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COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Nov. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]  
Schedule of Future Minimum Lease Commitments



 

 

 

 



 

 

 

 



 

Open

 

Years ended November 30,

 

Locations(1)

 

2017

 

$

 11,430 

 

2018

 

 

 11,228 

 

2019

 

 

 10,486 

 

2020

 

 

 9,656 

 

2021

 

 

 8,400 

 

Thereafter

 

 

 89,618 

 

Total

 

$

 140,818 

(2)



(1)

Operating lease obligations have been reduced by approximately $357,000 to reflect sub-lease income.  Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

(2)

As of August 31, 2016, total future minimum lease commitments was $120.9 million.  The increase during the period ending November 30, 2016 is primarily related to the extension of an existing lease within the Company’s Guatemala subsidiary for its Pradera location.  The subsidiary signed an extension on November 25, 2016, extending the lease termination date from May 31, 2021 to November 30, 2043.  The lease extension included the real property at this location currently used by the Company and added additional square footage in the same shopping center to the lease. This has effectively provided the Company with possession of substantially all of the real property available at that location.  The Company plans to expand and upgrade the current warehouse club and parking areas, and improve access into and out from the location.