Veritiv layoffs, on the record
Every job cut, severance charge and restructuring Veritiv reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 6,400 to approximately 5,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 6,400 | As of December 31, 2020 |
| 10-K for 2021 | approximately 6,100 | December 31, 2021 |
| 10-K for 2022 | approximately 5,000 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryCompany reduced its U.S. salaried workforce by about 15% across all segments and corporate functions as part of cost-savings actions in July 2020.
Word for word“These actions included the permanent reduction of the Company's U.S. salaried workforce by approximately 15% across all business segments and corporate functions, as further described under "2020 Restructuring Plan" below.” 10-K for 2020
Our summaryCompany initiated the 2020 Restructuring Plan in response to COVID-19 and secular changes in Print and Publishing, then expanded it in the fourth quarter.
Word for word“The Company estimates it will now incur total restructuring charges of between $77 million and $101 million in connection with the 2020 Restructuring Plan.” 10-K for 2020
Our summaryCompany estimated employee termination and other one-time compensation costs under the 2020 Restructuring Plan.
Word for word“These costs will consist of approximately (i) $52 million to $54 million in employee termination and other one-time compensation costs, (ii) $11 million to $29 million in real estate exit costs, (iii) $10 million in inventory related costs and (iv) $4 million to $8 million in other exit costs.” 10-K for 2020
Our summaryCompany expects to substantially complete the 2020 Restructuring Plan by the end of 2021, with initial charges recorded in June 2020.
Word for word“The Company expects to substantially complete the 2020 Restructuring Plan by the end of 2021.” 10-K for 2020
Our summaryVeritiv started a restructuring plan in response to COVID-19 and secular changes in its Print and Publishing segments, later expanded, which included reducing the U.S. salaried workforce by about 15%.
Word for word“The 2020 Restructuring Plan includes (i) a reduction of the Company's U.S. salaried workforce by approximately 15% across all business segments and corporate functions, (ii) the closure of certain warehouse facilities and retail stores, (iii) adjustments to various compensation plans, (iv) repositioning of inventory to expand the Company's service radius and (v) other actions.” 10-K for 2021
Our summaryVeritiv reported restructuring charges, net, in 2021 and noted the 2020 Restructuring Plan was substantially completed by the end of 2021.
Word for word“Restructuring charges, net decreased by $36.8 million, or 70.5%.” 10-K for 2021
Our summaryIn December 2021 Veritiv prepaid restructuring costs for other one-time compensation.
Word for word“In December 2021, the Company prepaid $3.3 million of restructuring costs for other one-time compensation, which remained as a component of other current assets on the Consolidated Balance Sheet as of December 31, 2021.” 10-K for 2021
Our summaryThe company reported total costs and charges for the 2020 Restructuring Plan through the end of 2022 and said the plan was complete.
Word for word“Through December 31, 2022, the Company incurred approximately $69.6 million in costs and charges, of which $2.0 million was incurred during the year ended December 31, 2022.” 10-K for 2022
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $12.4 million |
| 2017-12-31 | $16.7 million |
| 2018-12-31 | $21.3 million |
| 2019-12-31 | $28.8 million |
| 2020-12-31 | $52.2 million |
| 2021-12-31 | $15.4 million |
| 2022-12-31 | $2 million |
Veritiv 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 Veritiv’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 2023-02-28. 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.