SUBSEQUENT EVENTS

12 Months Ended

Dec. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Mystery Ranch and Butter Pat Acquisitions

During the first quarter of 2024, we completed the acquisitions of Mystery Ranch, Ltd. (“Mystery Ranch”), a designer and manufacturer of durable load-bearing backpacks, bags, and pack accessories, and Butter Pat Industries, LLC (“Butter Pat”), a designer and manufacturer of cast iron cookware. The total purchase consideration for both transactions was approximately $48.5 million in cash. The acquisitions were funded through cash on hand. We plan to integrate the Mystery Ranch and Butter Pat operations and products into our business to further expand our capabilities in the bags and cookware categories.

Share Repurchase Program

On February 1, 2024, the Company’s Board of Directors authorized the repurchase of up to $300 million (exclusive of fees and commission) of the Company’s common stock. Repurchases of shares of common stock may be made through various methods, including, but not limited to, open market, privately negotiated, or accelerated share repurchase transactions. Repurchases under the share repurchase program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The timing, manner, price, and actual amount of share repurchases will be determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, other capital allocation needs and opportunities, and corporate and regulatory considerations. The Company has no obligation to repurchase any amount of its common stock, and such repurchases, may be suspended or discontinued at any time. The Company expects to fund repurchases from its existing cash position or future cash flow generated from operations.