BBQ (BBQ) 10-Q 17 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jul. 03, 2016shares
Document and entity information [Abstract]
Document type	10-Q
Document period end date	Jul. 3, 2016
Document Period Focus	Q2
Amendment flag	false
Document Fiscal Year Focus	2,016
Entity registrant name	FAMOUS DAVES OF AMERICA INC
Entity central index key	1,021,270
Entity current reporting status	Yes
Entity voluntary filers	No
Current fiscal year end date	--01-01
Entity filer category	Smaller Reporting Company
Entity well known seasoned issuer	No
Entity common stock shares outstanding	6,957,628

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 03, 2016	Jan. 03, 2016
Current assets:
Cash and cash equivalents	$ 6,308,000	$ 5,300,000
Restricted Cash And Cash Equivalents	2,868,000	1,087,000
Accounts receivable, net	5,041,000	4,677,000
Inventories	1,940,000	2,070,000
Deferred tax asset	181,000	181,000
Prepaid expenses and other current assets	1,659,000	1,671,000
Assets held for sale	88,000	2,211,000
Total current assets	18,085,000	17,197,000
Property, equipment and leasehold improvements, net	30,121,000	32,491,000
Other assets:
Intangible assets, noncurrent	2,878,000	2,902,000
Deferred tax asset	4,411,000	4,411,000
Other assets	1,259,000	824,000
Total assets	56,754,000	57,825,000
Current liabilities:
Current portion of long-term debt and financing lease obligation	2,819,000	2,193,000
Line of Credit, Current	0	0
Accounts payable	6,239,000	5,685,000
Accrued compensation and benefits	1,387,000	1,390,000
Deferred tax liability, current	101,000	101,000
Other current liabilities	3,408,000	3,406,000
Liabilities held for sale		1,747,000
Total current liabilities	13,954,000	14,522,000
Long-term liabilities:
Line of Credit	1,855,000
Long-term debt, less current portion	6,992,000	10,200,000
Financing lease obligations, less current portion	2,539,000	2,757,000
Other liabilities	8,299,000	8,285,000
Total liabilities	33,639,000	35,764,000
Shareholders' equity:
Common stock, $.01 par value, 100,000 shares authorized, 6,958 shares issued and outstanding at April 3, 2016 and January 3, 2016, respectively	66,000	66,000
Retained earnings	23,049,000	21,995,000
Total shareholders' equity	23,115,000	22,061,000
Total liabilities and shareholders' equity	$ 56,754,000	$ 57,825,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jul. 03, 2016	Jan. 03, 2016
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	100,000,000
Common stock issued (in shares)	6,958,000	6,958,000
Common Stock, Shares, Outstanding	6,958,000	6,958,000

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015	Jul. 03, 2016	Jun. 28, 2015
Revenue:
Restaurant sales, net	$ 23,022,000	$ 27,509,000	$ 42,014,000	$ 51,253,000
Franchise royalty revenue	4,686,000	4,620,000	8,851,000	8,951,000
Franchise fee revenue	0	250,000	135,000	255,000
Licensing and other revenue	336,000	335,000	584,000	520,000
Total Revenue	28,044,000	32,714,000	51,584,000	60,979,000
Costs and expenses:
Food and beverage costs	7,089,000	8,332,000	13,112,000	15,506,000
Labor and benefits costs	7,401,000	8,672,000	14,254,000	16,658,000
Operating expenses	6,353,000	7,719,000	12,063,000	14,420,000
Depreciation and amortization	956,000	1,144,000	1,936,000	2,323,000
General and administrative expenses	4,836,000	4,937,000	8,611,000	9,786,000
Asset impairment and estimated lease termination and other closing costs	1,056,000	881,000	1,064,000	976,000
Pre-opening expenses	0	0	0	1,000
Net loss on disposal of property	(19,000)	(48,000)	185,000	(25,000)
Total costs and expenses	27,710,000	31,733,000	50,855,000	59,695,000
Income from operations	334,000	981,000	729,000	1,284,000
Other expense:
Interest expense	225,000	220,000	403,000	421,000
Interest income	1,000	0	2,000	5,000
Other income (expense), net	1,000	2,000	1,000	0
Total other expense	(223,000)	(218,000)	(400,000)	(416,000)
Income before income taxes	111,000	763,000	329,000	868,000
Income tax expense	(2,000)	216,000	67,000	212,000
Net income from continuing operations	113,000	547,000	262,000	656,000
Income (Loss) from Discontinued Operations, Net of Tax	27,000	107,000	708,000	195,000
Net income (loss)	$ 140,000	$ 654,000	$ 970,000	$ 851,000
Income (loss) from continuing operations per basic share	$ 0.02	$ 0.07	$ 0.04	$ 0.09
Income loss from discontinued operations per basic share	0	0.02	0.1	0.03
Basic net income per common share	0.02	0.09	0.14	0.12
Income loss from continuing operations per diluted share	0.02	0.07	0.04	0.09
Income loss from discontinued operations per diluted share	0	0.02	0.1	0.03
Diluted net income per common share	$ 0.02	$ 0.09	$ 0.14	$ 0.12
Weighted average common of shares outstanding - basic	6,949	6,974	6,949	7,016
Weighted average common shares outstanding - diluted	6,958	6,993	6,958	7,037

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015
Cash flows from operating activities:
Net income from continuing operations	$ 262,000	$ 656,000
Adjustments to reconcile net income to cash flows provided by operations:
Depreciation and amortization	1,936,000	2,323,000
Amortization Of Financing Costs	27,000	41,000
Net loss on disposal of property	185,000	(25,000)
Asset impairment and estimated lease termination and other closing costs	1,064,000	976,000
Deferred rent and net amortization of lease interest assets and liablities	360,000	440,000
Stock-based compensation	83,000	324,000
Tax benefit for equity awards issued - operating activities	0	153,000
Restricted cash	1,782,000	(177,000)
Accounts receivable, net	517,000	798,000
Inventories	(71,000)	(55,000)
Prepaid expenses and other current assets	(7,000)	220,000
Deposits	277,000	10,000
Accounts payable	260,000	42,000
Accrued compensation and benefits	(145,000)	(783,000)
Other current liabilities	(133,000)	(322,000)
Other liabilities - operating activities	(33,000)	1,000
Long-term deferred compensation	0	(74,000)
Cash flows provided by continuing operating activities	998,000	2,700,000
Cash provided by discontinued operations	(783,000)	406,000
Cash flows provided by operating activities	215,000	3,106,000
Cash flows from investing activities:
Proceeds from the sale of restaurant assets	1,053,000	0
Purchases of property, equipment and leasehold improvements	442,000	2,722,000
Cash flows used for continuing investing activities	611,000	(2,722,000)
Cash flows provided by discontinued investing activities	1,150,000	(86,000)
Cash flows provided by (used for) investing activities	1,761,000	(2,808,000)
Cash flows from financing activities:
Proceeds from draws on line of credit	1,855,000	14,200,000
Payments on line of credit	0	8,700,000
Payments for debt issuance costs	23,000	128,000
Payments on long-term debt and financing lease obligations	2,800,000	451,000
(Payments for) proceeds from exercise of stock options	0	0
Tax benefit for equity awards issued - financing activities	0	153,000
Repurchase of common stock	0	5,672,000
Cash flows used for financing activities	(968,000)	(598,000)
Increase (decrease) in cash and cash equivalents	1,008,000	(300,000)
Cash and cash equivalents, beginning of year	5,300,000	2,133,000
Cash and cash equivalents, end of year	$ 6,308,000	$ 1,833,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jul. 03, 2016
Nature Of Business And Significant Accounting Policies [Abstract]
Nature Of Business And Significant Accounting Policies [Text Block]	(1) Basis of Presentation We, Famous Dave's of America, Inc. (“Famous Dave’s” or the “Company”), were incorporated in Minnesota on March 14, 1994. We develop, own, operate and franchise restaurants under the name "Famous Dave's". As of July 3, 2016 , there were 179 Famous Dave’s restaurants operating in 33 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates, including 37 company-owned restaurants and 142 franchise-operated restaurants. An additional 62 franchise restaurants were committed to be developed through signed Area Development Agreements as of July 3, 2016 . We prepared these consolidated financial statements i n accordance with Securities and Exchange Commission (“SEC”) Rules and Regulations. These unaudited financial statements represent the consolidated financial statements of Famous Dave’s and its subsidiaries as of July 3, 2016 and January 3, 2016 and for the three and six month periods ended July 3, 2016 and June 28, 2015 , respectively. The information furnished in these financial statements includes normal recurring adjustments and reflects all adjustm ents, which are, in our opinion, necessary for a fair presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the fiscal year ended January 3, 2016 as fi led with the SEC. Due to the seasonality of our business, revenue and operating results for the three and six months ended July 3, 2016 are not necessarily indicative of the results to be expected for the full year.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	6 Months Ended
	Jul. 03, 2016
Earnings Per Share [Abstract]
Net Income Per Common Share [Policy Text Block]	(2) Net Income Per Common Share Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive. Following is a reconciliation of basic and diluted net income per common share: Three Months Ended Six Months Ended (in thousands, except per share data) July 3, June 28, July 3, June 28, 2016 2015 2016 2015 Net income per common share – basic: Net income from continuing operations, net of taxes $ 113 $ 547 $ 262 $ 656 Net income from discontinued operations, net of taxes 27 107 708 195 Net income $ 140 $ 654 $ 970 $ 851 Weighted average shares outstanding 6,949 6,974 6,949 7,016 Net income from continuing operations per common share – basic $ 0.02 $ 0.07 $ 0.04 $ 0.09 Net income from discontinued operations per common share – basic $ --- $ 0.02 $ 0.10 $ 0.03 Net income per common share – basic $ 0.02 $ 0.09 $ 0.14 $ 0.12 Net income per common share – diluted: Net income from continuing operations, net of taxes $ 113 $ 547 $ 262 $ 656 Net income from discontinued operations, net of taxes 27 107 708 195 Net income $ 140 $ 654 $ 970 $ 851 Weighted average shares outstanding 6,949 6,974 6,949 7,016 Dilutive impact of common stock equivalents outstanding 9 19 9 21 Adjusted weighted average shares outstanding 6,958 6,993 6,958 7,037 Net income from continuing operations per common share – diluted $ 0.02 $ 0.07 $ 0.04 $ 0.09 Net income from discontinued operations per common share – diluted $ --- $ 0.02 $ 0.10 $ 0.03 Net income per common share – diluted $ 0.02 $ 0.09 $ 0.14 $ 0.12 There were 659,000 options outstanding as of July 3, 2016 that were not included in the computation of diluted EPS for the three and six months ended July 3, 2016 because they were anti-dilutive. All options outstanding as of June 28, 2015 were included in the computation of diluted earnings per share for the three and six months ended June 28, 2015 .

