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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 1 – The Company</b></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As further described below, the predecessor to Trinity Place Holdings Inc. (“Trinity” or the “Company”), Syms Corp. (“Syms”), together with its subsidiaries, filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (“Bankruptcy Code” or “Chapter 11”) in the United States Bankruptcy Court for the District of Delaware (the “Court”). On August 30, 2012, the Court entered an order confirming the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries (the “Plan”). On September 14, 2012, the Plan became effective and Syms and its subsidiaries consummated their reorganization under Chapter 11 through a series of transactions contemplated by the Plan and emerged from bankruptcy. As part of those transactions, reorganized Syms merged with and into Trinity, with Trinity as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Securities Exchange Act of 1934 (the “Exchange Act”).</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Overview.</i></b> Prior to filing for bankruptcy, Syms and its wholly-owned subsidiary, Filene’s Basement, LLC (“Filene’s,” “Filene’s, LLC” or “Filene’s Basement”), collectively owned and operated a chain of 46 “off-price” retail stores under the “Syms” name (which were owned and operated by Syms) and “Filene’s Basement” name (which were owned and operated by Filene’s, LLC). The stores were located in the United States throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. Each Syms and Filene’s Basement store offered a broad range of first quality, in-season merchandise, bearing nationally recognized designer or brand-name labels for men, women and children at prices substantially lower than those generally found in department and specialty stores. On June 18, 2009, the Company’s wholly-owned subsidiary, SYL, LLC, which became known as Filene’s Basement, LLC, acquired certain real property leases, inventory, equipment and other assets of Filene’s Basement Inc. (“Filene’s Inc.” or “Filene’s Basement Inc.”), then a Chapter 11 debtor-in-possession operating a retail clothing chain, pursuant to an auction conducted in accordance with section 363 of the Bankruptcy Code. As a result, Filene’s, LLC thereafter operated 21 Filene’s Basement stores then located in the Northeastern, Middle Atlantic, Midwest and Southeast regions until Filene’s, LLC itself became a Chapter 11 debtor, along with Syms, and discontinued its retail operations on or about December 31, 2011. In addition, Syms owned and operated five co-branded Syms/Filene’s Basement stores. Syms and Filene’s, LLC operated in a single operating segment – the “off-price” retail stores segment.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The discussion below is herein presented on a consolidated basis and includes information regarding the Company and Filene’s, LLC, its wholly-owned subsidiary.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Chapter 11 Cases.</i></b> Syms and its subsidiaries filed voluntary petitions for reorganization relief under Chapter 11 in the Court on November 2, 2011 and were operating as “debtors-in-possession” through September 14, 2012, at which time the Plan became effective and reorganized Syms merged with and into Trinity. The following discussion provides general background information regarding the Chapter 11 cases as relevant to the consolidated condensed financial statements of the Company and its subsidiaries and is not intended to be an exhaustive summary. Additional information, including access to Court documents and other general information about the Chapter 11 cases, is available online at www.kccllc.net/filenes. Financial information available on that website generally is prepared according to requirements of federal bankruptcy law. While such financial information accurately reflects information required under federal bankruptcy law, such information may be unconsolidated, unaudited, and prepared in a format different from that used in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and filed under the U.S. securities laws. Moreover, the materials filed with the Court were not prepared for the purpose of providing a basis for an investment decision or for comparison with other financial information filed with the U.S. Securities and Exchange Commission (the “SEC”).</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Commencement of Cases</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On November 2, 2011 (the “Petition Date”), Syms and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Chapter 11 Filings”). The Court jointly administered these cases as “In re: Filene’s Basement, L.L.C., et al, Case No. 11-13511 (KJC).”</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Certain Court Orders</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On the Petition Date, the Debtors filed various motions with the Court requesting permission to continue operating various aspects of their business as the Debtors wound down their retail operations. The Debtors were granted authority to continue honoring their obligations to their employees and customers; to continue paying their tax obligations in the ordinary course; and to continue operating their existing cash management system in the ordinary course.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Office of the United States Trustee thereafter appointed two statutory committees in these Chapter 11 cases (together, the “Committees”): an Official Committee of Unsecured Creditors (the “Creditors Committee”), charged with a fiduciary duty to represent the interests of the Debtors’ unsecured creditors, and an Official Committee of Syms’ Equity Security Holders (the “Equity Committee”), charged with a fiduciary duty to represent the interests of Syms’ shareholders.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Activity During the Chapter 11 Cases</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Store Closing Sales.</b> Immediately upon filing their Chapter 11 petitions, the Debtors sought Court approval to conduct going-out-of-business sales with the assistance of a liquidation agent. On November 16, 2011, the Court entered an order that authorized the Debtors to enter into an agency agreement with a joint venture between Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC as liquidation agent to commence the store closing sales at the Debtors’ then remaining 41 store locations. The Court further authorized the Debtors to assume an agency agreement that they had entered into prior to filing the Chapter 11 cases with respect to five Filene’s Basement retail locations and to continue store closing sales that had been commenced at those locations.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The commencement of the Chapter 11 cases and the store closing sales were timed to coincide with the holiday shopping season so that the Debtors could have the benefit of, among other things, the “Black Friday” shopping weekend after the Thanksgiving holiday. The Debtors sold virtually all their inventory and much of their furniture, fixtures and equipment during the store closing process. The sales concluded across their various locations in the last days of December 2011. On or about December 31, 2011, the Debtors had ceased retail operations at all of their stores and vacated all their leased retail store and distribution center locations.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Leased Real Estate Matters.</b> As of the Petition Date, the Debtors were lessees under thirty-five commercial real estate leases. The Debtors, with the assistance of the Committees, developed a process for marketing those leases in an effort to sell them or to terminate one or more of them with the agreement of their landlords in order to minimize costs and claims under such leases. On December 16, 2011, the Court entered an order that approved the Debtors’ proposed procedures for the disposition of their leases. Hilco Real Estate, LLC was retained to assist the Debtors, and conducted an extensive lease marketing process.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The marketing process resulted in the sale of the Debtors’ interest in, or consensual termination of, certain of the Debtors’ leases. The Debtors rejected several other leases effective as of December 31, 2011. Under the Bankruptcy Code, when a debtor rejects a real estate lease, the rejection is considered a breach that gives rise to a claim for breach by the landlord against the debtor. However, the Bankruptcy Code imposes certain caps on the maximum amount of breach claims that a landlord may assert.</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Treatment of Prepetition Claims.