Related Parties and Transactions |
3 Months Ended |
|---|---|
Jun. 28, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Parties and Transactions | Note 13 – Related Parties and Transactions
The Board of Directors of the Company appointed Peter D. Fitzsimmons to serve as the President and Chief Executive Officer as of March 28, 2025. Mr. Fitzsimmons has served as a partner and managing director of AlixPartners, LLP (“AlixPartners”). In connection with Mr. Fitzsimmons’ appointment, the Company entered into a consulting agreement with AP Services, LLC (“APS”), an affiliate of AlixPartners, pursuant to which APS will provide for Mr. Fitzsimmons to serve as the Company’s Chief Executive Officer and for the additional resources of APS personnel as required.
On March 28, 2025, the Company also entered into a consulting agreement with AlixPartners pursuant to which AlixPartners will assess the Company’s operations to develop a plan to improve the Company’s financial performance. On May 30, 2025, the Company amended its consulting agreement with AlixPartners, pursuant to which AlixPartners will provide services to implement the plan developed from its detailed assessment of the Company (the “Operational Improvement Plan”). Such services include the previously disclosed Store Closure Plan, improving customer experience and the Company’s selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandising productivity, including mitigating tariff risk.
The Company incurred total expenses related to AlixPartners and APS of $5.4 million during the three months ended June 28, 2025, of which $3.2 million is within Other current liabilities in our Consolidated Balance Sheets at June 28, 2025. |