XML 32 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Notes)
 6 Months Ended
Jul. 01, 2017
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
SUBSEQUENT EVENTS
Amendments to Operating Leases
Subsequent to quarter end, the Company paid $27.0 million to amend or terminate 70 leases with a common landlord. The agreement terminated the leases for 44 retail stores that the Company had closed in the second quarter of fiscal 2017. The agreement also modified an additional 26 leases for retail stores that are currently open. The Company will close these stores in the fourth quarter of fiscal 2017 with the leases terminating on December 31, 2017. The Company recognized lease termination costs of $12.2 million in the second quarter of fiscal 2017 for the stores that have already closed. These costs are included in the restructuring and impairment costs line item on the Condensed Consolidated Statements of Operations. The remaining $14.8 million will be recognized as an in-substance lease termination cost in the third quarter of fiscal 2017.
Sale of Assets
Subsequent to quarter end, on July 31, 2017, the Company entered into an agreement to sell certain intangible and other assets related to the Sebago® brand. As part of this agreement, the buyer acquired the intellectual property rights to design, manufacture and market all products under the Sebago® brand. The Company received $14.3 million in the third quarter of fiscal 2017 and will recognize a gain on sale of approximately $8.0 million.