</b> Under section 362 of the Bankruptcy Code, actions to collect most of a debtor’s prepetition liabilities, including payments owing to vendors in respect of goods furnished and services provided prior to the petition date, are automatically stayed, and other prepetition contractual obligations of the debtor generally may not be enforced. </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The stay of proceedings provisions of section 362 of the Bankruptcy Code also apply to actions to collect prepetition indebtedness or to exercise control over the property of the debtor’s estate. Claims against the Debtors’ were subject to compromise and will be treated in accordance with the Plan, as described below.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Contract Rejection and Assumption Process.</b> Section 365 of the Bankruptcy Code permits a debtor to assume, assume and assign, or reject certain prepetition executory contracts subject to the approval of the bankruptcy court and certain other conditions. Rejection constitutes a court-authorized breach of the contract in question and, subject to certain exceptions, relieves the debtor of its future obligations under such contract but creates a deemed prepetition claim for damages caused by such breach or rejection. Parties whose contracts are rejected may file claims against the rejecting debtor for damages. Generally, the assumption, or assumption and assignment, of an executory contract requires the debtor to cure all prior defaults under such executory contract and to provide adequate assurance of future performance. In this regard, the Company expects that additional liabilities subject to compromise and resolution in the Chapter 11 cases may arise as a result of damage claims created by the Debtors’ rejection of executory contracts. Conversely, the Company would expect that the assumption of certain executory contracts may convert existing liabilities shown as subject to compromise to liabilities not subject to compromise in future financial statements. Due to the uncertain nature of many of the potential claims, the Company is unable to project the magnitude of such claims with any degree of certainty at this time.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Costs.</b> The Debtors incurred significant costs associated with the reorganization for professional fees for advisors to the Debtors, and to other stakeholders in the Chapter 11 cases.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Case Resolution</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Chapter 11 Plan.</b> The Plan, which was co-proposed by the Debtors and the Equity Committee (together, the “Plan Proponents”), was filed with the Court on May 24, 2012. The Plan was subsequently amended, concluding on July 27, 2012 with the support of the Creditors Committee. The Plan sets forth the manner in which claims against and equity interests in the Debtors are to be treated following the conclusion of the Chapter 11 cases. On August 30, 2012, the Court entered an order confirming the Plan, and the Plan became effective on September 14, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Upon the effective date of the Plan and pursuant to its terms, Syms and its subsidiaries were reorganized and, subject to the obligations under the Plan, were discharged of all claims. To effect the reorganization, Syms was reincorporated in Delaware by way of a merger with and into Trinity. As a result of the merger, each share of Syms was converted into one share of Trinity. Under the Plan, Trinity will attempt to monetize its real estate assets over time in a manner intended to maximize their value for the benefit of creditors and shareholders, as further described below. Under the Plan, Syms creditors holding allowed claims are entitled to payment of those claims in full. The Plan also provides for Filene’s, LLC creditors to receive recoveries from the monetization of certain of Trinity’s assets. Filene’s, LLC short-term creditors are entitled to payment in full on their allowed claims and Filene’s, LLC long-term creditors with allowed claims are entitled to a recovery of 75% on their claims.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company continues to make progress in the reconciliation and settlement of various classes of claims associated with the discharge of liabilities subject to compromise pursuant to the Plan. Immediately following emergence from Chapter 11, the Company paid approximately $9.7 million in allowed administrative claims and has since paid approximately $8.6 million more through November 24, 2012 and $7.8 million more through December 28, 2012. As of January 5, 2013, the Company has in reserve approximately $5.4 million for other administrative claims, including any unpaid professional fees. Due to the significant number of claims filed, it is premature to estimate with any degree of accuracy the ultimate allowed amount of claims under the Plan. The claims reconciliation process may result in material adjustments to current estimates of allowable claims.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">If the Syms and Filene's convenience class claims and the Syms general unsecured claims (as described in the Plan) are not paid in full under the Plan by October 1, 2013, with the full amount per the Plan subject to change, then the director designated by the holder of the Series A Preferred Stock will be entitled to direct the sale process for any "near term properties" (as defined in the Plan) that remain unsold, if any, pursuant to a commercially reasonable process consistent with maximizing the value of those properties. </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">If the Filene's general unsecured claims (as described in the Plan) are not paid in full under the Plan by October 1, 2014, with the full amount per the Plan subject to change, then, subject to the extension of that date to April 1, 2015 under certain circumstances, the director designated by the holder of the Series A Preferred Stock will be entitled to direct the sale process for any "near term properties" or “medium term properties (as defined in the Plan) that remain unsold, if any, pursuant to a commercially reasonable process consistent with maximizing the value of those properties.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Trinity’s current business plan includes the sale of 15 of its commercial real estate properties existing as of September 14, 2012, three of which were sold or leased since then, and the sale or development of 28-42 Trinity Place in Lower Manhattan. Trinity also plans to explore the licensing of its intellectual property, including its rights to the <i>Filene’s Basement</i> trademark, the <i>Stanley Blacker</i> and <i>Maine Bay</i> brands, and the intellectual property associated with the well-known <i>Running of the Brides</i> event and <i>An Educated Consumer is Our Best Customer</i> slogan. The Company is currently evaluating various strategic alternatives related to its 28-42 Trinity Place property. To date no specific course of action has been determined. As a result, there remains a range of estimated values that may be realized for 28-42 Trinity Place under the various sale or development alternatives. However, until such time as a more definitive strategy for this property has been determined, management believes it is appropriate to leave the carrying value at the estimated realizable value based on the assumptions that were used prior to the approval of the Plan. At the time a more definitive strategy is determined, the Company will adjust the carry value of the property to be consistent with assumptions that correspond to that strategy, a process that may lead to an increase in the recorded value for the property.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Rights Offering and Redemption.</b> In connection with proposal of the Plan, Syms entered into an Equity Commitment Agreement (the “ECA”) among (i) Syms, (ii) Marcy Syms, (iii) the Laura Merns Living Trust, (iv) the Marcy Syms Revocable Living Trust, as amended (the “Marcy Syms Trust” and, together with Marcy Syms and the Laura Merns Living Trust, the “Majority Shareholder”) and (v) the certain specified members of the Equity Committee and their affiliates (the “Backstop Parties”). The ECA provided that, pursuant to and upon the effective date of the Plan, the former Majority Shareholder would sell all of its shares of Syms common stock to Syms at a price of $2.49 per share. Accordingly, on September 14, 2012, immediately following the effectiveness of the Plan, the former Majority Shareholder sold all of its 7,857,794 shares of common stock to Syms. Payment for the shares will be made to the former Majority Shareholder in accordance with the Plan as Trinity’s real estate assets are monetized. The amount due the former Majority Shareholder is included as a liability on the Company’s Consolidated Statement of Net Assets as of November 24, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Under the terms of the Plan, the Company is restricted from paying any distributions, dividends or redemptions until after the former Majority Shareholder payments are made in full. The Certificate of Incorporation of the Company provides for a share of Series B Preferred Stock owned by the former Majority Shareholder and entitling the former Majority Shareholder to control a majority of the Board of Directors if the former Majority Shareholder Payments are not made by October 16, 2016, so long as the General Unsecured Claim Satisfaction has occurred.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In connection with the ECA and pursuant to the Plan, Syms offered to sell to existing shareholders other than the former Majority Shareholder, who qualified as “accredited investors” within the meaning of Regulation D under the Exchange Act, the right to purchase 10,040,160 new shares of Syms at a price equal to $2.49 per share, or approximately $25 million in the aggregate (the “Rights Offering”). Pursuant to the ECA, the Backstop Parties agreed to purchase each of their pro rata share of the new shares made available in the Rights Offering, as well as new shares that were not subscribed for by other shareholders in the Rights Offering. Accordingly, on September 14, 2012, immediately following the effectiveness of the Plan, Syms sold the 10,040,160 shares of common stock pursuant to the Rights Offering.</p>
