Commitments and Contingencies

6 Months Ended

Jun. 02, 2012

Commitments and Contingencies

Commitments and Contingencies

12.  Commitments and Contingencies

On May 1, 2012, Griffin Land entered into a Purchase and Sale Agreement for the sale of approximately 14 acres of undeveloped land in Windsor, Connecticut for approximately $1.0 million in cash. The completion of this transaction is contingent on the buyer receiving approvals from the town’s land use commissions for its plans to construct an office building on the site. There is no guarantee that this transaction will be completed under its current terms, or at all.

As of June 2, 2012, Griffin had committed purchase obligations of $3.5 million, principally for the remaining construction on the 228,000 square foot industrial building being built by Griffin Land on the Lehigh Valley land acquired in fiscal 2010, master planning of Griffin Land’s industrial properties and the purchase of plants and raw materials by Imperial.

Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business.  In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate to Griffin’s consolidated financial position, results of operations or cash flows.