Subsequent Events

3 Months Ended

Feb. 23, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. As of the date of this filing, many of our company-operated, shop in shops, and franchise stores globally have been impacted by temporary closures, reduced store hours or reduced traffic. While this is expected to be temporary, the current circumstances are dynamic and the impacts of COVID-19 on the Company's business operations, including the duration and impact on overall customer demand, cannot be reasonably estimated at this time. As a result, the Company could experience material impacts including, but not limited to, charges from potential adjustments of the carrying amount of inventory and receivables, asset impairment charges, deferred tax valuation allowances and changes in the effectiveness of the Company’s hedging instruments. The Company anticipates this may have a material impact on the business, results of operations and cash flows in 2020.

In April, 2020, as a precautionary measure to maximize liquidity and to increase available cash on hand, the Company drew down $300 million on its senior secured revolving credit facility. The proceeds will be available to be used for working capital, general corporate or other purposes.