Note 7 - Restructuring Charges

3 Months Ended

May 27, 2018

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

7

.

RESTRUCTURING CHARGES

During the

2018

fiscal year, the Company consolidated its Nelco Products, Inc. Business Unit located in Fullerton, California and its Neltec, Inc. Business Unit located in Tempe, Arizona. The Company estimates the remaining pre-tax charge in connection with the consolidation to be approximately

$1,020,

which the Company expects to incur primarily during the fiscal year ending

February 28, 2021.

The Company recorded restructuring charges of

$52

and

$1,250

during the

13

-week periods ended

May 27, 2018

and

May 28, 2017

respectively, related to the consolidation.

The following table sets forth the charges and accruals related to the consolidation:

	Accrual Februay 25, 2018		Current Period Charges		Cash Payments			Non-Cash Charges		Accrual May 27, 2018		Total Expense Accrued to Date		Total Expected Costs
Facility Lease Costs	$	2,238	$	-	$	(273	)	$	-	$	1,965	$	2,749	$	2,749
Severance Costs		-		-		-			-		-		1,081		1,081
Equipment Removal		-		-		-			-		-		-		700
Other		-		52		(52	)		-		-		651		970
Total Restructuring Plan	$	2,238	$	52	$	(325	)	$	-	$	1,965	$	4,481	$	5,500

The Company recorded additional restructuring charges of

$131

and

$111

during the

13

-week periods ended

May 27, 2018

and

May 28, 2017,

respectively, related to the closure in the

2009

fiscal year of the Company’s New England Laminates Co., Inc. Business Unit located in Newburgh, New York. The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the

2004

fiscal year, the Company reduced the book value of the building to

zero

, and the Company intends to sell it during the

2019

fiscal year.