RESTRICTED CASH AND MARKETING F

RESTRICTED CASH AND MARKETING FUND	6 Months Ended
	Jul. 03, 2016
Restricted Cash [Abstract]
ScheduleOfRestrictedCashAndCashEquivalents	(3) Restricted Cash and Marketing Fund We have a system-wide Public Relations and Marketing Development Fund, to which Company-owned restaurants, in addition to the majority of franchise-operated restaurants, contribute a percent age of net sales, currently 1.0 %, for use in public relations and marketing development efforts throughout the system. The assets held by this fund are considered restricted. Accordingly, we reflect the cash related to this fund in restricted cash and re flect the liability in accounts payable on our consolidated balance sheets as of July 3, 2016 and January 3, 2016 . We had approximately $1.7 million and $1.1 million in this fund as of July 3, 2016 and January 3, 2016 , respectively. In conjunction with the Company’s Credit Agreement, we have deposited 105% of the face amount of the undrawn letters of credit in a cash collateral account with the Administrative Agent. W e had approximately $ 1.2 million and $0.0 million in restricted cash as of July 3, 2016 and January 3, 2016, respectively, related to these undrawn letters of credit.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	6 Months Ended
	Jul. 03, 2016
Accounts Receivable Net [Abstract]
Allowance For Credit Losses [TextBlock]	(4) Allowance for Doubtful Accounts Accounts Receivable, Net – We provide an allowance for uncollectible accounts on accounts receivable based on historical losses and existing economic conditions, when relevant. We provide for a general bad debt reserve for franchise receivables due to increases in days sales out standing and deterioration in general economic market conditions. This general reserve is based on the aging of receivables meeting specified criteria and is adjusted each quarter based on past due receivable balances. Additionally, we have periodically established a specific reserve on certain receivables as necessary. Any changes to the reserve are recorded in general and administrative expenses. The allowance for uncollectible accounts was approximately $553,000 and $246,000 , at July 3, 2016 and January 3, 2016 , respectively. Accounts receivable are written off when they become uncollectible, and payments subsequently received on such receivables are credited to allowance for doubtful accounts. Accounts receivable bal ances written off have not exceeded allowances provided. We believe all accounts receivable in excess of the allowance are fully collectible. If accounts receivable in excess of provided allowances are determined uncollectible, they are charged to expense in the period that determination is made. Outstanding past due accounts receivable are subject to a monthly interest charge on unpaid balances which is recorded as interest income in our consolidated statements of operations. In assessing recoverability of these receivables, we make judgments regarding the financial condition of the franchisees based primarily on past and current payment trends, as well as other variables, including annual financial information, which the franchisees are required to submi t to us, as well as other variables.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jul. 03, 2016
Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	(5 ) Intangible Assets , net T he Company has intangible assets that consist of liquor licenses and lease interest assets. The liquor licenses are indefinite lived assets and are not subject to amortization. The lease interest assets are amortized to occupancy costs on a straight-line basis over the remaining term of each respective lease . Amortization of the lease interest assets is expected to be approximately $47,500 per year, for the remaining useful life. A reconciliation of begi nning and ending amounts of intangible assets at July 3, 2016 and January 3, 2016, respectively, are presented in the table below: (in thousands) Remaining estimated useful life (years) Original Cost Accumulated Amortization Net Book Value Less Current Portion (1) Non- Current Portion Balance at July 3, 2016 Lease interest assets 23.6 $ 1,417 $ (301) $ 1,116 $ (48) $ 1,068 Liquor licenses 1,810 --- 1,810 --- 1,810 Total $ 3,227 $ (301) $ 2,926 $ (48) $ 2,878 (in thousands) Remaining estimated useful life (years) Original Cost Accumulated Amortization Net Book Value Less Current Portion (1) Non- Current Portion Balance at January 3, 2016 Lease interest assets 24.1 $ 1,417 $ (277) $ 1,140 $ (48) $ 1,092 Liquor licenses 1,810 --- 1,810 --- 1,810 Total $ 3,227 $ (277) $ 2,950 $ (48) $ 2,902 (1) The current portion is included in prepaid expenses and other current assets on the consolidated balance sheets.

CREDIT FACILITY AND DEBT COVENA

CREDIT FACILITY AND DEBT COVENANTS, LONG-TERM DEBT, AND FINANCING LEASE OBLIGATIONS	6 Months Ended
	Jul. 03, 2016
Debt Disclosure [Abstract]
Credit Facility, Long-Term Debt and Debt Covenants Disclosure [Text Block]	6) Credit Facility, Long-Term Debt and Debt Covenants On June 10, 2016, the Company and its subsidiaries (each, a “Borrower” and collectively, the “Borrowers”) entered into a Waiver and Second Amendment (the “Second Amendment”) to the Third Amended and Restated Credit Agreement, as amended (the “Credit Agreement”) with Wells Fargo, National Association as administrative agent and lender) the “Administrative Agent”). The Second Amendment Effective Date, as defined in the Second Amendment, is June 10, 2016. Pursuant to the Second Amendment, the Credit Agreement was amended and restated to terminate the revolving credit loan commitment (the “Facility”), change the maturity date of the revolving credit loans and the term loan from December 31, 2 018 to December 31, 2017, and obligate monthly payments of $ 200,000 to reduce the principal amount of the loans. Additionally, the Borrowers deposited 105% of the face amount of the outstanding letters of credit in a cash collateral account with the Admin istrative Agent which is included in restricted cash on our Consolidated Balance Sheet. At July 3, 2016 , the principal amount outstanding under the Facility and the Term Loan was $1.9 million and $9.4 million, respectively , along with approximately $1.1 million in letters of credit for real estate locations. The Credit Agreement allows for termination by the Borrower without penalty at any time. Under the Credit Agreement, the Borrowers have granted the Lender a security interest in all current and future personal property of the Borrower. Principal amounts outstanding under the Facility bear interest either at an adjusted Eurodollar rate or “Base Rate” plus an applicable margin. For the six months ended July 3, 2016 and June 28, 2015 , our weighted average interest rate for the Facility was 3.70% and 2.76% , respectively. Principal amounts outstanding under the Term Loan bear interest at the same rate as the Facility. The weighted average interest rate of the Term Loan f or the six months ended July 3, 2016 w as 3.68% . There was no Term Loan at June 28, 2015. The Credit Agreement contains customary affirmative and negative covenants f or credit facilities of this type. For more information regarding the details of the customary affirmative and negative covenants, please refer to the full text of the Third Amended and Restated Credit Agreement dated May 8, 2015 filed as Exhibit 10.2 to our Form 10-Q for the quarter ended March 29, 2015, which was filed on May 8, 2015, the First Amendment to the Credit Agreement filed as Exhibit 10.1 to our Current Report on Form 8-K, which was filed on December 11, 2015, and the Waiver and Second Amendme nt to the Credit Agreement filed as Exhibit 10.1 to our Current Report on Form 8-K filed on June 10, 2016. We were in compliance with all covenants of the Credit Agreement for the quarter ended July 3, 2016 except the Adjusted Leverage Ratio. Under t he Credit Agreement, the Adjusted Leverage Ratio must not exceed 5.50:1.00 for the quarter ended July 3, 2016 and the Adjusted Leverage Ratio as recalculated was 5.74:1.00. On August 16, 2016, we received a waiver of this covenant default from the Lender a nd have paid $ 500,000 in outstanding principle under the Facility.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jul. 03, 2016
Accrued Liabilities, Current [Abstract]
Other Current Liabilities Disclosure [Text Block]	( 7 ) O ther Current Liabilities Other current liabilities consisted of the following at: July 3, January 3, (in thousands) 2016 2016 Gift cards payable $ 1,408 $ 1,616 Other liabilities 903 869 Sales tax payable 491 674 Accrued real estate taxes 256 33 Deferred franchise fees 212 134 Income tax payable 136 40 Accrued property and equipment purchases 2 40 $ 3,408 $ 3,406

