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Related Party Transactions
 12 Months Ended
Mar. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 14 - RELATED PARTY TRANSACTIONS

 

We are currently a party to leases for certain facilities where the lessor is an officer of Monro, 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 $685,000, $669,000 and $653,000 for the years ended March 2013, 2012 and 2011, respectively. These payments are comparable to rents paid to unrelated parties. No amounts were payable at March 30, 2013 or March 31, 2012. 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.

 

We have a management agreement with an investment banking firm associated with a principal shareholder/director of Monro 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 2013, 2012 and 2011, we incurred fees of $300,000, under this agreement. No amounts were payable at March 30, 2013 or March 31, 2012. In addition, this investment banking firm, from time to time, provides additional investment banking services to us 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 Monro.