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Goodwill and Intangible Assets (Tables)
6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets

The Company’s intangible assets as of June 29, 2024 and December 30, 2023 were as follows:

 

 

 

 

 

 

As of June 29, 2024

 

 

As of December 30, 2023

 

 

 

Estimated
Useful

 

 

Gross
Carrying

 

 

Accumulated

 

 

Net Book

 

 

Gross
Carrying

 

 

Accumulated

 

 

Net Book

 

 

 

Life (Years)

 

 

Value

 

 

Amortization

 

 

Value

 

 

Value

 

 

Amortization

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Trade names

 

Indefinite

 

 

$

56,984

 

 

$

-

 

 

$

56,984

 

 

$

56,984

 

 

$

 

 

$

56,984

 

Customer relationships

 

 

15

 

 

 

3,800

 

 

 

(1,267

)

 

 

2,533

 

 

 

3,800

 

 

 

(1,140

)

 

 

2,660

 

Total intangible assets, net

 

 

 

 

$

60,784

 

 

$

(1,267

)

 

$

59,517

 

 

$

60,784

 

 

$

(1,140

)

 

$

59,644

 

 

Schedule of amortization expense The Company expects to record amortization expense as follows:

 

Fiscal Year

 

Amount (in thousands)

 

Remainder of 2024

 

$

127

 

2025

 

 

253

 

2026

 

 

253

 

2027

 

 

253

 

2028

 

 

253

 

2029

 

 

253

 

Thereafter

 

 

1,141

 

Total amortization expense

 

$

2,533