Note 15 - Other Gains and Losses

12 Months Ended

Nov. 24, 2018

Notes to Financial Statements

Other Gains and Losses [Text Block]

15. Other Gains and Losses

Gain

s

on Sale

s

of Retail Store Location

s

Selling, general and administrative expenses for the year ended

November 24, 2018

includes a gain of

$165

resulting from the sale of our retail store location in Spring, Texas for

$2,463

in cash. The store was closed in

October

of

2018

and repositioned to a new location serving the Houston market in The Woodlands, Texas, which opened in

November

of

2018.

Selling, general and administrative expenses for the year ended

November 25, 2017

includes a gain of

$1,220

resulting from the sale of our retail store location in Las Vegas, Nevada for

$4,335

in cash. The store was closed in

August

of

2017

in preparation for its repositioning to a new location serving the Las Vegas market, in Summerlin, Nevada, which opened in

January

of

2018.

Income from Antitrust Litigation Settlement

Cost of furniture and accessories sold for the year ended

November 26, 2016

includes the benefit of

$1,428

of income we received from the settlement of class action litigation. This benefit is included in our wholesale segment. We were a member of the certified class of consumers that were plaintiffs in the Polyurethane Foam Antitrust Litigation against various producers of flexible polyurethane foam. The litigation alleged a price-fixing conspiracy in the flexible polyurethane foam industry that caused indirect purchasers to pay higher prices for products that contain flexible polyurethane foam. In

2015

a settlement was reached with several of the producers, though other producers named in the suit filed appeals blocking distribution of the settlement. In

June

of

2016

the final producer appeal was dismissed and we received

$1,428

in cash representing our share of the settlement, which is included in cash provided by operating activities in our statement of cash flows for the year ended

November 26, 2016.

Asset Impairment Charges and Lease Exit Costs

During fiscal

2018

income from operations included

$469

of non-cash asset impairment charges recognized on the assets of an underperforming retail location in Torrance, California, and a

$301

charge for the accrual of lease exit costs incurred in connection with the closing of a Company-owned retail store location in San Antonio, Texas at the end of fiscal

2018.

There were

no

asset impairment charges or lease exit costs incurred against income from operations during fiscal

2017

or

2016.

See Note

2

regarding non-operating impairment charges incurred in connection with our investments in retail real estate.