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NOTE 13 - RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

12 Months Ended

Feb. 03, 2013

Restructuring and Related Activities Disclosure [Text Block]

NOTE 13 – RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

During fiscal 2011, we recorded $1.4 million pretax ($874,000 after tax, or $0.08 per share) in restructuring and asset impairment charges related to the consolidation of Bradington-Young’s Cherryville, NC manufacturing facility to Hickory, NC.

Pretax restructuring charges and credits decreased operating income by 0.9% of net sales in fiscal 2011.

Restructuring and charges are included in the “restructuring charges” line of our consolidated statements of income.

The following table sets forth the significant components of and activity related to the accrued restructuring charges for fiscal years 2011, 2012 and 2013:

	Severance and			Asset						Pretax			After-tax
	Related Benefits			Impairment			Other			Amount			Amount

Accrued balance at January 31, 2010		-			-			38			38

Restructuring charges accrued during fiscal 2011		275			1,128						1,403			(874	)
Non-cash charges					(1,128	)					(1,128	)
Cash payments		(112	)					(7	)		(119	)
Accrued balance at January 30, 2011	$	163		$	-		$	31		$	194

Restructuring charges accrued during fiscal 2012					-						-			-
Non-cash charges		-			-						-
Cash payments		(163	)					(16	)		(179	)
Accrued balance at January 29, 2012	$	-		$	-		$	15		$	15

Restructuring charges accrued during fiscal 2013					-						-			-
Non-cash charges		-			-						-
Cash payments								(5	)		(5	)
Accrued balance at February 3, 2013	$	-		$	-		$	10		$	10

The $10,000 balance in accrued restructuring charges at February 3, 2013 relates to continuing environmental monitoring at two former casegoods factories.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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