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DISCONTINUED OPERATIONS | 6 Months Ended
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Jul. 02, 2023
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On March 21, 2022, the Company sold substantially all of the assets and certain liabilities of InStaff to Sentech Engineering Services, Inc. (“Sentech”) for a sale price of approximately $30.3 million cash, subject to customary sales price and working capital adjustments specified in the purchase agreement. The purchase agreement provided for deferred consideration of $2.0 million, which was received April 3, 2023. The sale resulted in an original pre-tax gain on sale of discontinued operations of $17.3 million, with an additional gain of $0.4 million recognized as part of the net working capital adjustment in October 2022. The InStaff financial results for periods prior to the sale have been reflected in our Consolidated Statements of Operations and Comprehensive (Loss) Income and Consolidated Statements of Cash Flows as discontinued operations. The financial results of InStaff are as follows (in thousands):
|  |  |  | Twenty-six Weeks Ended
|  |  |  |  |  |  | June 26, 2022
Revenue |  |  |  |  |  |  | $ | 16,465 |
Cost of services |  |  |  |  |  |  | 14,144 |
Gross profit |  |  |  |  |  |  | 2,321 |
Selling expenses |  |  |  |  |  |  | 1,062 |
Depreciation |  |  |  |  |  |  | 24 |
Income from discontinued operations before gain on sale and income taxes |  |  |  |  |  |  | $ | 1,235 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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