Note 7 - Goodwill and Other Intangible Assets

6 Months Ended

May 27, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	May 27, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(308	)	$	204
Intangibles not subject to amortization:
Trade names							8,680
Goodwill							12,648
Total goodwill and other intangible assets						$	21,532

	November 26, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(280	)	$	232
Intangibles not subject to amortization:
Trade names							8,723
Goodwill							12,772
Total goodwill and other intangible assets						$	21,727

Changes in the carrying amounts of goodwill by reportable segment were as follows:

	Wholesale		Retail		Corporate & Other			Total
Balance as of November 26, 2022	$	7,217	$	-	$	5,554		$	12,771
Foreign currency translation adjustments		-		-		(123	)		(123	)
Balance as of May 27, 2023	$	7,217	$	-	$	5,431		$	12,648

Accumulated impairment losses at both May 27, 2023 and November 26, 2022 were $3,897.

Due to the decline in the share price of our common stock through the end of the second quarter of 2023, we performed a qualitative analysis of our goodwill as of May 27, 2023 and concluded that it was not more likely than not that the carrying value of our reporting units with goodwill exceeded their fair values.

Amortization expense associated with intangible assets during the three and six months ended May 27, 2023 and May 28, 2022 was as follows:

	Quarter Ended				Six Months Ended
	May 27, 2023		May 28, 2022		May 27, 2023		May 28, 2022
Intangible asset amortization expense	$	14	$	14	$	28	$	28

Estimated future amortization expense for intangible assets that exist at May 27, 2023 is as follows:

Remainder of fiscal 2023	$	28
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Total	$	204