<p style="text-align: justify; background-color: white; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; background-color: white; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The foregoing descriptions of certain transactions contemplated by the ECA and the Plan are summaries only and do not purport to be complete and are qualified, in all respects, by the actual provisions of the ECA, the Plan and related documents.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>General Information about Syms and Trinity.</i></b> Syms was incorporated in New Jersey in 1983. Trinity was incorporated in Delaware immediately prior to the effective date of the Plan. Syms maintained its headquarters at One Syms Way, Secaucus, New Jersey 07094, and the telephone number was (201) 902-9600. Trinity is now using the same headquarters and telephone number.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Unless otherwise noted, and notwithstanding that Syms merged into Trinity on September 14, 2012, references to the “Company”, “we” or “our” relate to Syms prior to the merger and to Trinity following the merger. In each case, such references also include Filene’s, LLC, a wholly-owned subsidiary of each of Syms and Trinity. The Company’s fiscal year ends on the Saturday closest to the last day of February each year.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 2 – BASIS OF PRESENTATION</b></p>
<p style="text-align: justify; text-indent: -22.3pt; margin: 0pt 0px 0pt 22.3pt; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Going Concern Basis of Accounting</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The consolidated condensed financial statements for the nine and thirty-five week periods ended October 29, 2011 were prepared on the going concern basis of accounting, which contemplated realization of assets and satisfaction of liabilities in the normal course of business. In the opinion of management, the accompanying Statements of Operations for the nine and thirty-five week periods ended October 29, 2011 and Statement of Cash Flows for the thirty-five week period ended October 29, 2011 contain all adjustments, including normal recurring adjustments, necessary to present a fair statement of interim results.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Liquidation Basis of Accounting</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent and the net realizable value of its assets is reasonably determinable. Under this basis of accounting, assets and liabilities are stated at their net realizable value and estimated costs over the anticipated period of liquidation are accrued to the extent reasonably determinable. The Plan calls for the sale of the Company’s 15 commercial real estate properties and the sale or development of 28-42 Trinity Place. Should the Company decide to develop, hold or operate 28-42 Trinity Place in a manner permitted by the Plan, the Company will evaluate at that time whether the liquidation basis of accounting remains appropriate.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Significant estimates and judgment are required to determine the accrued costs of liquidation. The company’s accrued costs expected to be incurred in liquidation and recorded payments made related to the accrued liquidation costs are as follows (in thousands):</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table style="font: 10pt/normal times new roman, times, serif; width: 90%; margin-left: 0.5in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Balance</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Balance</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">February 25,</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Adjustments</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">November 24,</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">Estimated Costs of Liquidation</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">to Reserves</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Payments</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 44%; font-size: 10pt;">Real estate related carrying costs</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">7,650</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">13,486</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">(4,703</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">16,433</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Professional fees</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">22,920</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">13,193</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">(23,001</td>
<td style="text-align: left; font-size: 10pt;">)</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">13,112</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Payroll related costs</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">1,577</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">5,739</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">(2,805</td>
<td style="text-align: left; font-size: 10pt;">)</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">4,511</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-size: 10pt;">Other</td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">169</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,094</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(740</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">523</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">32,316</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">33,512</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">(31,249</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;">)</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">34,579</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The assumptions underlying the estimated accrued costs of liquidation of $34.6 million as of November 24, 2012 contemplated all changes in estimates resulting from the Plan.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Syms reviewed all operating expenses and contractual commitments such as payroll and related expenses, lease terminations cost, owned property carrying costs and professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, which was initially anticipated to conclude in August 2012, was amended to conclude in calendar year 2016 based on the Plan and current business plans. The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the thirty-nine weeks ended November 24, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Adjustments to increase the reserve for real estate carrying costs by approximately $13.5 million were recorded during the thirty-nine week period ended November 24, 2012. The adjustments were mainly the result of estimated expenses for the longer liquidation period contemplated under the Plan. The estimates assume that 12 of the Company’s properties will be sold or monetized by September 2013, another three of its properties will be sold or monetized by September 2014, and the 28-42 Trinity Place location will be sold by the end of 2016.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Adjustments to increase the reserve for professional fees by approximately $13.2 million were recorded during the thirty-nine week period ended November 24, 2012. The majority of the increase reflects the costs of professionals for the new liquidation period that is estimated to run through the end of 2016. This also reflects increased costs due to the complexities of litigating the estate as well as the unplanned hiring of a fee examiner during the pre-emergence time period.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Adjustments to increase the reserve for payroll and related liquidation expenses by approximately $5.7 million were recorded during the thirty-nine week period ended November 24, 2012 primarily as a result of extending the expected liquidation period to conclude in calendar year 2016.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Adjustments to Fair Value of Assets and Liabilities</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the thirty-nine week period ended November 24, 2012 (in thousands):</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<table style="font: 10pt/normal times new roman, times, serif; width: 75%; margin-left: 0.5in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black; font-weight: bold;" nowrap="nowrap">Adjustments of Assets and Liabilities to Net Realizable Value</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">February 26, 2012 through<br />November 24, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 75%;">Adjust real estate to estimated net realizable value</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; width: 1%;">$</td>
