Note 6 - Restructuring Charges

6 Months Ended

Aug. 27, 2017

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

6

.

RESTRUCTURING CHARGES

On

April 18, 2017,

the Company announced the consolidation of its Nelco Products, Inc. Business Unit located in Fullerton, California and its Neltec, Inc. Business Unit located in Tempe, Arizona. The consolidation is expected to take

four

to

six

months to

complete. When complete, all business functions will be performed at Neltec in Tempe, Arizona and certain manufacturing operations will continue to be performed in California, under the supervision of the Neltec Business Unit.

During the

13

-week and

26

-we

ek periods ended

August 27, 2017

the Company recorded restructuring charges of

$2,813

and

$4,063,

respectively, related to the consolidation.  The Company estimates the remaining pre-tax charge in connection with the consolidation to be approximately

$1,500.

This remaining charge is expected to be incurred primarily during the fiscal year ending

March 3, 2019

or beyond. 

The Company estimates the remaining pre-tax charge in connection with the consolidation to be approximately

$1,500.

This

remaining charge is expected to be incurred primarily during the fiscal year ending

March 3, 2019

or beyond. 

The following table sets forth the charges and accruals related to the

consolidation:

	Total Expense For 13 Weeks Ended May 28, 2017		Current Period Expense			Cash Payments			Non-Cash Charges			Accrual August 27, 2017		Total Expense For 26 Weeks Ended August 27, 2017		Total Expected Costs
Facility Lease Costs	$	-	$	2,753		$	-		$	-		$	2,753	$	2,753	$	2,753
Severance Costs		1,183		(61	)		(391	)		-			731		1,122		1,122
Equipment Removal		-		-			-			-			-		-		700
Other		67		121			(121	)		(67	)		-		188		925
Total Restructuring Plan	$	1,250	$	2,813		$	(512	)	$	(67	)	$	3,484	$	4,063	$	5,500

The Company recorded additional restructuring charges of $

89

and

$23

during the

13

-week periods ended

August 27, 2017

and

August 28, 2016,

respectively, and

$200

and

$93

during the

26

weeks ended

August 27, 2017

and

August 28, 2016,

respectively, related to the closure in the

2009

fiscal year of the Company’s New England Laminates Co., Inc. Business Unit located in Newburgh, New York. The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the

2004

fiscal year, the Company reduced the book value of the building to

zero

, and the Company intends to sell it during the

2018

fiscal year.