Restructuring and Other Expense

6 Months Ended

Sep. 27, 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 and six months ended September 27, 2025 the Company closed 15 and 30 retail stores, respectively, which have been incorporated into the Global Optimization Plan. The Company closed 8 and 19 retail stores incorporated into the Global Optimization Plan during the three and six months ended September 28, 2024, respectively. Net restructuring charges recorded in connection with the Global Optimization Plan during the three and six months ended September 27, 2025 were $2 million and $3 million, respectively, primarily related to severance and store closure costs, partially offset by gains on lease terminations. Net restructuring charges recorded in connection with the Global Optimization Plan during the three and six months ended September 28, 2024 were $1 million and $2 million, respectively, primarily related to lease termination and store closure costs.

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	4		—		(1)	4
Payments	(7)		—			(7)

Balance at September 27, 2025	$	1	$	—		$	1

(1)Excludes $1 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 (loss) income for the six months ended September 27, 2025.