Restructuring and Other Expense

3 Months Ended

Jun. 28, 2025

Restructuring and Related Activities [Abstract]

Restructuring Charges - Global Optimization Plan

As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth.

During the three months ended June 28, 2025 and June 29, 2024, the Company closed 15 and 11 of its retail stores, respectively, which have been incorporated into the Global Optimization Plan. Net restructuring charges recorded in connection with the Global Optimization Plan during both the three months ended June 28, 2025 and June 29, 2024 were $1 million, respectively, primarily related to severance and store closure costs, partially offset by gains on lease terminations. The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):


	Severance and benefit costs		Lease-related and other costs			Total
Balance at March 29, 2025	$	4	$	—		$	4
Additions charged to expense	3		—		(1)	3
Payments	(5)		—			(5)

Balance at June 28, 2025	$	2	$	—		$	2

(1)Excludes $2 million of gains on lease terminations and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense on the consolidated statements of operations and comprehensive income (loss) for the three months ended June 28, 2025.