Shutterfly layoffs, on the record
Every job cut, severance charge and restructuring Shutterfly reported in its annual reports, 2016 to 2018, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 2,084 full time employees | December 31, 2016 |
| 10-K for 2017 | 1,934 full time employees | December 31, 2017 |
| 10-K for 2018 | 7,094 full time employees | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryAnnounced a restructuring plan to consolidate multiple offices and brands, including closing the Santa Clara and both New York offices and moving Santa Clara teams to Redwood City, with headcount cut about 13%.
Word for word“As a result of this restructuring, the Company will reduce headcount by approximately 13% , or 260 employees.” 10-K for 2016
Our summaryAnnounced a series of internal restructuring initiatives, including a reduction in workforce in multiple locations, to be implemented over 2017.
Word for word“In February 2017, we announced a series of internal restructuring initiatives that will be implemented over the course of 2017.” 10-K for 2016
Our summaryRestructuring of Consumer businesses, including migrating customers from Tiny Prints, Wedding Paper Divas and MyPublisher to Shutterfly.com and reducing headcount by about 13%.
Word for word“Also as part of this restructuring, the Company will reduce headcount by approximately 13%.” 10-K for 2016
Our summaryRecorded executive severance in general and administrative expense.
Word for word“The increase in general and administrative expense is primarily due to an increase in personnel related costs of $3.3 million as a result of increased headcount and $1.9 million of executive severance.” 10-K for 2016
Our summaryBoard approved and started a plan to significantly simplify the Consumer business during 2017 (2017 Restructuring Plan).
Word for word“Total restructuring costs associated with the 2017 Restructuring Plan were $16.8 million and impacted our restructuring 5 Table of Contents expense line items within cost of net revenues and operating expenses in our consolidated statement of operations, as these were incurred during the twelve months ended December 31, 2017.” 10-K for 2017
Our summaryShut down the legacy Tiny Prints website and created a Tiny Prints boutique on a tab on Shutterfly.com.
Word for word“During the second quarter of 2017, the Company shut down the legacy Tiny Prints website and reinvested in Tiny Prints as its premium cards & stationery brand, creating a Tiny Prints boutique on a dedicated tab on Shutterfly.com;” 10-K for 2017
Our summaryRetired the MyPublisher brand in favor of the Shutterfly Photo Books category.
Word for word“During the second quarter, the MyPublisher brand was retired in favor of the industry-leading Shutterfly Photo Books category; and” 10-K for 2017
Our summaryLaunched the Shutterfly Wedding Shop and shut down the Wedding Paper Divas legacy website.
Word for word“During the third quarter of 2017, the Company launched the new Shutterfly Wedding Shop and shut down the Wedding Paper Divas legacy website As of December 31, 2017 , the Company has substantially completed all actions under the 2017 Restructuring Plan.” 10-K for 2017
Our summaryRecorded restructuring charges within operating expenses, mainly depreciation of disposed assets and facility closures plus employee-related costs such as severance and retention.
Word for word“In 2017, there were $15.5 million of restructuring charges within operating expenses.” 10-K for 2017
Our summaryDiscontinued the Treat brand and closed manufacturing operations in Elmsford, New York under the 2015 Restructuring Plan.
Word for word“During 2015, the Company decided to discontinue the Treat brand as well as close the manufacturing operations in Elmsford, New York as part of the Company's strategic initiatives ("2015 Restructuring Plan").” 10-K for 2017
Our summaryThe Board approved a plan to close four Lifetouch facilities in 2019 and move that volume into existing Shutterfly facilities and a new Texas facility.
Word for word“(5) During the fourth quarter of 2018, the Company's Board of Directors approved a restructuring plan to close four Lifetouch facilities in 2019: Loves Park, Illinois; Bloomington, Minnesota; Chico, California; and Chattanooga, Tennessee and consolidate this volume into existing Shutterfly facilities and a new 237,000 square foot facility in Texas to be completed in the first half of 2020.” 10-K for 2018
Our summaryThe company recorded restructuring charges in 2018 for exiting Lifetouch's iMemories business and planning to exit four facilities in 2019.
Word for word“In 2018, there were $4.6 million of restructuring charges within operating expenses in connection with the exit of Lifetouch's iMemories business and our planned exit of four facilities in 2019.” 10-K for 2018
Our summaryThe company plans to keep some employees affected by the facility consolidation and offer severance or retention packages to the others.
Word for word“We plan to retain a portion of the impacted employees in this transition, who will move to other existing Shutterfly or Lifetouch facilities, and we will offer appropriate severance and/or retention packages to other employees.” 10-K for 2018
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $0 | $1.2 million |
| 2017-12-31 | $15.5 million | $6.1 million |
| 2018-12-31 | $4.6 million | $3.7 million |
Shutterfly 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 Shutterfly’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-03-01. 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.