RESTRUCTURING CHARGES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 29, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| RESTRUCTURING CHARGES | 13. RESTRUCTURING CHARGES
In the fourth quarter of fiscal 2025, the Company initiated a restructuring plan to consolidate facilities and optimize cost structure in order to more effectively support the Company’s long-term strategic objectives. Restructuring charges relate to impairment of long-lived assets that will no longer be used in operations, including right-of-use assets and facility-related property, contract termination costs and facility exit-related costs. During fiscal year 2026, the Company entered into a lease termination agreement with the landlord, paid a termination fee of $0.2 million and was released from its remaining lease obligation. Consequently, the Company recognized a credit to the restructuring charge of $0.2 million during the period.
Separately, the Company implemented a workforce reduction to align resources with its business needs in fiscal year 2026. The Company recorded $0.2 million of restructuring charges, primarily related to employee termination benefits.
The following table presents restructuring charges included in the consolidated statements of operations:
There were no restructuring charges for the year ended May 31, 2024.
The Company recorded a restructuring liability of $0.2 million as of May 30, 2025, primarily related to contract termination costs, which was included as a component of accrued expenses and other current liabilities. There was no restructuring liability outstanding as of May 29, 2026. |
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