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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 30, 2012
DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

In the third quarter of 2012, the Company sold its Bentley Prince Street business segment to a third party. In accordance with applicable accounting standards, the Company has reported the results of operations for the former Bentley Prince Street business segment as “discontinued operations,” where applicable. Consequently, the Company’s discussion of sales and other results of operations (except for net income or loss amounts), including percentages derived from or based on such amounts, excludes these discontinued operations unless we indicate otherwise.

 

Summary operating results for the discontinued operations are as follows:

 

     FISCAL YEAR  
     2012     2011      2010  
     (in thousands)  

Net sales

    $ 57,017      $ 104,006         99,513   

Income (loss) on operations before taxes

      (26,120 )      694         (1,543 ) 

Taxes on income (benefit)

      (9,164 )      243         (580 ) 

Income (loss) on operations, net of tax

      (16,956 )      451         (963 ) 

Assets and liabilities, including reserves, related to discontinued operations that were held for sale consist of the following:

 

     FISCAL YEAR  
     2012      2011  
     (in thousands)  

Current assets

      0       $ 43,854   

Property and equipment

      0         12,194   

Other assets

      0         4,635   

Current liabilities

      0         6,254   

Other liabilities

      0         2,015