Redfin layoffs, on the record
Every job cut, severance charge and restructuring Redfin reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from 5,572 to 4,778.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | 5,572 | December 31, 2022 |
| 10-K for 2023 | 4,693 | December 31, 2023 |
| 10-K for 2024 | 4,778 | December 31, 2024 |
Job cuts, severance and restructuring
Our summaryCompany recorded restructuring and reorganization expenses in 2022 tied to its acquisitions of Bay Equity and Rent. and to its June and October 2022 workforce reductions.
Word for word“Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities from our acquisitions of Bay Equity and Rent., and from our June and October 2022 workforce reductions.” 10-K for 2022
Our summaryCompany carried out a workforce reduction in June 2022 whose employee termination costs fall under its restructuring accounting policy.
Word for word“Restructuring and reorganization expenses primarily consist of employee termination costs (including severance, retention, benefits, and payroll taxes) associated with the restructuring and reorganization activities from our acquisitions of Bay Equity LLC (“Bay Equity”), our mortgage business, and Rent Group Inc. (“Rent.”), our rentals business, and from our June 2022 workforce reduction.” 10-K for 2022
Our summaryCompany announced a workforce reduction on November 9, 2022 and a wind-down of its RedfinNow operations, with further expenses expected through 2023.
Word for word“Restructuring and reorganization expenses will also include additional expenses throughout 2022 and into 2023 related to our November 9, 2022 workforce reduction and wind-down of our RedfinNow operations.” 10-K for 2022
Our summaryCompany said it expects to complete its restructuring and reorganization activities by the end of 2023.
Word for word“We expect to complete our restructuring and reorganization activities by the end of 2023.” 10-K for 2022
Our summaryCompany stated that lead agent retention in 2022 was affected by its layoffs.
Word for word“From 2020 to 2021, our lead agent retention was 77% compared with 66% for the industry, and from 2021 to 2022 (which was impacted by our layoffs) our retention was 66% compared with 61% for the industry.” 10-K for 2022
Our summaryRedfin reported restructuring and reorganization expenses of $7.9 million for 2023, primarily personnel-related costs tied to employee terminations, furloughs, or retention.
Word for word“Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.” 10-K for 2023
Our summaryRedfin decided to wind down its properties segment in 2022, which drove a lower volume of restructuring activity in 2023 compared with 2022.
Word for word“This decrease is primarily attributable to a lower volume of restructuring activities as compared with 2022, when we decided to wind-down our properties segment.” 10-K for 2023
Our summaryRedfin recorded restructuring-related severance and other restructuring charges within discontinued operations for its properties segment.
Word for word“Restructuring and Reorganization Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention payments associated with wind-down activities.” 10-K for 2023
Our summaryThe company announced a planned restructuring of its rentals segment alongside its Zillow agreements, affecting about 450 employees, with expected total charges of $18 million to $21 million and completion expected by September 30, 2025.
Word for word“In connection with these agreements, we also announced a planned restructuring of our rentals segment, which is expected to impact approximately 450 rentals employees and result in approximately $18 million and $21 million in total charges in connection therewith, which we expect to be completed by the quarter ending September 30, 2025.” 10-K for 2024
Our summaryThe company describes its restructuring and reorganization costs as mainly severance and retention bonuses tied to workforce reductions and efficiency efforts, with no significant liabilities outstanding at year end 2024.
Word for word“Restructuring and reorganization costs primarily include severance pay and retention bonuses related to workforce reductions and operational efficiency initiatives.” 10-K for 2024
| Fiscal year ended | Restructuring charges |
|---|---|
| 2020-12-31 | $6.5 million |
| 2021-12-31 | $0 |
| 2022-12-31 | $32.4 million |
| 2023-12-31 | $7.9 million |
| 2024-12-31 | $5.7 million |
Redfin filed 5 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 Redfin’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-02-27. 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.