Tailored Brands layoffs, on the record
Every job cut, severance charge and restructuring Tailored Brands reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 21,000 to approximately 19,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 21,000 | February 3, 2018 |
| 10-K for 2019 | approximately 20,600 | February 2, 2019 |
| 10-K for 2020 | approximately 19,300 | February 1, 2020 |
Job cuts, severance and restructuring
Our summaryCompany terminated its tuxedo rental license agreement with Macy's, incurring costs.
Word for word“In fiscal 2017, these costs totaled $14.6 million related to costs to terminate the Macy's agreement.” 10-K for 2018
Our summaryStore rationalization and profit improvement programs, including restructuring and other charges, with severance and employee-related costs of $6.1 million in fiscal 2016.
Word for word“No charges were incurred under these initiatives in fiscal 2017.” 10-K for 2018
Our summaryRestructuring and other charges recorded under the store rationalization and profit improvement programs, including severance and employee-related costs.
Word for word“Cumulative pre-tax restructuring and other charges incurred in fiscal 2016 and 2015 related to these programs was $109.6 million, of which approximately $68.1 million were cash expenses.” 10-K for 2018
Our summaryRecorded costs tied to the retirement of the CEO, including severance and consulting, accelerated share vesting and other costs.
Word for word“As a result of Mr. Ewert’s retirement, in the third quarter of 2018, we recorded a total of $6.4 million in costs including $5.4 million of severance and consulting costs, $0.7 million related to the accelerated vesting of certain share-based awards (net of the impact of forfeited awards) and $0.3 million of other costs.” 10-K for 2019
Our summaryClosed a rental product distribution center, which included severance costs.
Word for word“Consists of $4.0 million of rental product writeoffs, $0.4 million of severance costs, $0.3 million of closure related costs and $0.3 million of accelerated depreciation.” 10-K for 2019
Our summaryRecorded restructuring and other charges under store rationalization and profit improvement programs, including severance and employee-related costs; no charges were incurred under these in fiscal 2018 or 2017.
Word for word“Cumulative pre-tax restructuring and other charges related to these programs was $109.6 million, of which approximately $68.1 million were cash expenses.” 10-K for 2019
Our summaryThe company furloughed all U.S. store employees and many U.S. distribution and office employees, and temporarily laid off all Canadian store employees and many Canadian distribution and office employees, after extending its store closures.
Word for word“In conjunction with our decision to extend the temporary closure of our stores, we have also furloughed all of our U.S. store employees as well as a significant portion of employees in our U.S. distribution network and offices, and we implemented the temporary layoff of all Canadian store employees and a significant portion of Canadian employees in our Canadian distribution network and offices.” 10-K for 2020
Our summaryThe company recorded costs for multi-year cost savings and operational excellence programs in fiscal 2019, including consulting, severance, rental product write-offs from closing a Canadian distribution center, and lease termination costs.
Word for word“(1) Consists of $17.9 million in consulting costs, $5.7 million in severance costs, $2.9 million of rental product write-offs related to the closure of a distribution center in Canada and $0.6 million in lease termination costs.” 10-K for 2020
Our summaryThe company closed its rental product distribution center in fiscal 2018 and recorded write-offs, severance, closure costs and accelerated depreciation.
Word for word“(5) Consists of $4.0 million of rental product write-offs, $0.4 million of severance costs, $0.3 million of closure related costs and $0.3 million of accelerated depreciation.” 10-K for 2020
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2017-01-28 | — | $66.4 million | $62.2 million |
| 2018-02-03 | $0 | — | $5.6 million |
| 2019-02-02 | $0 | — | — |
Tailored Brands filed 4 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 Tailored Brands’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2020-04-08. 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.