Leases

12 Months Ended

Mar. 29, 2025

13.

Leases:

Amounts recognized in the consolidated statement of operations were as follows:


	March 29, 2025		March 30, 2024		March 25, 2023
			(In thousands)
Fixed operating lease expense	$	9,613	$	11,874	$	12,053
Variable operating lease expense		5,109		5,569		5,007

Total lease expense	$	14,722	$	17,443	$	17,060

Variable operating lease expense includes percentage rent, taxes, mall advertising and common area maintenance charges.

The weighted average remaining operating lease term was 6.6 years and the weighted average discount rate was 10.0% for all of the Company’s operating leases as of March 29, 2025.

The following table provides supplemental cash flow information related to the Company’s operating leases:


	March 29, 2025		March 30, 2024		March 25, 2023
			(In thousands)
Cash outflows from operating activities attributable to operating leases (1)	$	13,370	$	13,422	$	14,235
Right-of-use assets obtained in exchange for Operating lease liabilities (2)	$	4,672	$	1,503	$	2,579

(1)	There were no rent concessions associated to base rent for the period ended March 29, 2025. Net of nil and $0.2 million rent concessions associated to base rent for the periods ended March 30, 2024 and March 25, 2023, respectively.

(2)

Right-of-use

assets obtained are recognized net of leasehold inducements. For the period ending March 29, 2025, leasehold inducements totaled $1.9 million of which $0.3 million is included in Accounts Receivable and other receivables. For the period ending March 30, 2024, leasehold inducements totaled $1.7 million of which $0.8 million is included in Accounts Receivable and other receivables.

The following table reconciles the undiscounted cash flows expected to be paid in each of the next five fiscal years and thereafter to the operating lease liability recorded on the Consolidated Balance Sheet for operating leases and finance leases which is included in long-term debt as of March 29, 2025.


	Minimum Lease Payments as of March 29, 2025
	(in thousands)
Year ending March:		Operating
2026	$	11,146
2027		9,687
2028		8,609
2029		7,815
2030		7,280
Thereafter		18,788

Total minimum lease payments		63,325
Less: amount of total minimum lease payments representing interest		(17,767	)

Present value of future total minimum lease payments		45,558
Less: current portion of lease liabilities		(6,929	)

Long-term lease liabilities	$	38,629

On June 20, 2024, the Company entered into a lease modification for one of its retail stores that modifies the lease term to January 31,

2025 and resulted in a

write-off

of $17.04 million of

ROU

assets as well as a write down to the lease liability by $18.4 million. The lease modification also resulted in a termination payment that is to be repaid over a period of time up to April 2026