<td style="text-align: right; width: 22%;">12,998</td>
<td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Adjust other assets to estimated net realizable value</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">312</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left;">Adjust estimated lease settlement costs to net realizable value</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,621</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Adjust liability to restore properties</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">311</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left;">Adjust obligation to former majority shareholder</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(19,566</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Adjust other claims to net realizable value</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right;">(1,035</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">6,641</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Real estate -</i> The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $13.0 million to reflect the revised estimates of management and third party real estate experts as of November 24, 2012. The basis for determining the estimated net realizable values took into consideration many factors which are difficult to predict, including but not limited to local market conditions, vacancy rates, redevelopment opportunities, investor types/profiles, and anticipated timing of sale transactions. Based on management’s weighting of the likelihood of each alternative being achieved, an estimated net realizable value of $144.7 million is recorded. While this amount represents management’s best estimate at the time of finalizing the accompanying statement of net assets, the amount ultimately realized in the sale of the real estate could materially differ from this estimate. The Company is currently evaluating various strategic alternatives related to its 28-42 Trinity Place property. To date no specific course of action has been determined. As a result, there remains a range of estimated values that may be realized for 28-42 Trinity Place under the various sale or development alternatives. However, until such time as a more definitive strategy for this property has been determined, management believes it is appropriate to leave the carrying value at the estimated realizable value based on the assumptions that were used prior to the approval of the Plan. At the time a more definitive strategy is determined, the Company will adjust the carry value of the property to be consistent with assumptions that correspond to that strategy, a process that may lead to an increase in the recorded value for the property.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Lease settlement costs -</i> Lease settlement costs have decreased by $13.6 million due to adjustments from 23 locations. These reductions were mainly the result of the Plan and its effective date of September 14, 2012, in which the Plan stipulated that the long-term Filene’s, LLC general unsecured creditors with allowed claims are entitled to a recovery of 75% on their claims.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Liability to restore properties -</i> The Houston, Texas property was sold in November 2012 and the previously recorded liability to repair the roof was assumed by the acquirer of the property, thus the Company reversed the liability upon the consummation of the sale.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Obligation to Former Majority Shareholder –</i> This represents the recording of the settlement with the former Majority Shareholder during the thirteen weeks ended November 24, 2012. On September 14, 2012, immediately following the effectiveness of the Plan, the former Majority Shareholder sold all of its 7,857,794 shares of common stock to Syms at $2.49 per share. Payment for the shares will be made to the former Majority Shareholder in accordance with the Plan as Trinity’s real estate assets are monetized. As further discussed in Note 5, $1.8 million due from the former Majority Shareholder was reclassified from other assets resulting in a net obligation to the former Majority Shareholder of $17.8 million as of November 24, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Other Claims – </i>This amount mainly represents an increase in the multi-employer pension plan claim which was increased pursuant to the final Plan document.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 3 – New Accounting Pronouncements</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">There are no proposed or recently issued accounting standards that are expected to have a material impact on the Company.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 4 – Financial Position</b>  </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; text-indent: 0.2pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company believes that cash provided from the monetization of its real estate and intellectual property assets should provide sufficient liquidity to fund day-to-day costs. However, if the Company is unable to monetize its assets in a reasonable period of time, as outlined in the Plan, or if the Company receives substantially less than anticipated, the Company’s ability to settle its obligations in full would be in doubt, and alternative financing could be required.</p>
<p style="text-align: justify; text-indent: 0.2pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; text-indent: 0.2pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Whether there will be any excess cash proceeds generated by the monetization of the Company’s assets is subject to a number of material risks and uncertainties. If there are any excess cash proceeds, they will be used by the Company in the manner determined by the Board of Directors. There can be no assurance that there will be any excess cash proceeds, or that if there are, that they will be distributed to shareholders.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 5 – Other Assets</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company had recorded the cash surrender value of officers’ life insurance policies on the statement of net assets as part of prepaid expenses and other assets in the amounts of $1.8 million at February 25, 2012 (see Note 12). During the thirteen weeks ended November 24, 2012, as part of finalizing the Plan, the former Majority Shareholder agreed to reimburse the Company for an approximately equivalent amount and the $1.8 million was therefore recorded as an offset to the $19.6 million obligation to the former Majority Shareholder. Other assets also include trademark license intangibles, which were reduced from $1.5 million to $0.9 million during the thirteen weeks ended November 24, 2012, and security deposits with a balance of $5.3 million at November 24, 2012.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 6 – Bank Credit Facilities</b>   </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On August 27, 2009, the Company entered into a secured $75 million revolving credit agreement, which was set to expire on August 27, 2012. That credit agreement, which was amended as of January 7, 2011, March 8, 2011 and June 16, 2011, was among Syms as Lead Borrower, Filene’s, LLC (together with the Lead Borrower, collectively the “Borrowers”), the guarantors named therein, the lenders party thereto and Bank of America, N.A., as Administrative Agent and Collateral Agent (the “Credit Agreement”). Subsequent to the Chapter 11 Filings, the Credit Agreement was paid off and terminated on November 18, 2011.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">At November 24, 2012, the Company had no outstanding letters of credit (“LC”). At February 25, 2012 the Company had an outstanding LC of $1.1 million for a worker’s compensation and general liability insurance standby LC, and an outstanding standby LC of $0.2 million for merchandise, both of which were cash collateralized.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Total interest charges incurred for the nine and thirty-five week period ended October 29, 2011 were $0.3 million and $1.1 million, respectively. There was no capitalized interest for nine and thirty-five week period ended October 29, 2011.