Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Oct. 05, 2013 | |
Entity Information [Line Items] | ' |
Document Type | 'S-4/A |
Amendment Flag | 'true |
AmendmentDescription | 'This Amendment No. 2 to the Registration Statement on Form S-4/A |
Document Period End Date | 5-Oct-13 |
Entity Registrant Name | 'TOPS HOLDING II CORPORATION |
Entity Central Index Key | '0001584701 |
Entity Filer Category | 'Non-accelerated Filer |
Tops Holding LLC [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'TOPS HOLDING LLC |
Entity Central Index Key | '0001483173 |
Entity Filer Category | 'Non-accelerated Filer |
Tops Markets, LLC [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'TOPS MARKETS, LLC |
Entity Central Index Key | '0001495766 |
Entity Filer Category | 'Non-accelerated Filer |
Tops Markets II Corporation [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'TOPS MARKETS II CORPORATION |
Entity Central Index Key | '0001584702 |
Entity Filer Category | 'Non-accelerated Filer |
Tops PT, LLC [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'Tops PT, LLC |
Entity Central Index Key | '0001495767 |
Entity Filer Category | 'Non-accelerated Filer |
Tops Gift Card Company, LLC [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'Tops Gift Card Company, LLC |
Entity Central Index Key | '0001495765 |
Entity Filer Category | 'Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $29,802 | $32,422 | $19,181 |
Accounts receivable, net | 66,716 | 53,475 | 55,987 |
Inventory, net | 134,827 | 125,487 | 115,309 |
Prepaid expenses and other current assets | 14,036 | 9,323 | 12,990 |
Income taxes refundable | 252 | 237 | 285 |
Current deferred tax assets | 1,924 | 1,924 | 1,971 |
Total current assets | 247,557 | 222,868 | 205,723 |
Property and equipment, net | 341,779 | 350,649 | 358,263 |
Goodwill | 19,308 | 15,002 | 462 |
Intangible assets, net | 68,144 | 74,498 | 71,663 |
Other assets | 18,467 | 12,985 | 11,101 |
Total assets | 695,255 | 676,002 | 647,212 |
Current liabilities: | ' | ' | ' |
Accounts payable | 78,602 | 77,460 | 75,608 |
Accrued expenses and other current liabilities | 87,784 | 75,740 | 74,677 |
Current portion of capital lease obligations | 14,063 | 14,357 | 12,701 |
Current portion of long-term debt | 2,307 | 2,271 | 434 |
Total current liabilities | 182,756 | 169,828 | 163,420 |
Capital lease obligations | 139,704 | 149,503 | 159,814 |
Long-term debt | 657,686 | 495,446 | 355,240 |
Other long-term liabilities | 39,097 | 38,871 | 23,893 |
Non-current deferred tax liabilities | 6,808 | 5,626 | 4,309 |
Total liabilities | 1,026,051 | 859,274 | 706,676 |
Commitments and contingencies | ' | ' | ' |
Shareholders' deficit: | ' | ' | ' |
Common shares, value | ' | ' | ' |
Paid-in capital | -237,944 | -100,077 | -1,528 |
Accumulated deficit | -89,282 | -79,625 | -56,675 |
Accumulated other comprehensive loss, net of tax | -3,570 | -3,570 | -1,261 |
Total shareholders' deficit | -330,796 | -183,272 | -59,464 |
Total liabilities and shareholders' deficit | $695,255 | $676,002 | $647,212 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Common shares, par value | $0.00 | $0.00 | $0.00 |
Common shares, authorized | 300,000 | 300,000 | 300,000 |
Common shares, issued | 156,116 | 144,776 | 144,776 |
Common shares, outstanding | 156,116 | 144,776 | 144,776 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Net sales | $572,454 | $560,167 | $538,431 | $562,361 | $540,113 | $538,606 | $559,514 | $704,380 | $717,259 | $1,909,538 | $1,805,172 | $2,365,339 | $2,355,492 | $2,257,536 | |
Cost of goods sold | -396,909 | ' | -377,477 | ' | ' | ' | ' | ' | ' | -1,328,994 | -1,258,698 | -1,654,093 | -1,650,166 | -1,579,016 | |
Distribution costs | -12,144 | ' | -11,091 | ' | ' | ' | ' | ' | ' | -38,424 | -36,369 | -46,663 | -44,189 | -44,829 | |
Gross profit | 163,401 | 154,478 | 149,863 | 160,336 | 150,878 | 152,925 | 154,982 | 199,906 | 202,352 | 542,120 | 510,105 | 664,583 | 661,137 | 633,691 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | -78,513 | ' | -72,334 | ' | ' | ' | ' | ' | ' | -263,345 | -246,689 | -320,626 | -317,738 | -310,800 | |
Selling and general expenses | -26,979 | ' | -21,905 | ' | ' | ' | ' | ' | ' | -90,161 | -74,123 | -99,841 | -103,153 | -104,841 | |
Administrative expenses, inclusive of share-based compensation expense | -16,309 | ' | -17,078 | ' | ' | ' | ' | ' | ' | -65,635 | -59,491 | -82,404 | -79,780 | -102,754 | |
Rent expense, net | -5,843 | ' | -4,485 | ' | ' | ' | ' | ' | ' | -18,719 | -14,033 | -21,225 | -18,856 | -19,135 | |
Depreciation and amortization | -12,823 | ' | -12,011 | ' | ' | ' | ' | ' | ' | -42,875 | -40,063 | -52,617 | -51,205 | -62,353 | |
Advertising | -3,831 | ' | -3,601 | ' | ' | ' | ' | ' | ' | -15,280 | -14,365 | -19,314 | -18,789 | -23,175 | |
Impairment charges | -1,620 | ' | ' | ' | ' | ' | ' | ' | ' | -1,620 | ' | ' | -2,791 | ' | |
Total operating expenses | -145,918 | ' | -131,414 | ' | ' | ' | ' | ' | ' | -497,635 | -448,764 | -596,027 | -592,312 | -623,058 | |
Operating income | 17,483 | 7,215 | 18,449 | 23,559 | 15,605 | 20,742 | 14,908 | 19,333 | 17,570 | 44,485 | 61,341 | 68,556 | 68,825 | 10,633 | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,681 | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,205 | ' | -1,041 | |
Interest expense, net | -17,245 | ' | -13,406 | ' | ' | ' | ' | ' | ' | -52,959 | -45,427 | -58,893 | -61,698 | -61,231 | |
(Loss) income before income taxes | 238 | ' | 5,043 | ' | ' | ' | ' | ' | ' | -8,474 | 15,914 | -21,542 | 7,127 | -35,958 | |
Income tax (expense) benefit | -378 | -347 | -339 | -352 | -305 | -305 | -318 | -370 | -367 | -1,183 | -1,061 | -1,408 | -1,295 | 9,004 | |
Net (loss) income | -140 | -37,803 | [1] | 4,704 | 9,498 | 1,187 | 6,440 | 293 | 651 | -2,088 | -9,657 | 14,853 | -22,950 | 5,832 | -26,954 |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,309 | -925 | -471 | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | ($140) | ' | $4,704 | ' | ' | ' | ' | ' | ' | ($9,657) | $14,853 | ($25,259) | $4,907 | ($27,425) | |
[1] | The net loss for the 12-week period ended December 29, 2012 includes a $31.2 million loss on debt extinguishment related to the December 2012 financing transactions. See Note 9 for further discussion. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Share-based compensation expense included in administrative expenses | $0 | $264 | $3,826 | $880 | $1,451 | $1,140 | $715 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Deficit (USD $) | Total | Common Stock | Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Jan. 02, 2010 | ($38,801) | ' | ($3,383) | ($35,553) | $135 |
Beginning Balance, shares at Jan. 02, 2010 | ' | 100,000 | ' | ' | ' |
Net (loss) income | -26,954 | ' | ' | -26,954 | ' |
Retirement obligations adjustments | -471 | ' | ' | ' | -471 |
Issuance of common stock | 30,000 | ' | 30,000 | ' | ' |
Issuance of common stock, Shares | ' | 44,776 | ' | ' | ' |
Dividend | -30,000 | ' | -30,000 | ' | ' |
Share-based compensation | 715 | ' | 715 | ' | ' |
Ending Balance at Jan. 01, 2011 | -65,511 | ' | -2,668 | -62,507 | -336 |
Ending Balance, shares at Jan. 01, 2011 | ' | 144,776 | ' | ' | ' |
Net (loss) income | 5,832 | ' | ' | 5,832 | ' |
Retirement obligations adjustments | -925 | ' | ' | ' | -925 |
Share-based compensation | 1,140 | ' | 1,140 | ' | ' |
Ending Balance at Dec. 31, 2011 | -59,464 | ' | -1,528 | -56,675 | -1,261 |
Ending Balance, shares at Dec. 31, 2011 | ' | 144,776 | ' | ' | ' |
Net (loss) income | -22,950 | ' | ' | -22,950 | ' |
Retirement obligations adjustments | -2,309 | ' | ' | ' | -2,309 |
Dividend | -100,000 | ' | -100,000 | ' | ' |
Share-based compensation | 1,451 | ' | 1,451 | ' | ' |
Ending Balance at Dec. 29, 2012 | ($183,272) | ' | ($100,077) | ($79,625) | ($3,570) |
Ending Balance, shares at Dec. 29, 2012 | ' | 144,776 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Cash flows provided by operating activities: | ' | ' | ' | ' | ' |
Net (loss) income | ($9,657) | $14,853 | ($22,950) | $5,832 | ($26,954) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' | ' | ' |
Depreciation and amortization | 54,544 | 51,784 | 67,802 | 67,053 | 77,315 |
Loss on debt extinguishment | ' | ' | 31,205 | ' | 1,041 |
Amortization of deferred financing costs | 2,156 | 2,193 | 2,847 | 2,661 | 2,367 |
Share-based compensation expense | 3,826 | 880 | 1,451 | 1,140 | 715 |
Deferred income taxes | 1,182 | 964 | 1,364 | 1,249 | -9,199 |
LIFO inventory valuation adjustments | 41 | 295 | 361 | 1,333 | 2,055 |
Impairment charges | 1,620 | ' | ' | 2,791 | ' |
Bargain purchase | ' | ' | ' | ' | -15,681 |
Other | 281 | -429 | -462 | -87 | 988 |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | -13,231 | 3,616 | 2,545 | 1,664 | -7,382 |
(Increase) decrease in inventory, net | -8,519 | -1,518 | -2,590 | 187 | -6,239 |
(Increase) decrease in prepaid expenses and other current assets | -4,702 | -1,459 | 4,005 | 1,103 | 1,796 |
(Increase) decrease in income taxes refundable | -15 | 168 | 48 | -85 | 560 |
Increase (decrease) in accounts payable | 1,095 | -5,690 | 1,950 | -18,080 | 24,267 |
(Decrease) increase in accrued expenses and other current liabilities | 13,037 | 9,899 | -4,453 | 389 | 917 |
Increase in other long-term liabilities | 1,531 | 3,969 | 3,884 | 1,501 | 2,892 |
Net cash provided by operating activities | 43,189 | 79,525 | 87,007 | 68,651 | 49,458 |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Cash paid for property and equipment | -40,312 | -24,892 | -37,565 | -45,575 | -49,663 |
Proceeds from insurable loss recovery | ' | 1,150 | 1,455 | 609 | ' |
Cash paid for intangible assets | ' | ' | ' | -1,527 | ' |
Proceeds from sale of assets | ' | ' | ' | 1,284 | 20,753 |
Acquisition of Penn Traffic | ' | ' | ' | ' | -85,023 |
Net cash used in investing activities | -46,307 | -51,101 | -67,054 | -45,209 | -113,933 |
Net (decrease) increase in cash and cash equivalents | -2,620 | 13,094 | 13,241 | 1,762 | -2,303 |
Cash flows (used in) provided by financing activities: | ' | ' | ' | ' | ' |
Proceeds from long-term debt borrowings | 148,500 | ' | 460,000 | ' | 112,125 |
Dividend to shareholders | -141,920 | ' | -100,000 | ' | -30,000 |
Principal payments on capital leases | -11,275 | -9,850 | -13,318 | -11,161 | -9,294 |
Deferred financing costs incurred | -8,154 | ' | -11,943 | -57 | -5,769 |
Stock option exercises | 227 | ' | ' | ' | ' |
Repayments of long-term debt borrowings | -227 | -360 | -350,452 | -409 | -36,377 |
Change in bank overdraft position | 47 | -120 | -98 | -53 | 487 |
Borrowings on ABL Facility | ' | ' | ' | ' | 348,737 |
Repayments on ABL Facility | ' | ' | ' | ' | -347,737 |
Debt extinguishment costs incurred | ' | ' | -20,901 | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | 30,000 |
Net cash (used in) provided by financing activities | 498 | -15,330 | -6,712 | -21,680 | 62,172 |
Cash and cash equivalents - beginning of period | 32,422 | 19,181 | 19,181 | 17,419 | 19,722 |
Cash and cash equivalents - end of period | 29,802 | 32,275 | 32,422 | 19,181 | 17,419 |
2017 ABL Facility [Member] | ' | ' | ' | ' | ' |
Cash flows (used in) provided by financing activities: | ' | ' | ' | ' | ' |
Borrowings on ABL Facility | 241,300 | ' | 35,000 | ' | ' |
Repayments on ABL Facility | -228,000 | ' | ' | ' | ' |
2013 ABL Facility [Member] | ' | ' | ' | ' | ' |
Cash flows (used in) provided by financing activities: | ' | ' | ' | ' | ' |
Borrowings on ABL Facility | ' | 66,600 | 158,800 | 612,900 | 348,737 |
Repayments on ABL Facility | ' | -71,600 | -163,800 | -622,900 | -347,737 |
Grand Union Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ' | -27,359 | -27,640 | ' | ' |
Independent Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ' | ' | -3,304 | ' | ' |
Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ($5,995) | ' | ' | ' | ' |
The_Company_Basis_of_Presentat
