STOCK RIGHTS

12 Months Ended

Jan. 02, 2016

STOCK RIGHTS [Abstract]

STOCK RIGHTS

6. Stock Rights

The Company had a stock rights plan.  At January 3, 2015, there were 6,244,013 stock rights outstanding under the plan.  Each right may have been exercised to purchase one share of the Company’s common stock at an exercise price of $80.00, subject to adjustment to prevent dilution.

On August 7, 2015, the Company terminated the 2008 Shareholder Rights Agreement. Pursuant to Section 23 of the Rights Agreement, the Company redeemed all of the outstanding rights at a redemption price of $0.01 per right.  The redemption fee was paid on September 15, 2015, to common shareholders of record as of August 19, 2015.