Tiffany layoffs, on the record
Every job cut, severance charge and restructuring Tiffany reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 13,100 to approximately 14,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 13,100 | January 31, 2018 |
| 10-K for 2019 | approximately 14,200 | January 31, 2019 |
| 10-K for 2020 | approximately 14,100 | January 31, 2020 |
Job cuts, severance and restructuring
Our summaryImplemented specific cost-reduction initiatives that included staffing reductions and office sublease costs, recording expense within SG&A.
Word for word“In the fourth quarter of 2015, the Company implemented specific cost-reduction initiatives and recorded $8.8 million of expense within SG&A expenses.” 10-K for 2018
Our summaryRecorded severance expense tied to staffing reductions and office sublease costs as part of cost-reduction initiatives, with the pre-tax amount and after-tax effect disclosed.
Word for word“$8.8 million of pre-tax expense ($5.6 million after tax expense, or $0.05 per diluted share) associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered.” 10-K for 2018
Our summaryRecorded pre-tax expense for severance related to staffing reductions and office sublease costs, as listed in a non-GAAP reconciliation note.
Word for word“$9.4 million pre-tax expense associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered.” 10-K for 2018
Our summaryReported higher severance costs in 2017 linked to changes in corporate management, within an increase in other expenses.
Word for word“Such expenses increased $20.7 million in 2017, primarily due to an increase in charitable donations to the Tiffany & Co. Foundation, a private foundation organized to support 501(c)(3) charitable organizations, increased costs associated with upgrades to the Company's information technology systems and higher severance costs associated with changes in corporate management.” 10-K for 2019
Tiffany 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 Tiffany’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 2020-03-20. 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.