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RESTRUCTURING

9 Months Ended

Oct. 04, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING

RESTRUCTURING

    In fiscal 2024, the Company announced a plan to return to profitable growth (the "Turnaround Plan"). The Turnaround Plan is centered on three key areas: (i) refocusing on the core, (ii) rightsizing the cost structure, and (iii) strengthening the balance sheet. The Company expects to achieve selling, general and administrative ("SG&A") cost savings of approximately $100 million in fiscal 2025 as compared to fiscal 2024 through a series of initiatives including a strategic reduction in force which occurred in late February 2025, reduced costs associated with the transition of smaller international markets to a distributor model, and the closing of underperforming retail stores. The Company closed 44 retail stores in the Year To Date Period and plans to close an additional six stores in the fourth quarter of fiscal year 2025. The Company estimates approximately $60 million in total charges in connection with the Turnaround Plan, with approximately $7 million incurred in fiscal 2024 and $40 million to be incurred during fiscal 2025.

The following table shows a summary of Turnaround Plan charges (in thousands):

			For the 13 Weeks Ended October 4, 2025									For the 40 Weeks Ended October 4, 2025
Restructuring expenses			$	6,789								$	29,905
Consolidated			$	6,789								$	29,905

Turnaround Plan restructuring charges by operating segment were as follows (in thousands):

			For the 13 Weeks Ended October 4, 2025						For the 40 Weeks Ended October 4, 2025
Americas			$	58					$	1,049
Europe			1,601						5,246
Asia			356						1,442
Corporate			4,774						22,168
Consolidated			$	6,789					$	29,905

The following table shows a rollforward of the accrued liability related to the Company’s Turnaround Plan (in thousands):

			For the 13 Weeks Ended October 4, 2025
			Liabilities																								Liabilities
			July 5, 2025						Charges						Cash Payments						Non-cash Items						October 4, 2025
Store closures			$	—					$	13					$	—					$	13					$	—
Professional services			5,976						3,487						5,876						—						3,587
Severance and employee-related benefits			6,079						3,289						4,428						—						4,940
Total			$	12,055					$	6,789					$	10,304					$	13					$	8,527

			For the 40 Weeks Ended October 4, 2025
			Liabilities																								Liabilities
			December 28, 2024						Charges						Cash Payments						Non-cash Items						October 4, 2025
Store closures			$	—					$	23					$	—					$	23					$	—
Professional services			—						14,529						10,942						—						3,587
Severance and employee-related benefits			—						15,353						10,364						49						4,940
Total			$	—					$	29,905					$	21,306					$	72					$	8,527

In fiscal year 2024, the Company concluded its Transform and Grow plan ("TAG") as it transitioned to initiatives under the Turnaround Plan. TAG was launched in early 2023 to reduce operating costs, improve operating margins, and advance the Company’s commitment to profitable growth. The Company had expanded the scope and duration of TAG to focus on a more comprehensive review of its global business operations. The expansion of TAG put greater emphasis on initiatives aimed at restructuring or optimizing operations, exiting or minimizing certain product offerings, brands and distribution channels, strengthening gross margins through improvements in sourcing and improving working capital efficiency. Under the expanded TAG plan, the Company achieved annualized operating income benefits of $280 million over the two-year period.

The following table shows a summary of TAG plan charges (in thousands):

			For the 13 Weeks Ended September 28, 2024						For the 39 Weeks Ended September 28, 2024
Cost of sales			$	—					$	(241)
Restructuring expenses			4,849						31,575
Total			$	4,849					$	31,334

TAG plan restructuring charges by operating segment were as follows (in thousands):

			For the 13 Weeks Ended September 28, 2024						For the 39 Weeks Ended September 28, 2024
Americas			$	652					$	1,174
Europe			179						5,531
Asia			597						1,830
Corporate			3,421						22,799
Consolidated			$	4,849					$	31,334

The following table shows a rollforward of the accrued liability related to the Company’s TAG plan (in thousands):

			For the 13 Weeks Ended October 4, 2025
			Liabilities																								Liabilities
			July 5, 2025												Cash Payments												October 4, 2025
Charges related to exits of certain product offerings			$	125											$	125											$	—
Total			$	125											$	125											$	—

			For the 13 Weeks Ended September 28, 2024
			Liabilities																					Liabilities
			June 29, 2024						Charges						Cash Payments									September 28, 2024
Professional services			$	11,319					$	3,667					$	11,149								$	3,837
Severance and employee-related benefits			8,349						1,182						3,656									5,875
Charges related to exits of certain product offerings			300						—						—									300
Total			$	19,968					$	4,849					$	14,805								$	10,012

			For the 40 Weeks Ended October 4, 2025
			Liabilities																								Liabilities
			December 28, 2024												Cash Payments												October 4, 2025
Store closures			$	1											$	1											$	—
Professional services			9,501												9,501												$	—
Severance and employee-related benefits			7,341												7,341												—
Charges related to exits of certain product offerings			300												300												—
Total			$	17,143											$	17,143											$	—

			For the 39 Weeks Ended September 28, 2024
			Liabilities																								Liabilities
			December 30, 2023						Charges						Cash Payments						Non-cash Items						September 28, 2024
Store closures			$	—					$	143					$	7					$	136					$	—
Professional services			117						17,719						13,999						—						3,837
Severance and employee-related benefits			8,117						13,713						15,590						365						5,875
Charges related to exits of certain product offerings			3,821						(241)						3,280						—						300
Total			$	12,055					$	31,334					$	32,876					$	501					$	10,012

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- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/420/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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