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 7 – Pension Plan</b>  </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. Participation in, and accrual of benefits under, the pension plan was frozen effective December 31, 2006. As of November 24, 2012 and February 25, 2012, the Company had a recorded liability of $7.2 million and $7.9 million, respectively, within accrued expenses which represents the estimated cost to the Company of terminating the plan in a standard termination, which would require the Company to make additional contributions to the plan so that the assets of the plan are sufficient to satisfy all benefit liabilities. The Company had contemplated other courses of action, including a distress termination, whereby the Pension Benefit Guarantee Corporation (“PBGC”) takes over the plan. On February 27, 2012, the Company notified PBGC and other affected parties of its consideration to terminate the plan in a distress termination. However, the estimated total cost associated with a distress termination was approximately $15 million. As a result of the cost savings associated with the standard termination approach, the Company has elected not to terminate the plan in a distress termination and has formally notified the PBGC of this decision. Although the Company has accrued the liability associated with a standard termination, it has not taken any steps to commence such a termination and has made no commitment to do so by a certain date.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Certain employees covered by collective bargaining agreements participate in multiemployer pension plans. Syms ceased to have an obligation to contribute to these plans in 2012, thereby triggering a complete withdrawal from the plans within the meaning of section 4203 of the Employee Retirement Income Security Act of 1974, as amended. Consequently, the Company is subject to the payment of a withdrawal liability to these pension funds. The additional costs have been estimated at approximately $6.9 million for the multiemployer pension plans. The Company had a recorded liability of $6.3 million and $6.4 million which is reflected in accrued expenses as of November 24, 2012 and February 25, 2012, respectively. The withdrawal liability is only an estimate at this time and may or may not result in higher costs when the actuarial valuation for the most recent plan year (2012) is completed.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In accordance with minimum funding requirements, the Company paid approximately $0.7 million to the Syms sponsored plan and approximately $0.6 million to the multiemployer plan from September 17, 2012 through November 24, 2012.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 8 – Contingencies</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>General Litigation</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company is a party to routine legal proceedings incidental to its former business. Some of the actions to which the Company is a party are covered by insurance and are being defended or reimbursed by the Company’s insurance carriers.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Bankruptcy Case</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As discussed in Note 1, Syms and its subsidiaries filed voluntary petitions for relief under Chapter 11 in the Court on November 2, 2011. On September 14, 2012, a plan of reorganization became effective and Syms and its subsidiaries emerged from bankruptcy, with reorganized Syms merging with and into Trinity.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 9 – Net loss per Share</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Basic net loss per share has been computed based upon the weighted average common shares outstanding. Diluted net loss per share gives effect to the potential dilution that would have occurred if options were exercised. The following table sets forth basic and diluted average shares and the related net loss per share:</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">For the Nine</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">For the Thirty-Five</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">Weeks Ended</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">Weeks Ended</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">October 29, 2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">October 29, 2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="6" nowrap="nowrap">(in thousands, except per share amounts)</td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="6">(Unaudited)</td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt; font-weight: bold;">Basic and diluted net loss per share:</td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; width: 68%; font-size: 10pt;">Net loss</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">(65,955</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">(76,027</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;">Average shares outstanding –  basic and diluted</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">14,448</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">14,448</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; padding-bottom: 2.5pt; font-size: 10pt;">Basic and diluted net loss per share</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(4.56</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(5.26</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Options to purchase 97,500 shares of common stock were excluded from the computation of diluted weighted average shares for the nine and thirty-five week periods ended October 29, 2011 because the options’ exercise prices were greater than the average market price of the common shares.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 10 – Income Taxes </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For the thirteen and thirty-nine week periods ended November 24, 2012, the effective income tax rate was 0% as compared to (410.0%) and (156.7%) for the nine and thirty-five week period ended October 29, 2011, respectively. The change in the rate is primarily the result of the change in the assessment of the realization of the deferred tax assets. The difference between the effective income tax rate (0%) and the Federal statutory rate (35%) for the thirty-nine week period ended November 24, 2012 is largely attributable to state taxes and valuation allowance.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A full valuation allowance of approximately $85.1 million was recorded as of the year ended February 25, 2012 to fully reserve the deferred tax asset balance that previously existed. An additional valuation allowance of $2.9 million was recorded in the thirty-nine week period ended November 24, 2012.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 11 – Fair Value Measurements</b></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">ASC Subtopic 820-10 defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. ASC 820-10 indicates, among other things, that a fair value measurement assumes a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Prior to adopting liquidation basis accounting on October 30, 2011, Syms did not have any non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In order to increase consistency and comparability in fair value measurements, ASC 820-10 establishes a hierarchy for observable and unobservable inputs used to measure fair value into three broad levels, which are described below.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 3%; padding-right: 0.8pt;"> </td>
<td style="width: 3%; padding-right: 0.8pt;"><font style="font: 10pt symbol;">·</font></td>
<td style="text-align: justify; width: 94%; padding-right: 0.8pt;"><font style="font: 10pt times new roman, times, serif;">Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 3%; padding-right: 0.8pt;"> </td>
<td style="width: 3%; padding-right: 0.8pt;"><font style="font: 10pt symbol;">·</font></td>
<td style="text-align: justify; width: 94%; padding-right: 0.8pt;"><font style="font: 10pt times new roman, times, serif;">Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.</font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 3%; padding-right: 0.8pt;"> </td>
<td style="width: 3%; padding-right: 0.8pt;"><font style="font: 10pt symbol;">·</font></td>
<td style="text-align: justify; width: 94%; padding-right: 0.8pt;"><font style="font: 10pt times new roman, times, serif;">Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</font></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Assets measured at fair value on a recurring basis include the following as of November 24, 2012 and February 25, 2012 (dollars in thousands): </div>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">
<table align="center" style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="17">Fair Value Measurement at November 24, 2012 Using:</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets (Level 1)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Carrying Value at November 24, 2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 36%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Cash and cash equivalents</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">17,655</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">17,655</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
