Subsequent Events Subsequent Events

6 Months Ended

Jun. 14, 2014

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On July 9, 2014, the Board of Directors of the Company approved a realignment of the Company’s consumer-direct operations (“the Plan”). As a part of the Plan, the Company intends to close up to approximately 140 retail stores over the next 18 months, consolidate certain consumer-direct support functions and implement certain other organizational changes. The Company estimates pretax charges related to the Plan will range from $26.6 million to $32.0 million. The Company will record these charges throughout the remainder of fiscal 2014 and fiscal 2015 as it executes specific components. Approximately $9.6 million to $11.6 million of this estimate represents non-cash charges. When fully implemented, the Company expects annual pretax benefits of approximately $11.0 million.

The expected range of pretax charges by major category in connection with the Plan are summarized in the following table:

	Estimated Range
(In millions)	Low		High
Non-cash charges related to impairment of property and equipment	$	6.1	$	8.2
Facility exit costs	11.3		12.4
Severance and employee-related costs	8.6		10.0
Charges against assets	0.6		1.4
Total	$	26.6	$	32.0