Note 4 - Property and Equipment, Net

3 Months Ended

Mar. 29, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

4. Property and Equipment, net

The following table summarizes the components of property and equipment, at cost (in thousands):

	March 29, 2015			December 28, 2014
Building and site improvements	$	21,421		$	27,905
Furniture and equipment		13,667			13,445
Construction in process		578			83
Property and equipment		35,666			41,433
Less accumulated depreciation		(7,374	)		(8,694	)
Property and equipment, net	$	28,292		$	32,739

In connection with entering into the Merger Agreement with Golden Gaming, Lakes implemented a plan to sell its corporate headquarters office building in Minnetonka, Minnesota during January 2015. As a result, this asset is classified as held for sale as of March 29, 2015.

On March 26, 2015, Lakes entered into an agreement to sell its corporate headquarters office building at a price of approximately $4.7 million, less approximate fees and closing costs of $0.3 million. Lakes currently expects the sale of the corporate headquarters office building to close during the second quarter of 2015. The corporate headquarters office building was carried at $4.7 million, net of accumulated depreciation, on Lakes’ consolidated balance sheet as of the date of the sale agreement, resulting in the recognition of an impairment charge of $0.3 million during the first quarter of 2015.