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Acquisition of Cedar Creek (Tables)
 9 Months Ended
Sep. 28, 2019
Business Combinations [Abstract]  
Pro Forma Information
The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2017:
 
 
Pro forma
 
 
Three Months Ended
 
Nine Months Ended
(In thousands, except per share data)
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Net sales
 
$
678,665

 
$
859,776

 
$
2,023,814

 
$
2,592,597

Net income (loss)
 
(5,194
)
 
(6,219
)
 
937

 
(5,455
)
Earnings (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.55
)
 
$
(0.67
)
 
$
0.10

 
$
(0.59
)
Diluted
 
(0.55
)
 
(0.67
)
 
0.10

 
(0.59
)

The purchase price of Cedar Creek consisted of the following items:
 
 
(In thousands)
Consideration paid to shareholders and amounts paid to creditors:
 
 
Payments to Cedar Creek shareholders[1]
 
$
166,447

 
Subordinated unsecured note (due to shareholder)[2]
 
 
13,743

 
Seller’s transaction costs paid by Company
 
 
7,349

 
Repayment of Cedar Creek debt[3]
 
 
174,213

 
Total cash purchase price
 
$
361,752

 

[1] 
Payments to Cedar Creek’s shareholders include the purchase of common stock and certain escrow adjustments.
[2] 
The Cedar Creek note payable to a shareholder of $13.7 million was paid in full upon the acquisition of Cedar Creek and included $10 million in subordinated debt and $3.7 million in accrued interest.
[3] 
To finance the acquisition of Cedar Creek, the Company amended and restated its Revolving Credit Facility to increase the capacity thereunder to $600.0 million and also entered into a new $180.0 million senior secured Term Loan Facility. (See Note 6)

The following table summarizes the values of the assets acquired and liabilities assumed at the date of the acquisition:
(In thousands)
Allocation as of December 29, 2018
Cash and net working capital assets
(excluding inventory)
$
88,318

Inventory

159,227

Property and equipment

71,203

Other, net
 
(1,395
)
Intangible assets and goodwill:



Customer relationships

25,500

Non-compete agreements

8,254

Trade names

6,826

Favorable leasehold interests

800

Goodwill

47,772

Finance leases and other liabilities

(44,753
)
   Cash purchase price
$
361,752