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Exit and Disposal Activity

3 Months Ended

Aug. 04, 2019

Restructuring and Related Activities [Abstract]

Exit and Disposal Activity

11. Exit and Disposal Activity

On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility located in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences.

The following summarizes our restructuring (credit) expense and restructuring related charges that were associated with the above exit and disposal activity:

		Three months ended
(dollars in thousands)		August 4, 2019				July 29, 2018
Inventory markdowns		$	—			$	1,565
Employee termination benefits			(35)				451
Restructuring (credit) expense and restructuring related charges (1)(2)			$(35)				$2,016

(1) The $35,000 credit was recorded to restructuring credit in the Consolidated Statements of Net Income for the three-month period ending August 4, 2019.

(2) Of the $2.0 million, $1.6 million and $451,000 were recorded to cost of sales and restructuring expense, respectively, in the Consolidated Statements of Net Income for the three-month period ending July 29, 2018.

The following summarizes the activity in accrued restructuring costs:

		Three months ended
(dollars in thousands)		August 4, 2019				July 29, 2018
Beginning balance		$	124			$	—
Accrual established in fiscal 2019			—				451
Payments			(47	)			(6	)
Adjustments			(35	)			—
Ending balance		$	42			$	445

The above restructuring accrual pertains to employee termination benefits that were associated with the above exit and disposal activity.

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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