Restructuring and Other Charges

6 Months Ended

Sep. 25, 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 has reassessed the total cost of the plan and now expects to incur approximately $25 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 the three and six months ended September 25, 2021, the Company closed 16 and 26 of its retail stores, respectively, which have been incorporated into the Capri Retail Store Optimization Program. Net restructuring (gains) charges recorded in connection with the Capri Retail Store Optimization Program during the three and six months ended September 25, 2021 were $(1) million and $(4) million, respectively, and $2 million and $5 million, during the three and six months ended September 26, 2020, respectively. 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 27, 2021	$	—	$	3	$	3
Additions charged to expense (1)	1		2		3
Payments	(1)		(3)		(4)

Balance at September 25, 2021	$	—	$	2	$	2

(1)Excludes a net credit of $7 million related to gains on certain lease terminations partially offset by store operating costs for previously closed stores during the six months ended September 25, 2021.

Other Restructuring Charges

In addition to the restructuring charges related to the Capri Retail Store Optimization Program, the Company incurred charges of $2 million and $3 million during the three and six months ended September 25, 2021, respectively, primarily relating to closures of corporate locations. There were no charges for the three and six months ended September 26, 2020.

Other Costs

During both the three and six months ended September 25, 2021 and September 26, 2020, the Company recorded costs of $7 million and $12 million, respectively, primarily related to equity awards associated with the acquisition of Versace.