Investments and Joint Ventures

12 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments and Joint Ventures

INVESTMENTS AND JOINT VENTURES

Equity method investment

On October 27, 2015, the Company acquired a 14.9% interest in Chop’t Creative Salad Company LLC (“Chop’t”). Chop’t develops and operates fast-casual, fresh salad restaurants in the Northeast and Mid-Atlantic United States. Chop’t markets and sells certain of the Company’s branded products and provides consumer insight and feedback. The investment is being accounted for as an equity method investment due to the Company’s representation on the Board of Directors. During fiscal 2018, the Company’s ownership interest was reduced to 13.4% due to the distribution of additional ownership interests. Further ownership interest distributions could potentially dilute the Company’s ownership interest to as low as 11.9%. At June 30, 2019 and June 30, 2018, the carrying value of the Company’s investment in Chop’t was $14,632 and $15,524, respectively, and is included in the Consolidated Balance Sheets as a component of “Investments and joint ventures.”