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Note 10 - Restructuring and Other Impairment Activities | 12 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] |
(10) | Restructuring and Other Impairment Activities
Restructuring and other impairment charges, net of gains, were as follows (in thousands):
|  | Fiscal Year Ended June 30, |
|  | 2023 |  |  | 2022 |
Gain on sale-leaseback transaction(1) |  | $ | (4,222 | ) |  | $ | - |
Gain on sales of property, plant and equipment(2) |  |  | (311 | ) |  |  | (5,431 | )
Severance and other charges |  |  | 813 |  |  |  | 970 |
Total Restructuring and other impairment charges, net of gains |  | $ | (3,720 | ) |  | $ | (4,461 | )
(1) | In August 2022, we sold and subsequently leased back a retail design center and recognized a net gain of $4.2 million for the year ended June 30, 2023. The remaining deferred liability of $2.8 million as of June 30, 2023 will be recognized over the remaining life of the lease. Refer to Note 6, Leases, for further discussion on the sale-leaseback transaction.
(2) | In April 2023, we sold a previously closed property to an independent third party for $1.8 million, which resulted in a pre-tax gain of $0.3 million. During the prior year period, we completed the sale of three previously closed properties to independent third parties for $11.0 million, less closing costs, in three separate transactions. As a result of these property sales, the Company recognized a pre-tax gain of $5.4 million.
The Company’s restructuring and other impairment activities are summarized in the table below (in thousands):
|  |  |  |  | Fiscal 2023 Activity |  |  |  |
|  | Balance June 30, 2022 |  |  | New Charges (Income) |  |  | Non-Cash |  |  | (Payments) Receipts |  |  | Balance June 30, 2023 |
Lease exit costs |  | $ | 185 |  |  | $ | - |  |  | $ | - |  |  | $ | (185 | ) |  | $ | - |
Sale of property, plant and equipment |  |  | - |  |  |  | (311 | ) |  |  | 1,398 |  |  |  | 1,809 |  |  |  | 100 |
Sale-leaseback transaction |  |  | - |  |  |  | (4,222 | ) |  |  | 1,043 |  |  |  | 8,103 |  |  |  | 2,838 | (1)
Severance and other charges |  |  | 268 |  |  |  | 813 |  |  |  | - |  |  |  | (860 | ) |  |  | 221 |
Total Restructuring and other impairment activities |  | $ | 453 |  |  | $ | (3,720 | ) |  | $ | 2,441 |  |  | $ | 8,867 |  |  | $ | 3,159 |
(1) | The remaining balance of $2.8 million on the sale-leaseback transaction will be amortized to Restructuring and other impairment charges, net of gains over the term of the related lease. As of June 30, 2023, $2.6 million of the remaining balance of $2.8 million is reported within Other current liabilities (short-term) and $0.2 million in Other long-term liabilities (long-term).

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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