Subsequent Event

9 Months Ended

Sep. 28, 2024

Subsequent Events [Abstract]

Subsequent Event

16. Subsequent Event

On November 7, 2024, we approved a cost reduction plan (the “2024 Cost Reduction Plan”), which is intended to reduce expenses by reducing our workforce by approximately 19 percent. We expect to incur restructuring costs of approximately $900,000 in estimated severance and other employee-related expenses associated with the 2024 Cost Reduction Plan. Substantially all cash outlays in connection with the 2024 Cost Reduction Plan are expected to occur in the fourth quarter of fiscal 2024. Implementation of the 2024 Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses and contractor payments by approximately $5.1 million on an annual basis. However, we may not be able to fully realize the cost savings and benefits initially anticipated from the 2024 Cost Reduction Plan, and the expected costs may be greater than expected.