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Acquisitions
12 Months Ended
Dec. 31, 2011
Acquisitions [Abstract]  
Acquisitions

2. Acquisitions

General Statement

Upon the closing of an acquisition, management estimates the fair values of the acquired assets and liabilities and consolidates the acquisition as quickly as possible. However, it routinely takes time to obtain all of the pertinent information to finalize the acquired company's balance sheet and supporting schedules and to adjust the acquired company's accounting policies, procedures, books and records to the Company's standards. As a result, it may take several quarters before the Company is able to finalize those initial fair value estimates. Accordingly, it is not uncommon for initial estimates to be subsequently revised.

During the year ended December 31, 2011, the Company received a seven-year extension with the University of Texas for its retail contract.

During the year-ended December 31, 2011, the Company acquired the rights to the Zubaz brand.

During the fourth quarter of 2010, the Company acquired a 51% membership interest in The Comet Clothing Company, LLC. There was no consideration paid for this ownership.

 

Also, during the fourth quarter of 2010, the Company acquired certain assets from Kansas State Bank under an Asset Purchase Agreement that were previously owned by CMS. The Company's consideration to Kansas State Bank for these assets included $628 in cash, and the assumption of a $500 note bearing interest at 6.5%. In addition, the Company made some advances on behalf of CMS owners towards various debt obligations. These advances will be earned off with future payroll, earned performance bonuses and upon meeting specific milestones relating to the growth of the Company's collegiate business.