The Company, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company, Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1. THE COMPANY, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. THE COMPANY, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | The Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding II Corporation (“Holding II” or “Company”), the parent of Tops Holding LLC (“Holding I”), formerly Tops Holding Corporation, was incorporated on May 7, 2013. Holding I is the parent of Tops Markets, LLC (“Tops Markets”), a supermarket retailer in Upstate New York, Northern Pennsylvania and Vermont. Holding I was incorporated on October 5, 2007 and commenced operations on December 1, 2007. As of October 5, 2013, the Company operated 155 supermarkets under the banners of Tops and Orchard Fresh, with an additional five supermarkets operated by franchisees. Holding II is owned by various funds affiliated with Morgan Stanley Private Equity (“MSPE”), an affiliate of Morgan Stanley & Co., Incorporated, various funds affiliated with Graycliff Partners LP (“Graycliff”), two minority investors and members of management. Holding I has no other business operations other than the ownership of Tops Markets and as a co-issuer of the Holding I Notes (See Note 7). | Tops Holding II Corporation (“Holding II” or “Company”), the parent of Tops Holding LLC (“Holding I”), formerly Tops Holding Corporation, was incorporated on May 7, 2013. Holding I is the parent of Tops Markets, LLC (“Tops Markets”), a supermarket retailer in Upstate New York, Northern Pennsylvania and Vermont. Holding I was incorporated on October 5, 2007 and commenced operations on December 1, 2007. Holding II is owned by various funds affiliated with Morgan Stanley Private Equity (“MSPE”), an affiliate of Morgan Stanley & Co., Incorporated (“Morgan Stanley”), various funds affiliated with Graycliff Partners LP (“Graycliff”), two minority investors and a company employee. Holding I has no other business operations as its sole purpose is the ownership of Tops Markets. During early October 2012, Tops Markets completed the acquisition (“GU Acquisition”) of 21 retail supermarkets in Upstate New York and Vermont from GU Markets LLC (“GU Markets”), an affiliate of C&S Wholesale Grocers, Inc. (“C&S”). As of December 29, 2012, the Company operated 149 supermarkets under the banners of Tops, GU Family Markets, Grand Union and Bryant’s, with an additional five supermarkets operated by franchisees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Reporting Entity | Change in Reporting Entity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective May 15, 2013, Holding I was converted to a limited liability company and Tops Markets II Corporation, a wholly-owned subsidiary of Holding I, was formed on May 14, 2013 and added as a co-issuer of the Holding I Notes (see Note 8). On May 15, 2013, the stockholders of Holding I contributed all of the outstanding shares of common stock of Holding I to Holding II in exchange for shares of common stock of Holding II. Holding II has no business operations other than the ownership of Holding I and as the issuer of the Holding II Notes (see Note 7). | Effective May 15, 2013, Holding I was converted to a limited liability company and Tops Markets II Corporation, a wholly-owned subsidiary of Holding I, was formed on May 14, 2013 and added as a co-issuer of the 2017 Notes (see Note 9). On May 15, 2013, the stockholders of Holding I contributed all of the outstanding shares of common stock of Holding I to Holding II in exchange for shares of common stock of Holding II. Holding II has no other business operations other than the ownership of Holding I and as the issuer of the Holding II Notes (see Note 18). Holding II’s net assets consist solely of its membership interest in Holding I, undistributed cash from the issuance of the Holding II Notes, the Holding II Notes and related debt issuance costs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On August 20, 2013, Holding II was added as a guarantor of the Holding I Notes, resulting in Holding II becoming the reporting entity related to these notes. The historical results of Holding I and its subsidiaries have been consolidated with Holding II as if Holding II were in existence for all periods presented to reflect the change in reporting entity. All intercompany transactions have been eliminated. | On August 20, 2013, Holding II was added as a guarantor of the 2017 Notes, resulting in Holding II becoming the reporting entity related to these notes. As a result, the historical results of Holding I and its subsidiaries have been consolidated with Holding II as if Holding II were in existence for all periods presented to reflect the change in reporting entity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies | Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of Holding I in its 2012 Annual Financial Report. | The Company operates on a 52/53 week fiscal year ending on the Saturday closest to December 31. The Company’s fiscal years include 13 four-week reporting periods, with an additional week in the thirteenth reporting period for 53-week fiscal years. The Company’s first quarter of each fiscal year includes four reporting periods, while the remaining quarters include three reporting periods. The periods from January 1, 2012 to December 29, 2012 (“Fiscal 2012”), January 2, 2011 to December 31, 2011 (“Fiscal 2011”), and January 3, 2010 to January 1, 2011 (“Fiscal 2010”) all included 52 weeks. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions have been eliminated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company operates on a 52/53 week fiscal year ending on the Saturday closest to December 31. Fiscal years include 13 four-week reporting periods, with an additional week in the thirteenth reporting period for 53-week fiscal years. The first quarter of each fiscal year includes four reporting periods, while the remaining quarters include three reporting periods. | Use of Estimates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s condensed consolidated financial statements for the 12 and 40-week periods ended October 5, 2013 and October 6, 2012 are unaudited, and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary for a fair statement of financial position and results of operations for such periods. | The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation and income taxes. Actual results could differ from these estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows Supplemental Disclosures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Cash and cash equivalents includes cash on hand that is highly liquid with original maturities at the date of purchase of 90 days or less. As of December 29, 2012 and December 31, 2011, outstanding checks in excess of cash balances with the same institution totaled $2.4 million and $2.5 million, respectively. These amounts are recorded as a bank overdraft and classified as accounts payable in the consolidated balance sheets and as a financing activity in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s supermarkets offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. The Company operates one supermarket format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. As of October 5, 2013, 79 supermarkets offered pharmacy services and 49 fuel centers were in operation, inclusive of the Company’s franchise locations. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only operating segment and reportable segment. The Company’s retail operations as a whole reflect the level at which the business is managed and how the Company’s Chief Executive Officer, who acts as the Company’s chief operating decision maker, assesses performance internally. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents sales revenue by type of similar product (dollars in thousands): | The following table presents additional cash flow information for Fiscal 2012, Fiscal 2011 and Fiscal 2010 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-week periods ended | 40-week periods ended | Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 5, 2013 | October 6, 2012 | October 5, 2013 | October 6, 2012 | Cash paid during the year for: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Interest | $ | 61,984 | $ | 58,800 | $ | 56,933 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | Amount | Total | Income taxes | 124 | 190 | 151 | |||||||||||||||||||||||||||||||||||||||||||||||
Non- perishables(1) | $ | 323,196 | 56.5 | % | $ | 303,924 | 56.4 | % | $ | 1,076,389 | 56.4 | % | $ | 1,012,951 | 56.1 | % | Non-cash items: | |||||||||||||||||||||||||||||||||||||||||
Perishables(2) | 155,914 | 27.2 | % | 143,741 | 26.7 | % | 525,988 | 27.5 | % | 485,122 | 26.9 | % | Unpaid capital expenditures | 4,907 | 1,718 | 6,107 | ||||||||||||||||||||||||||||||||||||||||||
Fuel | 52,200 | 9.1 | % | 50,896 | 9.5 | % | 171,870 | 9 | % | 169,023 | 9.4 | % | Assets acquired under capital leases | 4,663 | 365 | 5,349 | ||||||||||||||||||||||||||||||||||||||||||
Pharmacy | 36,982 | 6.5 | % | 35,920 | 6.7 | % | 121,394 | 6.4 | % | 124,792 | 6.9 | % | Concentration of Credit Risk | |||||||||||||||||||||||||||||||||||||||||||||
Other(3) | 4,162 | 0.7 | % | 3,950 | 0.7 | % | 13,897 | 0.7 | % | 13,284 | 0.7 | % | Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash in commercial banks insured by the Federal Deposit Insurance Corporation (“FDIC”), up to $250,000 per depositor. At times, such cash in banks exceeds the FDIC insurance limit. At December 29, 2012 and December 31, 2011, the Company had cash in banks exceeding the FDIC insurance limit of $11.6 million and $2.6 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 572,454 | 100 | % | $ | 538,431 | 100 | % | $ | 1,909,538 | 100 | % | $ | 1,805,172 | 100 | % | Accounts receivable are carried at net realizable value. Allowances are recorded, if necessary, in an amount considered by management to be sufficient to meet future losses related to the collectability of accounts receivable. The Company evaluates the collectability of its accounts receivable based on the age of the receivable and knowledge of customers’ financial positions. At December 29, 2012 and December 31, 2011, the allowance for doubtful accounts was $0.4 million and $0.9 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | Level 1 – observable inputs such as quoted prices in active markets; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | Level 2 – inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. | Level 3 – unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including goodwill and intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation and income taxes. Actual results could differ from these estimates. | Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, capital lease obligations and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these financial instruments. At December 29, 2012 and December 31, 2011, the estimated fair value and the carrying value of our debt instruments were as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 – observable inputs such as quoted prices in active markets; | December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 2 – inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and | Carrying value of debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 – unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data. | Current portion of capital lease obligations | $ | 14,357 | $ | 12,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 2,271 | 434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, capital lease obligations and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these financial instruments. At October 5, 2013 and December 29, 2012, the estimated fair value and the carrying value of the Company’s debt instruments were as follows (dollars in thousands): | Long-term capital lease obligations | 149,503 | 159,814 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 495,446 | 355,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 5, 2013 | December 29, 2012 | Total carrying value of debt instruments | 661,577 | 528,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of debt instruments: | Fair value of debt instruments | 632,552 | 530,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of capital lease obligations | $ | 14,063 | $ | 14,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 2,307 | 2,271 | Excess (deficiency) of carrying value over fair value | $ | 29,025 | $ | (2,463 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term capital lease obligations | 139,704 | 149,503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 657,686 | 495,446 | The fair value of the Company’s senior secured notes was based on quoted market prices, a Level 2 source. The fair value of the Company’s other long-term debt and capital lease obligations was based on the net present value of future cash flows using estimated applicable market interest rates for the Company at December 29, 2012 and December 31, 2011, a Level 3 measurement technique. