NOTE 9 – COMMITMENTS

Leases- The Company no longer has retail stores subject to ongoing operating lease obligations. Previous operating lease liability claims under 502(b)(6) of the Bankruptcy Code for the fiscal years ended February 28, 2015 and March 1, 2014 total approximately $16.4 million and $37.3 million, respectively, and are reported in other liabilities on the consolidated statement of net assets.

The Corporate office located at 717 Fifth Avenue, New York, New York has a remaining lease liability of $0.8 million payable through September 2017. The rent expense for this operating lease was approximately $10,000 during the 19 days ending February 28, 2015.

Legal Proceedings - The Company is a party to routine litigation incidental to its business. Some of the actions to which the Company is a party are covered by insurance and are being defended or reimbursed by the Company’s insurance carriers. See Item 3. Legal Proceedings, above for additional information on legal proceedings.

As discussed in Note 1 (Basis of Presentation), Syms and its subsidiaries filed voluntary petitions for relief under Chapter 11 on November 2, 2011. On September 14, 2012, a plan of reorganization became effective and Syms and its subsidiaries emerged from bankruptcy, with reorganized Syms merging with and into Trinity.