Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

In the fourth quarter 2011, a number of leadership positions within the Company were vacated. As previously announced, effective October 31, 2011 Gary E. McCullough resigned as President, Chief Executive Officer and Board member. The Board has appointed Steven H. Lesnik, as President and Chief Executive Officer, in addition to his current role as Chairman of the Board of Directors. In addition, during the fourth quarter Brian R. Williams, Senior Vice President of Culinary Arts and Thomas G. Budlong, Senior Vice President of International and Chief Administrative Officer left the Company for personal reasons. Thomas A. McNamara, Senior Vice President of Art & Design left the Company to pursue another professional opportunity. The International business unit is now led by Michael J. Graham, Executive Vice President and Chief Financial Officer. The Culinary Arts and Art & Design teams will report to Mr. Lesnik while the Company continues its search for new leadership. The Company estimates that additional expense of approximately $6.0 million will be reflected within the fourth quarter 2011 results of operations related to the separation agreements for Mr. McCullough and Mr. Budlong. As of the date of this filing, Mr. McCullough's separation agreement has not been finalized. The estimate provided is based upon the employment agreement in place at the time of his resignation.