TRADE ACCOUNTS RECEIVABLE SALE PROGRAM TRADE ACCOUNTS RECEIVABLE SALE PROGRAM

12 Months Ended

Jun. 28, 2014

Receivables [Abstract]

TRADE ACCOUNTS RECEIVABLE SALE PROGRAM

TRADE ACCOUNTS RECEIVABLE PURCHASE PROGRAM

On June 25, 2014, the Company entered into an Account Purchase Agreement with Wells Fargo Bank, N.A. ("WFB") which provides that the Company may sell and assign to WFB and WFB may purchase from Company the accounts receivable of certain Company customers in a maximum aggregate amount of $50.0 million. The initial term of the agreement is 36 months with successive 12 month renewal terms. For the year ended June 28, 2014, total accounts receivables transferred was approximately $9.0 million. The receivables that were transferred remain on our consolidated balance sheet and the cash received was reflected as cash provided by financing activities in the consolidated statements of cash flows. As of June 28, 2014, the Company's net liability to WFB for accounts receivables transferred was $7.9 million classified as current portion of debt.