Note 15 - Restructuring, Asset Impairment, and Other Charges

3 Months Ended

Feb. 25, 2012

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

15. Restructuring, Asset Impairment, and Other Charges

During the three months ended February 25, 2012 and February 26, 2011, we incurred the following charges included in income (loss) from operations:

	Quarter Ended
	February 25, 2012		February 26, 2011

Restructuring and asset impairment charges:
Write-downs and demolition costs related to idle manufacturing facilities	$	113	$	-
Asset write-downs related to Company-owned retail store closures		123		879

Total restructuring and asset impairment charges	$	236	$	879

Lease exit costs:
Lease exit costs related to Company-owned retail store closures	$	228	$	884

Total lease exit costs	$	228	$	884

Total charges related to restructuring, asset impairment, and lease exit costs included in loss from operations	$	464	$	1,763

Restructuring and Asset Impairment Charges

During the three months ended February 25, 2012, we incurred costs of $113 associated with the demolition of a previously closed manufacturing facility in Bassett, Virginia, and non-cash charges of $123 associated with the write off of abandoned leasehold improvements following the relocation of a retail store near Richmond, Virginia.

During the three months ended February 26, 2011, we recorded non-cash asset impairment charges of $879 for the write-off of leasehold improvements and other assets due to the closure of five retail locations in Bear, Delaware, Bel Air, Maryland, Carol Stream, Illinois, Frederick, Maryland, and Spanish Fort, Alabama.

The determination of amount of asset impairments recognized involves making estimates of the fair value of the impaired assets. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 14.

Lease Exit Costs

During the three months ended February 25, 2012, we incurred non-cash charges of $228 for lease exit costs associated with the relocation of a retail store near Richmond, Virginia.

During the three months ended February 26, 2011, we recorded non-cash charges of $884 for lease exit costs associated with the closure of the Bel Air and Frederick, Maryland stores as well as a previously closed location in Lewisville, Texas.

The following table summarizes the activity related to our accrued lease exit costs:

Balance at November 26, 2011	$	4,358

Provisions associated with Company-owned retail store closures		228
Provisions made to adjust previous estimates		38
Payments on unexpired leases		(541	)
Accretion of interest on obligations		44

Balance at February 25, 2012	$	4,127

Current portion included in other accrued liabilities	$	1,893
Long-term portion included in other long-term liabilities		2,234
	$	4,127