XML 35 R18.htm IDEA: XBRL DOCUMENT v3.25.1
Restructuring and Other Expense
 12 Months Ended
Mar. 29, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Expense Restructuring and Other Expense
Restructuring Charges - Global Optimization Plan
As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth.
During Fiscal 2025 and Fiscal 2024, the Company closed 83 and 7 of its retail stores, respectively, which have been incorporated into the Global Optimization Plan. Net restructuring expenses recorded in connection with the Global Optimization Plan during Fiscal 2025 was $7 million, primarily related to severance and store closure costs, partially offset by gains on lease terminations. During Fiscal 2024, net restructuring expenses recorded in connection with the Global Optimization Plan was $26 million, of which $22 million were related to organizational efficiency initiatives consisting primarily of severance and employee-related costs and $4 million of lease termination and other store closure costs.
The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
Severance and Benefit CostsLease-Related and Other CostsTotal
Balance at March 30, 2024
$21 $1 $22 
Additions charged to expense 12 4 
(1)
16 
Payments(24)(5)(29)
Balance at March 29, 2025
$9 $— $9 
(1)Excludes $9 million of gains on lease terminations and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense on the consolidated statement of operations and comprehensive (loss) income for the fiscal year ended March 29, 2025.
Other Charges
During Fiscal 2024, the Company recorded net costs of $7 million primarily related to expenses for equity awards associated with the acquisition of Versace and severance for certain employees, partially offset by a $10 million gain on the sale of a long-lived corporate asset.
During Fiscal 2023, the Company recorded costs of $16 million primarily relating to equity awards associated with the acquisition of Versace.