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TRADE ACCOUNTS RECEIVABLE PURCHASE PROGRAM
3 Months Ended
Sep. 27, 2014
Receivables [Abstract]  
TRADE ACCOUNTS RECEIVABLE PURCHASE 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. No accounts receivables were transferred during the three months ended September 27, 2014. As of June 28, 2014, total accounts receivables transferred was approximately $9.0 million. The receivables that were transferred remained on our consolidated balance sheet.
As of September 27, 2014, the Company’s net liability to WFB for accounts receivables transferred was approximately $31,000 classified as current portion of debt. As of June 28, 2014, the Company’s net liability to WFB for accounts receivables transferred was approximately $7.9 million classified as current portion of debt.