DISCONTINUED OPERATIONS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Apr. 02, 2017 | |||||||||||||||||||||||||||||||||||||
| Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||
| Disposal Groups Including Discontinued Operations Disclosure [TextBlock] | (13) Discontinued Operations On December 14, 2015, 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 agreed to sell the assets comprising its seven Chicago, Illinois area Company-owned restaurants located in Addison, Algonquin, Bolingbrook, Evergreen Park, North Riverside, Orland Park and Oswego (collectively, “Purchased Restaurants”) to the Purchaser. Pursuant to the terms of this agreement, the Company received a total purchase price of $1.15 million during the quarter ended April 3, 2016, plus approximately $315,000 for the purchase of inventory on hand on the closing date. The Purchaser also assumed specified liabilities of the Company, including the Company’s existing leases for the Purchased Restaurants located in Bolingbrook, North Riverside and Orland Park, Illinois. As a result of this asset sale, the Company recognized a pretax $1.1 million gain during the quarter ended April 3, 2016, primarily due to the write-off of the remaining $1.3 million deferred rent liability associated with the leases assumed by the Purchaser, discussed above. There were no assets or liabilities of the Purchased Restaurants remaining as of April 2, 2017 or January 1, 2017. The operating results of the Purchased Restaurants for the three months ended April 3, 2016 are summarized below. These results include costs directly attributable to the components of the businesses which were divested. Interest expense of $32,000 was allocated to discontinued operations for the three months ended April 3, 2016 based upon the portion of the borrowing base associated with discontinued operations. Income tax expense of $330,000 for the three months ended April 3, 2016 was also allocated to discontinued operations. There were no adjustments required to be made for the three months ended April 2, 2017.
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