Subsequent Events

6 Months Ended

Feb. 29, 2020

Subsequent Events

Subsequent Events

Note 18 — Subsequent Events

The Coronavirus Disease 2019 (COVID-19) Pandemic

The global spread of the coronavirus disease 2019 (COVID-19) has created significant volatility, uncertainty and economic disruption.The locus of these effects in the second quarter has quickly grown from one Chinese province to a worldwide pandemic affecting the markets we serve in North America and Europe, as well as Asia.

The effects of the COVID-19 were not believed to be significant on a companywide basis to our second quarter of fiscal 2020 results, affecting only certain product lines in the latter part of the quarter. However, effects on our results in our third fiscal quarter and other future periods could be significant and cannot currently be quantified given potential unknowns at this time.

The extent to which the COVID-19 pandemic impacts our business, operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response; the effect on our customers’ demand for our goods and services and our vendors ability to supply us with raw materials; our ability to sell and provide our goods and services, including as a result of travel restrictionsand people working from home; the ability of our customers to pay for our goods and services; and any further closures of our and our customers’ offices and facilities. Customers may also slow down decision-making, delay planned work or seek to terminate existing agreements. Any of these events could materially adversely affect our business, financial condition, results of operations and/or stock price.

Sale of Pawtucket, RI Location

The Company completed the sale of its Pawtucket, RI location to a third-party in April 2020, subsequent to the second fiscal quarter, for net proceeds totaling $1,810. The location was recorded as an asset held for sale as of February 29, 2020.