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements of non-financial assets and non-financial liabilities are primarily used in the impairment analysis of long-lived assets, goodwill and intangible assets. Long-lived assets and definite-lived intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. As described in Note 10, the Company recorded long-lived asset impairment charges of $2.8 million within the consolidated statement of operations and comprehensive (loss) income during Fiscal 2011. Goodwill and the Tops tradename are reviewed annually for impairment on December 1, or more frequently, if impairment indicators arise. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying value of debt instruments | 813,760 | 661,577 | Inventory | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of debt instruments | 837,727 | 632,552 | The Company values inventory at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of December 29, 2012 and December 31, 2011, the LIFO balance sheet reserves were $11.1 million and $10.7 million, respectively. The Company’s inventory balances consist primarily of finished goods. Inventory costs include the purchase price of the product and freight charges to deliver the product and are net of certain cash or non-cash consideration received from vendors (see ‘‘Vendor Allowances’’). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost is determined using the retail method for inventory. Under the retail method, the valuation of inventory at cost and the resulting gross margins are determined by applying a cost-to-retail ratio for various groupings of similar items to the retail value of inventory. Inherent in the retail inventory method calculations are certain management judgments and estimates which could impact the ending inventory valuation at cost, as well as the resulting gross margins. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Deficiency) excess of carrying value over fair value | $ | (23,967 | ) | $ | 29,025 | Physical inventory counts are taken on a cycle basis. The Company records an estimated inventory shrinkage reserve for the period between each store’s last physical inventory and the latest consolidated balance sheet date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair value of the Company’s senior notes, which are included in long-term debt, was based on quoted market prices, a Level 2 source. The fair value of the Company’s other long-term debt and capital lease obligations was based on the net present value of future cash flows using estimated applicable market interest rates for the Company at October 5, 2013 and December 29, 2012, a Level 3 measurement technique. | Property and Equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements of non-financial assets and non-financial liabilities are primarily used in the impairment analysis of long-lived assets, goodwill and intangible assets. Long-lived assets and definite-lived intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. Goodwill and the Tops tradename are reviewed annually for impairment on December 1, or more frequently, if impairment indicators arise. | Property and equipment is stated at historical cost or, if acquired in a business acquisition, at fair value at the acquisition date, less accumulated depreciation and impairments. Cost includes expenditures that are directly attributable to the acquisition of the item, including shipping charges and sales tax. Interest incurred during the construction period is capitalized as part of the related asset. Expenditures for betterments are capitalized, while repairs and maintenance expenditures are expensed as incurred. Depreciation is calculated on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease terms. The estimated useful lives of the principal categories of property and equipment are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Useful Lives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and land improvements | Indefinite | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | 30 – 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | Lesser of 3 – 20 years or remaining lease term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 2 – 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles | 3 – 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT software and equipment | 3 – 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-lived assets held and used by the Company are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the Company compares the carrying value of the asset or asset group to the estimated, undiscounted future cash flows expected to be generated by the long-lived asset or asset group, as required by the provisions of ASC 360, “Property, Plant, and Equipment.” Impairment charges are recorded as the excess of the net book value over its fair value, which is calculated using the discounted cash flows associated with that asset or assets. As discussed in Note 10, the Company recorded impairment charges of $2.8 million within the consolidated statement of operations and comprehensive (loss) income during Fiscal 2011. There were no impairment charges recorded during Fiscal 2012 or Fiscal 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company reviews goodwill for impairment annually on December 1, and also upon the occurrence of trigger events. Generally, fair value is determined using a multiple of earnings, or discounted projected future cash flows, and is compared to the carrying value of the Company for purposes of identifying potential impairment. Projected future cash flows are based on management’s knowledge of the current operating environment and expectations for the future. If potential for impairment is identified, the fair value of the Company is measured against the fair value of its underlying assets and liabilities, excluding goodwill, to estimate an implied fair value of the Company’s goodwill. Goodwill impairment is recognized for any excess of the carrying value of the Company’s goodwill over the implied fair value. There were no goodwill impairment charges recorded during Fiscal 2012, Fiscal 2011 or Fiscal 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s intangible assets include favorable lease rights, tradenames, franchise agreements and customer relationships. The franchise agreements consist of two franchisees which own five stores, and the customer relationships represent a source of repeat business for the Company. The fair values of the Company’s franchise agreements and customer relationships were estimated using an excess earnings income approach. The principle behind the excess earnings income approach is that the value of an intangible asset is equal to the present value of the incremental after-tax cash flows attributable to that intangible asset. Customer relationships are being amortized on an accelerated basis based upon the level of expected attrition. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the tradenames were estimated by utilizing the ‘‘relief from royalty’’ method. This method involves determining the present value of the economic royalty savings associated with the tradenames and revenue projections attributed to the tradenames. The Tops tradename is not amortized due to its indefinite life. All other tradenames are being amortized on an accelerated basis based upon a brand obsolescence assumption. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For intangible assets, the Company amortizes the assets as presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Weighted Average Amortization Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradename – indefinite | Indefinite life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Favorable lease rights | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise agreements | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradenames – finite | 8.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company records deferred financing costs incurred in connection with entering into its debt obligations. These costs are capitalized and included in other assets in the Company’s consolidated balance sheets. The deferred financing costs are amortized to interest expense over the terms of associated debt on a straight-line basis or using the effective interest method, as appropriate. As discussed in Note 6, the Company capitalized deferred financing costs of $13.0 million and wrote off unamortized deferred financing costs of $8.3 million in connection with the Company’s December 2012 financing activities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company leases buildings and equipment under operating and capital lease arrangements. In accordance with the provisions of ASC 840, “Leases” (“ASC 840”), the Company classifies its leases as capital leases when the lease agreement transfers substantially all risks and rewards of ownership to the Company. For leases determined to be capital leases, the asset and liability are recognized at an amount equal either to the fair value of the leased asset or the present value of the minimum lease payments during the lease term, whichever is lower. Leases that do not qualify as capital leases are classified as operating leases, and the related lease payments are expensed on a straight-line basis (taking into account rent escalation clauses) over the lease term, including, as applicable, any rent free period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term is used to (i) determine the appropriate lease classification, (ii) compute periodic rental expense and (iii) depreciate leasehold improvements (unless their economic lives are shorter) includes the periods of expected renewals. Determining whether a lease is a capital or an operating lease requires judgment on various aspects that include the fair value of the leased asset, the economic life of the leased asset, whether or not to include renewal options in the lease term and determining an appropriate discount rate to calculate the present value of the minimum lease payments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store lease agreements generally include rent holidays, rent escalation clauses and contingent rent provisions for a percentage of sales in excess of specified levels. Most of the Company’s lease agreements include renewal periods at the Company’s option. The Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space for construction and other purposes. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities which are amortized over the related lease terms to rent expense. The Company records rent liabilities for contingent percentage of sales lease provisions when it is probable that the specified levels will be reached during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Incentives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For leases classified as operating leases, the Company recognizes rent starting when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening. Payments made to the Company representing incentives to sign a new lease or representing reimbursements for leasehold improvements are deferred and recognized on a straight-line basis over the term of the lease as reductions of rent expense. Such payments received for leases classified as capital leases are recorded as increases to the related capital leases obligations, reducing the portion of future rent payments classified as interest expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For certain properties, the Company subleases either a portion or all of the property. The sublease income of the properties is recognized as rental income. In certain cases, the Company subleases store locations to third parties. Rental income was $4.2 million, $3.5 million and $3.4 million for Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively, and is recorded as an offset to rent expense in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of long-lived assets (i.g., gas tank removal and removal of store equipment upon store closure). These liabilities are initially recorded at fair value and the related asset retirement costs are capitalized by increasing the carrying amount of the related assets by the same amount as the liability in accordance with the provisions of ASC 410, “Asset Retirement and Environmental Obligations.” Asset retirement costs are subsequently depreciated over the useful lives of the related assets. Subsequent to initial recognition, the Company records changes in the ARO liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. The Company derecognizes ARO liabilities when the related obligations are settled. The ARO liabilities recognized at December 29, 2012 and December 31, 2011 were $3.3 million and $2.6 million, respectively. Accretion expense attributable to ARO liabilities was $0.2 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010 (see Note 15). