v3.26.1
Restructuring Activities (Tables)
 12 Months Ended
May 03, 2026
Restructuring and Related Activities [Abstract]  
Summary of Restructuring (Credit) Expense and Restructuring Related Charges

The following summarizes restructuring (credit) expense and restructuring related charges associated with all the restructuring activities described above:

 

(dollars in thousands)

 

 

2026

 

 

 

2025

 

 

 

2024

 

Net (gain) loss from the sale and impairment of property, plant, and equipment

 

$

(3,754

)

 

$

(16

)

 

$

329

 

Loss on disposal, valuation, and markdowns of inventory

 

 

931

 

 

 

1,621

 

 

 

40

 

Facility consolidation and relocation expenses

 

 

543

 

 

 

2,437

 

 

 

—

 

Impairment of intangible asset

 

 

291

 

 

 

540

 

 

 

—

 

Other associated costs

 

 

284

 

 

 

1,038

 

 

 

—

 

Employee termination benefits

 

 

164

 

 

 

1,552

 

 

 

307

 

Additional depreciation expense for shortened useful lives of equipment

 

 

112

 

 

 

1,339

 

 

 

—

 

Lease termination costs

 

 

37

 

 

 

849

 

 

 

—

 

Restructuring (credit) expense and restructuring related charges (1) (2) (3)

 

$

(1,392

)

 

$

9,360

 

 

$

676

 

 

 

(1) Of the total $(1.4) million net restructuring credit, a $(2.3) million credit and a $931,000 charge were classified within restructuring credit and cost of sales, respectively, in the fiscal 2026 Consolidated Statement of Net Loss. Of the total $(1.4) million net restructuring credit and restructuring related charge, a credit of $(3.1) million and a charge of $1.7 million related to bedding and upholstery segments, respectively. Of the total $(1.4) million net restructuring credit and restructuring related charge, a credit of $(3.4) million and a charge of $2.0 million related to the restructuring activities announced on May 1, 2024, and April 24, 2025, respectively.

 

(2) Of the total $9.4 million restructuring and restructuring related charge, $7.7 million and $1.6 million were classified within restructuring expense and cost of sales, respectively, in the fiscal 2025 Consolidated Statement of Net Loss. Of the $9.4 million restructuring and restructuring related charge, $8.5 million, $540,000, and $290,000 related to the bedding segment, unallocated corporate, and the upholstery segment, respectively. Of the total $9.4 million restructuring and restructuring related charge, $8.7 million and $676,000 related to restructuring activities announced on May 1, 2024, and April 24, 2025, respectively.

 

(3) Of the total $676,000 restructuring and restructuring related charge, $636,000 and $40,000 were classified within restructuring expense and cost of sales, respectively in the fiscal 2024 Consolidated Statement of Net Loss. The entire $676,000 related to the upholstery segment and the other restructuring activities prior to fiscal 2025.
Summary of Activity in Accrued Restructuring

The following summarizes the activity in accrued restructuring for all the above restructuring activities described above:

 

 

 

 

Employee

 

 

Other

 

 

Facility Consolidation

 

 

 

 

 

 

Termination

 

 

Associated

 

 

and Relocation

 

 

 

 

(dollars in thousands)

 

Benefits

 

 

Costs

 

 

Costs

 

 

Total

 

Balance, April 30, 2023

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Expenses incurred

 

 

307

 

 

 

—

 

 

 

—

 

 

 

307

 

Change in estimate adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Payments

 

 

(304

)

 

 

—

 

 

 

—

 

 

 

(304

)

Effects of foreign currency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, April 28, 2024 (1)

 

 

3

 

 

 

—

 

 

 

—

 

 

 

3

 

Expenses incurred

 

 

1,667

 

 

 

1,046

 

 

 

2,437

 

 

 

5,150

 

Change in estimate adjustments

 

 

(115

)

 

 

(8

)

 

 

—

 

 

 

(123

)

Payments

 

 

(1,022

)

 

 

(940

)

 

 

(2,435

)

 

 

(4,397

)

Effects of foreign currency

 

 

(11

)

 

 

(10

)

 

 

(2

)

 

 

(23

)

Balance, April 27, 2025

 

 

522

 

 

 

88

 

 

 

—

 

 

 

610

 

Expenses incurred

 

 

265

 

 

 

300

 

 

 

549

 

 

 

1,114

 

Change in estimate adjustments

 

 

(101

)

 

 

(16

)

 

 

(6

)

 

 

(123

)

Payments

 

 

(649

)

 

 

(372

)

 

 

(533

)

 

 

(1,554

)

Effects of foreign currency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, May 3, 2026

 

$

37

 

 

$

—

 

 

$

10

 

 

$

47

 

 

(1) Accrued restructuring was reported within accrued expenses within the Consolidated Balance Sheet as of April 28, 2024.