Big Lots 2007 Annual Report Download - page 160
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72
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 11 — Discontinued operations (Continued)
The table below summarizes the exit liabilities recorded as a result of the 130 store closures in 2005 and
identifies the remaining obligations as of February 2, 2008:
Write-down
of Property,
Inventory, and
Deferred Rent
Severance
and
Benefits
Lease
Termination
Costs Tot al
(In thousands)
Charges ..................................... $ 19,600 $ 3,300 $ 20,700 $ 43,600
Payments.................................... — (1,539) (2,499) (4,038)
Non-cash reductions ........................... (19,600) — — (19,600)
Remaining Obligations at January 28, 2006 .......... — 1,761 18,201 19,962
Settlement savings ............................ — — (1,346) (1,346)
Accretion expense ............................ — — 411 411
Payments.................................... — (1,761) (11,329) (13,090)
Remaining Obligations at February 3, 2007 .......... — — 5,937 5,937
Settlement savings ............................ — — (115) (115)
Accretion expense ............................ — — 181 181
Payments.................................... — — (3,523) (3,523)
Remaining Obligations at February 2, 2008 .......... $ — $ — $ 2,480 $ 2,480
Included in payments is sublease income of $0.3 million in 2007 and $0.1 million in 2006.
Property write-downs included assets used in normal operations of retail stores and included remaining
unrecoverable net book values of fixtures, equipment, and signs. The inventory write-downs above were
specific to the markdowns associated with the liquidation sales conducted at the closed stores which qualified
for discontinued operations accounting treatment. We recorded markdowns throughout the year in the normal
course of business. The markdowns associated with the liquidation sales were the only markdowns included in
the exit liability table above.
As of February 2, 2008, we had 17 closed stores with leases that had not yet been terminated or subleased.
Future cash outlays under these store closure obligations are anticipated to be $1.5 million in 2008, $0.6 million
in 2009, $0.3 million in 2010, and $0.1 million thereafter.
KB Toys Matters
KB Toys acquired the KB Toys toy business from us pursuant to a Stock Purchase Agreement dated as of
December 7, 2000 (“KB Stock Purchase Agreement”). On January 14, 2004, KB Toys filed for bankruptcy
protection pursuant to Chapter 11 of title 11 of the United States Code. In connection with the KB Toys
business, we incurred charges and subsequently partially reversed charges which have been recognized in our
consolidated statements of operations for 2007, 2006, and 2005.