Note 22 - Subsequent Events

12 Months Ended

Nov. 25, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

2

2.

Subsequent Event

s

Acquisition of Lane Venture

On

December 21, 2017,

we purchased certain operating assets

and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC for

$15,556

in cash. Lane Venture is a manufacturer and distributor of premium outdoor furniture and will be operated as a component of our wholesale segment. A preliminary allocation of the purchase price to the net assets acquired is expected to be made during the

first

quarter of fiscal

2018.

Tax Cuts and Jobs Act

On

December 22, 2017

the Tax Cuts and Jobs Act (the “Act”) was signed into law. Among other provisions, the Act reduces the Federal statutory corporate income tax rate from

35%

to

21%.

This rate reduction is expected to have a significant impact on our provisions for income taxes for periods beginning after

November 25, 2017,

including a

one

-time impact resulting from the revaluation of our deferred tax assets and liabilities to reflect the new lower rate.

While we have

not

yet determined the net amount of the revaluation, we expect that it will be a significant component of our income tax provision for the

first

quarter of fiscal

2018.