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Restructuring and Other Charges
3 Months Ended
Jun. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges, Net
A description of significant restructuring and other activities and their related costs is provided below.
Fiscal 2025 Restructuring Activities
During the three months ended June 29, 2024, the Company recorded $3.3 million of cash-related restructuring charges, primarily associated with severance and benefit costs. As of June 29, 2024, the remaining liability related to these charges was $2.0 million, reflecting cash payments of $1.3 million made during the three months ended June 29, 2024.
Fiscal 2024 Restructuring Activities
During the three months ended July 1, 2023, the Company recorded $30.5 million of cash-related restructuring charges, primarily associated with severance and benefit costs. During Fiscal 2024, the Company recorded cumulative restructuring-related charges of $55.8 million, comprised of cash-related charges of $54.5 million, primarily associated with severance and benefit costs, and non-cash-related charges of $1.3 million. As of June 29, 2024 and March 30, 2024, the remaining liability related to these cash-related charges was $23.9 million and $30.2 million, respectively, reflecting cash payments of $6.3 million made during the three months ended June 29, 2024.
Other Restructuring Activities
During the three months ended June 29, 2024, the Company recognized $1.0 million of income within restructuring and other charges, net in the consolidated statements of operations related to consideration received from Regent, L.P. in connection with the Company's previously sold Club Monaco business. Refer to Note 9 of the Fiscal 2024 10-K for additional discussion regarding the Company's sale of its former Club Monaco business.
As of June 29, 2024 and March 30, 2024, the remaining liability related to the Company's restructuring plans initiated prior to its Fiscal 2024 was $3.5 million and $4.2 million, respectively, reflecting cash payments of $0.7 million made during the three months ended June 29, 2024.
Other Charges
Next Generation Transformation Project
The Company is in the early stages of executing a large-scale, multi-year global project that is expected to significantly transform the way in which the Company operates its business and further enable its long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project will be completed in phases and involves the redesigning of certain end-to-end processes and the implementation of a suite of information systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, including merchandise buying and planning, procurement, inventory management, retail and wholesale operations, and financial planning and reporting, better enabling the Company to optimize inventory levels and increase the speed with which it reacts to changes in consumer demand across markets, among other benefits. In connection with the preliminary phase of the NGT project, the Company recorded other charges of $2.3 million during the three months ended June 29, 2024.
Previously Exited Real Estate
The Company recorded other charges of $2.8 million and $5.1 million during the three-month periods ended June 29, 2024 and July 1, 2023, respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations in connection with the Company's past restructuring activities for which the related lease agreements have not yet expired.