Reorganization of Mexico-based Pawn Operations

3 Months Ended

Mar. 31, 2013

Restructuring And Related Activities [Abstract]

Reorganization of Mexico-based Pawn Operations [Text Block]

2. Reorganization of Mexico-based Pawn Operations

On September 24, 2012, the Company's Board of Directors approved a plan to significantly modify the business plan and strategy of the Company's Mexico-based pawn operations, which comprise the foreign component of its retail services segment. The Company reorganized these operations to include only full-service pawn locations that offer pawn loans based on the pledge of general merchandise and jewelry-based collateral and the net closure of 148 of its Mexico-based pawn locations that primarily offered pawn loans based on the pledge of jewelry-based collateral (the “Mexico Reorganization”). The Mexico Reorganization was substantially completed as of December 31, 2012. As of March 31, 2013, the Company was operating 47 full-service pawn locations in Mexico. The Mexico Reorganization reflects management's decision to modify its strategy in Mexico to achieve profitability in its Mexico-based pawn operations and to evaluate the potential to expand its services to customers in Latin American markets.

The following table summarizes the balance of accrued exit costs related to the Mexico Reorganization and the changes in the accrued expenses as of and for the three months ended March 31, 2013 (dollars in thousands):

			For the Three Months Ended March 31, 2013
	Accrued Balance as of December 31, 2012		Charges		Cash Payments		Foreign currency changes		Accrued balance as of March 31, 2013
Lease termination costs	$	109	$	-	$	(106)	$	(3)	$	-
Total	$	109	$	-	$	(106)	$	(3)	$	-

The accrued reorganization charges were included in “Accounts payable and accrued liabilities” in the Company's consolidated balance sheets as of December 31, 2012.