Pier 1 Imports layoffs, on the record
Every job cut, severance charge and restructuring Pier 1 Imports reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 20,500 to approximately 18,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 20,500 | February 25, 2017 |
| 10-K for 2018 | approximately 18,500 | March 3, 2018 |
| 10-K for 2019 | approximately 18,000 | March 2, 2019 |
Job cuts, severance and restructuring
Our summaryFormer CEO Smith's departure led to additional expense for accelerated vesting of restricted stock, revised defined benefit plan assumptions, and cash severance under his employment agreement.
Word for word“As a result of these events, the Company recorded additional expense in fiscal 2017 related to the accelerated vesting of unvested restricted stock awards, revised defined benefit plan assumptions and cash severance in accordance with Mr. Smith’s employment agreement, as confirmed by the Termination Agreement.” 10-K for 2017
Our summaryNon-GAAP adjusted net income and adjusted diluted earnings per share exclude severance and other charges tied to the departure of the former CEO.
Word for word“This Annual Report on Form 10-K also references adjusted net income and adjusted diluted earnings per share, which exclude the impact of severance and other charges related to the departure of the Company’s former CEO in fiscal 2017.” 10-K for 2017
Our summaryThe company recorded transformation costs in fiscal 2019, mostly for professional fees and severance, which were included in selling, general and administrative expenses.
Word for word“Fiscal 2019 SG&A expenses include transformation costs of approximately $19 million primarily related to professional fees and severance costs.” 10-K for 2019
Pier 1 Imports 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 Pier 1 Imports’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2019-04-29. 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.