Subsequent Events

12 Months Ended

Nov. 03, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 14, 2020, the Company executed an amendment to the DZ Financing Program. The modifications to the agreement were to (1) extend the Amortization Date, as defined, from January 25, 2021 to January 25, 2023, and extend the Facility Maturity Date, as defined, from July 25, 2021 to July 25, 2023; and (2) revise an existing covenant to maintain positive net income in any fiscal year ending after 2020. All other terms and conditions remain unchanged.    

In the first quarter of fiscal 2020, the Company approved a restructuring plan (the “Plan”) as part of its strategic initiative to optimize the Company’s cost infrastructure. Included in this initiative is the Company’s plan to leverage the global capabilities of our staffing operations based in Bangalore, India and offshore a significant number of strategically identified roles to this location. The plan will affect approximately 125 employees. The Company expects to incur a total estimated pre-tax restructuring charge of approximately $1.2 million of severance and benefit costs in the first half of its fiscal year ending November 1, 2020.