OTHER LIABILITIES

OTHER LIABILITIES	6 Months Ended
	Jul. 03, 2016
Other Liabilities [Abstract]
Other Liabilities Disclosure [Text Block]	(8) Other Liabilities Other liabilities consisted of the following at: July 3, January 3, (in thousands) 2016 2016 Deferred rent $ 7,506 $ 7,191 Other liabilities 382 455 Long term lease reserve 183 258 Long term deferred compensation 115 258 Asset retirement obligations 111 111 Income taxes payable 2 12 $ 8,299 $ 8,285

PERFORMANCE SHARES, STOCK OPTIO

PERFORMANCE SHARES, STOCK OPTIONS, OTHER FORMS OF COMPENSATION, AND COMMON SHARE REPURCHASES	6 Months Ended
	Jul. 03, 2016
Performance Shares, Stock Options, Other Forms Of Compensation And Common Share Repurchaces [Abstract]
Performance Shares, Stock Options, Other Forms of Compensation and Common Share Repurchases [Text Block]	(9 ) Performance Shares, Stock Options, Other Forms of Compensation, and Common Share Repurchases Stock-based Compensation Effective May 5, 2015, we adopted a 2015 Equity Plan (the “2015 Plan”), pursuant to which we may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other stock and cash awards to eligible participants. We also maintain an Amended and Restated 2005 Stock Incentive Plan (the “2005 Plan”) . Together, the 2015 Plan and 2005 Plan are referred to herein as the “Plans.” Under the 20 1 5 Plan, an aggregate of 40,851 shares of our Company’s common stock remained unreserved and available for issuance at July 3, 2016 . The 2005 Plan prohibits the granting of incentives after May 12, 2015, the tenth anniversary of the date such Plan was approved by the Company’s shareholders. Nonetheless, the 2005 Stock Incentive Plan will remain in effect until all outstanding incentives granted ther eunder have either been satisfied or terminated. We recognized stock-based compensation expense in our consolidated statements of operations for the three and six months ended July 3, 2016 and June 28, 2015 , respectively, as f ollows: Three Months Ended Six Months Ended July 3, June 28, July 3, June 28, (in thousands) 2016 2015 2016 2015 Performance Stock Units $ --- $ 8 $ --- $ 36 Stock Options 121 84 53 256 Restricted Stock and Restricted Stock Units 15 15 30 30 $ 136 $ 107 $ 83 $ 322 (1) The three and six months ended June 28, 2015 included the recapture of previously recorded stock-based compensation of approximately $45,000 due to employee departures. (2) The six months ended July 3, 2016 included the recapture of previously recorded stock-based compensation of approximately $126,000 due to the departure of our CFO. Board of Directors’ Compensation We recognized board of d irectors’ c ompensation expense in our consolidated statement of operations for the three and six months ended July 3, 2016 and June 28, 2015 , respectively, as follows: Three Months Ended Six Months Ended July 3, June 28, July 3, June 28, 2016 2015 2016 2015 (in thousands) Stock-based compensation $ 15 $ 15 $ 30 $ 30 Stock option compensation 31 62 47 130 Cash compensation 22 77 35 153 ` Total board of directors' compensation $ 68 $ 154 $ 112 $ 313 Stock Options On February 10, 2014, Edward H. Rensi was named Interim Chief Executive Officer by the Company’s board of directors. Pursuant to the agreement governing Mr. Rensi’s employment, the Company granted him 25,000 share, five-year stock options. These options vested in two equal installments of 12,500 shares on February 10, 2014 and February 10, 2015. The compensation expense for this grant was recognized under general a nd administrative expense in our consolidated statements of operations through the applicable service period. The option s will expire one year following Mr. Rensi’s resignation as a director of the Company on July 11, 2015. On January 15, 2015, Edward H. Rensi was granted 75,000 stock options. These options were forfeited upon his resignation from the position of Chief Executive Officer on June 18, 2015. On June 2, 2014, Richard A. Pawlowski was named Chief Financial Officer by the Company’s board of di rectors. Pursuant to the agreement governing Mr. Pawlowski’s employment, the Company granted 78,000 stock options. These options vested in equal annual installments over a period of three years, expiring five years from the grant date. The compensation expense for this grant was recognized under general and administrative expense in our consolidated statements of operations through the applicable service period. Upon his resignation effective April 11, 2016, any unvested options were forfeited. On Janu ary 15, 2016, the Company granted Mr. Pawlowski 6,000 stock options vesting in three equal installments dependent upon the achievement of certain Milestones and expire on April 1, 2017. The compensation expense for this grant will be recognized under gene ral and administrative expense in our consolidated statements of operations through the applicable service period. Effective July 11, 2015, July 13, 2015, and July 15, 2015, Edward H. Rensi , Brett D. Heffes , and David J. Mastrocola , respectively, resigne d as member s of the Board of Directors, forfeiting any unvested options previously granted to them . On August 31, 2015, Abelardo Ruiz became the Company’s Chief Operating Officer. Pursuant to the agreement governing Mr. Ruiz’s employment, the Company gr anted 71,324 stock options. These options will vest in equal monthly installments over a period of four years and expire five years from the grant date. The compensation expense for this grant will be recognized under general and administrative expense i n our consolidated statements of operations through the applicable service period. Effective January 1, 2016, Adam J. Wright was appointed the Company’s Chief Executive Officer, removing his prior interim title. Pursuant to the agreement governing Mr. W right’s employment, the Company granted 50,000 stock options. These options will vest in equal monthly installments over a period of two years and expire ten years from the grant date. The compensation expense for this grant will be recognized under gene ral and administrative expense in our consolidated statements of operations through the applicable service period. On February 12, 2016, Alfredo Martel became the Company’s Chief Marketing Officer. Pursuant to the agreement governing Mr. Martel’s employm ent, the Company granted 35,000 stock options. These options will vest in equal monthly installments over a period of four years and expire five years from the grant date. The compensation expense for this grant will be recognized under general and admin istrative expense in our consolidated statements of operations through the applicable service period. On April 11 , 2016, Dexter Newman became the Company’s Chief Financial Officer. Pursuant to the agreement governing Mr. Newman ’s employment, the Company granted 70 ,000 stock options. These options will vest in equal monthly installments over a period of four years and expire ten years from the grant date. The compensation expense for this grant will be recognized under general and administrative expense in our consolidated statements of operations through the applicable service period. On May 3, 2016, the Company made a one-time grant of 20,000 stock option awards to Ananda Gala and Bryan Wolf, respectively, as board members. These op tions will vest in equal annually installments over a period of 5 years and expire ten years from the grant date. The compensation expense for this grant will be recognized under general and a dministrative expense in our consolidated statements of operations through the applicable service period. Other options granted to certain non-officer employees vest in equal annual installments over a period of four years and expire either five or ten yea rs from the grant date . Compensation expense equal to the grant date fair value is generally recognized for these awards over the vesting period. Options granted to certain non-employees in exchange for future services vest in monthly installments over a period of approximately two years and expire five years from the grant date. Expense equal to the current fair value is recognized over the vesting period, with the value being marked to market in each accounting period for any unvested portions of the aw ards. The fair value of each stock option is estimated on the date of grant using the Black-Scholes valuation method with the assumptions noted in the table below. Due to a lack of recent historical share option exercise experience, the Company uses a sim plified method for estimating the expected life, as outlined in Accounting Standards Codification 718, calculated using the following formula: (vesting term + original contract term)/2. Expected volatilities are based on the movement of the C ompany’s comm on stock over the most recent historical period equivalent to the expected life of the option. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. maturities over the expected life at the time of grant. Information regarding our Company’s stock options is summarized below: (number of options in thousands) Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Options outstanding at January 3, 2016 507 $ 16.66 5.3 Granted 53 17.66 Forfeited (53) 32.02 Options outstanding at April 3, 2016 507 $ 13.95 5.2 Granted 206 5.60 Forfeited (3) 28.53 Expired (26) 32.05 Options outstanding at July 3, 2016 684 $ 10.65 5.9 Options exercisable at July 3, 2016 190 $ 14.20 4.5 Weighted-average values and assumptions for valuing grants made: Six Months Ended July 3, 2016 Fiscal 2015 Weighted average fair value of options granted $ 2.15 $ 4.90 Expected life (in years) 5.6 3.3 Expected stock volatility 39.8 % 51.2 % Risk-free interest rate 1.3 % 1.9 %

