Held for Sale

9 Months Ended

Jan. 25, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3.Held for Sale

On November 19, 2012, the Company announced that, consistent with its commitment to enhance value for all of its shareholders, the Company was exploring a range of strategic alternatives for its Mimi's Café business segment, including but not limited to a potential sale of the business or its assets. As a result, Mimi's Café has met all of the criteria set forth in ASC 360 to be classified as held for sale. The applicable criteria include the following: management has committed to a plan to sell the assets; the assets are available for immediate sale; an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; the sale of the assets is probable and the transfer of the assets is expected to qualify as a complete sale within one year; the assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Effective January 28, 2013, we entered into a definitive agreement for the sale of our Mimi's Café operating segment to Le Duff America, Inc. Effective February 15, 2013, we completed the sale of Mimi's Café to Le Duff America, Inc. See Note 14 for further information.

       Assets and liabilities held for sale are classified as current assets and current liabilities, as of January 25, 2013, in our Consolidated Balance Sheets and recorded at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. We recorded impairment charges of $22,667 included in Intangible impairment on the Consolidated Statements of Income to reduce the carrying value of the held for sale assets.

The following table presents the financial classification of assets and liabilities of Mimi's Café that are reflected as held for sale in the Consolidated Balance Sheets:
		Dollars in thousands
		Unaudited
		Jan. 25, 2013		April 27, 2012
Current Assets
Cash and equivalents		$	927	$	3,100
Accounts receivable			2,006		2,709
Inventories			2,481		3,891
Prepaid expenses			648		385
	Total Current Assets		6,062		10,085
Net property, plant and equipment			150,680		160,391
Net intercompany			(1,212)		(164,777)
Other assets			2,336		2,402
Other intangible assets, net			16,731		39,877
	Total Noncurrent Assets		168,535		37,893
	Total Assets	$	174,597	$	47,978
Current Liabilities
Accounts payable and accrued expenses		$	16,164	$	15,613
Deferred revenue			4,183		3,151
Other accrued expenses			5,164		3,241
	Total Current Liabilities		25,511		22,005
Deferred rent and other			23,531		22,809
	Total Long-Term Liabilities		23,531		22,809
	Total Liabilities	$	49,042	$	44,814