Sale of Company-Owned Stores

8 Months Ended

Sep. 09, 2018

Restructuring and Related Activities [Abstract]

Sale of Company-Owned Stores

13. Sale of Company-owned Stores

During the third quarter of 2018, the Company sold 12 domestic Company-owned stores to a former executive of the Company for proceeds of $7.9 million. The former executive terminated his employment with the Company prior to the closing date of the sale and became a franchisee. In connection with the sale of the stores, the Company recorded a $5.9 million pre-tax gain on the sale of the related assets, which was net of a $0.4 million reduction in goodwill. The gain was recorded in general and administrative expense in the Company’s condensed consolidated statements of income.