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LEASES
 12 Months Ended
Jun. 28, 2015
LEASES  
LEASES {1}

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, and entered into  a ten-year lease agreement 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 28, 2015 were as follows (in thousands):

 

 

 

Operating

 

 

 

Leases

 

 

 

 

2016

 

$

2,414

 

2017

 

 

2,077

 

2018

 

 

1,757

 

2019

 

 

1,709

 

2020

 

 

1,660

 

Thereafter

 

 

5,946

 

 

$

15,563

 

 

Rental expense consisted of the following (in thousands):

 

 

 

Fiscal Year Ended

 

 

June 28,

 

 

June 29,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

Minimum rentals

 

$

1,666

 

 

$

1,448

 

Sublease rentals

 

 

(221

)

 

 

(182

)

 

$

1,445

 

 

$

1,266