Stockholders' Equity

12 Months Ended

Jun. 27, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 15. Stockholders' Equity

Repurchase of Common Stock

As of June 27, 2020, the Board of Directors authorized a stock repurchase program of up to $200 million of the Company’s common stock through open market or private transactions before September 30, 2021.

The following table summarizes share repurchase activity related to the Company’s stock repurchase program (in millions, except per share amounts):

	Years Ended
	June 27, 2020		June 29, 2019		June 30, 2018
Total number of shares repurchased	3.7		1.1		4.4
Average price per share	$	11.99	$	10.14	$	9.25
Total purchase price	$	44.4	$	11.3	$	40.9
Remaining authorization at end of period	$	155.6	$	51.4	$	62.7

The total purchase price of these repurchases was reflected as a decrease to common stock based on the stated par value per share with the remainder charged to accumulated deficit. All common shares repurchased during fiscal 2020, 2019 and 2018 have been canceled and retired.

Preferred Stock

The Company’s Board of Directors has authority to issue up to 1,000,000 shares of undesignated preferred stock and to determine the powers, preferences and rights and the qualifications, limitations or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock and to fix the number of shares constituting any series and the designation of such series, without the consent of the Company’s stockholders. The preferred stock could be issued with voting, liquidation, dividend and other rights superior to those of the holders of common stock. Subsequent issuance of any preferred stock by the Company’s Board of Directors, under some circumstances, could have the effect of delaying, deferring or preventing a change in control.