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Restructuring Activities (Tables)

9 Months Ended

Jan. 26, 2025

Restructuring and Related Activities [Abstract]

Summary of Restructuring Expense and Restructuring Related Charges (Credits)

The following summarizes restructuring and restructuring related charges for the three-month and nine-month periods ended January 26, 2025:

		Three Months Ended				Nine Months Ended
(dollars in thousands)		January 26, 2025				January 26, 2025
Additional depreciation expense for shortened useful lives of equipment		$	—			$	1,339
Employee termination benefits			176				1,428
Other associated costs			1,512				2,730
Loss on disposal, valuation, and markdowns of inventory			624				1,509
Lease termination costs			—				849
Net gain on disposal of equipment			(33	)			(43	)
Restructuring expense and restructuring related charges (1) (2)		$	2,279			$	7,812

(1) Of the total $2.3 million restructuring and restructuring related charges, $1.7 million and $624,000 were classified within restructuring expense and cost of sales, respectively, in the Consolidated Statement of Net Loss for the three-month period ending January 26, 2025. The $2.3 million mostly relates to the mattress fabrics segment.

(2) Of the total $7.8 million restructuring and restructuring related charges, $6.3 million and $1.5 million were classified within restructuring expense and cost of sales, respectively, in the Consolidated Statement of Net Loss for the nine-month period ending January 26, 2025. The $7.8 million mostly relates to the mattress fabrics segment.

The following summarizes our restructuring (credit) expense and restructuring related (credit) charge for the three months and nine months ended January 28, 2024:

		Three Months Ended				Nine Months Ended
(dollars in thousands)		Janaury 28, 2024				Janaury 28, 2024
Employee termination benefits		$	—			$	103
Impairment loss - leasehold improvements and equipment			—				329
Gains on sale of equipment			(50	)			—
(Gain) loss on disposal and markdowns of inventory			(61	)			40
Restructuring expense and restructuring related (credits) charges (1) (2)		$	(111	)		$	472

(1) Of the total $(111,000), $(50,000) and $(61,000) were recorded within restructuring credit and cost of sales, respectively, in the Consolidated Statement of Net Loss for the three-month period ended January 28, 2024.

(2) Of the total $472,000, $432,000 and $40,000 were recorded within restructuring expense and cost of sales, respectively, in the Consolidated Statement of Net Loss for the nine-month period ended January 28, 2024.

Summary of Activity in Accrued Restructuring

The following summarizes accrued restructuring costs for the nine-month period ended January 26, 2025:

		Employee				Other
		Termination				Associated
(dollars in thousands)		Benefits				Costs				Total
Beginning balance		$	—			$	—			$	—
Expenses incurred			1,535				2,730				4,265
Change in estimate adjustments			(107	)			—				(107	)
Payments			(896	)			(2,509	)			(3,405	)
Foreign currency exchange remeasurement			(14	)			(16	)			(30	)
Ending Balance		$	518			$	205			$	723

The following summarizes the activity in accrued restructuring costs for the nine-month period ended January 26, 2025:

(dollars in thousands)	Total
Beginning balance (1)	$	3
Expenses incurred (2)		14
Payments		(17	)
Ending balance	$	—

(1) Accrued restructuring expense of $3,000 was reported within accrued expenses in the Consolidated Balance Sheet for the period ended April 28, 2024.

(2) Expenses incurred represent other associated costs and were recognized in our Consolidated Statement of Net Loss for the nine-month period ended January 26, 2025.

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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.b.2)
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-Name Accounting Standards Codification
-Topic 420
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-Section 50
-Paragraph 1
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