In the present study, we investigate several outcome differences among 410 managers who either had or had not implemented layoffs (i.e., handing out warn notices) during one or more years between 2000 and 2003. Using survey data, our findings show that issuing warn notices significantly predicts increased self-reported health problems, seeking treatment for those health problems, sleep problems, feelings of depersonalization, and intent to quit. Emotional exhaustion fully mediates the relationship between issuing warn notices and health problems, depersonalization, and intent to quit, whereas it partially mediates the relationship to seeking treatment and sleep problems. A similar pattern was found for the mediating variable of job security. © 2006 Wiley Periodicals, Inc.