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has been party to a variety of contractual agreements under which it may be obligated to indemnify the other party for certain matters. Additionally, the Company guarantees certain other contractual arrangements. Under these agreements, the Company may provide certain routine indemnifications relating to representations and warranties (i.g., ownership of assets and environmental or tax indemnifications). The terms of these indemnifications range in duration and may not be explicitly defined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has applied the provisions of ASC 460, “Guarantees” to its agreements that contain guarantee or indemnification clauses. These provisions require the Company to recognize and disclose certain types of guarantees, even if the likelihood of requiring the Company’s performance is remote. Historically, the Company has not been required to make payments related to its agreements that contain guarantee or indemnification clauses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is insured by a third-party carrier, subject to certain deductibles and self-insured retentions ranging from $0.1 million to $1.0 million. The Company maintains an insurance program covering primarily fleet, general liability inclusive of druggist liability, workers’ compensation, property, environmental and other executive insurance policies. The Company accrues an estimated ultimate liability for its insurance programs based on known claims and past claims history. These accruals are included in accrued expenses and other current liabilities and other long-term liabilities in the Company’s consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company accounts for its participation in a multiemployer pension plan by recognizing as net pension cost the required contributions for the period and recognizing as a liability any contributions due and unpaid (see Note 14). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company generates and recognizes revenue at the point of sale in its stores, net of sales tax collected. Discounts, earned by customers through agreements or by using their bonus or loyalty cards, are recorded by the Company as a reduction of revenue as they are earned by the customer. Franchise revenue consists of net revenue on wholesale sales to franchisees, and income from franchise fees and administrative fees. Franchise revenues were $4.2 million, $4.1 million and $3.8 million for Fiscal 2012, Fiscal 2011, and Fiscal 2010, respectively, and are included in net sales in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For certain products or services, such as the sales of lottery tickets, third-party prepaid phone cards, third-party gift cards, stamps and public transportation tickets, the Company acts as an agent. In accordance with the provisions of ASC 605, “Revenue Recognition” (“ASC 605”), the Company records the amount of the net margin or commission in its net sales. Commission income was $2.7 million, $2.2 million and $2.0 million for Fiscal 2012, Fiscal 2011, and Fiscal 2010, respectively, and is included in net sales in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company records a deferred revenue liability when it sells gift cards, recording revenue when customers redeem the gift cards. These gift cards do not expire. The Company has completed an analysis of the historical redemption patterns of gift cards. As a result of this analysis, the Company has determined that the likelihood of redemption after two years is remote. Therefore, the Company reduces the liability and recognizes ‘‘breakage’’ income for the unused portion of gift cards after two years. The Company recognized pre-tax gift card breakage income of $0.3 million, $0.2 million and $0.3 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Goods Sold and Distribution Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold and distribution costs include the purchase price of products sold and other costs incurred in bringing inventories to the location and condition ready for sale, including costs of purchasing, storing and transportation. In accordance with the provisions of ASC 605, cash consideration received from vendors is recognized as a reduction of cost of goods sold. During Fiscal 2012, Fiscal 2011 and Fiscal 2010, depreciation expense of $2.9 million, $3.4 million and $3.5 million, respectively, is included in distribution costs in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor Allowances | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company receives allowances from many of the vendors whose products the Company buys for resale in its stores. Allowances are received for a variety of merchandising activities, which consist of the inclusion of vendor products in the Company’s advertising, placement of vendor products in prominent locations in the Company’s stores, introduction of new products, exclusivity rights for certain categories of products and temporary price reductions offered to customers on products held for sale. The Company also receives vendor funds associated with buying activities such as volume purchase rebates and rebates for purchases made during specific periods. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company records a receivable for vendor allowances for which the Company has fulfilled its contractual commitments but has not yet received payment from the vendor. When payment for vendor allowances is received prior to fulfillment of contractual terms or before the programs necessary to earn such allowances are initiated, the Company records such amounts as deferred income or vendor funds received in advance, respectively, which are classified within accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets. Once all contractual commitments have been met, the Company records vendor allowances as a reduction of the cost of inventory. Accordingly, when the inventory is sold, the vendor allowances are recognized as a reduction of the cost of goods sold in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The amount of vendor allowances reducing the Company’s inventory (“inventory offset”) as of December 29, 2012 and December 31, 2011 was $1.6 million and $1.4 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and General Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and general expenses consist of repairs and maintenance charges, utilities, supplies, real estate taxes, insurance, bank and credit card fees and other general expenses. Depreciation expense included in selling and general expenses in the consolidated statements of comprehensive (loss) income was $0.2 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses consist of charges for services performed by outside vendors, salaries and wages of support office employees, rent and depreciation of support offices and assets, and other administrative expenses. During Fiscal 2012, Fiscal 2011 and Fiscal 2010, depreciation expense of $11.4 million, $11.5 million and $10.4 million, respectively, was included in administrative expenses in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective December 28, 2012, following the December 20, 2012 dividend (see Note 12), the Company awarded payments to holders of stock options under the 2007 Stock Incentive Plan in amounts equal to the difference between the per share dividend paid to shareholders and the reductions in exercise prices associated with the stock options (see Note 12). The payments totaled $5.0 million and were recorded within administrative expenses in the Fiscal 2012 consolidated statement of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising includes newspaper inserts, direct mail and radio commercials, promotional prizes, as well as the expenses of the Company’s advertising department. The Company recognizes advertising expenses as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Markets is a single member LLC whose operations are included in the Holding tax return, as Tops Markets is a disregarded entity for income tax purposes. The Company accounts for income taxes using the liability method in accordance with ASC 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based upon differences between the financial reporting and the tax basis of assets and liabilities, including net operating loss carry forwards, and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax assets or liabilities are expected to be realized or settled. The Company uses the provisions of ASC 740 to assess and record income tax uncertainties. In relation to recording the provision for income taxes, management must estimate the future tax rates applicable to the reversal of temporary differences, make certain assumptions regarding whether book/tax differences are permanent or temporary and if temporary, the related timing of expected reversal. Also, estimates are made as to whether taxable operating income in future periods will be sufficient to fully recognize any gross deferred tax assets. If recovery is not likely, the Company must increase its provision for taxes by recording a valuation allowance against the deferred tax assets that the Company estimates will not ultimately be recoverable. Alternatively, the Company may make estimates about the potential usage of deferred tax assets that decrease its valuation allowances. Tax positions are recognized when they are more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is more likely than not of being realized upon settlement. The Company is subject to periodic audits by the Internal Revenue Service and other foreign, state and local taxing authorities. These audits may challenge certain of the Company’s tax positions such as the timing and amount of income and deductions and the allocation of taxable income to various tax jurisdictions. The Company evaluates its tax positions and establishes liabilities in accordance with the applicable accounting guidance on uncertainty in income taxes. These tax uncertainties are reviewed as facts and circumstances change and are adjusted accordingly. This requires significant management judgment in estimating final outcomes. Actual results could materially differ from these estimates and could significantly affect the Company’s effective tax rate and cash flows in future years. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company applies the Black-Scholes valuation model at the date of grant to determine the fair value of stock options granted to participants. The fair value of stock options are then amortized on a straight-line basis to compensation expense over the applicable vesting period, which is generally between three and five years. Compensation expense is recognized only for those options expected to vest, with forfeiture estimates based on the Company’s historical experience and future expectations. The Company’s outstanding stock options represent non-qualified stock options for income tax purposes. As such, the stock option grants result in the creation of a deferred tax asset until the time that such stock option is exercised. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There are no recent accounting pronouncements that have had or are expected to have a material impact on the Company’s consolidated financial statements as of the date of this report. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s supermarkets offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. The Company operates one supermarket format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. As of December 29, 2012, 78 supermarkets offered pharmacy services and 47 fuel centers were in operation, inclusive of the Company’s franchise locations. As a result of recent acquisition activity, including the GU Acquisition, the Company reevaluated its conclusions regarding its operating and reportable segments. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only operating segment and reportable segment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents sales revenue by type of similar product (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-perishables(1) | $ | 1,337,030 | 56.5 | % | $ | 1,335,913 | 56.7 | % | $ | 1,307,304 | 57.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Perishables(2) | 631,621 | 26.7 | % | 624,490 | 26.5 | % | 605,684 | 26.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Fuel | 218,815 | 9.3 | % | 204,193 | 8.7 | % | 150,012 | 6.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Pharmacy | 160,069 | 6.8 | % | 174,437 | 7.4 | % | 179,518 | 8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other(3) | 17,804 | 0.7 | % | 16,459 | 0.7 | % | 15,018 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,365,339 | 100 | % | $ | 2,355,492 | 100 | % | $ | 2,257,536 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
