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SALE OF PROPERTY AND LEASEHOLD INTEREST
9 Months Ended
Oct. 31, 2015
SALE OF PROPERTY AND LEASEHOLD INTEREST  
SALE OF PROPERTY AND LEASEHOLD INTEREST

NOTE 13SALE OF PROPERTY AND LEASEHOLD INTEREST

 

During the third quarter of fiscal 2015, the Company sold two properties for $11.4 million and subsequently entered into a lease for a ten year period. The Company deferred a gain for $2.4 million and recognized a gain of $6.0 million.

 

During the first quarter of fiscal 2015, the Company sold a leasehold interest in one store for $10.0 million in exchange for termination and extinguishment of all obligations, liabilities, and benefits associated with the lease.