RETIREMENT SAVINGS PLANS

RETIREMENT SAVINGS PLANS	6 Months Ended
	Jul. 03, 2016
Retirement Savings Plans [Abstract]
Retirement Savings Plans Disclosure [Text Block]	( 10 ) Retirement Savings Plans 401(k) Plan We have a pre-tax salary reduction/profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code, which covers employees meeting certain eligibility requirements. In fiscal 2016 and 2015 , we matched 25.0 % of the employee’s contribution up to 4.0 % of their earnings. Employee contributions were approximately $95,000 and $91,000 for the second quarter of fiscal years 2016 and 2015 , respectively. The employer match was $7,000 and $16,000 , respectively, for the second quarter of fiscal years 2016 and 2015 . For the six months ended July 3, 2016 and June 28, 2015 , eligib le participa nts contributed approximately $187,000 and $207,000 , respectively, to the plan and the Company provided ma tching funds of approximately $14,000 and $35,000 , respectively . There were no discretionary contributions to the plan during the first six months of fiscal year 2016 and 2015 . Non-Qualified Deferred Compensation Plan We have a Non-Qualified Deferred Compensation Plan effective as of February 25, 2005 (the “Deferred Compensation Plan”). Eligible participants are those employees who are at the “director” level and above and who are selected by the Company to participate in the Deferred Compensation Plan. Participants must complete a deferral election each year to indicate the lev el of compensation (salary, bonus and commissions) they wish to have deferred for the coming year. This deferral election is irrevocable except to the extent permitted by the Deferred Compensation Plan administrator, and the applicable regulations promulg ated by the IRS. In fiscal 2016 and 2015 , we matched 25.0% of the first 4.0% contributed and paid a declared interest rate of 6.0 % on balances outstanding. The board of directors administers the Deferred Compensation Plan and may change t he rate or any other aspects of the Deferred Compensation Plan at any time. Deferral periods are limited to the earlier of termination of employment or not less than three calendar years following the end of the applicable plan year. Extensions of the de ferral period for a minimum of five years are allowed provided an election for extension is made at least one year before the first payment affected by the change. Payments can be in a lump sum or in equal payments over a two-, five- or ten-year period, p lus interest from the commencement date. The Deferred Compensation Plan assets are kept in an unsecured account that has no trust fund. In the event of bankruptcy, participants entitled to future payments under the Deferred Compensation Plan would have n o greater rights than that of an unsecured general creditor of the Company and the Deferred Compensation Plan confers no legal rights for interest or claim on any specific assets of the Company. Benefits provided by the Deferred Compensation Plan are not insured by the Pension Benefit Guaranty Corporation under Title IV of the Employee Retirement Income Security Act of 1974 (“ERISA”), because the pension insurance provisions of ERISA do not apply to the Deferred Compensation Plan. For the quarters ended July 3, 2016 and June 28, 2015 , eligible participants contributed approximately $7,000 and $5,000 to the Deferred Compensation Plan, respectively. The Company provided matching funds and interest of approxim ately $5,000 and $8,000 for the quarters ended July 3, 2016 and June 28, 2015 , respectively. Distributions for the quarters ended July 3, 2016 and June 28, 2015 were $ 21 ,000 a nd $ 57,000 , respectively. For the six months ended July 3, 2016 and June 28, 2015 , eligible participants contributed approximately $13,000 and $23,000 , respectively, to the Deferred Compensation Plan and the Co mpany provided matching funds and interest of approximately $10,000 and $17,000 , respectively. Distributions for the six months ended July 3, 2016 and June 28, 2015 were $10 8 ,000 and $ 15 ,000, respectively. T he balance of the Plan for the quarters ended July 3, 2016 and January 3, 2016 was approximately $280,000 and $547,000 , respectively. Of this balance approximately $ 165,000 and $ 109,000 was recorded in current liabil ities and the remaining balance was recorded in other liabilities at July 3, 2016 and January 3, 2016 , respectively.

ASSET IMPAIRMENT AND ESTIMATED

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS	6 Months Ended
	Jul. 03, 2016
Asset Impairment And Estimated Lease Terminations And Other Closing Costs [Abstract]
Asset Impairment And Estimated Lease Terminations And Other Closing Costs Disclosure [Text Block]	(11) Asset Impairment and Estimated Lease Termination and Other Closing Costs In accordance with FASB Accounting Standards Codification for Property, Plant, and Equipment, we evaluate restaurant sites and long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of restaurant sites to be held and used is measured by a comparison of the carrying amount of the restaurant site to the undiscounted f uture net cash flows expected to be generated on a restaurant-by-restaurant basis. If a restaurant is determined to be impaired, the loss is measured by the amount by which the ca rrying amount of the restaurant’s assets exceeds its fair value. Fair value is estimated based on the best information available including estimated future cash flows, expected growth rates in comparable restaurant sales, remaining lease terms , discount rate and other factors. If these assumptions change in the future, we may be required to take additional impairment charges for the related assets. Considerable management judgment is necessary to estimate future cash flows. Accordingly, actual results could vary significantly from such estimates. Restaurant sites that are oper ating but have been previously impaired are reported at the lower of their carrying amount or fair value less estimated costs to sell. Following is a summary of these events f or the three and six months ended July 3, 2016 and June 28, 2015 . Asset Impairment and Estimated Lease Termination and Other Closing Costs (in thousands): Three Months Ended Six Months Ended Restaurants Reason July 3, 2016 July 3, 2016 Held for Sale Asset Impairment (1) $ 868 $ 868 Richmond, VA area Costs for closed restaurants 14 19 Software Asset Impairment (2) 171 171 Miscellaneous Costs for closed restaurants 3 6 Total $ 1,056 $ 1,064 (1) Asset impairment calculated at July 3, 2016 based upon anticipated sale of a Virginia restaurant. (2) Asset impairment calculated at July 3, 2016 based upon decision not to implement new restaurant back of house software. Asset Impairment and Estimated Lease Termination and Other Closing Costs (in thousands): Three Months Ended Six Months Ended Restaurants Reason June 28, 2015 June 28, 2015 Smithtown, NY Asset impairment (1) $ 935 $ 935 Richmond, VA area Costs for closed restaurants 36 128 Décor Warehouse Asset impairment (2) (13) (10) Eden Prairie, MN Costs for closed restaurants (3) (77) (77) Total $ 881 $ 976 (1) Asset impairment calculated at June 28, 2015 based upon anticipated sale of Smithtown restaurant. (2) The three months ended June 28, 2015 include approximately $13,000 in proceeds from the sale of the remaining inventory of the Décor Warehouse. (3) The three months ended June 28, 2015 include approximately $115,000 in benefits from the recapture of deferred rent benefits.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jul. 03, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(12) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement framework establishes a three-tier hierarchy. The three levels, in order of priority, are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 1 measurements are determined by observ able inputs which include data sources and market prices available and visible outside of the entity. Level 2: Observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly. Level 3: Inputs that are used to estimate the fair value of the asset or liability. Level 3 measurements are determined by unobservable inputs , which include data and analysi s developed within the entity to assess the fair value. Transfers in and out of l evels will be ba sed on our judgment of the availability of unadjusted quoted prices in active markets, other observable inputs, and non-observable inputs. The following table (in thousands) summarizes the assets held for sale and property and equipment, in each case mea sured at fair value in our consolidated balance sheet as of January 3, 2016 and July 3, 2016 : Level 1 Level 2 Level 3 Total Balance at January 3, 2016 Assets Assets Held for Sale $ - $ 1,431 $ 780 $ 2,211 Property and Equipment $ - $ - $ 507 $ 507 Balance at July 3, 2016 Assets Assets Held for Sale $ - $ 88 $ - $ 88 Property and Equipment $ - $ - $ 465 $ 465 1 Assets Held for Sale were recorded at fair value and were valued based upon a Real Estate Broker’s Estimate of Value for the properties (Level 3) or negotiated sale price (Level 2). Property and Equipment recorded at fair value were valued based upon a Broker’s Estimate of Value or estimated discounted future cash flows (Level 3). These assets were adjusted to net realizable based upon the decision to dispose of the property. Total assets held for sale were reduced during the six months ended Ju ly 3, 2016 due to the disposal of FDA’s Chicago operations sites (see note 13 ) and of one of the Richmond restaurant s. The remaining assets held for sale at July 3, 2016 reflect the net realizable value of one of our Virginia restaurants (see note 11 ) .