</table>
</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">
<table align="center" style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="17">Fair Value Measurement at February 25, 2012 Using:</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets (Level 1)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Carrying Value at February 25, 2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 36%; font-size: 10pt;">Cash and cash equivalents</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">26,304</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">-</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">-</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">26,304</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="font-size: 10pt;">Cash surrender value</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">   -  Officers Life Insurance</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">1,774</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">1,774</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
</table>
</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Additionally, on a nonrecurring basis, prior to adopting liquidation basis accounting, the Company used fair value measures when analyzing asset impairment. Long-lived assets were reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair value. During the nine and thirty-five<b> </b>week periods ended October 29, 2011, the Company recorded asset impairment charges of approximately $0.1 million related to the lease expiration of the Park Avenue, NY location. Measurements based on undiscounted cash flows are considered to be Level 3 inputs.</div>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>Note 12 – Related Party Transactions</b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Under the terms of the Plan, the Company is restricted from paying any distributions, dividends or redemptions until after the former Majority Shareholder payments are made in full. The Certificate of Incorporation of Trinity provides for a preferred series share, held by the former Majority Shareholder and which is pledged as security and held in escrow, entitling the former Majority Shareholder to control a majority of the Board of Directors if the former Majority Shareholder Payments are not made by October 16, 2016, provided that and conditioned upon the General Unsecured Claim Satisfaction having occurred.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">In addition, as part of the Plan, Marcy Syms agreed to repay the Company $1,613,559 for all premiums paid by the Company on her behalf after the adoption of the Sarbanes-Oxley Act of 2002, as well as $160,800 for the net present value of pre-Sarbanes-Oxley premiums, for a total of $1,774,359. At November 24, 2012, the value of these premiums was recorded as an offset against the payment due under the Plan to the former Majority Shareholder (i.e., Marcy Syms and her related trusts) on account of the redemption of the former Majority Shareholder’s shares of Company common stock referred to above.</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">Ms. Syms, the Company and Filene’s, LLC also entered into an agreement in connection with the Plan whereby all rights to the commercial use of the “Syms” name and to any images of Ms. Syms and her family members were assigned to Ms. Syms.</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 13–Disposition of Assets and Other Expense</b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the thirteen week period ending November 24, 2012, the Company sold its Miami, FL and Houston, TX locations, the proceeds of which exceeded the previous carrying values, and therefore were recognized as an increase to the net asset value of the Company.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Gain on disposition of assets for the nine week period ended October 29, 2011 was $1.5 million and was primarily from the sale and leaseback of the Tampa, FL location, partially offset by the impairment of assets for the lease expiration of the Park Avenue, NY location. The gain for the thirty-five week period ended October 29, 2011 of $7.6 million was primarily from the sale of the Syms store located in Rockville, MD and to a lesser degree the proceeds from a partial condemnation of property adjacent to the Marietta, GA store and sale of the North Randall, OH location.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Note 14–Subsequent Event</b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b> </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">During the month of December 2012, the Company sold its Fairfield, CT property, the building of which is 43,000 square feet, on an “as-is, where-is” basis. The lessor of the land exercised its option to terminate its leasehold interest with a payment of $5.5 million to the Company as agreed in Section 2(c) of the Revised Stipulation and Settlement Agreement by and Among the Debtors and the Lessor. The carrying value of this property as of November 24, 2012 has been adjusted to reflect the amount realized from this subsequent transaction.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"> </font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">During the month of December 2012, the Company entered into an agreement to lease its unoccupied space at its Elmsford, NY property. The carrying value of this property as of November 24, 2012 has been adjusted to reflect the amount realized from this subsequent transaction.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"> </font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">During the month of December 2012, the Company received a $0.9 million settlement on its Marietta, GA location. This was the result of the second and final payment regarding the partial condemnation of the property adjacent to the Marietta store in 2011. The financial statements as of November 24, 2012 have been adjusted to reflect the amount realized from this subsequent transaction.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The company’s accrued costs expected to be incurred in liquidation and recorded payments made related to the accrued liquidation costs are as follows (in thousands):</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Balance</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Balance</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">February 25,</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Adjustments</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">November 24,</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">Estimated Costs of Liquidation</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">to Reserves</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Payments</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 44%; font-size: 10pt;">Real estate related carrying costs</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">7,650</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">13,486</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">(4,703</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">16,433</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Professional fees</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">22,920</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">13,193</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">(23,001</td>
<td style="text-align: left; font-size: 10pt;">)</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">13,112</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Payroll related costs</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">1,577</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">5,739</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">(2,805</td>
<td style="text-align: left; font-size: 10pt;">)</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">4,511</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-size: 10pt;">Other</td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">169</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,094</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(740</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">523</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">32,316</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">33,512</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">(31,249</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;">)</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">34,579</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the thirty-nine week period ended November 24, 2012 (in thousands):</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black; font-weight: bold;" nowrap="nowrap">Adjustments of Assets and Liabilities to Net Realizable Value</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">February 26, 2012 through<br />November 24, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 75%;">Adjust real estate to estimated net realizable value</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; width: 1%;">$</td>
