Note 11 - Restructuring, Asset Impairment, and Other Charges

6 Months Ended

Jun. 01, 2013

Restructuring, Impairment, and Other Activities Disclosure [Abstract]

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

11. Restructuring, Asset Impairment and Other Charges

During the three and six months ended May 26, 2012, our income from operations included restructuring and asset impairment charges totaling $475 and $711, respectively, and lease exit costs of $131 and $359, respectively, as more fully described below.

Restructuring and Asset Impairment Charges

During the three and six months ended May 26, 2012, we incurred costs of $89 and $203, respectively, associated with the demolition of a previously closed manufacturing facility in Bassett, Virginia; non-cash charges of $385 associated with the write-down of a previously closed manufacturing facility in Mt. Airy, North Carolina; and $-0- and $123, respectively, 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 six months ended May 26, 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 and six months ended May 26, 2012 we incurred $131 of non-cash charges to reflect reduced estimates of recoverable lease costs at several previously closed retail locations.

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

Balance at November 24, 2012	$	2,614
Payments on unexpired leases		(913	)
Adjustments to previous estimates		(42	)
Accretion of interest on obligations and other		54
Balance at June 1, 2013	$	1,713
Current portion included in other accrued liabilities	$	1,176
Long-term portion included in other long-term liabilities		537
	$	1,713