5 - Hurricane Sandy

9 Months Ended

Apr. 27, 2013

Notes

5 - Hurricane Sandy

5.         Hurricane Sandy devastated our area on October 29, 2012, two days after the end of our first fiscal quarter.  Almost all our stores were closed for periods of time ranging from a few hours to eight days beginning in the first week of our second fiscal quarter.  In addition, Village disposed of substantial amounts of perishable product due to the loss of power, and also incurred repair, labor and other costs in connection with the storm.  The Company has property, casualty and business interruption insurance, subject to deductibles and coverage limits. During the second quarter of fiscal 2013, Village began the process of working with our insurers to recover the estimated damages, a process that will likely take several months.  The Company does not expect the overall impact of the storm, including uninsured losses, to be material to fiscal 2013 results of operations.