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Discontinued Operations | 9 Months Ended
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Jan. 25, 2014
Discontinued Operations [Abstract] |
Discontinued Operations | Note 14: Discontinued Operations During the third quarter of fiscal 2014, we agreed in principle to sell our Bauhaus operating unitto a group of investors. The agreement includes the sale of substantially all of the assets of our Bauhaus business unit. As a result of the expected sale we recorded an impairment to the value of the assets to be sold of $1.1 million, because the consideration expected to be paid was less than the recorded amount of the net assets to be sold. Our Bauhaus business unit assets are reported as held for sale as of the end of the third quarter of fiscal 2014, and their operating results are reported as discontinued operations for all periods presented. We had historically reported the results of our Bauhaus business unit as a component of our Upholstery segment. The transaction is expected to close in the fourth quarter of fiscal 2014, and continuing cash flows from the end of the third quarter of fiscal 2014 through the closing date of the sale are not expected to be significant. The results of the discontinued operations for Bauhaus for the third quarter and first nine months of fiscal 2014 and fiscal 2013 were as follows:
|  | Third Quarter Ended |  |  | Nine Months Ended |
(Unaudited, amounts in thousands) |  | 1/25/14 |  |  | 1/26/13 |  |  | 1/25/14 |  |  | 1/26/13 |
Net sales |  | $ | 9,101 |  |  | $ | 8,937 |  |  | $ | 27,100 |  |  | $ | 27,142 |
Income (loss) from discontinued operations (including impairment of $1.1 million in fiscal 2014) |  | $ | (1,097 | ) |  | $ | 468 |  |  | $ | (1,323 | ) |  | $ | 747 |
Income tax benefit (expense) |  |  | 380 |  |  |  | (177 | ) |  |  | 459 |  |  |  | (282 | )
Income (loss) from discontinued operations, net of tax |  | $ | (717 | ) |  | $ | 291 |  |  | $ | (864 | ) |  | $ | 465 |
The assets and liabilities of Bauhaus that were classified as held for sale are as follows:
(Unaudited, amounts in thousands) |  | 1/25/14 |
Assets |  |  |
Receivables, net |  | $ | 3,672 |
Inventories, net |  |  | 4,683 |
Other current assets |  |  | 50 |
Property, plant, and equipment, net |  |  | 518 |
Total assets |  | $ | 8,923 |
Liabilities |  |  |  |
Accounts payable |  | $ | 1,777 |
Accrued expenses and other current liabilities |  |  | 876 |
Total liabilities |  | $ | 2,653 |
In the Consolidated Statement of Cash Flows, the activity of this operating unit was included along with our activity from continuing operations.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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