-1 | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. |
Business_Acquisition
Business Acquisition | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||
Business Acquisition | ' | ' | ||||||||||||||||||||
2. BUSINESS ACQUISITION | 2. BUSINESS ACQUISITION | |||||||||||||||||||||
During late September through early October 2012, the Company completed the acquisition of 21 supermarkets from GU Markets LLC (“GU Acquisition”). In addition to cash consideration of $27.6 million paid to GU Markets LLC, the Company incurred $1.3 million of transaction costs, of which $0.3 million and $1.0 million were recorded in administrative expenses in the condensed consolidated statements of comprehensive (loss) income during the 12 and 40-week periods ended October 6, 2012, respectively. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” | During late September through early October 2012, the Company completed the GU Acquisition. In addition to cash consideration of $27.6 million paid to GU Markets, the Company incurred $1.3 million of transaction costs that have been recorded in administrative expenses in the consolidated statement of operations and comprehensive (loss) income for Fiscal 2012. The acquisition is being accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” | |||||||||||||||||||||
The Company believes the acquisition creates significant strategic value by expanding the Company’s supermarket base with minimal incremental general and administrative expenses. | The Company believes the acquisition creates significant strategic value due to the expansion it provides to the Company’s supermarket base with minimal incremental general and administrative expenses. | |||||||||||||||||||||
Under the acquisition method of accounting, the aggregate purchase price is allocated to the net tangible and intangible assets based upon their estimated fair values on the acquisition date. The Company engaged a third party valuation specialist to assist with the valuation of assets acquired. The fair value of inventory was determined based upon the Company’s estimated replacement cost. The fair values of buildings, personal property and site improvements, all of which are included in property and equipment in the succeeding table, were determined using the cost approach. The fair value of land was determined using the market approach. The fair values of intangible assets were primarily determined using the income approach which, for the tradenames, is based upon the present value of the economic royalty savings associated with the tradenames and revenue projections attributed to the tradenames. Tradenames are being amortized on an accelerated basis based upon a brand obsolescence assumption. | Under the acquisition method of accounting, the aggregate purchase price is allocated to the net tangible and intangible assets based upon their estimated fair values on the acquisition date. The Company engaged a third party valuation specialist to assist with the valuation of assets acquired. The fair value of inventory was determined based upon the Company’s estimated replacement cost. The fair values of buildings, personal property and site improvements, all of which are included in property and equipment in the succeeding table, were determined using the cost approach. The fair value of land was determined using the market approach. The fair values of intangible assets were primarily determined using the income approach which, for the tradenames, is based upon the present value of the economic royalty savings associated with the tradenames and revenue projections attributed to the tradenames. Tradenames are being amortized on an accelerated basis based upon a brand obsolescence assumption. | |||||||||||||||||||||
As initial fair value estimates of certain assets and liabilities were preliminary in nature, such values were adjusted during Fiscal 2012 as additional information was obtained. | ||||||||||||||||||||||
The following table summarizes the final allocation of the purchase price to the assets acquired and liabilities assumed as of the transaction date (dollars in thousands): | The following table summarizes the final allocation of the purchase price to the assets acquired and liabilities assumed as of the transaction date (dollars in thousands): | |||||||||||||||||||||
Assets acquired: | Initial Estimate | Adjustments | Final Allocation | |||||||||||||||||||
Accounts receivable | $ | 33 | Assets acquired: | |||||||||||||||||||
Inventory | 7,265 | Accounts receivable | $ | 28 | $ | 5 | $ | 33 | ||||||||||||||
Prepaid expenses | 325 | Inventory | 7,358 | (93 | ) | 7,265 | ||||||||||||||||
Property and equipment | 7,898 | Prepaid expenses | 325 | — | 325 | |||||||||||||||||
Goodwill | 12,769 | Property and equipment | 7,235 | 663 | 7,898 | |||||||||||||||||
Favorable lease rights | 2,197 | Goodwill | 12,947 | (178 | ) | 12,769 | ||||||||||||||||
Tradenames | 1,000 | Favorable lease rights | 2,385 | (188 | ) | 2,197 | ||||||||||||||||
Tradenames | 1,000 | — | 1,000 | |||||||||||||||||||
Total assets acquired | 31,487 | |||||||||||||||||||||
Liabilities assumed: | Total assets acquired | 31,278 | 209 | 31,487 | ||||||||||||||||||
Accrued expenses and other current liabilities | 803 | Liabilities assumed: | ||||||||||||||||||||
Unfavorable lease rights | 2,172 | Accrued expenses and other current liabilities | 803 | — | 803 | |||||||||||||||||
Capital lease obligation | 872 | Unfavorable lease rights | 2,244 | (72 | ) | 2,172 | ||||||||||||||||
Capital lease obligation | 872 | — | 872 | |||||||||||||||||||
Total liabilities assumed | 3,847 | |||||||||||||||||||||
Total liabilities assumed | 3,919 | (72 | ) | 3,847 | ||||||||||||||||||
Acquisition price | $ | 27,640 | ||||||||||||||||||||
Acquisition price | $ | 27,359 | $ | 281 | $ | 27,640 | ||||||||||||||||
The results of operations of the acquired supermarkets have been included in the 12 and 40-week periods ended October 5, 2013 condensed consolidated statements of comprehensive (loss) income. The acquired supermarkets contributed net sales and operating income of $30.3 million and $2.0 million, respectively, during the 12-week period ended October 5, 2013, and $84.7 million and $1.0 million, respectively, during the 40-week period ended October 5, 2013.The acquired supermarkets contributed net sales of $2.0 million during each of the 12-week and 40-week periods ended October 6, 2012. It is impracticable to disclose net earnings for the post-acquisition period of fiscal 2012 for these acquired supermarkets as net earnings of these supermarkets were not tracked on a collective basis due to the integration of administrative functions, including field supervision. | ||||||||||||||||||||||
The following table summarizes the Company’s unaudited pro forma operating results for the 12 and 40-week periods ended October 6, 2012, giving effect to the GU Acquisition as if it occurred on January 1, 2012 (dollars in thousands): | The results of operations of the acquired supermarkets have been included in the Fiscal 2012 condensed consolidated statement of operations and comprehensive (loss) income following the respective closing dates of the individual supermarket acquisitions that ranged from September 24, 2012 to October 5, 2012. The acquired supermarkets contributed net sales and operating income of $22.3 million and $0.5 million, respectively, during Fiscal 2012. | |||||||||||||||||||||
The following table summarizes the Company’s unaudited pro forma operating results for Fiscal 2012 and Fiscal 2011, giving effect to the GU Acquisition as if it occurred on January 1, 2011 (dollars in thousands): | ||||||||||||||||||||||
12-week period ended | 40-week period ended | |||||||||||||||||||||
October 6, 2012 | October 6, 2012 | |||||||||||||||||||||
Net sales | $ | 564,411 | $ | 1,881,156 | Fiscal 2012 | Fiscal 2011 | ||||||||||||||||
Operating income | 21,345 | 65,018 | Net sales | $ | 2,441,323 | $ | 2,453,012 | |||||||||||||||
Net income | 7,600 | 18,530 | Operating income | 73,814 | 70,859 | |||||||||||||||||
The pro forma information above reflects the $1.3 million of transaction costs incurred by the Company during fiscal 2012 within the operating results of the 40-week period ended October 6, 2012. This pro forma financial information is not intended to represent or be indicative of what would have occurred if the transaction had taken place prior to the beginning of the period presented and should not be taken as representative of the Company’s future consolidated results of operations. This pro forma financial information does not contemplate the cost savings expected to be realized from the achievement of synergies, including, without limitation, purchasing savings by leveraging the Company’s relationships with its suppliers and the reduction of duplicative selling, general and administrative expenses. | Net (loss) income | (17,692 | ) | 7,866 | ||||||||||||||||||
This pro forma financial information above reflects the $1.3 million of transaction costs incurred by the Company during Fiscal 2012 within the Fiscal 2011 operating results. This pro forma financial information is not intended to represent or be indicative of what would have occurred if the transaction had taken place prior to the beginning of the periods presented and should not be taken as representative of the Company’s future consolidated results of operations. This pro forma financial information does not contemplate the cost savings expected to be realized from the achievement of synergies, including, without limitation, purchasing savings by leveraging the Company’s relationships with its suppliers and the reduction of duplicative selling, general and administrative expenses. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | ||||||||
Dec. 29, 2012 | |||||||||
Accounts Receivable, Net | ' | ||||||||
3. ACCOUNTS RECEIVABLE, NET | |||||||||
Accounts receivable, net of allowance for doubtful accounts, consist of the following (dollars in thousands): | |||||||||
December 29, 2012 | December 31, 2011 | ||||||||
Vendor receivables | $ | 30,305 | $ | 28,034 | |||||
Credit and debit card receivables | 8,685 | 10,692 | |||||||
Pharmacy receivables | 7,509 | 8,364 | |||||||
Other receivables | 7,390 | 9,751 | |||||||
Allowance for doubtful accounts | (414 | ) | (854 | ) | |||||
Total accounts receivable, net | $ | 53,475 | $ | 55,987 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 29, 2012 | |||||||||
Property and Equipment, Net | ' | ||||||||
4. PROPERTY AND EQUIPMENT, NET | |||||||||
Property and equipment consist of the following (dollars in thousands): | |||||||||
December 29, 2012 | December 31, 2011 | ||||||||
Land | $ | 10,301 | $ | 9,973 | |||||
Land improvements | 9,438 | 9,440 | |||||||
Buildings | 57,576 | 57,465 | |||||||
Leasehold improvements | 109,928 | 93,989 | |||||||
Equipment | 199,397 | 174,372 | |||||||
IT software and equipment | 39,223 | 36,363 | |||||||
Total at cost | 425,863 | 381,602 | |||||||
Accumulated depreciation | (212,143 | ) | (170,559 | ) | |||||
213,720 | 211,043 | ||||||||
