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SUBSEQUENT EVENTS
3 Months Ended
Sep. 27, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
Subsequent to the end of the quarter, net borrowings of $60.0 million were drawn on the revolving credit facility. Additionally, we repurchased approximately 949,000 shares of our common stock for $30.0 million.
On October 13, 2017, we sold our Dutch subsidiary that held all of our equity interest in our Chili's joint venture in Mexico. The sale was completed to our franchise partner in the joint venture, CMR, S.A.B. de C.V. for $18.0 million. The consideration for the shares was in the form of one payment made at closing and a note with payments to be made over 71 months. We are evaluating the fair value of this note to determine the appropriate gain or loss that will be recorded in the second quarter.
Subsequent to the end of the quarter, we closed nine underperforming Chili's restaurants located in Alberta, Canada based on management’s determination that the restaurants will not meet our required return metrics. We are in the process of negotiating lease termination costs and expect to record these charges in the second quarter of fiscal 2018. We will continue to operate the remaining five company-owned Chili's located in Canada.