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jul. 03, 2016
Discontinued Operations And Disposal Groups [Abstract]
Disposal Groups Including Discontinued Operations Disclosure [TextBlock]	(13) Discontinued Operations On December 14, 2015, Famous Dave’s of America, Inc. and certain of its subsidiaries (collectively, the “Company”) entered into an Asset Purchase Agreement and related Real Estate Purchase Agreement (the “Purchase Agreements”) with Windy City Restaurant Holdings LLC and its affiliate (together, the “Purchaser”) pursuant to which the Company agreed to sell the assets comprising its seven Chicago, Illinois area Company-owned restaurants located in Addison, Algonquin, Bolingbrook, Evergreen Park, North Riverside, Orland Park and Oswego (collectively, “Purchased Restaurants”) to the Purchaser. Pursuant to the terms of this agreement, the Company received a total purchase price of $1.15 million during the quarter ended Ap ril 3, 2016, plus approximately $315,000 for the purchase of inventory on hand on the closing date. The Purchaser also assume d specified liabilities of the Company , including the Company’s existing leases for the Purchased Restaurants located in Bolingbr ook, North Riverside and Orland Park, Illinois. As a result of this asset sale, the Company recognized a pretax $1.1 million gain during the quarter ended April 3, 2016, primarily due to the write-off of the remaining $1.3 million deferred rent liability a ssociated with the leases assumed by the Purchaser, discussed above. The net assets and liabilities of the Purchased Restaurants associated with this transaction we re included in assets and liabilities held for sale on the accompanying Consolidated Balanc e Sheets at January 3, 2016. No related assets or liabilities remained at July 3, 2016. The carrying value of the assets and liabilities included in the asset sale was as follows (in thousands): (in thousands) January 3, 2016 Accounts receivable, net $ 65 Inventories 344 Prepaid expenses and other current assets 30 Total current assets 439 Property, equipment and leasehold improvements, net 991 Total assets $ 1,430 Accounts payable $ 10 Accrued compensation and benefits 96 Other current liabilities 389 Total current liabilities 495 Other liabilities 1,252 Total liabilities $ 1,747 The operating results of the Purchased Restaurants for the three and six months ended July 3, 2016 and June 28, 2015 are summarized below. These results include costs directly attributable to the components of the businesses which were divested. Interest expense of $ 32,000 and $ 14,000 were allocated to discontinued operations for the six months ended July 3, 2016 and June 28, 2015, respectively, based upon the portion of the borrowing base associated with discontinue operations. Income tax expense of $ 318 ,000 and $ 180,000 for the six months ended July 3, 2016 and June 28, 2015, respectively have also been allocated to discontinued operations. These adjustments have been made for all periods presented. Three Months Ended Six Months Ended (in thousands) July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015 Revenue $ --- $ 4,694 $ 2,365 $ 9,057 Income from operations $ 15 $ 180 $ 1,042 $ 389 Income from discontinued operations, net of income taxes $ 27 $ 107 $ 708 $ 195 Three Months Ended Six Months Ended (in thousands) July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015 Revenue $ --- $ 4,694 $ 2,365 $ 9,057 Income from operations $ 15 $ 180 $ 1,042 $ 389 Income from discontinued operations, net of income taxes $ 27 $ 107 $ 708 $ 195

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jul. 03, 2016
Variable interest entity not primary beneficiary abstract
Variable interest entity disclosure [Text Block]	(14) Variable Interest Entities Once an entity is determined to be a variable interest entity (VIE), the party with the controlling financial interest, the primary beneficiary, is required to consolidate it. The Company has an installment agreement with a franchisee as the result of refranchising its Lincoln, Nebraska restaurant. While the franchise meets the definition of a VIE, the owners of the franchise operations are the primary beneficiaries of the entities, not the Company. Therefore, the fra nchise operations are not required to be consolidated in the Company’s consolidated financial statements. On August 11, 2015, the Company consummated the sale of its Greenwood, Indiana and Florence, Kentucky restaurants. In conjunction with that agreemen t, the Company entered into lease assignment agreements with the respective purchasers and landlords, releasing the Company of its obligations except in the event of default by the purchasers. As of July 3, 2016, the amount of the future lease payments fo r which the Company would be liable in the event of a default are approximately $ 475,000 . An accrual related to any future obligation was not considered necessary at July 3, 2016 as the Company has determined the fair value of this guarantee was zero as t here was no indication that the purchasers would not be able to pay the required lease payments. While t his franchise meets the definition of a VIE, the owners of the franchise operations are the primary beneficiaries of the entities, not the Company. The refore, the franchise operations are not required to be consolidated in the Company’s consolidated financial statements. On March 1, 2016, the Company consummated the sale of Chicago, Illinois restaurants. In conjunction with that agreement, the Company entered into lease assignment agreements with the respective purchasers and three of the landlords, releasing the Company of its obligations except in the event of default by the purchasers. As of July 3, 2016, the amount of the future lease payments for which the company would be liable in the event of a default are approximately $ 2.1 million. An accrual related to any future obligation was not considered necessary at July 3, 2016 as the Company has determined the fair value of this guarantee was zero as there was no indication that the purchasers would not be able to pay the required lease payments. While t his franchise meets the definition of a VIE, the owners of the franchise operations are the primary beneficiaries of the entities, not the Company. T herefore, the franchise operations are not required to be consolidated in the Company’s consolidated financial statements.

LITIGATION

LITIGATION	6 Months Ended
	Jul. 03, 2016
Litigation [Abstract]
Litigation Disclosure [Text Block]	(15) L itigation In the normal course of business, the Company is involved in a number of litigation matters that are incidental to the operation of the business. These matters generally include, among other things, matters with regard to employment and general business-related issues. The Company currently believes that the resolution of any of these pending matters will not have a material adverse effect on its financial position or liquidity, but an adverse decision in more than one of t he matters could be material to its consolidated results of operations. Famous Dave’s of America, Inc.’s (“Famous Dave’s”) filed a complaint on July 14, 2015, against a group of former franchisees in California seeking injunctive relief and damages for: (1) Federal Trademark Infringement; (2) Federal Trademark Dilution; (3) Federal Unfair Competition; (4) Federal Trade Dress Dilution; (5) Trademark Infringement under California Business and Professions Code § 14200; (6) Trademark Dilution under California Business and Professions Code §14200; (7) Common Law Trademark Infringement; (8) Unfair Competition under California Business and Professions Code § 17200; (9) False Advertising; (10) Breach of Contract; (11) Breach of Implied Covenant of Good Faith and F air Dealing; and (12) Intentional Interference with Contract. The claims stem from the former franchisees ’ breaches of their franchise agreements, including the failure to pay franchise fees and their continued operation of five restaurants utilizing Famou s Dave’s intellectual property without authorization. After two defendants in the case, Kurt Schneiter and M Mart 1, filed a demurrer to the Complaint, Famous Dave’s filed an Amended Complaint on October 9, 2015, reasserting the same claims. The case is ca ptioned Famous Dave’s of America, Inc., v. SR El Centro FD, Inc., et al., Case No. BC589329, and is currently pending before the Honorable Elihu M. Berle in the Superior Court of Los Angeles. By court order, dated June 6, 2016, Famous Dave’s successfully obtained a preliminary injunction, enjoining the former franchisee defendants from using Famous Dave’s intellectual property, including its trademarks and restaurant system. The preliminary injunction is currently the subject of a pending interlocutory ap peal which Famous Dave’s intends to oppose vigorously. On July 28, 2015, these franchisees (the “Plaintiffs”) filed a complaint against Famous Dave’s in the South Judicial District of the Superior Court of the County of Los Angeles. On March 10, 2016, P laintiffs re-filed this Complaint as a First Amended Cross-Complaint [Famous Dave’s of America, Inc. v. SR El Centro, Inc., et al., Superior Court of the State of California, County of Los Angeles, Central Division, Case No. BC589329] alleging that Famous Dave’s breached the Franchise Agreements for these restaurants by failing to provide certain marketing support and access to customer contact data, vendors, internet reporting and support to Plaintiffs, and failing to provide operations and preferred pract ices training to Plaintiffs’ designated representative. Plaintiffs further allege that such conduct by Famous Dave’s is a breach of the covenant of good faith and fair dealing. Plaintiffs also allege that Famous Dave’s aided and abetted John and Allan Ga ntes in breach of their fiduciary duty to Plaintiffs. Plaintiffs are seeking compensatory damages in amount not less than $20 million, punitive damages, costs and attorneys’ fees.

