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Related Party Transactions
 12 Months Ended
Mar. 28, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 13 – 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.  The payments under such operating and capital leases amounted to $717,000,  $702,000 and $685,000 for the years ended March 2015,  2014 and 2013, respectively.  These payments are comparable to rents paid to unrelated parties.  No amounts were payable at March 28, 2015 or March 29, 2014.  In March 2015, Monro purchased the property and building of one of these leased locations from an officer of Monro and a family member of such officer for approximately $1.0 million.  No related party leases exist, other than the five remaining leases that were assumed as part of the Mr. Tire Acquisition in March 2004, 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 2015,  2014 and 2013, we incurred fees of $300,000, under this agreement.  No amounts were payable at March 28, 2015 or March 29, 2014.  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.