XML 57 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
BRANCH CLOSURE AND CONSOLIDATION ACTIVITIES
3 Months Ended
May 04, 2014
BRANCH CLOSURE AND CONSOLIDATION ACTIVITIES  
BRANCH CLOSURE AND CONSOLIDATION ACTIVITIES

NOTE 9—BRANCH CLOSURE AND CONSOLIDATION ACTIVITIES

 

During the fourth quarter of fiscal 2013, management evaluated the cost structure of the Company and identified opportunities to reduce costs across its businesses, primarily through a workforce reduction of approximately 150 employees in the Power Solutions business, global support center and, to a lesser extent, its other businesses. During fiscal 2013, the Company recorded a restructuring charge of $12 million under this plan.

 

During the three months ended May 4, 2014, the Company continued restructuring activities under this plan, resulting in a restructuring charge of $3 million for the consolidation of six Construction & Industrial — White Cap branches into three branches and additional workforce reductions of approximately 10 employees. These charges were recorded to operating expenses within the Consolidated Statement of Operations and Comprehensive Income (Loss). During the second quarter of fiscal 2014, management expects to finalize the restructuring activities under this plan and record additional restructuring charges of approximately $2 million. The Company expects the costs of these restructuring actions will be recovered through a permanent reduction of costs in less than one year.  Payments of the employee-related cash charges are expected to be completed within fiscal 2014.