v3.10.0.1

DISCONTINUED OPERATIONS | 6 Months Ended
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Jul. 01, 2018
Discontinued Operations And Disposal Groups [Abstract] |
Disposal Groups Including Discontinued Operations Disclosure [Text Block] | (10) Discontinued Operations On November 1, 2017, the Company entered into agreements to sell eight restaurants in Maryland and Virginia (the “Mid-Atlantic Restaurants”) to Commonwealth Blue Ribbon Restaurants LLC and Capital Blue Ribbon Restaurants LLC (the “Mid-Atlantic Purchasers”). Pursuant to the first agreement (“Seven Restaurants Agreement”), the contract purchase price was $2,350,000 and included a repairs and maintenance credit of $750,000, which must be exhausted within one year. Also pursuant to the Seven Restaurants Agreement, the Company and the Mid-Atlantic Purchasers entered into a line of credit agreement for a maximum of $750,000 (the “LOC Agreement”) on which the Mid-Atlantic Purchasers can draw funds to pay for necessary repairs and maintenance work. The LOC Agreement has a four-year term with interest payable at a rate of 4.25% per annum. As of July 1, 2018, the outstanding balance on the LOC Agreement was approximately $648,000. Pursuant to the second agreement (the “Frederick Agreement”) to effect the sale of the Company’s Frederick, Maryland (“Frederick”) restaurant to Capital Blue Ribbon Restaurants, LLC, the contract purchase price for Frederick shall be an amount equal to (i) 50% of the rent, fees, charges, taxes and other amounts payable to the landlord or another third party pursuant to the lease agreement, plus (ii) 50% of that portion of Frederick’s EBITDA (as defined in the Frederick APA) attributable to Frederick that exceeds $25,000 in any 12-month period and $37,500 in any 18-month period; however, the Company has guaranteed the 12-month and 18-month EBITDA performance of Frederick. The Company expects to recognize a liability and corresponding expense related to this guarantee based on the amount that the Company would owe to the Mid-Atlantic Purchasers in the event that the restaurant was closed. The Mid-Atlantic Purchasers also purchased the inventory and petty cash on hand of the Mid-Atlantic Restaurants as of the closing date. The transaction resulted in the Company’s complete exit from the Mid-Atlantic market. There were no assets or liabilities related to the Mid-Atlantic Restaurants remaining as of July 1, 2018 or December 31, 2017. The following table provides certain information from the Company’s consolidated statements of operations related to the Mid-Atlantic Restaurants:
|  | Three Months Ended |  | Six Months Ended |
(in thousands) |  | July 1, 2018 |  | July 2, 2017 |  | July 1, 2018 |  | July 2, 2017 |
Restaurant sales, net |  | $ | — |  | $ | 6,251 |  | $ | — |  | $ | 11,279 |
Cost of sales |  |  | — |  |  | (5,417) |  |  | — |  |  | (10,048) |
General and administrative expenses |  |  | — |  |  | (51) |  |  | — |  |  | (96) |
Depreciation and amortization |  |  | — |  |  | (192) |  |  | — |  |  | (384) |
Operating income |  |  | — |  |  | 591 |  |  | — |  |  | 751 |
Loss on disposal attributable to discontinued operations |  |  | — |  |  | — |  |  | — |  |  | (2) |
Income attributable to discontinued operations, before tax |  |  | — |  |  | 591 |  |  | — |  |  | 749 |
Income attributable to discontinued operations, tax effect |  |  | — |  |  | (212) |  |  | — |  |  | (188) |
Income attributable to discontinued operations, net of tax |  | $ | — |  | $ | 379 |  | $ | — |  | $ | 561 |

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- References No definition available. + Details
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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 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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