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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 29, 2025
Shareholders' Equity [Abstract]  
SHAREHOLDER’S EQUITY SHAREHOLDERS' EQUITY
Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:
Thirteen weeks ended
Twenty-six weeks ended
(in thousands)June 29,
2025		June 30,
2024		June 29,
2025		June 30,
2024
Common stock shares
Beginning balance29,833 30,554 29,588 31,246 
Purchases and retirement of common stock— (632)— (1,489)
Net issuance under equity plans, including tax benefits59 37 304 202 
Ending balance29,892 29,959 29,892 29,959 
Common stock amount
Beginning balance$1 $1 $1 $1 
Current period activity— — — — 
Ending balance1 1 1 1 
Retained earnings
Beginning balance324,438 467,133 337,551 478,584 
Net income (loss)(160)(104,710)(14,508)(106,408)
Purchases and retirement of common stock (1)— (6,919)— (16,986)
Net issuance under equity plans, including tax benefits139 66 (686)(1,722)
Stock-based compensation2,361 2,742 4,421 4,844 
Ending balance326,778 358,312 326,778 358,312 
Accumulated other comprehensive income (loss)
Beginning balance, net of tax(22,222)(20,770)(22,193)(20,712)
Foreign currency translation adjustment before reclassification
635 221 606 1,136 
Reclassified from accumulated other comprehensive income (loss) (2)
— — — (973)
Foreign currency translation adjustment
635 221 606 163 
Ending balance, net of tax(21,587)(20,549)(21,587)(20,549)
Total shareholders’ equity ending balance$305,192 $337,764 $305,192 $337,764 
(1)Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases and the related excise tax as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.
(2)Foreign currency translation adjustments related to Labour Ready Temporary Services, Ltd. (“PeopleReady Canada”) that were recognized through net income (loss) upon the divestiture of the business during the twenty-six weeks ended June 30, 2024.
Shareholder Rights Agreement
On May 14, 2025, our Board of Directors (“Board”) adopted a limited duration shareholder rights agreement (the “Rights Agreement”). Pursuant to the Rights Agreement, TrueBlue issued, by means of a dividend, one preferred share purchase right (a “Right”) for each outstanding share of TrueBlue common stock to shareholders of record on May 28, 2025. Initially, these Rights are not exercisable and will trade with, and be represented by, the shares of TrueBlue common stock. If exercisable, each Right will entitle the registered holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock (the “Series A Preferred”) of the Company at a price of $30 per one one-hundredth of a share of Series A Preferred, subject to certain anti-dilution adjustments.
The Rights are not exercisable until the earlier of (a) ten days after a public announcement that a person or group has acquired, or obtained the right to acquire, beneficial ownership of 15% (or 20% in the case of a passive institutional investor) or more of TrueBlue common stock (including certain synthetic equity positions created by derivative securities, which are treated as beneficial ownership of the number of shares of TrueBlue common stock equivalent to the economic exposure created by the synthetic equity position, subject to certain specified conditions) (an “Acquiring Person”) or (b) ten business days (or a later date determined by our Board) after a person or group begins a tender or an exchange offer that, if completed, would result in that person or group becoming an Acquiring Person.
The Rights Agreement will expire on May 13, 2026, unless prior to such date shareholder approval has been obtained to extend the term of the Rights Agreement, or the Rights are earlier redeemed, exchanged or terminated by the Company, as provided in the Rights Agreement.
The Rights Agreement is intended to reduce the likelihood that any entity, person or group is able to gain control of TrueBlue through open market accumulation without paying all shareholders an appropriate control premium or providing the Board with sufficient opportunity to make informed judgments and take actions that are in the best interests of all shareholders. The Rights Agreement is not intended to interfere with any merger or other business combinations approved by the Board.