Note H - Assets Held for Sale

6 Months Ended

Sep. 23, 2018

Notes to Financial Statements

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

NOTE H – ASSETS HELD FOR SALE          

Prior to the end of fiscal

2018,

we entered into an agreement to sell a Company-owned restaurant located in Bay Ridge, Brooklyn, NY for

$12,250,000.

  At

September 23, 2018,

we had received a

$2,201,000

non-refundable deposit toward the sale of this restaurant which was included in accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheet. The sale was expected to close during the

second

quarter of fiscal

2019

.  

Effective

July 15, 2018,

we amended the Agreement of Sale to extend the closing date until

October 2018

and received an additional down-payment of

$1,000,000

and a

$175,000

fee to extend the closing date by

three

months.Property and equipment of

$593,000

and

$610,000

related to this sale has been classified as Assets held for sale in our Consolidated Balance Sheets at

September 23, 2018

and

March 25, 2018,

respectively.  The sale was completed on

October 23, 2018.

On

August 9, 2018,

the Company completed the sale of its regional office building located in Fort Lauderdale, Florida for proceeds of

$1,330,000

and recorded a gain of

$323,000,

which represented the excess of the proceeds, less costs to sell, over the carrying value on that date. The gain was recorded in Other income, net in the Company’s Consolidated Statement of Earnings during the

thirteen

weeks ended

September 23, 2018.