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RESTRUCTURING
12 Months Ended
Dec. 31, 2011
RESTRUCTURING

NOTE M — RESTRUCTURING

No restructuring expenses were recognized and no remaining obligations existed relating to this restructuring initiative during the years ended December 31, 2010 and 2011.

During the year ended December 31, 2009, the Company recorded restructuring charges of $2.6 million which included store lease obligations and other costs of $1.5 million, non-cash asset impairment charges of $789,000 and employee related expenses of $363,000. The employee expenses were incurred in connection with a plan to realign the management structure of certain of its divisions and eliminate a portion of the workforce at its Puerto Rico sterling silver manufacturing facility.