Property, equipment and automobiles under capital leases, net of accumulated depreciation | 136,929 | 147,220 | |||||||
Property and equipment, net | $ | 350,649 | $ | 358,263 | |||||
Included in property and equipment are the following assets under capital leases (dollars in thousands): | |||||||||
December 29, 2012 | December 31, 2011 | ||||||||
Land | $ | 48,829 | $ | 48,829 | |||||
Building | 148,633 | 145,829 | |||||||
Equipment | 8,841 | 8,116 | |||||||
Automobiles | 3,401 | 2,634 | |||||||
Total at cost | 209,704 | 205,408 | |||||||
Accumulated depreciation | (72,775 | ) | (58,188 | ) | |||||
Capital lease assets, net | $ | 136,929 | $ | 147,220 | |||||
Depreciation expense was $60.8 million, $58.4 million and $67.0 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. Depreciation expense includes $16.3 million, $16.0 million and $15.9 million related to assets under capital leases during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | ' | ' | ||||||||||||||||||||||||||||||
3. GOODWILL AND INTANGIBLE ASSETS, NET | 5. GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||||||||||||||||||||
The following table summarizes the change in the Company’s goodwill balance during the 40-week period ended October 5, 2013 (dollars in thousands): | The following table summarizes the change in the Company’s goodwill balance during Fiscal 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||
Balance – December 29, 2012 | $ | 15,002 | Balance – December 31, 2011 | $ | 462 | |||||||||||||||||||||||||||
Acquisition of supermarkets | 4,306 | Acquisition of GU supermarkets (Note 2) | 12,769 | |||||||||||||||||||||||||||||
Acquisition of independent supermarkets | 1,771 | |||||||||||||||||||||||||||||||
Balance – October 5, 2013 | $ | 19,308 | ||||||||||||||||||||||||||||||
Balance – December 29, 2012 | $ | 15,002 | ||||||||||||||||||||||||||||||
Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands): | Goodwill is reviewed annually for impairment on December 1, or more frequently upon the occurrence of trigger events. Based on the Company’s assessment, no goodwill impairments were recorded during Fiscal 2012 or Fiscal 2011. | |||||||||||||||||||||||||||||||
Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands): | ||||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||||
Gross | Net | Average | December 29, 2012 | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Amortization | Carrying | Amortization | Carrying | Average | |||||||||||||||||||||||||
October 5, 2013 | Amount | Amortization | Amount | Period | Amount | Amount | Amortization | |||||||||||||||||||||||||
Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | Indefinite life | Period | ||||||||||||||||||||||||
Favorable lease rights | 32,651 | (17,424 | ) | 15,227 | 9.8 | Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | Indefinite life | |||||||||||||||||||
Customer relationships | 28,596 | (24,766 | ) | 3,830 | 8.4 | Favorable lease rights | 32,826 | (14,759 | ) | 18,067 | 9.8 | |||||||||||||||||||||
Franchise agreements | 11,538 | (6,138 | ) | 5,400 | 11 | Customer relationships | 28,591 | (22,794 | ) | 5,797 | 8.4 | |||||||||||||||||||||
Tradenames – finite | 5,310 | (2,861 | ) | 2,449 | 8.8 | Franchise agreements | 11,538 | (5,331 | ) | 6,207 | 11 | |||||||||||||||||||||
Other | 619 | (392 | ) | 227 | 5 | Tradenames – finite | 5,310 | (2,222 | ) | 3,088 | 8.8 | |||||||||||||||||||||
Other | 704 | (376 | ) | 328 | 5 | |||||||||||||||||||||||||||
$ | 119,725 | $ | (51,581 | ) | $ | 68,144 | 9.4 | |||||||||||||||||||||||||
$ | 119,980 | $ | (45,482 | ) | $ | 74,498 | 9.3 | |||||||||||||||||||||||||
Gross | Net | December 31, 2011 | Gross | Accumulated | Net | |||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||||||
December 29, 2012 | Amount | Amortization | Amount | Amount | Amount | |||||||||||||||||||||||||||
Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | |||||||||||||||||||
Favorable lease rights | 32,826 | (14,759 | ) | 18,067 | Customer relationships | 28,591 | (19,643 | ) | 8,948 | |||||||||||||||||||||||
Customer relationships | 28,591 | (22,794 | ) | 5,797 | Favorable/unfavorable lease rights | 17,789 | (6,610 | ) | 11,179 | |||||||||||||||||||||||
Franchise agreements | 11,538 | (5,331 | ) | 6,207 | Franchise agreements | 11,538 | (4,288 | ) | 7,250 | |||||||||||||||||||||||
Tradenames – finite | 5,310 | (2,222 | ) | 3,088 | Tradenames – finite | 4,310 | (1,504 | ) | 2,806 | |||||||||||||||||||||||
Other | 704 | (376 | ) | 328 | Other | 706 | (237 | ) | 469 | |||||||||||||||||||||||
$ | 119,980 | $ | (45,482 | ) | $ | 74,498 | $ | 103,945 | $ | (32,282 | ) | $ | 71,663 | |||||||||||||||||||
The Tops tradename is reviewed annually for impairment on December 1, or more frequently, if impairment indicators arise. Based on the Company’s assessment, no impairment indicators existed during the 40-week periods ended October 5, 2013 and October 6, 2012. | ||||||||||||||||||||||||||||||||
During the 12-week periods ended October 5, 2013 and October 6, 2012, amortization expense was $1.9 million and $1.5 million, respectively. During the 40-week periods ended October 5, 2013 and October 6, 2012, amortization expense was $6.4 million and $5.4 million, respectively. This amortization expense is included in depreciation and amortization in the condensed consolidated statements of comprehensive (loss) income. | The Tops tradename is reviewed annually for impairment on December 1, or more frequently, if impairment indicators arise. Based on the Company’s assessment, no impairment was recorded during Fiscal 2012, Fiscal 2011 or Fiscal 2010. | |||||||||||||||||||||||||||||||
During the 12 and 40-week periods ended October 5, 2013, depreciation and amortization in the condensed consolidated statements of comprehensive (loss) income includes $0.3 million and $1.2 million, respectively, of contra-expense related to the amortization of unfavorable lease rights which are classified in other long-term liabilities in the condensed consolidated balance sheets. The unamortized balance of unfavorable lease rights was $7.3 million as of October 5, 2013. Expected future amortization of these unfavorable lease rights is contra-expense of $0.4 million in the remaining period of fiscal 2013, $1.3 million in fiscal 2014, $1.2 million in fiscal 2015, $1.1 million in fiscal 2016, $0.9 million in fiscal 2017 and $2.4 million thereafter. | Amortization expense related to intangible assets was $8.6 million, $8.7 million and $10.3 million in Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. Such amortization is included in administrative expenses in the consolidated statements of comprehensive (loss) income. | |||||||||||||||||||||||||||||||
As of October 5, 2013, expected future amortization of intangible assets is as follows (dollars in thousands): | Depreciation and amortization in the Fiscal 2012 consolidated statement of operations and comprehensive (loss) income includes $1.6 million of contra-expense related to the amortization of unfavorable lease rights which are classified in other long-term liabilities in the December 29, 2012 consolidated balance sheet. Expected future amortization of these unfavorable lease rights is contra-expense of $1.5 million in Fiscal 2013, $1.3 million in Fiscal 2014, $1.2 million in Fiscal 2015, $1.1 million in Fiscal 2016, $0.9 million in Fiscal 2017 and $2.4 million thereafter. | |||||||||||||||||||||||||||||||
As of December 29, 2012, expected future amortization of intangible assets is as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||
2013 (remaining period) | $ | 1,794 | ||||||||||||||||||||||||||||||
2014 | 6,963 | 2013 | $ | 8,153 | ||||||||||||||||||||||||||||
2015 | 5,744 | 2014 | 6,962 | |||||||||||||||||||||||||||||
2016 | 4,283 | 2015 | 5,743 | |||||||||||||||||||||||||||||
2017 | 3,112 | 2016 | 4,282 | |||||||||||||||||||||||||||||
Thereafter | 5,237 | 2017 | 3,111 | |||||||||||||||||||||||||||||
Thereafter | 5,236 |
Other_Assets
Other Assets | 9 Months Ended | 12 Months Ended |
Oct. 05, 2013 | Dec. 29, 2012 | |
Other Assets | ' | ' |
4. OTHER ASSETS | 6. OTHER ASSETS | |
On May 15, 2013, Holding II issued $150.0 million of Holding II Notes (see Note 7). Costs associated with the issuance of the Holding II notes of $7.2 million were capitalized and are being amortized over the term of the notes using the effective interest method. | During Fiscal 2009, the Company and Tops Markets issued $275.0 million of 2015 Notes, and Tops Markets entered into the 2013 ABL Facility (see Note 9). Costs associated with the 2015 Notes of $9.9 million were capitalized and were being amortized over the term of the notes using the effective interest method. Costs associated with the 2013 ABL Facility of $1.8 million were capitalized and were being amortized on a straight-line basis over the term of the facility. | |
During Fiscal 2010, the Company and Tops Markets issued an additional $75.0 million of 2015 Notes. Costs associated with the additional 2015 Notes of $3.9 million were capitalized and were being amortized over the term of the notes using the effective interest method. Also during Fiscal 2010, the Company entered into a $25.0 million bridge loan facility (the “Bridge Loan”) with Morgan Stanley Senior Funding, Inc., and Banc of America Bridge LLC. Additionally, the 2013 ABL Facility was amended to increase its borrowing capacity by up to $41.0 million, consisting of an increase in the amount available under the revolving credit facility of $30.0 million and a new term loan facility (the “Term Loan”) of $11.0 million. Costs associated with the Bridge Loan and Term Loan of $0.7 million and $0.4 million, respectively, were capitalized and were being amortized over the terms of the agreements using the effective interest method. As the Bridge Loan and Term Loan were repaid in full during Fiscal 2010, unamortized costs of $0.7 million and $0.3 million, respectively, were written off and recorded within loss on debt extinguishment in the Fiscal 2010 consolidated statement of operations and comprehensive (loss) income. Costs associated with the $30.0 million increase in the revolving 2013 ABL Facility of $0.8 million were capitalized and were being amortized on a straight-line basis over the term of the agreement. | ||
On December 20, 2012, the Company and Tops Markets issued $460.0 million of 2017 Notes (see Note 9), using the proceeds in part to redeem the 2015 Notes. Costs associated with the 2017 Notes of $12.2 million were capitalized and are being amortized over the term of the notes using the effective interest method. Unamortized costs of $7.8 million related to the 2015 Notes were written off and recorded within loss on debt extinguishment in the Fiscal 2012 consolidated statement of operations and comprehensive (loss) income. | ||
On December 14, 2012, Tops Markets entered into the 2017 ABL Facility (see Note 9), which amended and restated the 2013 ABL Facility. Costs associated with the 2017 ABL Facility of $0.8 million were capitalized and are being amortized on a straight-line basis over the term of the facility. Unamortized costs of $0.5 million related to the 2013 ABL Facility were written off and recorded within loss on debt extinguishment in the Fiscal 2012 consolidated statement of comprehensive (loss) income. | ||
Amortization of deferred financing costs is recorded within interest expense in the consolidated statements of operations and comprehensive (loss) income and amounted to $2.8 million, $2.7 million and $2.4 million in Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. At December 29, 2012, other assets include deferred financing costs, net of accumulated amortization of $0.1 million, totaling $13.0 million. At December 31, 2011, other assets include deferred financing costs, net of accumulated amortization of $5.5 million, totaling $11.1 million. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||
Accrued Expenses and Other Current Liabilities | ' | ' | ||||||||||||||||
5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |||||||||||||||||
Accrued expenses and other current liabilities consist of the following (dollars in thousands): | Accrued expenses and other current liabilities consist of the following (dollars in thousands): | |||||||||||||||||
October 5, 2013 | December 29, 2012 | December 29, 2012 | December 31, 2011 | |||||||||||||||
