Stage Stores layoffs, on the record
Every job cut, severance charge and restructuring Stage Stores reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 12,400 to approximately 13,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 12,400 | January 28, 2017 |
| 10-K for 2018 | approximately 14,500 | February 3, 2018 |
| 10-K for 2019 | approximately 13,600 | February 2, 2019 |
Job cuts, severance and restructuring
Our summaryRecorded severance charges associated with workforce reductions and a pension settlement, pretax, in fiscal 2016.
Word for word“Severance charges associated with workforce reductions and pension settlement (pretax) (c) 1,632 2,633 — — —” 10-K for 2017
Our summaryRecorded severance charges associated with workforce reductions and a pension settlement, pretax, in fiscal 2015, including a reduction in corporate headcount.
Word for word“The increase in SG&A expenses reflects charges incurred in 2015 related to our corporate headquarters consolidation, severance and other costs associated with a reduction in corporate headcount, and a pension settlement charge, partially offset by lower incentive compensation costs.” 10-K for 2017
Our summaryIncurred lower SG&A charges in 2016 for severance costs tied to the workforce reduction compared with 2015.
Word for word“The decrease in SG&A expenses is primarily due to lower payroll, advertising, incentive compensation and lower charges incurred in 2016 related to our corporate headquarters consolidation and severance costs associated with our workforce reduction compared to 2015 .” 10-K for 2017
Our summaryRecorded charges tied to consolidating corporate headquarters into a single location, completed in February 2016, including duplicate rent and moving costs.
Word for word“Reflects duplicate rent expense and moving related costs associated with the consolidation of our corporate headquarters into a single location, which was completed in February 2016.” 10-K for 2017
Our summaryThe filing reports severance charges associated with workforce reductions for fiscal 2016, recorded in SG&A.
Word for word“Severance charges associated with workforce reductions (pretax) (f) — 1,632 1,885 — — Consolidation of corporate headquarters (pretax) (g) — 110 3,538 — — South Hill Consolidation related charges (pretax) (h) — — — — 23,789 Income tax impact of above adjustments (i) (4,979 ) (9,179 ) (5,955 ) — (9,019 ) Valuation allowance on net deferred tax assets (j) 6,077 — — — — Tax Act (k) 255 — — — — Adjusted net income (loss) (non-GAAP) $ (23,037 ) $ (24,078 ) $ 16,182 $ 37,853 $ 39,986 Diluted (loss) earnings per share (GAAP) $ (1.37 ) $ (1.40 ) $ 0.12 $ 0.96 $ 0.51 Loss from discontinued operations (GAAP) (a) — — — (0.22 ) (0.26 ) Diluted (loss) earnings per share from continuing operations (GAAP) (1.37 ) (1.40 ) 0.12 1.18 0.77 Business acquisition costs (pretax) (b) 0.33 — — — — South Hill distribution center closure (pretax) (c) 0.03 — — — — Pension settlement (pretax) (d) 0.02 — 0.02 — — Store closures, impairments and other strategic initiatives (pretax) (e) 0.09 0.78 0.39 — — Severance charges associated with workforce reductions (pretax) (f) — 0.06 0.06 — — Consolidation of corporate headquarters (pretax) (g) — — 0.11 — — South Hill Consolidation related charges (pretax) (h) — — — — 0.73 Income tax impact of above adjustments (i) (0.18 ) (0.33 ) (0.19 ) — (0.28 ) Valuation allowance on net deferred tax assets (j) 0.22 — — — — Tax Act (k) 0.01 — — — — Adjusted diluted (loss) earnings per share (non-GAAP) $ (0.85 ) $ (0.89 ) $ 0.51 $ 1.18 $ 1.22 24 Table of Contents Fiscal Year 2017 2016 2015 Net (loss) income (GAAP) $ (37,323 ) $ (37,897 ) $ 3,780 Interest expense 7,680 5,051 2,977 Income tax (benefit) expense (13,068 ) (25,166 ) 1,815 EBIT (Non-GAAP) (42,711 ) (58,012 ) 8,572 Business acquisition costs (pretax) (b) 9,059 — — South Hill distribution center closure (pretax) (c) 828 — — Pension settlement charge (pretax) (d) 438 — 748 Store closures, impairments and other (pretax) (e) 2,608 21,256 12,186 Severance charges associated with workforce reduction (pretax) (f) — 1,632 1,885” 10-K for 2018
Our summaryThe filing reports severance charges associated with workforce reductions for fiscal 2015, along with corporate headquarters consolidation charges.
Word for word“Charges in 2015 reflect our strategic store closure plan, and primarily consist of impairment charges, as well as fixture moving costs and lease termination charges and other strategic initiatives.” 10-K for 2018
Stage 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 Stage 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 2019-04-05. 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.