Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Restructuring and Other Impairment Activities

v3.22.2.2
Note 13 - Restructuring and Other Impairment Activities
3 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Restructuring, Impairment, and Other Activities Disclosure [Text Block]

(13)

Restructuring and Other Impairment Activities

 

Restructuring and other impairment charges, net of gains, were as follows (in thousands):

 

    Three months ended  
   

September 30,

 
   

2022

   

2021

 

Gain on sale and leaseback transaction(1)

  $ (2,257 )   $ -  

Severance and other charges

    261       255  

Total Restructuring and other impairment charges, net of gains

  $ (1,996 )   $ 255  

 

(1)

In August 2022, we sold and subsequently leased back a retail design center and recognized a net gain of $2.3 million during the quarter. As of September 30, 2022, the remaining deferred liability was $4.8 million and will be recognized over the remaining life of the lease. Refer to Note 6, Leases, for further discussion on the sale-leaseback transaction.

 

Restructuring payments made by the Company during the first three months of fiscal 2023 were $0.2 million, which were primarily for lease payments due under a retail design center that was previously exited and employee severance. Excluding the deferred liability of $4.8 million related to the sale-leaseback transaction, the remaining restructuring balance as of September 30, 2022 was less than $0.5 million, which is anticipated to be paid during the remainder of fiscal 2023.