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STOCKHOLDERS EQUITY AND REPURCHAES OF COMMON STOCK | 9 Months Ended
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Jul. 06, 2025
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS EQUITY AND REPURCHASES OF COMMON STOCK | STOCKHOLDERS EQUITY AND REPURCHASES OF COMMON STOCK Repurchases of common stock — The Company repurchased 0.1 million shares of its common stock in the year-to-date period ended July 6, 2025 for an aggregate cost of $5.0 million, including applicable excise tax. As of July 6, 2025, there was $175.0 million remaining under share repurchase programs authorized by the Board of Directors which does not expire. Dividends — Through July 6, 2025, the Board of Directors declared two cash dividends of $0.44 per common share totaling $16.7 million. Future dividends are discontinued and the Company will direct a majority of those funds toward debt reductions. Stockholder Rights Plan — On July 1, 2025, the Board of Directors adopted a limited-duration stockholder rights plan and declared a dividend of one right (a “Right”) for each outstanding share of the Company’s common stock held of record at the close of business on July 14, 2025. The Rights will generally become exercisable if a person or group acquires beneficial ownership of 12.5% or more of the outstanding shares of the Company’s common stock, subject to certain exceptions (including an exception for existing persons who own in excess of such triggering percentage and do not acquire additional shares of the Company’s common stock). If the Rights become exercisable, all holders of Rights (other than the triggering person or group) will be entitled to purchase shares of the Company’s common stock at a 50% discount to the then-current market price or the Company may exchange each Right held by such holders for one share of the Company’s common stock. The terms of the Rights are set forth in the Stockholder Protection Rights Agreement, dated as of July 1, 2025, by and between the Company and Computershare Trust Company, N.A., as rights agent (the “Rights Agreement”). The Rights will expire on July 1, 2026, unless the Rights are earlier redeemed, or the Rights Agreement is terminated, by the Board of Directors.

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