Held for Sale

6 Months Ended

Oct. 26, 2012

Discontinued Operations and Disposal Groups [Abstract]

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

.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 is 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, subsequent to the second quarter, fiscal 2013, 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the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The total carrying value of Mimi's Café assets as of October 26, 2012 was $38,509.

The following table presents the financial classification of assets and liabilities of Mimi's Café that will be reflected as held for sale in future consolidated financial statements:
		Dollars in thousands
		Unaudited
		Oct. 26, 2012		April 27, 2012
Assets
Current Assets
Cash and equivalents		$	1,995	$	3,100
Accounts receivable			2,017		2,709
Inventories			2,342		3,891
Prepaid expenses			548		385
	Total Current Assets		6,902		10,085
Net property, plant and equipment			151,260		160,391
Net intercompany			- 161,492		- 164,777
Other assets			2,372		2,402
Other intangible assets, net			39,467		39,877
	Total Noncurrent Assets		31,607		37,893
	Total Assets	$	38,509	$	47,978
Current Liabilities
Accounts payable and accrued expenses		$	15,544	$	15,613
Deferred revenue			2,835		3,151
Other accrued expenses			4,829		3,241
	Total Current Liabilities		23,208		22,005
Deferred rent and other			23,701		22,809
	Total Long-Term Liabilities		23,701		22,809
	Total Liabilities	$	46,909	$	44,814