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Subsequent Events
4 Months Ended
Jun. 16, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 — SUBSEQUENT EVENTS

On July 9, 2012, the Company received underwritten commitments from lending institutions related to a $1,650 asset-based lending facility with a five year term secured by certain inventory, pharmacy scripts and credit card receivables, and an $850 term loan with a seven year term secured by certain portions of the Company’s Land, Buildings and Equipment. These financings are expected to close in August, 2012 and will replace the Company’s existing senior credit facility and term loans. The asset-based lending facility is underwritten by Wells Fargo Bank, National Association, Wells Fargo Capital Finance, LLC, U.S. Bank, National Association, Barclays Bank PLC, Credit Suisse Securities (USA) LLC and Credit Suisse AG. The term loan is underwritten by Credit Suisse Securities (USA) LLC and Barclays Bank PLC. The commitments are subject to customary conditions.

On July 11, 2012, the Company announced that it had suspended the payment of the regular quarterly dividend. The Board of Directors will continue to review its dividend policy annually.

On July 11, 2012, the Company announced that its Board of Directors and management, in conjunction with its financial advisors, Goldman Sachs & Co. and Greenhill & Co., LLC, have initiated a review of strategic alternatives to create value for the Company’s stockholders. There can be no assurance that such a review will result in any transaction or any change in the Company’s overall structure or its business model.

On July 17, 2012, the Company’s Board of Directors approved the grant of non-qualified stock options to the Company’s Chief Executive Officer, and the Leadership Development and Compensation Committee of the Board approved the grant of non-qualified stock options to certain employees, under the Company’s 2012 Stock Plan. The Company granted 8 stock options with a weighted average grant date fair value of $0.98 per share as part of a broad-based employee incentive initiative designed to retain and motivate employees across the Company as it pursues its business transformation strategy. These options vest over three years.

On July 17, 2012, the Leadership Development and Compensation Committee of the Company’s Board of Directors approved entering into Retention Agreements with certain key employees, excluding the Company’s Chief Executive Officer, possessing skills critical to the Company as it pursues its business transformation strategy on an accelerated basis and explores strategic alternatives. Payments under such agreements will be made periodically over 12 to 24 months.

In addition, on July 17, 2012, the Company changed the par value of the Company’s common stock from $1.00 to $0.01 per share. This amendment will be reflected in the second quarter of fiscal 2013 Form 10-Q and will result in a reduction to Common stock of approximately $228 and a corresponding increase of $228 to Capital in excess of par value in the Condensed Consolidated Balance Sheet.