Interest payable | $ | 17,802 | $ | 1,072 | Wages, taxes and benefits | $ | 20,585 | $ | 21,779 | |||||||||
Wages, taxes and benefits | 13,836 | 20,585 | Lottery | 10,787 | 10,124 | |||||||||||||
Lottery | 10,730 | 10,787 | Professional and legal fees | 6,459 | 1,538 | |||||||||||||
Union medical, pension and 401(k) | 5,623 | 4,518 | Gift cards | 6,196 | 4,517 | |||||||||||||
Self-insurance reserves | 4,973 | 4,784 | Property and equipment expenditures | 4,907 | 1,718 | |||||||||||||
Professional and legal fees | 4,123 | 6,459 | Self-insurance reserves | 4,784 | 3,468 | |||||||||||||
Property and equipment expenditures | 4,069 | 4,907 | Union medical, pension and 401(k) | 4,518 | 3,226 | |||||||||||||
Money orders | 3,691 | 1,868 | Utilities | 2,404 | 2,192 | |||||||||||||
Sales and use tax | 3,314 | 1,129 | Repairs and maintenance | 2,164 | 2,271 | |||||||||||||
Gift cards | 2,787 | 6,196 | Money orders | 1,868 | 3,133 | |||||||||||||
Repairs and maintenance | 2,325 | 2,164 | Sales and use tax | 1,129 | 964 | |||||||||||||
Utilities | 1,898 | 2,404 | Interest payable | 1,072 | 7,846 | |||||||||||||
Other | 12,613 | 8,867 | Other | 8,867 | 11,901 | |||||||||||||
$ | 87,784 | $ | 75,740 | $ | 75,740 | $ | 74,677 | |||||||||||
Leases
Leases | 12 Months Ended | ||||||||||||
Dec. 29, 2012 | |||||||||||||
Leases | ' | ||||||||||||
8. LEASES | |||||||||||||
The Company has a number of leases in effect for store properties and equipment. The initial lease terms generally range up to twenty-five years and will expire at various times through 2032, with options to renew for additional periods. The majority of the store leases provide for base rental, plus real estate taxes, insurance, common area maintenance and other operating expenses applicable to the leased premises. Some leases contain escalation clauses for future rents and contingent rents based on sales volume. | |||||||||||||
As of December 29, 2012, future minimum lease rental payments applicable to non-cancelable capital and operating leases, and expected minimum sublease rental income, were as follows (dollars in thousands): | |||||||||||||
Capital | Operating | Future Expected | |||||||||||
Leases | Leases | Sub-lease Income | |||||||||||
2013 | $ | 30,254 | $ | 28,176 | $ | 3,539 | |||||||
2014 | 28,006 | 28,916 | 1,876 | ||||||||||
2015 | 25,279 | 31,424 | 1,403 | ||||||||||
2016 | 23,951 | 33,101 | 1,052 | ||||||||||
2017 | 19,937 | 34,968 | 888 | ||||||||||
Thereafter | 65,843 | 193,835 | 2,657 | ||||||||||
Total minimum lease payments | 193,270 | $ | 350,420 | $ | 11,415 | ||||||||
Less amounts representing interest | (78,239 | ) | |||||||||||
Present value of net minimum lease payments | 115,031 | ||||||||||||
Less current obligations | (14,357 | ) | |||||||||||
Long-term obligations | $ | 100,674 | |||||||||||
The Company entered into sale-leaseback transactions in various years involving certain properties that did not qualify for sale-leaseback accounting as the lease agreements included various forms of continuing involvement. As a result, the transactions have been classified as financing transactions in accordance with ASC 840. | |||||||||||||
Under the financing method, the assets remain on the consolidated balance sheet and proceeds received by the Company from these transactions are recorded as capital lease obligations, allocated between land and building. Payments under these leases are applied as payments of imputed interest and deemed principal on the underlying building obligations, with no underlying cash payments deemed attributable to the land obligations. The related land assets are not depreciated, and at the end of the lease terms, the remaining capital lease obligations will equal the net book value of the land. The capital lease obligations as of December 29, 2012 and December 31, 2011 include $48.8 million of obligations related to land. At the expiration of the lease terms, which range from 2023 to 2068, or when the Company’s continuing involvement under the lease agreements ends, the related land and obligations will be removed from the balance sheet, with no underlying cash payments. | |||||||||||||
The Company incurred rental expense related to operating leases associated with its supermarkets of $25.4 million, $22.3 million and $22.5 million, net of sublease rental income of $4.2 million, $3.5 million and $3.4 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively, that is included in rent expense in the consolidated statements of comprehensive (loss) income. In addition, the Company incurred rental expense related to equipment recorded in selling and general expenses in the consolidated statements of comprehensive (loss) income of $0.4 million, $0.8 million and $0.7 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. The Company also incurred rental expense related to equipment and office rent recorded in administrative expenses in the consolidated statements of comprehensive (loss) income of $1.4 million, $2.1 million and $2.1 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. |
Debt
Debt | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||
Debt | ' | ' | ||||||||||||||||
7. DEBT | 9. DEBT | |||||||||||||||||
Long-term debt is comprised of the following (dollars in thousands): | Long-term debt is comprised of the following (dollars in thousands): | |||||||||||||||||
October 5, 2013 | December 29, 2012 | December 29, 2012 | December 31, 2011 | |||||||||||||||
Holding I Notes | $ | 460,000 | $ | 460,000 | 2017 Notes | $ | 460,000 | $ | — | |||||||||
Holding II Notes | 150,000 | — | 2015 Notes | — | 350,000 | |||||||||||||
Discount on Holding II Notes | (1,408 | ) | — | Discount on 2015 Notes, net | — | (2,495 | ) | |||||||||||
2017 ABL Facility | 48,300 | 35,000 | 2017 ABL Facility | 35,000 | — | |||||||||||||
Other loans | 2,611 | 2,011 | 2013 ABL Facility | — | 5,000 | |||||||||||||
Mortgage note payable | 490 | 706 | Other loans | 2,011 | 2,219 | |||||||||||||
Mortgage note payable | 706 | 950 | ||||||||||||||||
Total debt | 659,993 | 497,717 | ||||||||||||||||
Current portion | (2,307 | ) | (2,271 | ) | Total debt | 497,717 | 355,674 | |||||||||||
Current portion | (2,271 | ) | (434 | ) | ||||||||||||||
Total long-term debt | $ | 657,686 | $ | 495,446 | ||||||||||||||
Total long-term debt | $ | 495,446 | $ | 355,240 | ||||||||||||||
On May 15, 2013, Holding II issued $150.0 million of unsecured senior notes, bearing cash interest of 8.75% (the “Holding II Notes”). If certain conditions are met, Holding II may be entitled to pay interest on the Holding II Notes by increasing the principal of the notes or by issuing new notes as pay-in-kind interest. Such interest would accrue at a rate of 9.50%. The $148.5 million proceeds from the Holding II Notes issuance, net of a $1.5 million original issue discount, were used to pay a $141.9 million, or $980 per share, dividend to the Holding II stockholders. The Holding II Notes mature June 15, 2018 and require semi-annual interest payments on June 15 and December 15 beginning on December 15, 2013. To the extent permitted by the agreements governing the Holding I Notes (see below) and the 2017 ABL Facility (see below), Holding I is expected to make dividend payments to Holding II to fund the semi-annual interest payments related to the Holding II Notes. The Holding II Notes are redeemable, in whole or in part, at any time on or after June 15, 2015 at specified redemption prices. Prior to June 15, 2015, the Company may redeem some or all of the Holding II Notes at a specified “make-whole” premium. | ||||||||||||||||||
On December 20, 2012, Holding I and Tops Markets (collectively, the “Issuers”) issued $460.0 million of senior secured notes, bearing interest of 8.875% (the “Holding I Notes”). Effective May 15, 2013, Tops Markets II Corporation was added as a co-issuer of the Holding I Notes. On August 20, 2013, Holding II was added as a guarantor of the Holding I Notes. The proceeds from the Holding I Notes were used to redeem the Issuers’ previously outstanding $350.0 million senior secured notes, pay a $100.0 million dividend to the Holding I shareholders and pay fees and expenses related to the notes issuance. The Holding I Notes mature December 15, 2017 and require semi-annual interest payments on June 15 and December 15. The Holding I Notes are redeemable, in whole or in part, at any time on or after June 15, 2015 at specified redemption prices. Prior to June 15, 2015, the Issuers may redeem some or all of the Holding I Notes at a specified “make-whole” premium. | During Fiscal 2009, the Company and Tops Markets (collectively, the “Issuers”) issued $275.0 million of senior secured notes, bearing interest of 10.125% (the “2015 Notes”). During Fiscal 2010, the Issuers issued an additional $75.0 million of 2015 Notes on the same terms as the Fiscal 2009 issuance. The 2015 Notes were scheduled to mature October 15, 2015. | |||||||||||||||||
The Holding I Notes are collateralized by (i) first priority interests, subject to certain exceptions and permitted liens, in the stock held by Holding II, the Issuers, Tops Markets II Corporation and the guarantor subsidiaries, Tops PT, LLC and Tops Gift Card Company, LLC (collectively, the “Guarantors”), the Company’s warehouse distribution facility in Lancaster, New York, the Company’s retail facility located in Fayetteville, New York and certain owned real property acquired by the Issuers and the Guarantors following the issue date of the Holding I Notes, equipment, intellectual property, and substantially all other assets of the Issuers and the Guarantors, other than assets securing the Company’s asset-based revolving credit facility (the “2017 ABL Facility”) on a first priority basis (collectively, the “Holding I Notes Priority Collateral”), and (ii) second priority interests, subject to certain exceptions and permitted liens, in the assets of the Issuers and the Guarantors that secure the 2017 ABL Facility on a first-priority basis, including present and future receivables, deposit accounts, inventory, prescription lists, and certain rights and proceeds relating thereto (collectively, the “ABL Priority Collateral”). | On December 20, 2012, the Issuers issued $460.0 million of senior secured notes, bearing interest of 8.875% (the “2017 Notes”). The proceeds from the 2017 Notes were used to redeem the 2015 Notes, pay a $100.0 million dividend to the Company’s shareholders and pay fees and expenses related to the notes issuance. The 2017 Notes mature December 15, 2017 and require semi-annual interest payments on June 15 and December 15 beginning on June 15, 2013. The notes are redeemable, in whole or in part, at any time on or after June 15, 2015 at specified redemption prices. Prior to June 15, 2015, the Issuers may redeem some or all of the notes at a specified “make-whole” premium. | |||||||||||||||||
On December 14, 2012, Tops Markets entered into an amended and restated asset-based revolving credit facility, the 2017 ABL Facility, with Bank of America, N.A., as collateral agent and administrative agent. The 2017 ABL Facility allows a maximum borrowing capacity of $125.0 million, subject to a borrowing base calculation, with an option for future upsizing with up to $50.0 million of additional commitments if certain conditions are met. The borrowing base includes inventory, pharmacy prescription files and certain receivables. The 2017 ABL Facility will mature on December 14, 2017. | Also on December 20, 2012, the Company satisfied and discharged its obligations under the 2015 Notes by depositing $377.3 million in irrevocable trust to repay the $350.0 million notes, and pay a $17.7 million redemption premium and $9.6 million of unpaid interest calculated through January 22, 2013, the settlement date of the redemption with bondholders. The redemption premium, prepaid interest for the period between the December 20, 2012 discharge date and the January 22, 2013 settlement date of $3.2 million, the write off of unamortized deferred financing costs of $7.8 million (see Note 6) and the write off of the unamortized net discount on the 2015 Notes of $2.0 million were recorded within loss on debt extinguishment in the Fiscal 2012 consolidated statement of operations and comprehensive (loss) income. | |||||||||||||||||
