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ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION

6 Months Ended

Jul. 03, 2021

Restructuring and Related Activities [Abstract]

ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION

ORGANIZATIONAL RESTRUCTURING AND OFFICE CONSOLIDATION

As previously announced, the Company initiated several organizational restructuring initiatives which included a reorganization of staffing models across multiple functions to drive labor savings and increase efficiencies, the consolidation of certain functions into our corporate headquarters in Atlanta, Georgia, and over 100 planned store closures by the end of fiscal 2021.

In conjunction with these initiatives, the Company recorded the following charges in selling, general and administrative expenses:

			Fiscal quarter ended												Two fiscal quarters ended
(dollars in thousands)			July 3, 2021						June 27, 2020						July 3, 2021						June 27, 2020
Severance and other termination benefits(*)			$	(688)					$	1,207					$	(773)					$	4,096
Lease exit costs			2,863						1,233						3,412						1,664
Relocation and recruiting			—						1,019						7						1,502
Other closure costs			30						7						53						93
Total			$	2,205					$	3,466					$	2,699					$	7,355

(*)Severance and other termination benefits in the two fiscal quarters ended July 3, 2021 reflect revised employee assumptions.

The Company paid approximately $1.5 million and $4.5 million in severance and other termination benefits during the second fiscal quarter and two fiscal quarters ended July 3, 2021, respectively. As of July 3, 2021, there was approximately $2.5 million in reserves related to severance and other termination benefits expected to be paid out during fiscal 2021 included in Other current liabilities in the accompanying unaudited condensed consolidated balance sheets as of July 3, 2021. The Company expects to incur additional restructuring-related severance charges of approximately $0.5 million through fiscal 2021.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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