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LEASES
 12 Months Ended
Jun. 24, 2012
LEASES  
LEASES

NOTE F - LEASES:

 

Premises occupied by Company-owned restaurants are leased for initial terms of five to ten years, and each has multiple renewal terms.  Certain lease agreements contain either a provision requiring additional rent if sales exceed specified amounts or an escalation clause based upon a predetermined multiple.

 

In fiscal 2007, the Company sold its corporate office building and distribution facility located at 3551 Plano Parkway, The Colony, Texas to Vintage Interests, L.P. (“Vintage”), and entered into  a ten-year lease agreement with Vintage for the corporate office building.

 

Future minimum rental payments under non-cancelable leases, net of subleases, with initial or remaining terms of one year or more at June 24, 2012 were as follows (in thousands):

 

 

 

Operating

 

 

 

Leases

 

 

 

 

 

2013

 

$

1,378

 

2014

 

 

1,410

 

2015

 

 

1,425

 

2016

 

 

1,373

 

2017

 

 

924

 

Thereafter

 

 

1,704

 

 

 

$

8,214

 

 

 

 

Rental expense consisted of the following (in thousands):

 

 

 

Year Ended

 

 

 

June 24,

 

 

June 26,

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Minimum rentals

 

$

1,041

 

 

$

820

 

Sublease rentals

 

 

(136

)

 

 

-

 

 

 

$

905

 

 

$

820