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ASSETS HELD FOR SALE AND BUSINESS DISPOSITION | 3 Months Ended
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Mar. 29, 2026
Discontinued Operations and Disposal Groups [Abstract] |
ASSETS HELD FOR SALE AND BUSINESS DISPOSITION | ASSETS HELD FOR SALE AND BUSINESS DISPOSITION On November 5, 2025, the Company entered into a definitive agreement to sell Spyce and certain assets relating to the kitchen automation technology known as the “Infinite Kitchen” and other related kitchen automation technology to certain subsidiaries of Wonder. As of December 28, 2025, the Company classified the Spyce business as held for sale, but determined the disposal did not meet the criteria for classification as discontinued operations. Accordingly, no impairment charges were recognized. On December 29, 2025, the Company completed the sale for total consideration of $186.4 million, made up of cash of $100 million and Series C preferred stock of Wonder with a fair value of $86.4 million. In connection therewith, the Company recorded a pre-tax gain, net of expenses, of $160.6 million for the thirteen weeks ended March 29, 2026. The activity was recognized within gain on disposal of business in the condensed consolidated statements of operations. At transaction close, the Company entered into an agreement with Wonder to continue to use and deploy Infinite Kitchen technology across the Company’s restaurants as part of an established licensing agreement. Wonder also agreed to provide certain other services to the Company for a transitional period under a supply and service agreement. Expenses associated with these agreements are presented in the respective line items of operating expenses in the condensed consolidated statements of operations. The following table summarizes the carrying values of the assets and liabilities classified as held for sale in the Company’s condensed consolidated balance sheets as of December 28, 2025:
(dollar amounts in thousands) |  |  | As of December 28, 2025
Assets |  |  |
Prepaid Expenses |  |  | $ | 72 |
Other current assets |  |  | 307 |
Operating lease assets |  |  | 562 |
Property and equipment, net |  |  | 5,324 |
Goodwill |  |  | 8,177 |
Intangible assets, net |  |  | 10,935 |
Security deposits |  |  | 50 |
Total assets held for sale |  |  | 25,427 |
Liabilities |  |  |
Current portion of operating lease liabilities |  |  | $ | 445 |
Operating lease liabilities, net of current portion |  |  | 640 |
Total liabilities held for sale |  |  | 1,085 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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