BASIS OF PRESENTATION (Policies)

9 Months Ended

Nov. 24, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Going Concern [Policy Text Block]

Going Concern Basis of Accounting

The consolidated condensed financial statements for the nine and thirty-five week periods ended October 29, 2011 were prepared on the going concern basis of accounting, which contemplated realization of assets and satisfaction of liabilities in the normal course of business. In the opinion of management, the accompanying Statements of Operations for the nine and thirty-five week periods ended October 29, 2011 and Statement of Cash Flows for the thirty-five week period ended October 29, 2011 contain all adjustments, including normal recurring adjustments, necessary to present a fair statement of interim results.

Liquidation [Policy Text Block]

Liquidation Basis of Accounting

The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent and the net realizable value of its assets is reasonably determinable. Under this basis of accounting, assets and liabilities are stated at their net realizable value and estimated costs over the anticipated period of liquidation are accrued to the extent reasonably determinable. The Plan calls for the sale of the Company’s 15 commercial real estate properties and the sale or development of 28-42 Trinity Place. Should the Company decide to develop hold or operate 28-42Trinity Place in a manner permitted by the Plan the Company will evaluate at that time whether the liquidation basis of accounting remains appropriate.

Significant estimates and judgment are required to determine the accrued costs of liquidation. The company’s accrued costs expected to be incurred in liquidation and recorded payments made related to the accrued liquidation costs are as follows (in thousands):

	Balance							Balance
	February 25,		Adjustments					November 24,
Estimated Costs of Liquidation	2012		to Reserves		Payments			2012
Real estate related carrying costs	$	7,650	$	13,486	$	(4,703	)	$	16,433
Professional fees		22,920		13,193		(23,001	)		13,112
Payroll related costs		1,577		5,739		(2,805	)		4,511
Other		169		1,094		(740	)		523
	$	32,316	$	33,512	$	(31,249	)	$	34,579

The assumptions underlying the estimated accrued costs of liquidation of $34.6 million as of November 24, 2012 contemplated all changes in estimates resulting from the Plan.

Syms reviewed all operating expenses and contractual commitments such as payroll and related expenses, lease terminations cost, owned property carrying costs and professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, which was initially anticipated to conclude in August 2012, was amended to conclude in calendar year 2016 based on the Plan and current business plans. The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the thirty-nine weeks ended November 24, 2012.

Adjustments to increase the reserve for real estate carrying costs by approximately $13.5 million were recorded during the thirty-nine week period ended November 24, 2012. The adjustments were mainly the result of estimated expenses for the longer liquidation period contemplated under the Plan. The estimates assume that 12 of the Company’s properties will be sold or monetized by September 2013, another three of its properties will be sold or monetized by September 2014, and the 28-42 Trinity Place location will be sold by the end of 2016.

Adjustments to increase the reserve for professional fees by approximately $13.2 million were recorded during the thirty-nine week period ended November 24, 2012. The majority of the increase reflects the costs of professionals for the new liquidation period that is estimated to run through the end of 2016. This also reflects increased costs due to the complexities of litigating the estate as well as the unplanned hiring of a fee examiner during the pre-emergence time period.

Adjustments to increase the reserve for payroll and related liquidation expenses by approximately $5.7 million were recorded during the thirty-nine week period ended November 24, 2012 primarily as a result of extending the expected liquidation period to conclude in calendar year 2016.

Fair Value Measurement, Policy [Policy Text Block]

Adjustments to Fair Value of Assets and Liabilities

The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the thirty-nine week period ended November 24, 2012 (in thousands):

Adjustments of Assets and Liabilities to Net Realizable Value	February 26, 2012 through November 24, 2012
Adjust real estate to estimated net realizable value	$	12,998
Adjust other assets to estimated net realizable value		312
Adjust estimated lease settlement costs to net realizable value		13,621
Adjust liability to restore properties		311
Adjust obligation to former majority shareholder		(19,566	)
Adjust other claims to net realizable value		(1,035	)
	$	6,641

Real estate - The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $13.0 million to reflect the revised estimates of management and third party real estate experts as of November 24, 2012. The basis for determining the estimated net realizable values took into consideration many factors which are difficult to predict, including but not limited to local market conditions, vacancy rates, redevelopment opportunities, investor types/profiles, and anticipated timing of sale transactions. Based on management’s weighting of the likelihood of each alternative being achieved, an estimated net realizable value of $144.7 million is recorded. While this amount represents management’s best estimate at the time of finalizing the accompanying statement of net assets, the amount ultimately realized in the sale of the real estate could materially differ from this estimate. The Company is currently evaluating various strategic alternatives related to its 28-42 Trinity Place property. To date no specific course of action has been determined. As a result, there remains a range of estimated values that may be realized for 28-42 Trinity Place under the various sale or development alternatives. However, until such time as a more definitive strategy for this property has been determined, management believes it is appropriate to leave the carrying value at the estimated realizable value based on the assumptions that were used prior to the approval of the Plan. At the time a more definitive strategy is determined, the Company will adjust the carry value of the property to be consistent with assumptions that correspond to that strategy, a process that may lead to an increase in the recorded value for the property.

Lease settlement costs - Lease settlement costs have decreased by $13.6 million due to adjustments from 23 locations. These reductions were mainly the result of the Plan and its effective date of September 14, 2012, in which the Plan stipulated that the long-term Filene’s, LLC general unsecured creditors with allowed claims are entitled to a recovery of 75% on their claims.

Liability to restore properties - The Houston, Texas property was sold in November 2012 and the previously recorded liability to repair the roof was assumed by the acquirer of the property, thus the Company reversed the liability upon the consummation of the sale.

Obligation to Former Majority Shareholder – This represents the recording of the settlement with the former Majority Shareholder during the thirteen weeks ended November 24, 2012. On September 14, 2012, immediately following the effectiveness of the Plan, the former Majority Shareholder sold all of its 7,857,794 shares of common stock to Syms at $2.49 per share. Payment for the shares will be made to the former Majority Shareholder in accordance with the Plan as Trinity’s real estate assets are monetized. As further discussed in Note 5, $1.8 million due from the former Majority Shareholder was reclassified from other assets resulting in a net obligation to the Majority Shareholder of $17.8 million as of November 24, 2012.

Other Claims – This amount mainly represents an increase in the multi-employer pension plan claim which was increased pursuant to the final Plan document.