RELATED PARTY INFORMATION - WAKEFERN

6 Months Ended

Jan. 26, 2019

Related Party Transactions [Abstract]

RELATED PARTY INFORMATION - WAKEFERN

RELATED PARTY INFORMATION - WAKEFERN

A description of the Company’s transactions with Wakefern, its principal supplier, and with other related parties is included in the Company’s Annual Report on Form 10-K for the year ended July 28, 2018.  

Wakefern has increased from time to time the required investment in its common stock for each supermarket owned by a member, with the exact amount per store computed based on the amount of each store’s purchases from Wakefern.  During the 26 weeks ended January 26, 2019, the required investment in Wakefern common stock increased $1,482, inclusive of an initial required investment related to the Bronx, New York City store.

At January 26, 2019, the Company had $48,612 in variable rate notes receivable due from Wakefern that earn interest at the prime rate plus 1.25% with $24,870 that matured on February 15, 2019 and $23,742 that mature on August 15, 2022. The Company invested $24,937 of the proceeds received from the notes that matured on February 15, 2019 in variable rate notes receivable from Wakefern that earn interest at the prime rate plus .75% and mature on February 15, 2024. Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits.

Included in cash and cash equivalents at January 26, 2019 and July 28, 2018 are $86,261 and $63,413, respectively, of demand deposits invested at Wakefern at overnight money market rates.