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Note 7 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 26, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	August 26, 2023

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(322	)	$	190

Intangibles not subject to amortization:
Trade names							8,688
Goodwill							12,669
Total goodwill and other intangible assets						$	21,547

	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		-		-		(102	)		(102	)
Balance as of August 26, 2023	$	7,217	$	-	$	5,452		$	12,669

Accumulated impairment losses at both August 26, 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 third quarter of 2023, we performed a qualitative analysis of our goodwill as of August 26, 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 nine months ended August 26, 2023 and August 27, 2022 was as follows:

	Quarter Ended				Nine Months Ended
	August 26, 2023		August 27, 2022		August 26, 2023		August 27, 2022

Intangible asset amortization expense	$	14	$	14	$	43	$	42

Estimated future amortization expense for intangible assets that exist at August 26, 2023 is as follows:

Remainder of fiscal 2023	$	14
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Total	$	190