<td style="text-align: right; width: 22%;">12,998</td>
<td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Adjust other assets to estimated net realizable value</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">312</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left;">Adjust estimated lease settlement costs to net realizable value</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,621</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Adjust liability to restore properties</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">311</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left;">Adjust obligation to former majority shareholder</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(19,566</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Adjust other claims to net realizable value</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right;">(1,035</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">6,641</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following table sets forth basic and diluted average shares and the related net loss per share:</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">For the Nine</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">For the Thirty-Five</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">Weeks Ended</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">Weeks Ended</td>
<td style="font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">October 29, 2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">October 29, 2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="6" nowrap="nowrap">(in thousands, except per share amounts)</td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="6">(Unaudited)</td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt; font-weight: bold;">Basic and diluted net loss per share:</td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; width: 68%; font-size: 10pt;">Net loss</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">(65,955</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">(76,027</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;">Average shares outstanding –  basic and diluted</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">14,448</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">14,448</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: justify; padding-bottom: 2.5pt; font-size: 10pt;">Basic and diluted net loss per share</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(4.56</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(5.26</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Assets measured at fair value on a recurring basis include the following as of November 24, 2012 and February 25, 2012 (dollars in thousands): </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table align="center" style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="17">Fair Value Measurement at November 24, 2012 Using:</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets (Level 1)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Carrying Value at November 24, 2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 36%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="text-align: right; width: 12%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Cash and cash equivalents</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">17,655</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">17,655</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table align="center" style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="17">Fair Value Measurement at February 25, 2012 Using:</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets (Level 1)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Carrying Value at February 25, 2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 36%; font-size: 10pt;">Cash and cash equivalents</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">26,304</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">-</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">-</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 12%; font-size: 10pt;">26,304</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="font-size: 10pt;">Cash surrender value</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">   -  Officers Life Insurance</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">1,774</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">-</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;">$</td>
<td style="text-align: right; font-size: 10pt;">1,774</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
</table>
0.75
9700000
8600000
7800000
5400000
2.49
2.49
7857794
7857794
10040160
25000000
33512000
13486000
13193000
5739000
1094000
-31249000
-4703000
-23001000
-2805000
-740000
12998000
13621000
311000
-1035000
6641000
1774000
0
0
1774000
1500000
900000
5300000
2012-08-27
2011-11-18
1100000
200000
7900000
7200000
15000000
6900000
600000
97500
-1.567
0.00
0.00
0.35
85100000
2900000
1774359
1613559
160800
5500000
43000
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Going Concern Basis of Accounting</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The consolidated condensed financial statements for the nine and thirty-five week periods ended October 29, 2011 were prepared on the going concern basis of accounting, which contemplated realization of assets and satisfaction of liabilities in the normal course of business. In the opinion of management, the accompanying Statements of Operations for the nine and thirty-five week periods ended October 29, 2011 and Statement of Cash Flows for the thirty-five week period ended October 29, 2011 contain all adjustments, including normal recurring adjustments, necessary to present a fair statement of interim results.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Liquidation Basis of Accounting</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent and the net realizable value of its assets is reasonably determinable. Under this basis of accounting, assets and liabilities are stated at their net realizable value and estimated costs over the anticipated period of liquidation are accrued to the extent reasonably determinable. The Plan calls for the sale of the Company’s 15 commercial real estate properties and the sale or development of 28-42 Trinity Place. Should the Company decide to develop hold or operate 28-42Trinity Place in a manner permitted by the Plan the Company will evaluate at that time whether the liquidation basis of accounting remains appropriate.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Significant estimates and judgment are required to determine the accrued costs of liquidation. The company’s accrued costs expected to be incurred in liquidation and recorded payments made related to the accrued liquidation costs are as follows (in thousands):</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Balance</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Balance</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">February 25,</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Adjustments</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
<td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">November 24,</td>
<td style="font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">Estimated Costs of Liquidation</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">to Reserves</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Payments</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: center; font-size: 10pt;" colspan="2"> </td>
<td style="font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 44%; font-size: 10pt;">Real estate related carrying costs</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">7,650</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">13,486</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">(4,703</td>
<td style="text-align: left; width: 1%; font-size: 10pt;">)</td>
<td style="width: 2%; font-size: 10pt;"> </td>
<td style="text-align: left; width: 1%; font-size: 10pt;">$</td>
<td style="text-align: right; width: 10%; font-size: 10pt;">16,433</td>
<td style="text-align: left; width: 1%; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Professional fees</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">22,920</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">13,193</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">(23,001</td>
<td style="text-align: left; font-size: 10pt;">)</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">13,112</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; font-size: 10pt;">Payroll related costs</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">1,577</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">5,739</td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">(2,805</td>
<td style="text-align: left; font-size: 10pt;">)</td>
<td style="font-size: 10pt;"> </td>
<td style="text-align: left; font-size: 10pt;"> </td>
