Vitamin Shoppe layoffs, on the record
Every job cut, severance charge and restructuring Vitamin Shoppe reported in its annual reports, 2016 to 2018, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 3,887 full-time and 1,616 part-time employees | December 31, 2016 |
| 10-K for 2017 | 3,860 full-time and 1,713 part-time employees | December 30, 2017 |
| 10-K for 2018 | 3,503 full-time and 1,633 part-time employees | December 29, 2018 |
Job cuts, severance and restructuring
Our summaryThe company ceased operations in Canada, with estimated annual cost savings of about $1.0 million; costs for the two initiatives include lease liabilities, markdown charges on inventory and employee severance.
Word for word“The annual cost savings related to ceasing operations in Canada are estimated to be approximately $1.0 million.” 10-K for 2016
Our summaryThe company closed its Seattle distribution center, with related closure costs recorded.
Word for word“(c) Costs primarily related to the closure of the Seattle distribution center.” 10-K for 2016
Our summaryThe company recorded management realignment charges consisting of severance, sign-on bonuses, recruiting and relocation costs.
Word for word“(e) Management realignment charges primarily consist of severance, sign-on bonuses, recruiting and relocation costs.” 10-K for 2016
Our summaryIn Fiscal 2015 the company recorded costs including inventory reserve charges, impairment charges to fixed assets and severance charges in connection with its reinvention strategy.
Word for word“In Fiscal 2015, costs include inventory reserve charges, impairment charges to fixed assets and severance charges.” 10-K for 2016
Our summaryNutri-Force restructuring: outside consultants assessed the business and initiatives were implemented to improve efficiency, eliminate unprofitable SKUs, reduce third-party sales and costs; substantially completed in Fiscal 2017.
Word for word“During Fiscal 2017, the Company engaged outside consultants to perform an assessment of the operations of Nutri-Force and to assist in the development of initiatives required to improve the performance of this business.” 10-K for 2017
Our summaryClosed the North Bergen, New Jersey distribution center, with operations transitioned to other distribution centers; lease expires August 31, 2018.
Word for word“In August 2017, the Company announced its intention to close the North Bergen, New Jersey distribution center prior to or by the August 31, 2018 lease expiration.” 10-K for 2017
Our summaryThe company closed its North Bergen, New Jersey distribution center and moved distribution to its other centers, with costs that included severance.
Word for word“Costs related to this closure, including occupancy, severance and other expenses, for the fiscal year ended December 29, 2018 were $2.7 million , of which approximately $1.6 million is included in cost of goods sold and approximately $1.1 million is included in selling, general and administrative expenses in the consolidated statements of operations.” 10-K for 2018
Our summaryThe company reported closure costs for the North Bergen distribution center in the prior fiscal year, including inventory obsolescence and severance.
Word for word“Costs related to this closure, including inventory obsolescence charges, severance and other expenses, for the fiscal year ended December 30, 2017 were $3.1 million , and substantially all of these costs are included in cost of goods sold in the consolidated statements of operations.” 10-K for 2018
Our summaryNutri-Force, a discontinued business, incurred costs in Fiscal 2018 that included lease termination charges and severance.
Word for word“During Fiscal 2018, Nutri-Force incurred approximately $7.1 million of related costs which primarily consisted of lease termination charges, operating losses during the six-month term of the transition services agreement executed by the parties and severance costs.” 10-K for 2018
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $0 |
| 2017-12-30 | $12.3 million |
Vitamin Shoppe 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 Vitamin Shoppe’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-26. 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.