Flowers Foods settles class action for $55M fund and ~$50M territory buyback

FLOWERS FOODS INC

Resolves Ludlow et al. class action; no admission of liability.
$55M common fund for ~475 plaintiffs, fees, and settlement costs.
Phased repurchase of ~350 distribution territories in California; net cost ~$50M.
Settlement expense recorded in quarter ending Oct 7, 2023; payment from existing cash.
Territory repurchases anticipated to be completed by Q4 of Fiscal 2024.

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