Restructuring and Other Charges

12 Months Ended

Mar. 27, 2021

Restructuring and Related Activities [Abstract]

Capri Retail Store Optimization Program

As previously announced, the Company intends to close approximately 170 of its retail stores over two fiscal years, which began during Fiscal 2021 and will continue into Fiscal 2022, in connection with its Capri Retail Store Optimization Program in order to improve the profitability of its retail store fleet. In addition, the Company expects to incur approximately $75 million of one-time costs related to this program, including lease termination and other store closure costs, the majority of which are expected to result in future cash expenditures.

During Fiscal 2021, the Company closed 101 of its retail stores which have been incorporated into the Capri Retail Store Optimization Program. Net restructuring charges recorded in connection with the Capri Retail Store Optimization Program during Fiscal 2021 was $5 million. The below table presents a roll forward of the Company's restructuring liability related to its Capri Retail Store Optimization Program (in millions):


	Severance and benefit costs		Lease-related and other costs		Total
Balance at March 28, 2020	$	—	$	—	$	—
Additions charged to expense (1)	2		11		13
Payments	(2)		(11)		(13)
Other	—		3		3
Balance at March 27, 2021	$	—	$	3	$	3

(1)Excludes a net credit of $8 million related to lease termination gains of previously impaired operating lease right-of-use assets partially offset by additional impairments for the stores closing under the Company’s Capri Retail Store Optimization Program during Fiscal 2021.

Michael Kors Retail Fleet Optimization Plan

During Fiscal 2020, the Company recorded restructuring charges of $5 million under the Michael Kors Retail Fleet Optimization Plan, which was completed during the fourth quarter of Fiscal 2020.

Other Restructuring Charges

In addition to the restructuring charges related to the Capri Retail Store Optimization Plan, the Company incurred charges of $8 million primarily relating to closures of corporate locations during Fiscal 2021.

The Company incurred $3 million of restructuring charges related to the Michael Kors Retail Fleet Optimization Plan during Fiscal 2020, primarily consisting of lease-related costs.

Other Costs

During Fiscal 2021, the Company recorded costs of $19 million primarily related to equity awards associated with the acquisition of Versace.

During Fiscal 2020, the Company recorded costs of $34 million, which included $24 million in connection with the Versace acquisition, $9 million in connection with the acquisition of Jimmy Choo and $1 million in connection with the acquisition of Gozzi.