In fiscal 2016, we announced the launch of Project Centennial, a comprehensive business and operational review. We identified opportunities to enhance revenue growth, streamline operations, improve efficiencies, and make investments that strengthen our competitive position and improve margins over the long term. We began Project Centennial with an evaluation of our brands, product mix, and organizational structure. We then developed strategic priorities to help us capitalize on retail and consumer changes. The primary objective is to improve margins and profitably grow revenue over time. These priorities are as follows:

Reduce costs to fuel growth. The company is focusing on reducing costs in our purchased goods and services initiative and our supply chain optimization plan. Purchased goods and services operations have been centralized to create standardization and develop consistent policies and specifications. Supply chain optimization intends to reduce operational complexity and capitalize on scale. This initiative includes, and will continue to include, consulting and other third-party costs as we finalize the organizational structure.

Develop leading capabilities. The company has operated under an organizational structure established with two business units (“BUs”), Fresh Bakery and Snacking/Specialty since May of 2017, and realigned key leadership roles. This structure also provided for centralized marketing, sales, supply chain, shared-services/administrative, and corporate strategy functions, each with more clearly defined roles and responsibilities. On July 17, 2020, the company implemented additional organizational structure changes designed to increase focus on brand growth, product innovation, and improving its cake operations. Elimination of the BUs and adoption of a brand focused organization structure is expected to be completed in the third quarter of fiscal 2020 and the company anticipates continuing to report our financial results in one operating segment. See Note 1, Basis of Presentation, of Notes to Condensed Consolidated Financial Statements of this Form 10-Q for a description of our segment presentation.

As discussed above, the company continues to evaluate its organizational structure and incurred $1.3 million of employee termination benefits charges related to a voluntary employee separation incentive plan (the “VSIP”) in the second quarter of fiscal 2020. The payments under the VSIP are anticipated to be paid in the third quarter of fiscal 2020. These charges consisted primarily of employee severance and benefits-related costs and were recorded in the restructuring and related impairment charges line item on our Condensed Consolidated Statements of Income.

Reinvigorate core business. This objective is to invest in our brands to align brands to consumers to maximize our return on investment. We expect to incur significant incremental marketing costs annually for brand development. These costs will not be restructuring and will be recognized as incurred. Project Centennial is expected to be completed by the end of fiscal 2021.

During the second quarter of fiscal 2020, the company entered into a contract to sell three closed bakeries currently included in assets held for sale and certain idle equipment at other bakeries included in property, plant and equipment, resulting in the recognition of $4.6 million of impairment charges. The sale of these assets is anticipated to be completed during the third quarter of fiscal 2020. In order to optimize sales and production of our organic products, the company has decided to cease using the Alpine Valley finite-lived trademark resulting in a $4.6 million impairment charge in the second quarter of 2020. These costs are recorded in the restructuring and related impairment charges line item on our Condensed Consolidated Statements of Income as referenced in the table below.

The company recognized impairment charges related to manufacturing line closures in the first quarter of fiscal 2019 and for a closed plant recorded in assets held for sale during the second quarter of fiscal 2019. The plant is being sold to streamline our core operations. These costs are recorded in the restructuring and related impairment charges line item on our Condensed Consolidated Statements of Income as referenced in the table below. The company continues to explore additional opportunities to streamline our core operations, but as of July 11, 2020, we cannot estimate the additional costs expected to be incurred for this initiative.

Capitalize on product adjacencies. This initiative focuses on growing market share in underdeveloped markets. Adjacencies are geographic and/or product categories that are expected to leverage our competitive advantages. This can be achieved either organically with our high-potential brands or through strategic acquisitions. As of July 11, 2020 we cannot estimate the additional costs expected to be incurred for this initiative.

The tables below present the components of costs associated with Project Centennial and the consulting and third-party implementation costs related to the project for the twelve and twenty-eight weeks ended July 11, 2020 and July 13, 2019 (amounts in thousands):

	For the Twelve Weeks Ended		For the Twenty-Eight Weeks Ended
	July 11, 2020		July 11, 2020
Restructuring and related impairment charges:
Impairment of trademark	$	4,636	$	4,636
Impairment of property, plant and equipment		4,634		4,634
Employee termination benefits		1,265		1,265
Restructuring and related impairment charges (1)		10,535		10,535
Project Centennial implementation costs (2)		5,584		8,976
Total Project Centennial restructuring and implementation costs	$	16,119	$	19,511

	For the Twelve Weeks Ended		For the Twenty-Eight Weeks Ended
	July 13, 2019		July 13, 2019
Restructuring and related impairment charges:
Reorganization costs	$	42	$	253
Impairment of assets		1,252		1,781
Employee termination benefits		753		731
Total Project Centennial restructuring costs (1)	$	2,047	$	2,765

The tables below present the components of, and changes in, our restructuring accruals for the twenty-eight weeks ended July 11, 2020 and July 13, 2019 (amounts in thousands):

	VSIP			Employee Termination Benefits⁽¹⁾			Reorganization Costs⁽²⁾		Total
Liability balance at December 28, 2019	$	174		$	1,450		$	—	$	1,624
Charges		1,265			—			—		1,265
Cash payments		(174	)		(1,223	)		—		(1,397	)
Liability balance (3) at July 11, 2020	$	1,265		$	227		$	—	$	1,492

	VSIP		Employee Termination Benefits⁽¹⁾			Reorganization Costs⁽²⁾			Total
Liability balance at December 29, 2018	$	174	$	227		$	—		$	401
Charges		—		731			253			984
Cash payments		—		(205	)		(253	)		(458	)
Liability balance (3) at July 13, 2019	$	174	$	753		$	—		$	927