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Note 11 - Restructuring and Other Charges, Net of Gains | 6 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] |
(11) | Restructuring and Other Charges, Net of Gains
Restructuring and other charges, net of gains were as follows (in thousands):
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Hurricane Helene (1) |  | $ | (269 | ) |  | $ | - |  |  | $ | 66 |  |  | $ | - |
Orleans, Vermont flood (2) |  |  | - |  |  |  | 250 |  |  |  | 21 |  |  |  | 2,346 |
Gain on sale-leaseback transaction (3) |  |  | - |  |  |  | (655 | ) |  |  | (218 | ) |  |  | (1,310 | )
Severance and other charges |  |  | 275 |  |  |  | 170 |  |  |  | 369 |  |  |  | 221 |
Total Restructuring and other charges, net of gains |  | $ | 6 |  |  | $ | (235 | ) |  | $ | 238 |  |  | $ | 1,257 |
(1) | In September 2024, an Ethan Allen distribution center located in Old Fort, North Carolina was impacted from significant flooding caused by Hurricane Helene. The distribution center, which primarily focuses on shipping custom-made home furnishings to select wholesale customers, suffered losses related to damaged inventory, impaired equipment, a temporary work stoppage and a disruption in shipments. Total losses incurred during the first six months of fiscal 2025 were $0.1 million, net of insurance recoveries.
(2) | In July 2023, our wood furniture manufacturing operations located in Orleans, Vermont sustained damage from flooding of the nearby Barton River. In addition to losses related to wood furniture inventory parts and state-of-the-art manufacturing equipment, the flooding also resulted in a temporary work stoppage for many Vermont employees and a disruption and delay of shipments. Total losses incurred during the first six months of fiscal 2024 were $2.3 million, net of insurance recoveries and grant proceeds.
(3) | On August 1, 2022, we completed a sale-leaseback transaction with an independent third party for the land, building and related fixed assets of a retail design center which resulted in a deferred gain of $5.2 million to be amortized over the term of the operating lease agreement which expired on July 31, 2024.
Restructuring payments made by the Company during the six months ended December 31, 2024 were $0.4 million, which were primarily for severance. The restructuring balance at December 31, 2024 was $0.3 million and is anticipated to be paid during the remainder of fiscal 2025.

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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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