SUPPLEMENTAL CASH FLOWS INFORMA

SUPPLEMENTAL CASH FLOWS INFORMATION	6 Months Ended
	Jul. 03, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information Disclosures [Text Block]	Six Months Ended July 3, June 28, 2016 2015 (in thousands) Cash paid for interest $ 400 $ 364 Cash paid for income taxes, net of refunds $ 136 $ 334 Non-cash investing and financing activities: Increase in accrued property and equipment purchases $ 31 $ 8

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jul. 03, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Pronouncement	( 17 ) Recently Issued Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” in March 2016, ASU 2016-10 “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” in April 2016, ASU 2016-11, “Revenue Recognition ( Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” in May 2016 and ASU 2016-12, “Revenue from Contrac ts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” in May 2016. These new standards provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. In July 2015, the FASB deferred the effective date of ASU 2014-09 until annual and interim periods beginning on or after December 15, 2017. It will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of eith er a retrospective or cumulative effect transition method and early adoption is not permitted. We have not yet selected a transition method and are in the process of evaluating the effect this standard will have on our consolidated financial statements and related disclosures. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items.” This update eliminates from Generally Accepted Accounting Principle s (“ GAAP ”) the concept of extraordinary items. ASU 2015-01 is effective for the first interim period within fi scal years beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. A reporting entity may apply the amendments prospectively or retrospectively to all prior p eriods presented in the financial statements. The Company adopted this ASU in the first quarter of 2016, but it had no impact on the consolidated financial statements . In April 2015, the FASB issued guidance on the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than as an asset. The standard will become effective for annual periods beginning after December 15, 2015 an d for interim periods beginning after December 15, 2016. Early adoption is permitted. The standard requires companies to apply the guidance retrospectively to all prior periods. The Company does not expect the adoption of this guidance to have a material i mpact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, which requires entities to present deferred tax assets and deferred tax liabilities as noncurrent i n a classified balance sheet. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for all entities. The Company is currently eva luating the impact of this new standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lesse es to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting remains largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal year s. Early adoption is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. For public entities , ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	6 Months Ended
	Jul. 03, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation [Table Text Block]	Three Months Ended Six Months Ended (in thousands, except per share data) July 3, June 28, July 3, June 28, 2016 2015 2016 2015 Net income per common share – basic: Net income from continuing operations, net of taxes $ 113 $ 547 $ 262 $ 656 Net income from discontinued operations, net of taxes 27 107 708 195 Net income $ 140 $ 654 $ 970 $ 851 Weighted average shares outstanding 6,949 6,974 6,949 7,016 Net income from continuing operations per common share – basic $ 0.02 $ 0.07 $ 0.04 $ 0.09 Net income from discontinued operations per common share – basic $ --- $ 0.02 $ 0.10 $ 0.03 Net income per common share – basic $ 0.02 $ 0.09 $ 0.14 $ 0.12 Net income per common share – diluted: Net income from continuing operations, net of taxes $ 113 $ 547 $ 262 $ 656 Net income from discontinued operations, net of taxes 27 107 708 195 Net income $ 140 $ 654 $ 970 $ 851 Weighted average shares outstanding 6,949 6,974 6,949 7,016 Dilutive impact of common stock equivalents outstanding 9 19 9 21 Adjusted weighted average shares outstanding 6,958 6,993 6,958 7,037 Net income from continuing operations per common share – diluted $ 0.02 $ 0.07 $ 0.04 $ 0.09 Net income from discontinued operations per common share – diluted $ --- $ 0.02 $ 0.10 $ 0.03 Net income per common share – diluted $ 0.02 $ 0.09 $ 0.14 $ 0.12

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jul. 03, 2016
Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets [Table Text Block]	(in thousands) Remaining estimated useful life (years) Original Cost Accumulated Amortization Net Book Value Less Current Portion (1) Non- Current Portion Balance at July 3, 2016 Lease interest assets 23.6 $ 1,417 $ (301) $ 1,116 $ (48) $ 1,068 Liquor licenses 1,810 --- 1,810 --- 1,810 Total $ 3,227 $ (301) $ 2,926 $ (48) $ 2,878 (in thousands) Remaining estimated useful life (years) Original Cost Accumulated Amortization Net Book Value Less Current Portion (1) Non- Current Portion Balance at January 3, 2016 Lease interest assets 24.1 $ 1,417 $ (277) $ 1,140 $ (48) $ 1,092 Liquor licenses 1,810 --- 1,810 --- 1,810 Total $ 3,227 $ (277) $ 2,950 $ (48) $ 2,902 (1) The current portion is included in prepaid expenses and other current assets on the consolidated balance sheets.

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jul. 03, 2016
Accrued Liabilities, Current [Abstract]
Other Current Liabilities [Table Text Block]	July 3, January 3, (in thousands) 2016 2016 Gift cards payable $ 1,408 $ 1,616 Other liabilities 903 869 Sales tax payable 491 674 Accrued real estate taxes 256 33 Deferred franchise fees 212 134 Income tax payable 136 40 Accrued property and equipment purchases 2 40 $ 3,408 $ 3,406

OTHER LIABILITES (Tables)

OTHER LIABILITES (Tables)	6 Months Ended
	Jul. 03, 2016
Other Liabilities [Abstract]
Schedule Of Other Liabilities [Table Text Block]	July 3, January 3, (in thousands) 2016 2016 Deferred rent $ 7,506 $ 7,191 Other liabilities 382 455 Long term lease reserve 183 258 Long term deferred compensation 115 258 Asset retirement obligations 111 111 Income taxes payable 2 12 $ 8,299 $ 8,285

PERFORMANCE SHARES, STOCK OPT27

PERFORMANCE SHARES, STOCK OPTIONS, OTHER FORMS OF COMPENSATION, AND COMMON SHARE REPURCHASES (Tables)	6 Months Ended
	Jul. 03, 2016
Performance Shares, Stock Options, Other Forms Of Compensation And Common Share Repurchaces [Abstract]
Schedule of Stock-based Compensation Expense [Table Text Block]	Three Months Ended Six Months Ended July 3, June 28, July 3, June 28, (in thousands) 2016 2015 2016 2015 Performance Stock Units $ --- $ 8 $ --- $ 36 Stock Options 121 84 53 256 Restricted Stock and Restricted Stock Units 15 15 30 30 $ 136 $ 107 $ 83 $ 322 (1) The three and six months ended June 28, 2015 included the recapture of previously recorded stock-based compensation of approximately $45,000 due to employee departures. (2) The six months ended July 3, 2016 included the recapture of previously recorded stock-based compensation of approximately $126,000 due to the departure of our CFO.
Schedule Of Director Compensation [Table Text Block]	Three Months Ended Six Months Ended July 3, June 28, July 3, June 28, 2016 2015 2016 2015 (in thousands) Stock-based compensation $ 15 $ 15 $ 30 $ 30 Stock option compensation 31 62 47 130 Cash compensation 22 77 35 153 ` Total board of directors' compensation $ 68 $ 154 $ 112 $ 313
Schedule Of Stock Options Activity [Table Text Block]	(number of options in thousands) Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Options outstanding at January 3, 2016 507 $ 16.66 5.3 Granted 53 17.66 Forfeited (53) 32.02 Options outstanding at April 3, 2016 507 $ 13.95 5.2 Granted 206 5.60 Forfeited (3) 28.53 Expired (26) 32.05 Options outstanding at July 3, 2016 684 $ 10.65 5.9 Options exercisable at July 3, 2016 190 $ 14.20 4.5 Weighted-average values and assumptions for valuing grants made: Six Months Ended July 3, 2016 Fiscal 2015 Weighted average fair value of options granted $ 2.15 $ 4.90 Expected life (in years) 5.6 3.3 Expected stock volatility 39.8 % 51.2 % Risk-free interest rate 1.3 % 1.9 %

