Tuesday Morning layoffs, on the record
Every job cut, severance charge and restructuring Tuesday Morning reported in its annual reports, 2020 to 2022, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | 1,601 persons on a full‑time basis and 4,445 persons on a part‑time basis | July 2, 2022 |
Job cuts, severance and restructuring
Our summaryImplemented a reduction in force in the fourth quarter of fiscal 2020 in response to COVID-19, reducing headcount significantly from the prior year.
Word for word“As of June 30, 2020, we employed 1,555 persons on a full‑time basis and 5,878 persons on a part‑time basis, which is a significant reduction from the prior year due to the impacts of COVID-19 and a resulting reduction in force we implemented in the fourth quarter of fiscal 2020.” 10-K for 2020
Our summaryCompleted a reorganization reduction in force before filing Chapter 11, with compensation costs recorded within restructuring costs.
Word for word“Restructuring costs, excluding impairment and abandonment charges, were $8.3 million during fiscal 2020, and included compensation costs related to a reorganization reduction in force completed prior to the filing of our Chapter 11 Cases along with professional fees incurred prior to the filings.” 10-K for 2020
Our summaryRecorded severance and compensation related costs from the reorganization reduction in force within total restructuring costs.
Word for word“Restructuring costs: Professional fees $ 5,212 Severance and compensation related costs 3,122 Total restructuring costs $ 8,334 Impairment costs: Store long-lived assets $ 11,656 Distribution center long-lived assets 16,794 Operating lease right-of-use assets 51,626 Total impairment costs $ 80,076 Abandonment costs: Accelerated recognition of operating lease right-of-use assets 25,082 Total abandonment costs $ 25,082 Total restructuring, impairment and abandonment costs $ 113,492 F-9 Reorganization Items Reorganization items included in our consolidated statement of operations represent amounts incurred from the Petition Date onward directly resulting from the Chapter 11 Cases and consist of professional fees of $3.6 million.” 10-K for 2020
Our summaryApproved permanent closure of stores (approximately 200 stores) and the Phoenix, Arizona distribution center, with related impairment and abandonment charges.
Word for word“In the fiscal year ended June 30, 2020, we recorded impairment and abandonment charges of $105.2 million related to the permanent store and Phoenix distribution center closing plan , as discussed in Note 1 in the Notes to Consolidated Financial Statements .” 10-K for 2020
Our summaryPlans to close the Phoenix, Arizona distribution center in early fiscal 2021.
Word for word“We also expect to close our Phoenix, Arizona distribution center in early fiscal 2021 .” 10-K for 2020
Our summaryPermanently closed 197 stores under the bankruptcy plan of reorganization.
Word for word“In accordance with our bankruptcy plan of reorganization, described below, we completed the permanent closure of 197 stores in the first quarter of 2021 and the closure of our Phoenix, Arizona distribution center (“Phoenix distribution center”) in second quarter of 2021.” 10-K for 2021
Our summaryClosed the Phoenix distribution center.
Word for word“In accordance with our bankruptcy plan of reorganization, described below, we completed the permanent closure of 197 stores in the first quarter of 2021 and the closure of our Phoenix distribution center in second quarter of 2021.” 10-K for 2021
Our summaryReduction in force implemented in fiscal 2020 due to COVID-19 impacts, which the filing says drove a significant reduction in headcount.
Word for word“As of June 30, 2021, we employed 1,607 persons on a full‑time basis and 4,692 persons on a part‑time basis, which is a significant reduction from the prior year due to the impacts of COVID-19 resulting with a reduction in force we implemented in the fourth quarter of fiscal 2020.” 10-K for 2021
Our summaryRecorded restructuring costs including executive severance and employee retention costs.
Word for word“For the year-ended June 30, 2021, restructuring and abandonment costs primarily related to $ 3.6 million of executive severance and employee retention costs, intangible impairment charge of $ 1.6 million, as well as abandonment cost of $ 5.6 million related to the permanent closure of our stores and the Phoenix distribution center.” 10-K for 2021
Our summaryReorganization reduction in force completed before the Chapter 11 filing, with related compensation costs.
Word for word“The se cost s during fiscal 202 0 , were charges primarily related to ( i ) $80.1 million in impairment cost and $25.1 million in abandonment cost relating to our permanent store closing plan along with our decision to close the Phoenix distribution center; (ii) $5.2 million in pre-filing incremental professional fees; and (iii) $3.1 million in compensation costs related to a reorganization reduction in force completed prior to the filing of the Chapter 11 Cases.” 10-K for 2021
Our summaryUnder its bankruptcy reorganization plan, the company permanently closed 197 stores in the first quarter of fiscal 2021 and closed its Phoenix, Arizona distribution center in the second quarter of fiscal 2021.
Word for word“In accordance with our bankruptcy plan of reorganization, described below, we completed the permanent closure of 197 stores in the first quarter of fiscal 2021 and the closure of our Phoenix, Arizona distribution center (“Phoenix distribution center”) in second quarter of fiscal 2021.” 10-K for 2022
Our summaryIn fiscal 2022 the company recorded restructuring, impairment and abandonment charges, mainly software abandonment and employee retention costs.
Word for word“For the year ended July 2, 2022, restructuring, impairment and abandonment charges of $ 2.5 million primarily relate to software abandonment charges of $ 2.0 million and $ 0.5 million in employee retention cost.” 10-K for 2022
| Fiscal year ended | Severance costs |
|---|---|
| 2020-06-30 | $3.1 million |
| 2021-06-30 | $3.6 million |
| 2022-07-02 | $499,000 |
Tuesday Morning filed 2 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 Tuesday Morning’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2022-09-28. 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.