Subsequent Event

12 Months Ended

Mar. 28, 2020

Subsequent Event.

Subsequent Event

16. Subsequent Events

Subsequent to the fiscal year ended March 28, 2020, on June 1, 2020, the Company granted time-based and performance-based restricted stock awards under the Company’s Amended and Restated 2013 Incentive Award Plan to certain officers and employees of the Company. The total number of restricted shares granted was 1,358,709 with a grant-date fair value of $3.03 per share. The time-based restricted stock awards will vest over 3 years. The performance-based restricted stock awards vest based on achievement of fiscal 2020 performance targets and are also subject to time-based vesting requirements over 3 years.

Subsequent to the fiscal year ended March 28, 2020, the Company renegotiated alternative terms for most operating lease payments related to its stores. The financial statement impact of these renegotiated terms is still being evaluated. The Company does not plan to elect the relief provided by the Securities and Exchange Commission as it relates to modification accounting for leases.

Subsequent to the fiscal year ended March 28,2020, the Company paid down approximately $20,000 of outstanding borrowings on the Revolving Credit Facility.