Sears Hometown Stores layoffs, on the record

Headcount, as reported

Job cuts, severance and restructuring

1. Our summaryIn Q4 2016 the company accelerated the closing of 109 under-performing store locations to improve profitability. fourth quarter of 2016

   Word for word“In the fourth quarter of 2016, in an effort to improve profitability and make the most productive use of capital, the Company executed an initiative to accelerate the closing of 109 under-performing locations.” 10-K for 2017

2. Our summaryThe company recorded severance and executive transition costs in 2015, which it excluded from adjusted EBITDA.

   Word for word“Severance and executive transition costs — 1,066 — Initial franchise revenues net of provision for losses (552 ) 25,086 (3,853 ) IT transformation investments 14,974 10,860 — Accelerated closure of under-performing stores 17,101 — — Adjusted EBITDA $ (18,521 ) $ 9,386 $ 2,047 Item 7.” 10-K for 2017

3. Our summaryThe company recorded store closing, severance and executive transition liabilities on its balance sheet.

   Word for word“Store closing, severance and executive transition costs 7,659 1,569 Total Other current and long-term liabilities $ 72,350 $ 69,136 67 Table of Contents SEARS HOMETOWN AND OUTLET STORES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5—GOODWILL AND INTANGIBLE ASSETS Goodwill We had a goodwill balance of $167.0 million which was assigned to our Sears Hometown reporting unit upon separation.” 10-K for 2017

4. Our summaryCompany closed under-performing stores on an accelerated basis, excluding the related costs from adjusted EBITDA. 2017 and 2016

   Word for word“In 2017 and 2016, we excluded $14.4 million and $17.1 million , respectively, of costs associated with the accelerated closure of under-performing stores.” 10-K for 2018

5. Our summaryCompany recorded severance and executive transition costs as a reconciling item in its adjusted EBITDA reconciliation.

   Word for word“Severance and executive transition costs 348 — 1,066 Provision for loan losses, net of franchise revenues 7,361 (552 ) 25,086 IT transformation investments 34,374 14,974 10,860 Costs associated with accelerated store closings 14,416 17,101 — Adjusted EBITDA $ (14,525 ) $ (18,521 ) $ 9,386 53 Week Period Ended February 3, 2018 Compared to the 52 Week Period Ended January 28, 2017 Net Sales Net sales for 2017 decreased $350.1 million , or 16.9% , to $1.7 billion from $2.1 billion in 2016.” 10-K for 2018

6. Our summaryCompany reported a balance of store closing and severance costs within its other current and long-term liabilities.

   Word for word“Store closing and severance costs 4,655 7,659 Total Other current and long-term liabilities $ 55,426 $ 72,350 NOTE 5—INCOME TAXES In connection with the Separation, SHO and Sears Holdings entered into a Tax Sharing Agreement with Sears Holdings that governs the rights and obligations of the parties with respect to pre-Separation and post-Separation tax matters.” 10-K for 2018

7. Our summaryThe company had a reserve for store closing and severance costs, which was $2.6 million at fiscal year-end 2018 and $4.7 million a year earlier. February 2, 2019 · Cost: $2.6 million and $4.7 million

   Word for word“Store closing reserves of $2.6 million and $4.7 million are included within other current liabilities in the Consolidated Balance Sheets at February 2, 2019 and February 3, 2018 , respectively.” 10-K for 2019

Sears Hometown Stores 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 Sears Hometown Stores’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 2019-05-03. 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.