Note 11 - Restructuring, Asset Impairment, and Other Charges

3 Months Ended

Mar. 02, 2013

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

11. Restructuring, Asset Impairment, and Other Charges

During the three months ended February 25, 2012, our income from operations including restructuring and asset impairment charges totaling $236 and lease exit costs of $228 as more fully described below.

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.

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 10.

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.

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

Balance at November 24, 2012	$	2,614
Payments on unexpired leases		(490	)
Accretion of interest on obligations and other		26
Balance at March 2, 2013	$	2,150
Current portion included in other accrued liabilities	$	1,465
Long-term portion included in other long-term liabilities		685
	$	2,150