INVENTORY

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

INVENTORY

INVENTORY

        The net realizable value of inventory consisted of the following:

	March 31, 2020		December 31, 2019
	(in thousands)
Finished product ready for sale	$	367,402	$	387,655
Inventory	$	367,402	$	387,655

As a result of the COVID-19 pandemic, the Company has temporarily closed approximately 1,100, or 30%, of the U.S. and Canada company-owned and franchise stores as of March 31, 2020 and sales trends have significantly declined in the second half of March 2020. Some of the stores temporarily closed may be closed permanently in the future. Due to the store closures, decline in sales trends and estimated adverse impacts on the Company's business as a result of COVID-19, the Company recorded $18.2 million inventory obsolescence reserves during the quarter ended March 31, 2020, of which $17.8 million was recorded within the U.S. and Canada segment and $0.4 million was recorded within the Manufacturing and Wholesale segment.