Subsequent Events

6 Months Ended

Aug. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

(26) Subsequent Events

Pulheim Property

On September 30, 2019, the Company, through its subsidiary Voxx German Holdings GmbH (the “Seller”), completed a transaction to sell its real property in Pulheim, Germany to CLM S.A. RL (“the Purchaser”). Net proceeds received from the transaction were approximately $9,700 after transactional costs and repayment of the outstanding mortgage, which was $2,114 on September 30, 2019. At closing, the Seller entered into a business rent agreement (“lease”) with the Purchaser for a portion of the real property to continue to operate the combined Magnat/Klipsch sales office in Germany.

Voxx German Accessories Holdings GmbH

On September 30, 2019, HF Company (“HF”) notified VOXX International Corporation (the “Company”) that it was rescinding the Stock Purchase Agreement (the “Agreement”) entered into on June 7, 2019 for the Company’s subsidiary, Voxx German Accessories Holdings GmbH (“VGAH”) as a result of the non-fulfillment of certain conditions precedent to closing, including HF Company’s inability to obtain financing for the transaction purchase price. The rescission of the Agreement also caused the rescission of an option with respect to VGAH’s real property in Langenzenn, which had granted HF the right to purchase the property subject to certain contingencies.