NOTE 6— ASSET IMPAIRMENTS

During fiscal 2011, fiscal 2010 and fiscal 2009, we recorded the following asset impairments:

Goodwill and Other Intangible Assets. We recorded a goodwill impairment charge of approximately $230.8 million in the second quarter of fiscal 2010. We recorded an impairment charge related to our Petro Express® trade name of approximately $21.3 million during the first quarter of fiscal 2010, which appears in other impairment charges on our consolidated statements of operations. We recorded an impairment charge related to our private label milk business of $0.9 million in fiscal 2009 which is included in other impairment charges. See Note 5—Goodwill and Other Intangible Assets above for a discussion of impairment charges related to our goodwill.

Surplus Properties. In April 2011, management made a strategic decision to market certain surplus properties for sale. As a result, we determined that the carrying values of some of these surplus properties exceeded fair value. We estimated the fair value of these surplus properties, and, based on these estimates, we recorded impairment charges related to our surplus properties of approximately $7.3 million during fiscal 2011. We had recorded property held for sale of approximately $10.4 million and $3.1 million as of September 29, 2011 and September 30, 2010, respectively, which is included in prepaid expenses and other current assets on our consolidated balance sheets. In December 2009, management made a decision not to develop stores on certain owned surplus properties. As a result, the carrying values of these surplus properties would not be recoverable through estimated undiscounted future cash flows. We estimated the fair value of these surplus properties, and, based on these estimates, we recorded impairment charges related to our surplus properties of approximately $7.8 million during fiscal 2010. There were no surplus properties impaired during fiscal 2009.

Operating stores. During each quarter of fiscal years 2011, 2010 and 2009, we tested our operating stores for impairment. For each operating store where events or changes in circumstances indicated that the carrying amount of the assets might not be recoverable, we compared the carrying amount to its estimated future undiscounted cash flows to determine recoverability. If the sum of the estimated undiscounted cash flows did not exceed the carrying value, we then estimated the fair value of these operating stores to measure the impairment, if any. As a result of this testing, we recorded impairment charges related to operating stores of approximately $5.2 million, $7.2 million and $1.2 million for the fiscal years 2011, 2010 and 2009, respectively.

The impairment evaluation process requires management to make estimates and assumptions with regard to fair value. Actual values may differ significantly from these estimates. Such differences could result in future impairment that could have a material impact on our consolidated financial statements. The impairment charges recorded for fiscal 2011, 2010 and 2009 are presented in the table below:


(Dollars in thousands)	2011	2010	2009
Goodwill impairment	$ —	$230,820	$ —

Trade names	$ —	$21,250	$900
Surplus properties	7,335	7,769	—
Operating stores	5,220	7,240	1,184
Other impairments	$12,555	$36,259	$2,084