RECENT RESTAURANT DISPOSITIONS

3 Months Ended

Mar. 30, 2013

Recent Restautant Dispositions [Text Block]

4. RECENT RESTAURANT DISPOSITIONS

Lease Expirations – On July 8, 2011, the Company entered into an agreement with the landlord of The Grill Room property located in New York City, whereby in exchange for a payment of $350,000 the Company vacated the property on October 31, 2011. Such payment and the related loss on closure of the property, in the amount of $179,000, are included in Other Operating Costs and Expenses in the Consolidated Condensed Statement of Operations for the 26-weeks ended March 31, 2012. This lease was scheduled to expire on December 31, 2011.

The Company was advised by the landlord that it would have to vacate the America property located in Washington, DC, which was on a month-to-month lease. The closure of this property occurred on November 7, 2011. The related loss on closure of this property, in the amount of $186,000, is included in Other Operating Costs and Expenses in the Consolidated Condensed Statement of Operations for the 26-weeks ended March 31, 2012.

Discontinued Operations – Effective March 15, 2012, the Company vacated its food court operations at the MGM Grand Casino at the Foxwoods Resort Casino in Ledyard, CT. The Company determined that it would not be able to operate this facility profitably at this location at the current rent.

The results of discontinued operations were as follows:

	13 Weeks Ended					26 Weeks Ended
	March 30, 2013		March 31, 2012			March 30, 2013		March 31, 2012
	(In thousands)					(In thousands)
Revenues	$	—	$	404		$	—	$	910
Costs and expenses		—		853			—		1,525
Loss before income taxes		—		(449	)		—		(615	)
Income tax benefit		—		(140	)		—		(179	)
Net loss	$	—	$	(309	)	$	—	$	(436	)

Other – On October 29, 2012, the Company suffered a flood at its Red and Sequoia properties located in New York, NY as a result of a hurricane. The Company did not reopen these properties as the underlying leases were due to expire in the second quarter of fiscal 2013. Losses related to the closure of these properties, in the amount of $256,000, are included in Other Operating Costs and Expenses in the Consolidated Condensed Statement of Operations for the 26-weeks ended March 30, 2013.