Subsequent Events

9 Months Ended

Oct. 06, 2018

Subsequent Events [Abstract]

Subsequent Events

21. SUBSEQUENT EVENTS

The company has evaluated subsequent events since October 6, 2018, the date of these financial statements. We believe there were no material events or transactions discovered during this evaluation that require recognition or disclosure in the financial statements other than the items discussed below.

On November 6, 2018, the company announced the closure of a bakery in Brattleboro, Vermont.  We expect to close the bakery by the end of fiscal 2018.  The closure costs are estimated to be between $5.0 million and $6.0 million and are expected to be finalized and recorded in our fourth quarter of fiscal 2018.

On November 7, 2018, the company announced a definitive agreement to acquire Canyon Bakehouse LLC, a privately held, gluten-free baking company based in Johnstown, Colorado, for approximately $205 million (including a performance-based contingent payment of $5 million). The acquisition, which is subject to regulatory approval and customary closing conditions, is expected to be completed later in the fourth quarter of 2018.  The acquisition aligns with our strategic initiatives by capitalizing on growing segments in the bakery category.  The company plans to fund the acquisition using its existing facility and available cash.