ASSET IMPAIRMENT AND ESTIMATE28

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS (Tables)	6 Months Ended
	Jul. 03, 2016
Asset Impairment And Estimated Lease Terminations And Other Closing Costs [Abstract]
Asset impairment and estimated lease termination and other closing costs [Table Text Block]	Asset Impairment and Estimated Lease Termination and Other Closing Costs (in thousands): Three Months Ended Six Months Ended Restaurants Reason July 3, 2016 July 3, 2016 Held for Sale Asset Impairment (1) $ 868 $ 868 Richmond, VA area Costs for closed restaurants 14 19 Software Asset Impairment (2) 171 171 Miscellaneous Costs for closed restaurants 3 6 Total $ 1,056 $ 1,064 (1) Asset impairment calculated at July 3, 2016 based upon anticipated sale of a Virginia restaurant. (2) Asset impairment calculated at July 3, 2016 based upon decision not to implement new restaurant back of house software. Asset Impairment and Estimated Lease Termination and Other Closing Costs (in thousands): Three Months Ended Six Months Ended Restaurants Reason June 28, 2015 June 28, 2015 Smithtown, NY Asset impairment (1) $ 935 $ 935 Richmond, VA area Costs for closed restaurants 36 128 Décor Warehouse Asset impairment (2) (13) (10) Eden Prairie, MN Costs for closed restaurants (3) (77) (77) Total $ 881 $ 976 (1) Asset impairment calculated at June 28, 2015 based upon anticipated sale of Smithtown restaurant. (2) The three months ended June 28, 2015 include approximately $13,000 in proceeds from the sale of the remaining inventory of the Décor Warehouse. (3) The three months ended June 28, 2015 include approximately $115,000 in benefits from the recapture of deferred rent benefits.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jul. 03, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Level 1 Level 2 Level 3 Total Balance at January 3, 2016 Assets Assets Held for Sale $ - $ 1,431 $ 780 $ 2,211 Property and Equipment $ - $ - $ 507 $ 507 Balance at July 3, 2016 Assets Assets Held for Sale $ - $ 88 $ - $ 88 Property and Equipment $ - $ - $ 465 $ 465 1

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jul. 03, 2016
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations Balance Sheet Disclosures [Table Text Block]	(in thousands) January 3, 2016 Accounts receivable, net $ 65 Inventories 344 Prepaid expenses and other current assets 30 Total current assets 439 Property, equipment and leasehold improvements, net 991 Total assets $ 1,430 Accounts payable $ 10 Accrued compensation and benefits 96 Other current liabilities 389 Total current liabilities 495 Other liabilities 1,252 Total liabilities $ 1,747
Discontinued Operations Income Statement [Table Text Block]	Three Months Ended Six Months Ended (in thousands) July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015 Revenue $ --- $ 4,694 $ 2,365 $ 9,057 Income from operations $ 15 $ 180 $ 1,042 $ 389 Income from discontinued operations, net of income taxes $ 27 $ 107 $ 708 $ 195

SUPPLEMENTAL CASH FLOWS INFOR31

SUPPLEMENTAL CASH FLOWS INFORMATION (Tables)	6 Months Ended
	Jul. 03, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended July 3, June 28, 2016 2015 (in thousands) Cash paid for interest $ 400 $ 364 Cash paid for income taxes, net of refunds $ 136 $ 334 Non-cash investing and financing activities: Increase in accrued property and equipment purchases $ 31 $ 8

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016USD ($)	Jun. 28, 2015USD ($)	Jul. 03, 2016USD ($)	Jun. 28, 2015USD ($)
Franchisor Disclosure Line Items
Number Of Restaurants	179		179
Number of States in which Entity Operates	33		33
Number of Commonwealths	1		1
Number of Canadian Provinces	1		1
Pre-opening expenses	$ 0	$ 0	$ 0	$ 1
Franchised Units [Member]
Franchisor Disclosure Line Items
Number Of Restaurants	142		142
Committed Restaurants	62		62
Entity Operated Units [Member]
Franchisor Disclosure Line Items
Number Of Restaurants	37		37

NET INCOME PER COMMON SHARE (De

NET INCOME PER COMMON SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015	Jul. 03, 2016	Jun. 28, 2015
Earnings Per Share [Abstract]
Weighted average common shares outstanding basic	6,949,000	6,974,000	6,949,000	7,016,000
Basic net income per common share	$ 0.02	$ 0.09	$ 0.14	$ 0.12
Dilutive impact of common stock equivalents outstanding	9,000	19,000	9,000	21,000
Weighted average common shares outstanding diluted	6,958,000	6,993,000	6,958,000	7,037,000
Diluted net income per common share	$ 0.02	$ 0.09	$ 0.14	$ 0.12
Net income from continuing operations	$ 113,000	$ 547,000	$ 262,000	$ 656,000
Net income (loss) from discontinued operations, net of tax	27,000	107,000	708,000	195,000
Net income	$ 140,000	$ 654,000	$ 970,000	$ 851,000
Income (loss) from continuing operations per basic share	$ 0.02	$ 0.07	$ 0.04	$ 0.09
Income loss from discontinued operations per basic share	0	0.02	0.1	0.03
Income loss from continuing operations per diluted share	0.02	0.07	0.04	0.09
Income loss from discontinued operations per diluted share	$ 0	$ 0.02	$ 0.1	$ 0.03
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount			659,000

RESTRICTED CASH AND MARKETING34

RESTRICTED CASH AND MARKETING FUND (Details) - USD ($)	6 Months Ended
	Jul. 03, 2016	Jan. 03, 2016
Restricted Cash [Abstract]
Restricted cash	$ 2,868,000	$ 1,087,000
Franchisee Marketing Fund Contribution Rate	1.00%
Marketing Fund restricted cash	$ 1,665,000	$ 1,100,000
Cash collateral for undrawn letters of credit	$ 1,200,000

ALLOWANCE FOR DOUBTFUL ACCOUN35

ALLOWANCE FOR DOUBTFUL ACCOUNTS(Details) - USD ($)	Jul. 03, 2016	Jan. 03, 2016
Accounts Receivable Net [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 553,000	$ 246,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jul. 03, 2016	Jan. 03, 2016
Indefinite Lived Intangible Assets [Abstract]
Indefinite Lived Intangible Assets	$ 1,810,000	$ 1,810,000
Finite-Lived Intangible Assets [Abstract]
Weighted average amortization period (in years)	23 years 7 months 10 days	24 years 1 month 7 days
Lease interest asset, gross	$ 1,417,000	$ 1,417,000
Net book value of lease interest assets	1,116,000	1,140,000
Current portion of lease interest assets	(48,000)	(48,000)
Non current portion of lease interest assets	1,068,000	1,092,000
Accumulated Amortization Lease Assets	(301,000)	(277,000)
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Future Amortization Expense Next Five Years for Finite Lived Asset	47,500
Intangible Assets Net Excluding Goodwill [Abstract]
Intangible Assets Net	2,926,000	2,950,000
Intangible Original Cost	3,227,000	3,227,000
Intangible assets, noncurrent	$ 2,878,000	$ 2,902,000

CREDIT FACILITY AND DEBT COVE37

CREDIT FACILITY AND DEBT COVENANTS, LONG-TERM DEBT, AND FINANCING LEASE OBLIGATIONS (Details) - USD ($)	6 Months Ended
	Jul. 03, 2016	Jan. 03, 2016	Jun. 28, 2015
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 1,145,000
Line of Credit, Current	0	$ 0
Line of Credit	1,855,000
Long-term debt, less current portion	6,992,000	10,200,000
Minimum monthly debt payment	200,000
Financing lease obligations, less current portion	2,539,000	$ 2,757,000
Future Payments Schedule [Abstract]
Long-term Debt, Total	$ 9,400,000
Adjusted Leverage Ratio	5.74
One Time Principal Payment	$ 500,000
Maximum [Member]
Future Payments Schedule [Abstract]
Adjusted Leverage Ratio	5.5
Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	3.70%		2.76%
Long Term Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	3.68%

