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Related Party Transactions
 12 Months Ended
Mar. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 14 — RELATED PARTY TRANSACTIONS

The Company is currently a party to leases for certain facilities where the lessor is an officer of the Company, or family members of such officer. Six leases were assumed in March 2004 in connection with the Mr. Tire Acquisition. These payments under such operating and capital leases amounted to $669,000, $653,000 and $624,000 for the fiscal years ended March 2012, 2011 and 2010, respectively. These payments are comparable to rents paid to unrelated parties. No amounts were payable at March 31, 2012 or March 26, 2011. No related party leases, other than the six assumed as part of the Mr. Tire Acquisition in March 2004, have been entered into, and no new leases are contemplated.

 

The Company has a management agreement with an investment banking firm associated with a principal shareholder/director of the Company to provide financial advice. The agreement provides for an annual fee of $300,000, plus reimbursement of out-of-pocket expenses. During each of the fiscal years 2012, 2011 and 2010, the Company incurred fees of $300,000, under this agreement. No amounts were payable at March 31, 2012 or March 26, 2011. In addition, this investment banking firm, from time to time, provides additional investment banking services to the Company for customary fees. Approximately half of all payments made to the investment banking firm under the management agreement are paid to another principal shareholder/director of the Company.