Discontinued Operations and Goodwill Impairment (Tables)

12 Months Ended

Feb. 25, 2017

Business Combinations [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents key financial results of JackRabbit included in “Net loss from discontinued operations, net of tax” for each of the following fiscal years (in thousands):

	Year Ended
	February 25, 2017			February 27, 2016			February 28, 2015
Net sales	$	89,739		$	89,906		$	69,879
Cost of sales (including occupancy costs)	68,495			62,936			54,419
Gross profit	21,244			26,970			15,460
Selling, general, and administrative expenses	30,488			33,824			27,447
Impairment charges and store closing costs	44,202			5,055			1,888
Loss on sale of discontinued operations	33,500			—			—
Loss from discontinued operations before income tax benefit	(86,946		)	(11,909		)	(13,875		)
Income tax benefit	33,582			4,783			4,518
Net loss from discontinued operations, net of tax	$	(53,364	)	$	(7,126	)	$	(9,357	)

The following table presents the major classes of assets and liabilities presented as held for sale as of February 27, 2016 related to JackRabbit (in thousands):

ASSETS
Current Assets:
Accounts receivable, net	$	1,745
Merchandise inventories, net	28,540
Other	1,239
Total current assets	31,524
Property and equipment:
Building	103
Leasehold improvements	4,341
Furniture, fixtures, and equipment	2,586
Construction in progress	18
	7,048
Less accumulated depreciation	2,722
Total property and equipment, net	4,326
Goodwill	44,029
Other assets, net	916
Total assets	$	80,795

LIABILITIES
Current Liabilities:
Accounts payable	$	7,601
Employee compensation	1,237
Accrued property and sales tax	485
Other liabilities and accrued expenses	3,958
Total current liabilities	13,281
Deferred credits from landlords	1,824
Other long-term liabilities	80
Total liabilities	$	15,185

Allocation of Purchase Price

The allocation of the purchase price is detailed below (in thousands):

	Allocation of Purchase Price
Goodwill	$	9,147
Tangible assets, net of liabilities	(216		)
Total purchase price	$	8,931

Reconciliation of Goodwill

The following table provides a reconciliation of the Company’s goodwill for each of the following fiscal years (in thousands):

	2017			2016
Beginning balance	$	44,029		$	34,719
Acquisitions	—			9,147
Other	—			163
Impairment	(44,029		)	—
Ending balance	$	—		$	44,029