<td style="text-align: right; font-size: 10pt;">4,511</td>
<td style="text-align: left; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-size: 10pt;">Other</td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">169</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,094</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(740</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td>
<td style="padding-bottom: 1pt; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">523</td>
<td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">32,316</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">33,512</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">(31,249</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;">)</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt; font-weight: bold;">34,579</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold;"> </td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The assumptions underlying the estimated accrued costs of liquidation of $34.6 million as of November 24, 2012 contemplated all changes in estimates resulting from the Plan.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Syms reviewed all operating expenses and contractual commitments such as payroll and related expenses, lease terminations cost, owned property carrying costs and professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, which was initially anticipated to conclude in August 2012, was amended to conclude in calendar year 2016 based on the Plan and current business plans. The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the thirty-nine weeks ended November 24, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Adjustments to increase the reserve for real estate carrying costs by approximately $13.5 million were recorded during the thirty-nine week period ended November 24, 2012. The adjustments were mainly the result of estimated expenses for the longer liquidation period contemplated under the Plan. The estimates assume that 12 of the Company’s properties will be sold or monetized by September 2013, another three of its properties will be sold or monetized by September 2014, and the 28-42 Trinity Place location will be sold by the end of 2016.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Adjustments to increase the reserve for professional fees by approximately $13.2 million were recorded during the thirty-nine week period ended November 24, 2012. The majority of the increase reflects the costs of professionals for the new liquidation period that is estimated to run through the end of 2016. This also reflects increased costs due to the complexities of litigating the estate as well as the unplanned hiring of a fee examiner during the pre-emergence time period.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p>
<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Adjustments to increase the reserve for payroll and related liquidation expenses by approximately $5.7 million were recorded during the thirty-nine week period ended November 24, 2012 primarily as a result of extending the expected liquidation period to conclude in calendar year 2016.</div>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Adjustments to Fair Value of Assets and Liabilities</i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the thirty-nine week period ended November 24, 2012 (in thousands):</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<table style="font: 10pt/normal times new roman, times, serif; width: 75%; margin-left: 0.5in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black; font-weight: bold;" nowrap="nowrap">Adjustments of Assets and Liabilities to Net Realizable Value</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">February 26, 2012 through<br />November 24, 2012</td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; width: 75%;">Adjust real estate to estimated net realizable value</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; width: 1%;">$</td>
<td style="text-align: right; width: 22%;">12,998</td>
<td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Adjust other assets to estimated net realizable value</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">312</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left;">Adjust estimated lease settlement costs to net realizable value</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,621</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Adjust liability to restore properties</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">311</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left;">Adjust obligation to former majority shareholder</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(19,566</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Adjust other claims to net realizable value</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right;">(1,035</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-weight: bold;"> </td>
<td style="padding-bottom: 2.5pt; font-weight: bold;"> </td>
<td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">6,641</td>
<td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Real estate -</i> The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $13.0 million to reflect the revised estimates of management and third party real estate experts as of November 24, 2012. The basis for determining the estimated net realizable values took into consideration many factors which are difficult to predict, including but not limited to local market conditions, vacancy rates, redevelopment opportunities, investor types/profiles, and anticipated timing of sale transactions. Based on management’s weighting of the likelihood of each alternative being achieved, an estimated net realizable value of $144.7 million is recorded. While this amount represents management’s best estimate at the time of finalizing the accompanying statement of net assets, the amount ultimately realized in the sale of the real estate could materially differ from this estimate. The Company is currently evaluating various strategic alternatives related to its 28-42 Trinity Place property. To date no specific course of action has been determined. As a result, there remains a range of estimated values that may be realized for 28-42 Trinity Place under the various sale or development alternatives. However, until such time as a more definitive strategy for this property has been determined, management believes it is appropriate to leave the carrying value at the estimated realizable value based on the assumptions that were used prior to the approval of the Plan. At the time a more definitive strategy is determined, the Company will adjust the carry value of the property to be consistent with assumptions that correspond to that strategy, a process that may lead to an increase in the recorded value for the property.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Lease settlement costs -</i> Lease settlement costs have decreased by $13.6 million due to adjustments from 23 locations. These reductions were mainly the result of the Plan and its effective date of September 14, 2012, in which the Plan stipulated that the long-term Filene’s, LLC general unsecured creditors with allowed claims are entitled to a recovery of 75% on their claims.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Liability to restore properties -</i> The Houston, Texas property was sold in November 2012 and the previously recorded liability to repair the roof was assumed by the acquirer of the property, thus the Company reversed the liability upon the consummation of the sale.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i> </i></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Obligation to Former Majority Shareholder –</i> This represents the recording of the settlement with the former Majority Shareholder during the thirteen weeks ended November 24, 2012. On September 14, 2012, immediately following the effectiveness of the Plan, the former Majority Shareholder sold all of its 7,857,794 shares of common stock to Syms at $2.49 per share. Payment for the shares will be made to the former Majority Shareholder in accordance with the Plan as Trinity’s real estate assets are monetized. As further discussed in Note 5, $1.8 million due from the former Majority Shareholder was reclassified from other assets resulting in a net obligation to the Majority Shareholder of $17.8 million as of November 24, 2012.</p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><i>Other Claims – </i>This amount mainly represents an increase in the multi-employer pension plan claim which was increased pursuant to the final Plan document.</p>
-25002000
0
17792000
312000
-19566000
6400000
6300000
The consolidated condensed statement of net assets at February 25, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
00007247422011-08-282011-10-29
66540000
42797000
23743000
21790000
462000
9788000
2527000
3315000
1488000
36394000
-12651000
282000
-12933000
53022000
-65955000
-4.56
14448
75000000
-4.100
utr:sqft
00007247422012-09-14
2.49
5500000
100000
100000
700000
900000