Restructuring Charges

12 Months Ended

Dec. 31, 2011

NOTE C - RESTRUCTURING CHARGES

In 2008, the Company restructured Cross Accessory Division ("CAD") Lincoln based manufacturing operations in order to increase its competitiveness in the global marketplace by further leveraging the investment in China manufacturing operations. The Company also closed several underperforming retail stores and reduced headcount at its Lincoln facility. These restructuring programs moved Lincoln manufacturing operations to the Company's China facility and reduced the total retail store count by four. Approximately 50 manufacturing positions and 27 sales and administrative positions in the United States, and four sales and administrative positions in the United Kingdom were affected by these programs. In 2009, the Company expanded its restructuring efforts to further reduce headcount at its Lincoln and European facilities. The Company incurred pre-tax restructuring charges of approximately $4.4 million since the inception of these programs. Of this $4.4 million, approximately $2.4 million was for severance and related expenses and approximately $2.0 million was for transition and other costs.

The following is a tabular presentation of the restructuring liabilities related to this plan:


		SEVERANCE & RELATED			PROFESSIONAL FEES
(THOUSANDS OF DOLLARS)		EXPENSES			& OTHER			TOTAL
Balances at January 3, 2009	$	772		$	61		$	833
Restructuring charges incurred		1,517			343			1,860
Cash payments		(1,618	)		(308	)		(1,926	)
Foreign exchange effects		5			(1	)		4
Balances at January 2, 2010	$	676		$	95		$	771
Cash payments		(676	)		(95	)		(771	)
Balances at January 1, 2011 and December 31, 2011	$	-		$	-		$	-

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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