Volt Information Sciences layoffs, on the record
Every job cut, severance charge and restructuring Volt Information Sciences reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 17,100 to approximately 15,400.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 17,100 | November 3, 2019 |
| 10-K for 2020 | approximately 15,600 | As of November 1, 2020 |
| 10-K for 2021 | approximately 15,400 | As of October 31, 2021 |
Job cuts, severance and restructuring
Our summaryApproved a fiscal 2020 restructuring plan to offshore roles to Bangalore, India, affecting about 125 employees.
Word for word“The plan will affect approximately 125 employees.” 10-K for 2019
Our summaryApproved a restructuring plan (the 2018 Plan) based on an organizational and process redesign; the plan was completed by the end of fiscal 2019.
Word for word“On October 16, 2018, the Company approved a restructuring plan (the “2018 Plan”) based on an organizational and process redesign intended to optimize the Company's strategic growth initiatives and overall business performance.” 10-K for 2019
Our summaryExited the customer care solutions business, with severance and lease termination costs recorded.
Word for word“As a result of this exit, the Company incurred restructuring and severance costs of $2.1 million during fiscal 2019.” 10-K for 2019
Our summaryPaid severance under a separation agreement with the former Chief Financial Officer, Paul Tomkins.
Word for word“The Company incurred related severance costs of $0.9 million in the fourth quarter of fiscal 2019, which is payable over a period of 12 months beginning November 2019.” 10-K for 2019
Our summaryPaid severance under a separation agreement with the former President and Chief Executive Officer, Dean.
Word for word“The Company incurred related severance costs of $2.6 million in the third quarter of fiscal 2018, which is payable over a period of 24 months .” 10-K for 2019
Our summaryTook other restructuring actions to reduce costs, mainly eliminating certain positions.
Word for word“The Company recorded severance costs of $0.7 million and $1.3 million , respectively, primarily resulting from the elimination of certain positions.” 10-K for 2019
Our summaryIncurred severance and restructuring costs under the 2020 Plan, with total costs recorded in fiscal 2020.
Word for word“The total costs incurred in fiscal 2020 in connection with the 2020 Plan were $ 1.2 million, consisting of $ 0.1 million in North American Staffing, $ 0.1 million in International Staffing and $ 1.0 million in the Corporate and Other category.” 10-K for 2020
Our summaryRecorded other restructuring actions to reduce costs and offset COVID-19 related revenue losses, mainly eliminating certain positions.
Word for word“The Company recorded severance costs of $ 1.3 million and $ 0.7 million, respectively, primarily resulting from the elimination of certain positions.” 10-K for 2020
Our summaryExited the customer care solutions business, incurring severance and lease termination costs.
Word for word“As a result of this exit, the Company incurred restructuring and severance costs of $ 2.1 million during fiscal 2019.” 10-K for 2020
Our summaryApproved a 2018 restructuring plan based on an organizational and process redesign, completed by the end of fiscal 2019.
Word for word“The 2018 Plan was completed by the end of fiscal 2019.” 10-K for 2020
Our summaryPaid severance under a separation agreement with the former Chief Financial Officer, who stepped down in August 2019.
Word for word“The Company incurred related severance costs of $ 0.9 million in the fourth quarter of fiscal 2019, which was paid over a period of 12 months beginning November 2019.” 10-K for 2020
Our summaryPaid severance under a separation agreement with a former chief executive officer.
Word for word“The Company incurred related severance costs of $ 2.6 million in the third quarter of fiscal 2018, which was paid over a period of 24 months.” 10-K for 2020
Our summaryThe company recorded restructuring and severance costs for fiscal 2021, mostly for exited facilities and severance.
Word for word“Restructuring and severance costs in fiscal 2021 were primarily due to $1.8 million of ongoing costs of facilities exited in the second half of fiscal 2020 and $1.0 million in severance costs.” 10-K for 2021
Our summaryThe company approved a 2020 restructuring plan that moved many roles to its Bangalore, India operations to cut costs.
Word for word“The 2020 Plan leveraged the global capabilities of the Company's staffing operations based in Bangalore, India and off-shored a significant number of strategically identified roles to this location.” 10-K for 2021
Our summaryThe company recorded severance costs in fiscal 2021 and 2020 mainly from eliminating certain positions.
Word for word“In fiscal 2021 and 2020, the Company recorded severance costs of $ 1.0 million and $ 1.1 million, respectively, primarily resulting from the elimination of certain positions.” 10-K for 2021
| Fiscal year ended | Severance costs | Cash paid for restructuring |
|---|---|---|
| 2016-10-30 | — | $4.1 million |
| 2017-10-29 | — | $2.7 million |
| 2018-10-28 | $1.3 million | $2.8 million |
| 2019-11-03 | $700,000 | $6.5 million |
| 2020-11-01 | $1.3 million | $4.3 million |
| 2021-10-31 | — | $2.5 million |
Volt Information Sciences filed 1 restructuring notice (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 Volt Information Sciences’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-01-13. 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.