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ASSETS HELD FOR SALE | 12 Months Ended
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Jun. 27, 2013
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ASSETS HELD FOR SALE | NOTE 15 — ASSETS HELD FOR SALE Since March 2006 we have owned property in Elgin, Illinois (the “Old Elgin Site”) originally purchased for our facility consolidation project. During the third quarter of fiscal 2013 we reached an agreed upon sales contract with a third party. The State of Illinois, the original owner of the Old Elgin Site, has the option to repurchase this property and has waived this repurchase option. The planned sale of this property meets the criteria of an asset “Held for Sale” in accordance with ASC 360, Property, Plant and Equipment. Assets held for sale are required to be measured at the lower of their carrying value or fair value less cost to sell. No adjustment to fair value less costs to sell was required. A current asset of $6,175 is presented in the consolidated balance sheets at June 27, 2013.

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