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Restructuring and Other Charges
6 Months Ended
Sep. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges, Net
A description of significant restructuring and other activities and their related costs is provided below.
Fiscal 2025 Restructuring Activities
During the three-month and six-month periods ended September 28, 2024, the Company recorded $7.4 million and $10.7 million, respectively, of cash-related restructuring charges, primarily associated with severance and benefit costs. As of September 28, 2024, the remaining liability related to these cash-related charges was $7.9 million, reflecting cash payments of $2.8 million made during the six months ended September 28, 2024. The Company also recorded non-cash-related charges, net of $1.6 million during the three-month and six-month periods ended September 28, 2024, primarily related to stock-based compensation expense recorded in connection with an employment separation agreement.
Fiscal 2024 Restructuring Activities
During the three-month and six-month periods ended September 30, 2023, the Company recorded $6.8 million and $37.3 million, respectively, of cash-related restructuring charges, primarily associated with severance and benefit costs. During Fiscal 2024, the Company recorded cumulative restructuring-related charges of $55.8 million, comprised of cash-related charges of $54.5 million, primarily associated with severance and benefit costs, and non-cash-related charges of $1.3 million. As of September 28, 2024 and March 30, 2024, the remaining liability related to these cash-related charges was $15.5 million and $30.2 million, respectively, reflecting cash payments of $14.9 million and non-cash adjustments of $0.2 million made during the six months ended September 28, 2024.
Other Restructuring Activities
During the three-month and six-month periods ended September 28, 2024, the Company recognized $0.4 million and $1.4 million, respectively, of income within restructuring and other charges, net in the consolidated statements of operations related to consideration received from Regent, L.P. in connection with the Company's previously sold Club Monaco business. On a comparative basis, during the three-month and six-month periods ended September 30, 2023, the Company recognized $2.0 million of income within restructuring and other charges, net in the consolidated statements of operations related to consideration received from Regent, L.P. in connection with the Company's previously sold Club Monaco business. Refer to Note 9 of the Fiscal 2024 10-K for additional discussion regarding the Company's sale of its former Club Monaco business.
As of September 28, 2024 and March 30, 2024, the remaining liability related to the Company's restructuring plans initiated prior to its Fiscal 2024 was $2.6 million and $4.2 million, respectively, reflecting cash payments of $1.6 million made during the six months ended September 28, 2024.
Other Charges
Next Generation Transformation Project
The Company is in the early stages of executing a large-scale, multi-year global project that is expected to significantly transform the way in which the Company operates its business and further enable its long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project will be completed in phases and involves the redesigning of certain end-to-end processes and the implementation of a suite of information systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, including merchandise buying and planning, procurement, inventory management, retail and wholesale operations, and financial planning and reporting, better enabling the Company to optimize inventory levels and increase the speed with which it reacts to changes in consumer demand across markets, among other benefits. In connection with the preliminary phase of the NGT project, the Company recorded other charges of $5.7 million and $8.0 million, respectively, during the three-month and six-month periods ended September 28, 2024.
Previously Exited Real Estate
The Company recorded other charges of $4.1 million and $6.9 million during the three-month and six-month periods ended September 28, 2024, respectively, and $4.5 million and $9.6 million during the three-month and six-month periods ended September 30, 2023, respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations in connection with the Company's past restructuring activities for which the related lease agreements have not yet expired.