DIVESTITURE OF MW CLEANERS

12 Months Ended

Feb. 03, 2018

DIVESTITURE OF MW CLEANERS

DIVESTITURE OF MW CLEANERS

3.  DIVESTITURE OF MW CLEANERS

On February 28, 2018, we entered into a definitive agreement to divest our MW Cleaners business for approximately $18.0 million, subject to certain adjustments, and the transaction closed on March 3, 2018. 

Additionally, we determined that the MW Cleaners business did not meet the held for sale criteria as of the end of fiscal 2017.  However, during the fourth quarter of 2017, based on an indicator of the fair value of the business, we recorded a goodwill impairment charge of $1.5 million to write down the net assets related to MW Cleaners to its estimated fair value, which relates to our retail segment.  Total assets for MW Cleaners of approximately $24.0 million primarily consist of accounts receivable, goodwill and property, plant and equipment while total liabilities of approximately $6.0 million primarily consist of accrued expenses and deferred tax liabilities.