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DISPOSITIONS OF ASSETS
12 Months Ended
Mar. 02, 2013
Other Income and Expenses [Abstract]  
Disposition of Assets and Other Expense

NOTE 14–DISPOSITIONS OF ASSETS

 

During September 2012, Syms sold its Miami, FL property, the building of which is 53,000 square feet, in a Court-approved transaction. The net proceeds from the sale were approximately $4.1 million.

 

During November 2012, the Company sold its Houston, TX property, the building of which is 42,000 square feet, on an “as-is” basis.

The net proceeds from the sale were approximately $3.6 million.

 

During December 2012, the Company sold its Fairfield, CT property, the building of which is 43,000 square feet, on an “as-is” basis. The lessor of the land exercised its option to terminate its leasehold interest with net proceeds from the sale of the property of $5.5 million to the Company.

 

During December 2012, the Company received a $0.9 million settlement on its Marietta, GA location. This was the result of the second and final payment regarding the 2011 partial condemnation.

 

During January 2013, the Company sold its Secaucus, NJ condominium. The net proceeds from the sale were approximately $0.3 million.

 

The carrying value of the properties have been adjusted as of March 2, 2013 to reflect the impact of these transactions.

 

The gain for the thirty-five week period ended October 29, 2011 of $7.6 million was primarily from the sale of the Syms store located in Rockville, MD and the sale and leaseback of the Tampa, FL location, partially offset by the impairment of assets for the lease expiration of the Park Avenue, NY location, and to a lesser degree the proceeds from a partial condemnation of property adjacent to the Marietta, GA store and sale of the North Randall, OH location.