Subsequent Events

3 Months Ended

Aug. 24, 2012

Subsequent Events [Abstract]

Subsequent Events

9.  Subsequent Events

On September 28, 2012, the Company announced a financial restructuring agreement that will reduce its annual net cash payments for dividends and interest by approximately $1,500 and reduce the number of shares of Common Stock and Common Stock equivalents outstanding by 5,032,091 shares.  As part of the financial restructuring, the Company's revolving line of credit with PNC Bank was reduced from $20,000 to $15,000 with the expiration date extended to October 31, 2015.  The interest rate on the PNC line of credit will remain unchanged.  PNC Bank also provided to the Company a five-year term loan of $15,000, which will expire on September 28, 2017.  The Company utilized $10,000 of the proceeds from the term loan to repurchase and retire 10,000 shares of 10% Preferred Stock, equivalent to 5,032,091 shares of Common Stock.  The revolving line of credit will no longer be guaranteed by H.F. Lenfest, a major shareholder and member of our Board of Directors, and will instead be secured by all of the Company's personal assets.  Mr. Lenfest will provide a guarantee on the new $15,000 term loan for a period of thirty months, after which his guarantee will be removed.  In addition, dividends on the remaining Series E Preferred Stock will be reduced from ten percent (10%) to eight (8%).

Other than the disclosures above, we did not identify any other events or transactions that should be recognized or disclosed in the accompanying financial statements.