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Restructuring and Related Charges

9 Months Ended

Sep. 29, 2012

Restructuring and Related Activities Disclosure [Text Block]

6. Restructuring and Related Charges

In 2010, we completed a major restructuring plan that ceased all production at our Stanleytown, Virginia manufacturing facility; however, we continued to use a portion of this facility for warehousing and distribution. In 2011, we evaluated our overall warehousing and distribution requirements for our Stanley Furniture product line and concluded only a portion of the leased warehouse space in Stanleytown, Virginia would be required. Therefore, a restructuring charge against future lease obligations of $499,000 was taken in 2011 for the portion of the Stanleytown warehouse facility no longer in use as of December 31, 2011.

In the second quarter of 2012, we further reduced our required warehouse space at our Stanleytown, Virginia leased facility and recorded an additional restructuring charge against future lease obligations of $418,000 for the additional space no longer being utilized. As of September 29, 2012, we are utilizing approximately 50% of the leased facility in Stanleytown, Virginia.

Restructuring accrual activity for the nine months ended September 29, 2012 was as follows:

	Severance and other termination costs		Lease Obligations		Other Cost		Total
Accrual at January 1, 2012	$	57	$	499	$	50	$	606
Charges and adjustments to expense		17		418		(40)		395
Cash payments		(74)		(124)		(10)		(208)
Accrual at September 29,2012	$	0	$	793	$	0	$	793

Restructuring accrual activity for the nine months ended October 1, 2011 was as follows:

	Severance and other termination costs		Lease Obligations		Other Cost		Total
Accrual at January 1, 2011	$	1,239		-	$	730	$	1,969
Charges and adjustments to expense		21		-		(274)		(253)
Cash payments		(956)		-		(316)		(1,272)
Accrual at October 1, 2011	$	304		-	$	140	$	444

The restructuring accrual for severance and other employee termination costs, as well as other costs, is classified as “Other accrued expenses”.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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