity of such locations (“store optimization program”) and, after careful consideration and evaluation of the store locations, the Company made the decision to accelerate the optimization of its store portfolio.” 10-K for 2021
Our summaryIncurred costs for early lease terminations and a merchandise transformation project, and recorded store impairment and restructuring charges in 2020 under a store optimization program.
Word for word“Costs incurred for early lease terminations and a merchandise transformation project to transition and optimize stores to the reduced SKU assortment levels.” 10-K for 2021
Our summaryThe company recorded charges when a facility ceased operations, including equipment and inventory impairments and a small amount of severance and other costs.
Word for word“In December 2021, the Company recorded charges of $ 11.6 million consisting primarily of equipment and inventory impairments of $ 8.7 million and $ 2.4 million, respectively, and severance and other costs of $ 0.5 million.” 10-K for 2022
Our summaryThe company reported expensed amounts for one-time organizational changes, mostly severance charges, as an adjustment to Adjusted EBITDA.
Word for word“(b) Amounts expensed attributable to one-time organizational changes and primarily composed of severance charges.” 10-K for 2022
| Fiscal year ended | Severance costs |
|---|---|
| 2017-12-31 | $3.9 million |
Party City Holdco 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 Party City Holdco’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2024-03-28. 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.