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Long-term debt (Tables)
12 Months Ended
Mar. 28, 2015
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
(a) Long-term debt consists of the following:

 

     As of  
     March 28, 2015      March 29, 2014  
     (In thousands)  

Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility. As of March 28, 2015, the loan bore interest at an annual rate of LIBOR plus 9.75% on $28 million of debt and LIBOR plus 7.25% on $5 million of debt and as of March 29, 2014, the loan bore interest at an annual fixed rate of 8.77%. The term of the loan expires in August 2018.

   $ 33,000       $ 28,000   

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 $133,356 (Cdn$167,762). The balance at March 28, 2015 and March 29, 2014 was Cdn$12,846,000 and Cdn$13,444,000, respectively.

     10,211         12,151   

Term loan from Investissement Quebec, bearing interest at an annual rate of prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of approximately $66,242 (Cdn$83,333), secured by the assets of the Company. The balance at March 28, 2015 and March 29, 2014 was Cdn$4.6 million and Cdn$5.0 million (b)

     3,643         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 $165,607 (Cdn$208,333), secured by the assets of the Company. The balance at March 28, 2015 and March 29, 2014 was Cdn$4,375,000 and Cdn$5,208,000, respectively. Refer to note 6, for agreement made to temporarily suspend monthly capital repayments beginning in June 2014 for one year (b).

     3,478         4,708   

Obligations under capital leases, at annual interest rates between 6% and 10%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to June 2018.

     3,362         3,872   

Cash advance provided by the Company’s controlling shareholder bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c))

     1,500         1,500   

Term loan from Investissement Québec, bearing interest at an annual rate of Canadian prime plus 10%, repayable beginning in August 2015 in 48 equal monthly principal payment of approximately $33,334 (Cdn$41,667), secured by the assets of the Company. The balance at March 28, 2015 was Cdn$2.0 million, respectively (b)

     1,590         —     
  

 

 

    

 

 

 
  56,784      54,750   

Current portion of long-term debt

  4,745      4,537   
  

 

 

    

 

 

 
$ 52,039    $ 50,213   
  

 

 

    

 

 

 
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:

2016

$ 3,615   

2017

  3,051   

2018

  2,261   

2019

  1,799   

2020

  1,760   

Thereafter

  6,498   
  

 

 

 
  18,984   

Less imputed interest

  5,411   
  

 

 

 
$ 13,573   
  

 

 

 
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:

2016

$ 4,745   

2017

  5,123   

2018

  2,517   

2019

  35,171   

2020

  1,684   

Thereafter

  7,544   
  

 

 

 
$ 56,784