Note 4 - Inventory Write-down and Intangible Impairments	9 Months Ended
Mar. 31, 2013
Asset Impairment Charges [Text Block]	Note 4 – Inventory Write-down and Intangibles and Held for Sale Impairments Due to (1) higher than expected holiday 2012 sales allowances and higher returns of unsold inventories in our gifts segment in December 2012; (2) the violation of the fixed charge covenant in our credit agreement with our senior lender; and (3) the Restructuring announced in March 2013 in which we made the decision to exit low-volume products and emphasize our focus on licensed products and high volume private label products, we concluded there was a need to generate immediate liquidity by selling returned, exited and slow moving inventories at prices discounted deeply below historical averages. As a result of our determination to accelerate the liquidation of this inventory at deeply discounted prices, we recorded a $6.7 million noncash inventory write-down ($4.9 million and $1.8 million related to the accessories and gifts segments, respectively), which is included as an inventory write-down in our unaudited consolidated statement of operations in the nine months ended March 31, 2013. The inventory was marked down to our best estimate of the market value we anticipated realizing based on actual close-out orders received for the inventory and our experiences selling through inventory liquidation channels in the past, including in certain cases, an incremental write-down compared to our historical experiences to reflect the need to immediately liquidate the effected inventory. At March 31, 2013, the carrying value of impacted inventories was $3.5 million. We expect to sell off all impacted inventory at approximately its current net book value by July 31, 2013. Sales and gross margins of underperforming products were $1.3 million and $0.4 million and $5.7 million and $1.7 million, in the three and nine months of fiscal 2013, respectively. We do not expect any additional material write-offs related to the sell-off of this inventory. Due to the Restructuring and our decision to cease production and development of products under certain proprietary trade names and trade brands, we tested our definite and indefinite-lived intangible assets for recoverability during the third quarter of fiscal 2013 using fair value methods, such as discounted cash flows (indefinite-lived intangible) and undiscounted cash flows (definite-lived intangibles). As a result of the impairment tests, we recorded a $2.3 million impairment charge (accessories segment), which was included in the intangibles and held for sale impairments line in our unaudited consolidated statement of operations in the three and nine months ended March 31, 2013. Due to our strategy to exit certain low-volume and unprofitable products and transition from proprietary to licensed brands, we determined that the life for our indefinite-lived trade brand intangible asset was no longer indefinite, and therefore the intangible asset will be amortized over the remaining period in which it is expected to contribute to cash flows, which is three years. The net book value of this trade brand at March 31, 2013 was approximately $282,000. We recorded a $0.4 million impairment charge in the third quarter of fiscal 2013 on a held for sale property, which is included in the intangibles and held for sale impairments line in our unaudited consolidated statement of operations in the three and nine months ended March 31, 2013. Due to the length of time our last held for sale property has been on the market and our current liquidity forecasts, we decided to market the property below its carrying value.

Note 4 - Inventory Write-down and Intangible Impairments

9 Months Ended

Mar. 31, 2013

Note 4 – Inventory Write-down and Intangibles and Held for Sale Impairments

Due to (1) higher than expected holiday 2012 sales allowances and higher returns of unsold inventories in our gifts segment in December 2012; (2) the violation of the fixed charge covenant in our credit agreement with our senior lender; and (3) the Restructuring announced in March 2013 in which we made the decision to exit low-volume products and emphasize our focus on licensed products and high volume private label products, we concluded there was a need to generate immediate liquidity by selling returned, exited and slow moving inventories at prices discounted deeply below historical averages. As a result of our determination to accelerate the liquidation of this inventory at deeply discounted prices, we recorded a $6.7 million noncash inventory write-down ($4.9 million and $1.8 million related to the accessories and gifts segments, respectively), which is included as an inventory write-down in our unaudited consolidated statement of operations in the nine months ended March 31, 2013. The inventory was marked down to our best estimate of the market value we anticipated realizing based on actual close-out orders received for the inventory and our experiences selling through inventory liquidation channels in the past, including in certain cases, an incremental write-down compared to our historical experiences to reflect the need to immediately liquidate the effected inventory. At March 31, 2013, the carrying value of impacted inventories was $3.5 million. We expect to sell off all impacted inventory at approximately its current net book value by July 31, 2013. Sales and gross margins of underperforming products were $1.3 million and $0.4 million and $5.7 million and $1.7 million, in the three and nine months of fiscal 2013, respectively. We do not expect any additional material write-offs related to the sell-off of this inventory.

Due to the Restructuring and our decision to cease production and development of products under certain proprietary trade names and trade brands, we tested our definite and indefinite-lived intangible assets for recoverability during the third quarter of fiscal 2013 using fair value methods, such as discounted cash flows (indefinite-lived intangible) and undiscounted cash flows (definite-lived intangibles). As a result of the impairment tests, we recorded a $2.3 million impairment charge (accessories segment), which was included in the intangibles and held for sale impairments line in our unaudited consolidated statement of operations in the three and nine months ended March 31, 2013.

Due to our strategy to exit certain low-volume and unprofitable products and transition from proprietary to licensed brands, we determined that the life for our indefinite-lived trade brand intangible asset was no longer indefinite, and therefore the intangible asset will be amortized over the remaining period in which it is expected to contribute to cash flows, which is three years. The net book value of this trade brand at March 31, 2013 was approximately $282,000.

We recorded a $0.4 million impairment charge in the third quarter of fiscal 2013 on a held for sale property, which is included in the intangibles and held for sale impairments line in our unaudited consolidated statement of operations in the three and nine months ended March 31, 2013. Due to the length of time our last held for sale property has been on the market and our current liquidity forecasts, we decided to market the property below its carrying value.