v3.3.1.900

DISCONTINUED OPERATIONS | 12 Months Ended
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Jan. 03, 2016
Discontinued Operations And Disposal Groups [Abstract] |
Disposal Groups Including Discontinued Operations Disclosure [TextBlock] | (11) DISCONTINUED OPERATIONS On December 14, 2015, Famous Dave’s of America, Inc. and certain of its subsidiaries (collectively, the “Company”) entered into an Asset Purchase Agreement and related Real Estate Purchase Agreement (the “Purchase Agreements”) with Windy City Restaurant Holdings LLC and its affiliate (together, the “Purchaser”) pursuant to which the Company has agreed to sell the assets comprising its seven Chicago, Illinois area Company-owned restaurants located in Addison, Algonqu in, Bolingbrook, Evergreen Park, North Riverside, Orland Park and Oswego (collectively, “Purchased Restaurants”) to the Purchaser. As consideration for the purchased assets, which includes the real property on which the Company operates the Purchased Resta urant located in Addison, Illinois, the Purchaser will pay the Company $1.15 million, plus the book value of purchased inventory on the closing date, and will assume specified liabilities of the Company. Included among the assumed liabilities are the Compa ny’s existing leases for the Purchased Restaurants located in Bolingbrook, North Riverside and Orland Park, Illinois. Subsequent to year end, this transaction closed on March 1, 2016. Under the Purchase Agreements, the Purchaser has also agreed to enter i nto (i) sublease agreements for the real property on which Purchased Restaurants are located in Algonquin, Evergreen Park and Oswego, Illinois, (ii) franchise agreements for each Purchased Restaurant, and (iii) an Area Development Agreement pursuant to whi ch the Purchaser will agree to use commercially reasonable efforts to develop ten additional Famous Dave’s restaurants in the Chicago metropolitan area market. The Company has agreed to waive its standard initial franchise fee for the Purchased Restaurants and the Company’s standard franchise royalty rates have been reduced as they relate to certain of the Purchased Restaurants for a limited period of time. The Purchaser has further agreed to invest no less than $500,000 in refreshing and improving the Purc hased Restaurants pursuant to an agreed upon work schedule no later than one year following the closing. To the extent Purchaser fails to invest such amount within the prescribed timeframe, it will remit the difference to the Company. In accordance with th e Purchase Agreements, the Purchaser has deposited earnest money in the amount of $140,000 with a third party title company. The earnest money will be delivered to the Company, and applied against the purchase price at closing, but is otherwise non-refunda ble unless the transactions fail to close under certain circumstances set forth in the Purchase Agreements, in which case it may be refunded in whole or in part. In conjunction with this agreement, the Company has recorded an $8.8 million impairment charge. Subsequent to the close of this transaction, the Company anticipates recapturing approximately $1.1 to $1.3 million in deferred rent credits. The net assets and liabilities of the Purchased Restaurants that are associated with this transaction are includ ed in assets and liabilities held for sale on the accompanying Consolidated Balance Sheets at January 3, 2016. The carrying value of the assets and liabilities included in the asset s ale was as follows (in thousands):
|  | (in thousands) | January 3, |  | December 28,
|  |  | 2016 | 2014
|  | Accounts receivable, net | $ | 65 |  | $ | 46
|  | Inventories |  | 344 |  |  | 484
|  | Prepaid expenses and other current assets |  | 30 |  |  | 30
|  | Total current assets |  | 439 |  |  | 560
|  | Property, equipment and leasehold improvements, net |  | 991 |  |  | 10,143
|  | Total assets | $ | 1,430 |  | $ | 10,703
|  | Accounts payable |  | 10 |  |  | 5
|  | Accrued compensation and benefits |  | 96 |  |  | 255
|  | Other current liabilities |  | 389 |  |  | 391
|  | Total current liabilities |  | 495 |  |  | 651
|  | Other liabilities |  | 1,252 |  |  | 1,129
|  | Total liabilities | $ | 1,747 |  | $ | 1,780
The operating results of the Purchased Restaurants for the years ended January 3, 201 6, December 28, 201 4 and December 29, 201 3 are summarized below. These results include costs directly attributable to the components of the businesses which were divested. Interest expense of $28,000, $27,000 and $32,000 were allocated to discontinued operations for the years ended January 3, 201 6, December 28, 201 4 and December 29, 201 3, respectively, based upon the portion of the borrowing base associated with discontinue operations. Income tax (benefit) expense of $(3.3 million), $367,000 and $313,000 for the years ended January 3, 201 6, Decemb er 28, 201 4 and December 29, 201 3, respectively have also been allocated to discontinued operations. These adjustments have been made for all periods presented.
| Fiscal Year
(in thousands) | 2015 |  | 2014 |  | 2013
Revenue | $ | 17,002 |  | $ | 17,493 |  | $ | 18,150
(Loss) income from operations | $ | (8,763) |  | $ | 1,036 |  | $ | 1,164
(Loss) income from discontinued operations, net of income taxes | $ | (5,463) |  | $ | 642 |  | $ | 1,170

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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