Staples layoffs, on the record
Every job cut, severance charge and restructuring Staples reported in its annual reports, 2015 to 2017, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | 44,400 full-time and 34,675 part-time associates | January 31, 2015 |
| 10-K for 2016 | 42,554 full-time and 32,817 part-time associates | January 30, 2016 |
| 10-K for 2017 | 45,565 full-time and 31,875 part-time associates | As of January 28, 2017 |
Job cuts, severance and restructuring
Our summaryAnnounced a plan to close at least 225 retail stores in North America by the end of 2015, with restructuring charges recorded in 2014 for severance, lease obligations, asset impairments and other costs.
Word for word“We also announced a plan to close at least 225 of our retail stores in North America by the end of 2015.” 10-K for 2015
Our summaryRecorded restructuring charges under the 2014 Restructuring Plan, including employee related costs, and expects further charges in 2015.
Word for word“The table also summarizes the costs incurred and expected to be incurred by reportable segment (in millions).” 10-K for 2015
Our summaryInitiated a 2013 restructuring plan to streamline operations and general and administrative functions, including elimination of positions throughout the organization.
Word for word“As a result of this plan, the Company recorded pre-tax restructuring charges of $78.3 million , including $75.5 million for employee severance costs related to the elimination of positions throughout the organization and $2.8 million for other associated costs.” 10-K for 2015
Our summaryExecuted a 2012 strategic restructuring plan that closed retail stores, consolidated delivery businesses in Europe, sold PSD and reorganized general and administrative functions in Europe.
Word for word“As a result of the actions taken under the 2012 Plan, during 2012 the Company recorded pre-tax restructuring charges of $207.0 million related to continuing operations.” 10-K for 2015
Our summaryRecorded a pre-tax charge for severance and benefit costs in connection with the decision to pursue the sale of its European Printing Systems Division.
Word for word“Also during 2012, the Company recorded a pre-tax charge of $20.1 million primarily for severance and benefit costs in connection with the Company's decision to pursue the sale of PSD.” 10-K for 2015
Our summaryRestructuring activity under the 2014 Restructuring Plan to close retail stores in North America, extended to about 50 more closures in 2016.
Word for word“In 2015 and 2014 we incurred charges related to these plans of $170 million and $245 million, respectively.” 10-K for 2016
Our summaryStore closures under the 2014 plan, with employee severance and contractual obligations recorded; severance for 2016 expected to be less than $5 million.
Word for word“In connection with these closures, in 2016 the Company expects to incur charges of approximately $30 million to $60 million for contractual lease obligations, up to $5 million for impairment and accelerated depreciation of store assets, less than $5 million for severance and $10 million to $15 million in other associated costs.” 10-K for 2016
Our summaryRestructuring of certain administrative and operational functions across the company, including severance, under a cost savings plan.
Word for word“During 2015 , the Company incurred liabilities for severance and contractual obligations related to the restructuring of certain administrative and operational functions across the Company.” 10-K for 2016
Our summary2013 Restructuring Plan to streamline operations and general and administrative functions, including employee severance; liability adjusted down in 2015.
Word for word“As a result of this plan, the Company recorded pre-tax restructuring charges of $78 million in 2013, including $75 million for employee severance costs and $3 million for other associated costs.” 10-K for 2016
Our summaryCompany reports reductions in force connected to its restructuring activity.
Word for word“We have experienced reductions in force in connection with our restructuring activity, which may lead to lower associate morale, gaps in experience and knowledge, and a higher likelihood that remaining associates terminate their employment.” 10-K for 2016
Our summarySale of the European Printing Systems Division with a preliminary loss on disposal.
Word for word“Loss from discontinued operations for this period reflects an $81 million preliminary loss on disposal related to the sale of the Company's European Printing Systems Division business ("PSD").” 10-K for 2016
Our summaryAnnounced the Staples 20/20 strategic plan to narrow its focus to North America, rationalize excess retail capacity and cut costs.
Word for word“In May 2016 the Company announced a strategic plan ("20/20 Plan") under which it plans to: • narrow its geographic focus to North America • accelerate mid-market growth • preserve profitability and rationalize excess capacity in its North American Retail stores • drive profit improvement and cost reduction across the company Following the termination of its merger agreement with Office Depot and the announcement of the 20/20 Plan, the Company announced in May 2016 that Ron Sargent would step down from the position of Chief Executive Officer of the Company effective June 14, 2016.” 10-K for 2017
Our summaryRecorded severance charges mainly for restructuring corporate general and administrative functions that support its business units.
Word for word“As a result of these initiatives, in the fourth quarter of 2016 the Company recorded charges of $15 million for severance primarily related to the restructuring of corporate general and administrative functions that support its business units.” 10-K for 2017
Our summaryAnnounced a plan to close at least 225 North American retail stores, later extended with additional closures in 2016.
Word for word“In 2014 the Company announced a plan to close at least 225 retail stores in North America by the end of fiscal year 2015 (the “Store Closure Plan”).” 10-K for 2017
Our summaryAgreed to severance payments and benefits for the departing CEO, recorded as a restructuring charge.
Word for word“The Company and Mr. Sargent entered into a letter agreement providing for monthly payments of $166,740 for a period of 24 months commencing February 2017, as well as certain benefits with an estimated cost of $875,000 .” 10-K for 2017
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-01-28 | $38 million |
Staples 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 Staples’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-03-09. 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.