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Contingencies

12 Months Ended

Mar. 27, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies

13. Contingencies:

(a) The Company and its subsidiaries, in the normal course of business, become involved from time to time in litigation and subject to claims. While the final outcome with respect to claims and legal proceedings pending at March 27, 2021 cannot be predicted with certainty, management believes that adequate provisions have been recorded in the accounts where required and that the financial impact, if any, from claims related to normal business activities will not be material.

(b) From time to time, the Company guarantees a portion of its private label credit card sales to its credit card vendor. At March 27, 2021 and March 28, 2020, the amount guaranteed under such arrangements was approximately $1.4 million and $3.4 million, respectively. At March 27, 2021 and March 28, 2020, the Company has recorded in accrued liabilities a reserve of nil and $0.1 million, respectively, associated with this guaranteed amount.

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- References

No definition available.

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- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2127197

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2127163

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