Tribune Publishing layoffs, on the record
Every job cut, severance charge and restructuring Tribune Publishing reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 4,448 to approximately 2,865.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 4,448 | December 30, 2018 |
| 10-K for 2019 | approximately 4,114 | December 29, 2019 |
| 10-K for 2020 | approximately 2,865 | As of December 27, 2020 |
Job cuts, severance and restructuring
Our summaryCompany reduced staffing levels by 840 positions, with pretax charges totaling $45.8 million, including positions tied to a voluntary severance incentive plan and New York Daily News and Chicago Tribune truck driver union reductions.
Word for word“During the year ended December 30, 2018 , the Company implemented reductions in staffing levels in its operations of 840 positions for which the Company recorded pretax charges totaling $45.8 million .” 10-K for 2018
Our summaryCompany offered a Voluntary Severance Incentive Plan giving enhanced separation benefits to eligible employees with more than 10 years of service, affecting 190 positions, funded through salary continuation.
Word for word“In the fourth quarter of 2018, the Company offered a Voluntary Severance Incentive Plan (“VSIP”) which provides enhanced separation benefits to eligible employees with more than 10 years of service.” 10-K for 2018
Our summaryCompany reduced 178 positions identified in the third quarter of 2018, about 50% of them at the New York Daily News.
Word for word“178 positions identified during the third quarter of 2018, of which approximately 50% were at the New York Daily News; 70 positions related to the New York Daily News truck drivers’ union and 38 positions related to the Chicago Tribune truck drivers’ union.” 10-K for 2018
Our summaryCompany reduced 70 New York Daily News truck driver union positions and 38 Chicago Tribune truck driver union positions through ratified collective bargaining agreements; the Chicago Tribune severance was paid as lump sums in the first quarter of 2019.
Word for word“In the fourth quarter of 2018, the truck drivers’ union of the Chicago Tribune ratified a new collective bargaining agreement with the Company that extended the existing agreement to 2021 and allows the Company to reduce the number of union positions.” 10-K for 2018
Our summaryCompany reduced staffing levels by 484 positions with pretax charges for severance totaling $18.0 million.
Word for word“During the year ended December 31, 2017 , the Company implemented reductions in staffing levels in its operations of 484 positions for which the Company recorded pretax charges related to these reductions totaling $18.0 million .” 10-K for 2018
Our summaryCompany permanently vacated office space in the Chicago area and South Florida, recording lease abandonment charges.
Word for word“In the second quarter of 2017, the Company permanently vacated approximately 33,629 sq. ft. of office space in the Chicago area and 30,000 sq. ft. of office space in South Florida and took a charge of $1.4 million and $0.6 million , respectively, related to the abandonments.” 10-K for 2018
Our summaryAfter year end, the company offered a Voluntary Severance Incentive Plan (2020 VSIP) with enhanced separation benefits for eligible employees with more than eight years of service.
Word for word“Subsequent to December 29, 2019, the Company offered a Voluntary Severance Incentive Plan ("2020 VSIP") which provides enhanced separation benefits to eligible employees with more than eight years of service.” 10-K for 2019
Our summaryThe company plans to fund the 2020 VSIP through salary continuation payments over the payout period.
Word for word“The Company plans to fund the 2020 VSIP ratably over the payout period through salary continuation that started in the first quarter of 2020 and continues through the second quarter 2021.” 10-K for 2019
Our summaryCompensation expense fell due to a decrease in severance expense, reflecting lower headcount from personnel restructuring in prior periods.
Word for word“This decrease was due primarily to a decrease in salary and payroll tax expense of $55.0 million , a decrease in severance expense of $34.5 million and a decrease in medical insurance expense of $9.3 million as a result of the reduction in headcount related to personnel restructuring in prior periods.” 10-K for 2019
Our summaryRestructuring and transaction costs, including severance, were reported in the Adjusted EBITDA reconciliation for the year.
Word for word“Restructuring and transaction costs (1) 19,222 (74.2 %) 74,481 * 30,890 Litigation settlement (2) — * — * 3,000 Stock-based compensation 13,170 26.0 % 10,453 12.9 % 9,255 Employee voluntary separation program — * — * 401 Adjusted EBITDA $ 101,359 8.0 % $ 93,856 (5.9 %) $ 99,782 * Represents positive or negative change in excess of 100% 38 (1) Restructuring and transaction costs include costs related to Tribune's internal restructuring, such as severance, charges associated with vacated space, costs related to completed and potential acquisitions and a one-time charge related to the Consulting Agreement.” 10-K for 2019
Our summaryMr. Knight, an executive, will receive severance under his employment agreement, including one year of base salary continuation through February 28, 2021 and his 2019 bonus.
Word for word“Mr. Knight will be eligible to receive severance pursuant to his employment agreement.” 10-K for 2019
Our summaryThe company offered a Voluntary Severance Incentive Plan with enhanced separation benefits to eligible long-serving employees.
Word for word“In the first quarter of 2020, the Company offered a Voluntary Severance Incentive Plan (“2020 VSIP”) which provided enhanced separation benefits to eligible employees with more than eight years of service.” 10-K for 2020
Our summaryTotal headcount fell by about 30 percent as the company flattened its management organization.
Word for word“These numbers reflect a 30.4% decrease in total headcount as a result of the Company’s strategy to flatten its management organization.” 10-K for 2020
Our summaryCompensation costs fell, partly offset by higher severance costs tied to personnel restructuring and production outsourcing.
Word for word“These decreases were partially offset by increased severance costs of $21.2 million related to personnel restructuring and production outsourcing .” 10-K for 2020
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-25 | $27.2 million | $59.2 million |
| 2017-12-31 | $22.8 million | $17.9 million |
| 2018-12-30 | $45.8 million | $28.3 million |
| 2019-12-29 | $8.5 million | $34.7 million |
| 2020-12-27 | $30.6 million | $24.8 million |
Tribune Publishing 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 Tribune Publishing’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 2021-03-08. 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.