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Long-term debt (Tables) | 12 Months Ended
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Mar. 29, 2014
Debt Disclosure [Abstract] |
Summary of Long-Term Debt |
(a) | Long-term debt consists of the following:
|  | As of |
|  | March 29, 2014 |  |  | March 30, 2013 |
|  | (In thousands) |
Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility and bear interest at an annual fixed rate of 8.77% with a five-year term expiring in August 2018. Refer to note 16 for amendments made to the term loan subsequent to year end |  | $ | 28,000 |  |  | $ | 18,000 |
Obligation under capital lease on land and building, pursuant to a sale-leaseback transaction. The term loan is being amortized using an implicit annual interest rate of 10.74% over the term of the lease of 20 years with a balloon payment related to the land component and is repayable in monthly installments of approximately $151,629 (Cdn$167,762). The balance at March 29, 2014 and March 30, 2013 was Cdn$13,444,000 and Cdn$13,981,000, respectively. |  |  | 12,151 |  |  |  | 13,767 |
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of approximately $75,319 (Cdn$83,333), secured by the assets of the Company. The balance at March 29, 2014 was Cdn$5.0 million (b). |  |  | 4,519 |  |  |  | — |
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 5.5%, repayable beginning in April 2012 in 48 equal monthly capital repayments of $188,298 (Cdn$208,333), secured by the assets of the Company. The balance at March 29, 2014 and March 30, 2013 was Cdn$5,208,000 and Cdn$7,708,000, respectively. Refer to note 16, for agreement made to temporarily suspend monthly capital repayments beginning in June 2014 for one year (b). |  |  | 4,708 |  |  |  | 7,590 |
Obligations under capital leases, at annual interest rates between 6% and 10%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to April 2018. |  |  | 3,872 |  |  |  | 388 |
Cash advance provided by the Company’s controlling shareholder bearing interest at an annual rate of 11%, net of withholding taxes (note 14(c)) |  |  | 1,500 |  |  |  | 1,500 |
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 3.5%, repayable beginning in May 2009 in 20 monthly capital repayments of $31,634 (Cdn$35,000) and thereafter 40 monthly payments of $49,711 (Cdn$55,000), secured by the assets of the Company and subject to certain financial covenants. The balance at March 29, 2014 and March 30, 2013 was Cdn$0 and Cdn$660,000, respectively.(b). |  |  | — |  |  |  | 650 |
|  |  | 54,750 |  |  |  | 41,895 |
Current portion of long-term debt |  |  | 4,537 |  |  |  | 3,795 |
|  | $ | 50,213 |  |  | $ | 38,100 |
Summary of Future Minimum Lease Payments for Capital Leases |
(c) | Future minimum lease payments for capital leases required in the following five years and thereafter are as follows (in thousands):
Year ending March: |  |  |  |
2015 |  | $ | 3,546 |
2016 |  |  | 3,456 |
2017 |  |  | 2,909 |
2018 |  |  | 2,263 |
2019 |  |  | 2,012 |
Thereafter |  |  | 9,390 |
|  |  | 23,576 |
Less imputed interest |  |  | 7,553 |
|  | $ | 16,023 |
Summary of Principal Payment on Long Term Debt Including Obligation Under Capital Lease |
(d) | Principal payments on long-term debt required in the following five years and thereafter, including obligations under capital leases, are as follows (in thousands):
Year ending March: |  |  |  |
2015 |  | $ | 4,537 |
2016 |  |  | 5,196 |
2017 |  |  | 2,822 |
2018 |  |  | 2,119 |
2019 |  |  | 29,986 |
Thereafter |  |  | 10,090 |
|  | $ | 54,750 |

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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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