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jul. 03, 2016	Jan. 03, 2016
Accrued Liabilities, Current [Abstract]
Gift cards payable	$ 1,408	$ 1,616
Other liabilities	903	869
Acccrued real estate taxes	256	33
Sales tax payable	491	674
Income taxes payable	136	40
Deferred franchise fees	212	134
Accrued property and equipment purchases	2	40
Total other current liabilities	$ 3,408	$ 3,406

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jul. 03, 2016	Jan. 03, 2016
Other Liabilities [Abstract]
Deferred rent	$ 7,506	$ 7,191
Other liabilities	382	455
Lease reserve longterm	183	258
Long term deferred compensation	115	258
Asset retirement obligations	111	111
Income Taxes Payable, Noncurrent	2	12
Total other liabilities	$ 8,299	$ 8,285

PERFORMANCE SHARES, STOCK OPT40

PERFORMANCE SHARES, STOCK OPTIONS, OTHER FORMS OF COMPENSATION, AND COMMON SHARE REPURCHASES (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jul. 03, 2016	Apr. 03, 2016	Jun. 28, 2015	Jul. 03, 2016	Jun. 28, 2015	Jan. 03, 2016
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Number of Shares Available for Grant	40,851			40,851
Allocated Share-based Compensation Expense	$ 136,000		$ 107,000	$ 83,000	$ 322,000
Average Price of Shares Forfeited	$ 28.53	$ 32.024		$ 28.53
Board of Directors' Compensation [Abstract]
Board of Director Cash Compensation	$ 22,000		77,000	$ 35,000	153,000
Total Boardof Directors Compensation	$ 68,000		$ 154,000	$ 112,000	$ 313,000
Fair Value Assumptions Expected Term	5 years 7 months 6 days					3 years 3 months 18 days
Expected stock volatility	39.78%					51.20%
Risk-free interest rate	1.30%					1.90%
Options Outstanding Rollforward [Abstract]
Outstanding options (in shares)	684,000	507,000		684,000		507,000
Outstanding Weighted Average Price	$ 10.65	$ 13.945		$ 10.65		$ 16.66
Options granted		53,000
Granted Weighted Average Exercise Price		$ 17.658
Options Forfeited		(53,000)
Stock Options Exercised Gross			0		0
Exercised Weighted Average Exercise Price			$ 0
Options canceled or expired (in shares)	(26,000)		0
Canceled or Expired Weighted Average Exercise Price	$ 32.05		$ 0
Options Outstanding Weighted Average Remaining Contractual Term	5 years 10 months 24 days					5 years 3 months 18 days
Options Exercisable	190,000			190,000
Exercisable Weighted Average Exercise Price	$ 14.2			$ 14.2
Options Exercisable Weighted Average Remaining Contractual Term	4 years 6 months
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value	$ 2.15					$ 4.9
Shares Issued Net of Option Forfeitures	206,000			206,000
Performance Shares and Performance Stock Units [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense			$ 8,000		$ 36,000
Restricted Stock [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 15,000		15,000	$ 30,000	30,000
Stock Compensation Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	121,000		84,000	53,000	256,000
Two Thousand Thirteen Program [Member] | Performance Shares [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted		20,820
Director Program [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	15,000		15,000	30,000	30,000
Director Program [Member] | Stock Compensation Plan [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 31,000		$ 62,000	$ 47,000	$ 130,000

RETIREMENT SAVINGS PLANS (Detai

RETIREMENT SAVINGS PLANS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015	Jul. 03, 2016	Jun. 28, 2015	Jan. 03, 2016
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]
Defined Contribution Plan, Employer Matching Contribution, Percent			25.00%
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent			4.00%
Defined Contribution Plan, Employee Contribution	$ 95,000	$ 91,000	$ 187,000	$ 207,000
Defined Contribution Plan, Employer Match	7,000	16,000	$ 14,000	35,000
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Arrangement with Individual, Defined Contribution Plan, Employer Matching Contribution, Percent			25.00%
Deferred Compensation Arrangements, Maximum Annual Contribution Per Employee, Percent			4.00%
Deferred Compensation Arrangements, Interest Paid, Percent			6.00%
Deferred Compensation Arrangement with Individual, Employee Contribution	7,000	5,000	$ 13,000	23,000
Deferred Compensation Arrangement with Individual, Employer Contribution	5,000	8,000	10,000	17,000
Deferred Compensation Arrangement with Individual, Distributions Paid	21,000	$ 57,000	21,000	$ 57,000
Deferred Compensation Liability Current And Noncurrent	$ 165,000		$ 165,000		$ 109,000

ASSET IMPAIRMENT AND ESTIMATE42

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015	Jul. 03, 2016	Jun. 28, 2015	Jan. 03, 2016
Impaired Long-Lived Assets Held and Used [Line Items]
Property, equipment and leasehold improvements, net	$ 30,121		$ 30,121		$ 32,491
Impairment [Table]
Asset impairment and estimated lease termination and other closing costs	1,056	$ 881	1,064	$ 976
Richmond, Virginia area restaurants [Member]
Impairment [Table]
Asset impairment and estimated lease termination and other closing costs	14	36	19	128
Various Restaurants [Member]
Impairment [Table]
Asset impairment and estimated lease termination and other closing costs	$ 3		$ 6
Decor Warehouse [Member]
Impairment [Table]
Asset impairment and estimated lease termination and other closing costs		(13)		(10)
Smithtown, NY [Member]
Impairment [Table]
Asset impairment and estimated lease termination and other closing costs		935		935
Eden Prairie, MN [Member]
Impairment [Table]
Asset impairment and estimated lease termination and other closing costs		$ (77)		$ (77)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jul. 03, 2016	Jan. 03, 2016
Assets Fair Value Disclosure [Abstract]
Assets Held For Sale Long Lived Fair Value Disclosure	$ 88	$ 2,211
Property and Equipment, Net Fair Value Disclosure	465	507
Fair Value, Inputs, Level 1 [Member]
Assets Fair Value Disclosure [Abstract]
Assets Held For Sale Long Lived Fair Value Disclosure	0	0
Property and Equipment, Net Fair Value Disclosure	0	0
FairValueInputsLevel2Member
Assets Fair Value Disclosure [Abstract]
Assets Held For Sale Long Lived Fair Value Disclosure	88	1,431
Property and Equipment, Net Fair Value Disclosure	0	0
Fair Value Inputs Level 3 [Member]
Assets Fair Value Disclosure [Abstract]
Assets Held For Sale Long Lived Fair Value Disclosure	0	780
Property and Equipment, Net Fair Value Disclosure	$ 465	$ 507

DISCONTINUED OPERATIONS (DETAIL

DISCONTINUED OPERATIONS (DETAILS) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015	Jul. 03, 2016	Jun. 28, 2015	Jan. 03, 2016
Impaired Long-Lived Assets Held for Sale [LineItems]
Accounts receivable, net					$ 65,000
Inventories					344,000
Prepaid expenses and other current assets					30,000
Total current assets					439,000
Property, equipment and leasehold improvements, net					991,000
Total assets					1,430,000
Accounts payable					10,000
Accrued compensation and benefits					96,000
Other current liabilities					389,000
Total current liabilities					495,000
Other liabilities					1,252,000
Total liabilities					$ 1,747,000
Revenues	$ 0	$ 4,694,000	$ 2,365,000	$ 9,057,000
Income from operations	15,000	180,000	1,042,000	389,000
Net income (loss) from discontinued operations, net of tax	$ 27,000	$ 107,000	708,000	195,000
Interest expense			32,000	14,000
Income tax expense			$ 318,000	$ 180,000

VARIABLE INTEREST ENTITY (Detai

VARIABLE INTEREST ENTITY (Details)	Jul. 03, 2016USD ($)
Kentucky Restaurants [Member]
Variable Interest Entity [Line Items]
GuaranteeObligationsMaximumExposure	$ 475,000
Chicago Restaurants [Member]
Variable Interest Entity [Line Items]
GuaranteeObligationsMaximumExposure	$ 2,100,000

SUPPLEMENTAL CASH FLOWS INFOR46

SUPPLEMENTAL CASH FLOWS INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Jun. 28, 2015
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 400	$ 364
Income Taxes Paid, Net	136	334
Accrued property and equipment purchases	$ 31	$ 8