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Related Party Transactions
12 Months Ended
Mar. 26, 2016
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 a family member of such officer, or such officer or family member has an interest in entities that are lessors. Six leases were assumed in March 2004 in connection with the Mr. Tire Acquisition, as well as one additional lease entered into during the year ended March 26, 2016. In March 2015, Monro purchased the property and building of one of these leased locations from this same officer of Monro and a family member of such officer for approximately $1.0 million. The payments under such operating and capital leases amounted to $711,000,  $717,000 and $702,000 for the years ended March 2016,  2015 and 2014, respectively. These payments are comparable to rents paid to unrelated parties. No amounts were payable at March 26, 2016 or March 28, 2015. No related party leases exist, other than these six leases, and no new leases are contemplated.



For many years, we had a consulting agreement with an investment banking firm associated with a principal shareholder/director of Monro to provide financial advice. In recent years, the agreement provided for an annual fee of $300,000, plus reimbursement of out-of-pocket expenses. Under this agreement, we incurred fees of $225,000 during fiscal year 2016 and $300,000 for each of fiscal years 2015 and 2014. No amounts were payable at March 26, 2016 or March 28, 2015. Approximately half of all payments made to the investment banking firm under the consulting agreement were paid to another principal shareholder/director of Monro. In addition, this investment banking firm, from time to time, has provided other investment banking services to us for additional fees. During fiscal year 2016, with approval by the independent members of the Board of Directors (excluding the Director associated with this firm), we paid additional fees of $1,000,000 to this firm in connection with financial and strategic advisory services that were provided related to three unsuccessful acquisitions. In connection with making this payment, we negotiated that the aforementioned consulting agreement would end immediately.