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Note 11 - Restructuring and Other Charges, Net of Gains

9 Months Ended

Mar. 31, 2025

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 March 31,					Nine months ended March 31,
	2025		2024			2025			2024
Orleans, Vermont flood ⁽¹⁾	$	52	$	(103	)	$	73		$	2,243
Gain on sale-leaseback transaction ⁽²⁾		-		(656	)		(218	)		(1,966	)
Severance and other charges		54		5			489			226
Total Restructuring and other charges, net of gains	$	106	$	(754	)	$	344		$	503

(1)

In July 2023, our wood furniture manufacturing operations located in Orleans, Vermont sustained damage from flooding of the nearby Barton River. Total losses incurred during the first nine months of fiscal 2024 were $2.2 million, net of insurance recoveries and grant proceeds. An additional loss of $0.1 million was recorded during the first nine months of fiscal 2025 due to repairs completed on equipment that was previously damaged during the flood.

(2)

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 nine months ended March 31, 2025 were $0.6 million, which were primarily for severance. The restructuring balance at March 31, 2025 was $0.2 million and is anticipated to be paid during the fourth quarter of fiscal 2025.