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SHAREHOLDERS' DEFICIT
3 Months Ended
Sep. 28, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' Deficit
The changes in Total shareholders’ deficit during the thirteen week periods ended September 28, 2022 and September 29, 2021, respectively, were as follows:
Thirteen Week Period Ended September 28, 2022
Common StockAdditional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balances at June 29, 2022$7.0 $690.9 $(148.4)$(812.3)$(5.3)$(268.1)
Net loss— — (30.2)— — (30.2)
Other comprehensive loss— — — — (1.0)(1.0)
Dividends— — 0.0 — — 0.0 
Stock-based compensation— 4.7 — — — 4.7 
Purchases of treasury stock— 0.2 — (2.2)— (2.0)
Issuances of treasury stock— (7.8)— 7.8 — — 
Retirement of common stock(1.0)— (306.1)307.1 — — 
Balances at September 28, 2022$6.0 $688.0 $(484.7)$(499.6)$(6.3)$(296.6)
Thirteen Week Period Ended September 29, 2021
Common StockAdditional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balances at June 30, 2021$7.0 $685.4 $(266.1)$(724.9)$(4.7)$(303.3)
Net income— — 13.2 — — 13.2 
Other comprehensive loss— — — — (0.4)(0.4)
Dividends — — 0.0 — — 0.0 
Stock-based compensation— 4.3 — — — 4.3 
Purchases of treasury stock— (2.0)— (37.6)— (39.6)
Issuances of treasury stock— (8.3)— 8.6 — 0.3 
Balances at September 29, 2021$7.0 $679.4 $(252.9)$(753.9)$(5.1)$(325.5)
Retirement of Common Stock
During the thirteen week period ended September 28, 2022, the Board of Directors approved the retirement of 10.0 million shares of Treasury stock for a weighted average price per share of $30.71. As of September 28, 2022, 16.3 million shares remain in treasury.
Share Repurchases
Our share repurchase program is used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings and planned investment and financing needs. Repurchased shares are reflected as an increase in Treasury stock within Shareholders’ deficit in the Consolidated Balance Sheets (Unaudited).
In August 2021, our Board of Directors reinstated our share repurchase program, allowing for a total available repurchase authority of $300.0 million. In the thirteen week period ended September 28, 2022, we repurchased 0.1 million shares of our common stock for $2.0 million, all of which were purchased from team members to satisfy tax withholding obligations on the vesting of restricted shares. As of September 28, 2022, approximately $204.0 million was available under our share repurchase authorizations.
Stock-based Compensation
The following table presents the restricted share awards granted and related weighted average fair value per share amounts.
Thirteen Week Periods Ended
September 28,
2022
September 29,
2021
Restricted share awards
Restricted share awards granted0.5 0.4 
Weighted average fair value per share$28.42 $53.76 
Dividends
In the fourth quarter of fiscal 2020, our Board of Directors voted to suspend the quarterly cash dividend in response to liquidity needs created by the COVID-19 pandemic. In the thirteen week periods ended September 28, 2022 and September 29, 2021, dividends paid were solely related to the accrued dividends for restricted share awards that were granted prior to the suspension and vested in the period. Restricted share award dividends are accrued in Other accrued liabilities for the current portion to vest within 12 months, and Other liabilities for the portion that will vest after one year.