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Subsequent Events
9 Months Ended
Oct. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

 

Subsequent to October 30, 2021, the Company entered into a stock purchase agreement to acquire all of the issued and outstanding shares of capital stock of Quiet Logistics, Inc. (“Quiet Logistics”) and certain equity interests in Locus Robotics Corp. and Axlehire, Inc., for $350 million in cash, subject to certain adjustments.  The Company expects to finance the purchase price with cash on hand.  The closing is subject to customary closing conditions and is expected to occur in the fourth quarter of Fiscal 2021.  Quiet Logistics will be a wholly-owned subsidiary of the Company.

 

 

Quiet Logistics is a supply chain platform that utilizes state-of-the-art technology and robotics and has provided cost-effective in-market fulfillment services for the Company, as well as for numerous other leading consumer brands.