Based upon the borrowing base calculation as of October 5, 2013, the unused availability under the 2017 ABL Facility was $46.6 million, after giving effect to $15.4 million of letters of credit outstanding thereunder. As of December 29, 2012, $14.8 million of letters of credit were outstanding under the 2017 ABL Facility. Revolving loans under the 2017 ABL Facility, at the Company’s option, bear interest at either i) LIBOR plus a margin of 150 to 200 basis points, determined based on levels of borrowing availability, or ii) the prime rate plus a margin of 50 to 100 basis points, determined based on levels of borrowing availability. As of October 5, 2013 and December 29, 2012, the effective interest rates on borrowings under the 2017 ABL Facility were 2.07% and 2.06%, respectively. The 2017 ABL Facility is collateralized primarily by (i) first priority interests, subject to certain exceptions and permitted liens, in the ABL Priority Collateral and (ii) second priority interests, subject to certain exceptions and permitted liens, in the Holding I Notes Priority Collateral. | The 2017 Notes are collateralized by (i) first priority interests, subject to certain exceptions and permitted liens, in the stock held by the Issuers and the guarantor subsidiaries, Tops PT, LLC and Tops Gift Card Company, LLC (collectively, the “Guarantors”), the Company’s warehouse distribution facility in Lancaster, New York, the Company’s retail facility located in Fayetteville, New York and certain owned real property acquired by the Issuers and the Guarantors following the issue date of the 2017 Notes, equipment, intellectual property, and substantially all other assets of the Issuers and the Guarantors, other than assets securing the Company’s asset-based revolving credit facility (the “2017 ABL Facility”) on a first priority basis (collectively, the “Notes Priority Collateral”), and (ii) second priority interests, subject to certain exceptions and permitted liens, in the assets of the Issuers and the Guarantors that secure the 2017 ABL Facility on a first-priority basis, including present and future receivables, deposit accounts, inventory, prescription lists, and certain rights and proceeds relating thereto (collectively, the “ABL Priority Collateral”). | |||||||||||||||||
The instruments governing the Holding II Notes, Holding I Notes and the 2017 ABL Facility impose customary affirmative and negative covenants on the Company, including restrictions on indebtedness, liens, type of business, acquisitions, investments, sale or transfer of assets, payment of dividends, transactions involving affiliates, and obligations on a change in control. Failure to meet any of these covenants would be an event of default. | ||||||||||||||||||
During Fiscal 2009, Tops Markets entered into an asset-based revolving credit facility (the “2013 ABL Facility”), which was scheduled to expire on October 9, 2013. The 2013 ABL Facility, as amended, allowed a maximum borrowing capacity of $100.0 million, including a sub-limit for the issuance of letters of credit, subject to a borrowing base calculation. Based upon the borrowing base calculation as of December 31, 2011, the unused availability under the 2013 ABL Facility was $70.4 million, after giving effect to $13.1 million of letters of credit outstanding thereunder. | ||||||||||||||||||
On December 14, 2012, Tops Markets entered into an amended and restated asset-based revolving credit facility, the 2017 ABL Facility, with Bank of America, N.A., as collateral agent and administrative agent. The 2017 ABL Facility allows a maximum borrowing capacity of $125.0 million, subject to a borrowing base calculation, with an option for future upsizing with up to $50.0 million of incremental commitments if certain conditions are met. The borrowing base includes inventory, pharmacy prescription files and certain receivables. The 2017 ABL Facility will mature on or before December 14, 2017. | ||||||||||||||||||
Based upon the borrowing base calculation as of December 29, 2012, the unused availability under the 2017 ABL Facility was $54.5 million, after giving effect to $14.8 million of letters of credit outstanding thereunder. Revolving loans under the 2017 ABL Facility, at the Company’s option, bear interest at either i) LIBOR plus a margin of 150 to 200 basis points, determined based on levels of borrowing availability, or ii) the prime rate plus a margin of 50 to 100 basis points, determined based on levels of borrowing availability. As of December 29, 2012, the effective interest rate on borrowings under the 2017 ABL Facility was 2.06%. The 2017 ABL Facility is collateralized primarily by (i) first priority interests, subject to certain exceptions and permitted liens, in the ABL Priority Collateral and (ii) second priority interests, subject to certain exceptions and permitted liens, in the Notes Priority Collateral. | ||||||||||||||||||
The instruments governing the 2017 Notes and the 2017 ABL Facility impose customary affirmative and negative covenants on the Company, including restrictions on indebtedness, liens, type of business, acquisitions, investments, sale or transfer of assets, payment of dividends, transactions involving affiliates, and change in control. Failure to meet any of these covenants would be an event of default. | ||||||||||||||||||
Principal payments required to be made on outstanding debt as of December 29, 2012, excluding capital lease obligations, is as follows (dollars in thousands): | ||||||||||||||||||
2013 | $ | 2,271 | ||||||||||||||||
2014 | 280 | |||||||||||||||||
2015 | 166 | |||||||||||||||||
2016 | — | |||||||||||||||||
2017 | 495,000 | |||||||||||||||||
Thereafter | — | |||||||||||||||||
Total debt | $ | 497,717 | ||||||||||||||||
Interest expense, inclusive of capital lease interest of $18.0 million, was $58.9 million during Fiscal 2012. Interest expense, inclusive of capital lease interest of $20.1 million, was $61.7 million during Fiscal 2011. Interest expense, inclusive of capital lease interest of $21.5 million, was $61.2 million during Fiscal 2010. |
Impairment_Charges
Impairment Charges | 9 Months Ended | 12 Months Ended |
Oct. 05, 2013 | Dec. 29, 2012 | |
Impairment Charges | ' | ' |
9. IMPAIRMENT | 10. IMPAIRMENT CHARGES | |
During August 2013, the Company made the determination to abandon the use of software procured for use in its point-of-sale system. Accordingly, the Company wrote off software assets with an aggregate net carrying value of $1.6 million as an impairment in the condensed consolidated statements of comprehensive (loss) income during the 12 and 40-week periods ended October 5, 2013. | On June 30, 2011, the Federal Trade Commission (“FTC”) approved the Company’s application to sell three supermarkets acquired as part of the Fiscal 2010 Penn Traffic acquisition pursuant to a divestiture order. The sale of these supermarkets occurred in late July and early August 2011. The Company recorded a $1.9 million impairment within the consolidated statement of operations and comprehensive (loss) income during Fiscal 2011, representing the excess of the carrying value of assets over the fair value of assets. | |
During November 2011, the Company executed an agreement to sell an additional supermarket acquired from Penn Traffic subject to the FTC divestiture order. The Company recorded a $0.9 million impairment within the consolidated statement of operations and comprehensive (loss) income during Fiscal 2011, representing the excess of the carrying value of assets over the fair value of assets. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||
INCOME TAXES | ' | ' | ||||||||||||||||||||||||||||
8. INCOME TAXES | 11. INCOME TAXES | |||||||||||||||||||||||||||||
Income tax expense was as follows (dollars in thousands): | Income tax expense (benefit) for Fiscal 2012, Fiscal 2011 and Fiscal 2010 was as follows (dollars in thousands): | |||||||||||||||||||||||||||||
12-week periods ended | 40-week periods ended | Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||
October 5, 2013 | October 6, 2012 | October 5, 2013 | October 6, 2012 | Current: | ||||||||||||||||||||||||||
Current | $ | 1 | $ | 42 | $ | 1 | $ | 97 | Federal | $ | 3 | $ | 30 | $ | 192 | |||||||||||||||
Deferred | 377 | 297 | 1,182 | 964 | State | 41 | 16 | 3 | ||||||||||||||||||||||
Total income tax expense | $ | 378 | $ | 339 | $ | 1,183 | $ | 1,061 | Total current | 44 | 46 | 195 | ||||||||||||||||||
The income tax expense for the 12-week period ended October 5, 2013 primarily reflects the recognition of additional valuation allowance associated with the Company’s indefinite-lived tradename and goodwill deferred tax liabilities. The overall effective tax rate was 158.8%. The effective tax rate would have been (1,826.4)% without the impact of adjustments to the valuation allowance. This unusual effective tax rate is attributable to the near break-even forecasted pre-tax (loss) income for fiscal 2013. | Deferred: | |||||||||||||||||||||||||||||
The income tax expense for the 12-week period ended October 6, 2012 primarily reflects the recognition of additional valuation allowance associated with the Company’s indefinite-lived tradename deferred tax liability. The overall effective tax rate was 6.7%. The effective tax rate would have been 40.1% without the impact of federal tax credits and adjustments to the valuation allowance. | Federal | (7,716 | ) | 1,526 | (19,476 | ) | ||||||||||||||||||||||||
The income tax expense for the 40-week period ended October 5, 2013 primarily reflects the recognition of additional valuation allowance associated with the Company’s indefinite-lived tradename and goodwill deferred tax liabilities. The overall effective tax rate was (14.0)%. The effective tax rate would have been 41.9% without the impact of adjustments to the valuation allowance. | State | (1,459 | ) | (506 | ) | (1,624 | ) | |||||||||||||||||||||||
The income tax expense for the 40-week period ended October 6, 2012 primarily reflects the recognition of additional valuation allowance associated with the Company’s indefinite-lived tradename deferred tax liability. The overall effective tax rate was 6.7%. The effective tax rate would have been 39.8% without the impact of federal tax credits and adjustments to the valuation allowance. | Change in valuation allowance | 10,539 | 229 | 11,901 | ||||||||||||||||||||||||||
Total deferred | 1,364 | 1,249 | (9,199 | ) | ||||||||||||||||||||||||||
Total income tax expense (benefit) | $ | 1,408 | $ | 1,295 | $ | (9,004 | ) | |||||||||||||||||||||||
Reconciliations of the statutory federal income tax (benefit) expense to the effective tax expense (benefit) for Fiscal 2012, Fiscal 2011 and Fiscal 2010 are as follows (dollars in thousands): | ||||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||
Statutory federal income tax (benefit) expense | $ | (7,540 | ) | $ | 2,494 | $ | (12,585 | ) | ||||||||||||||||||||||
Valuation allowance | 10,539 | 229 | 11,901 | |||||||||||||||||||||||||||
State income tax benefit, net of federal benefit | (1,471 | ) | (496 | ) | (1,622 | ) | ||||||||||||||||||||||||
Non-deductible expenses | 69 | 143 | 170 | |||||||||||||||||||||||||||
Benefit of federal tax credits | (63 | ) | (1,107 | ) | (1,182 | ) | ||||||||||||||||||||||||
Non-taxable gain on bargain purchase | — | — | (5,489 | ) | ||||||||||||||||||||||||||
ASC 740 adjustment | — | — | 192 | |||||||||||||||||||||||||||
Other | (126 | ) | 32 | (389 | ) | |||||||||||||||||||||||||
$ | 1,408 | $ | 1,295 | $ | (9,004 | ) | ||||||||||||||||||||||||
The components of deferred income tax assets and liabilities are comprised of the following (dollars in thousands): | ||||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||
Current deferred tax assets (liabilities): | ||||||||||||||||||||||||||||||
Inventory and other reserves | $ | (2 | ) | $ | 313 | |||||||||||||||||||||||||
Prepaid taxes, insurance and service contracts | 5,536 | 3,826 | ||||||||||||||||||||||||||||
Other | 3,176 | 2,559 | ||||||||||||||||||||||||||||
Valuation allowance | (6,786 | ) | (4,727 | ) | ||||||||||||||||||||||||||
Current net deferred tax assets | 1,924 | 1,971 | ||||||||||||||||||||||||||||
Non-current deferred tax assets (liabilities): | ||||||||||||||||||||||||||||||
Capital leases | 11,441 | 10,091 | ||||||||||||||||||||||||||||
Property and equipment depreciation | (2,544 | ) | 755 | |||||||||||||||||||||||||||
Goodwill and intangible assets | (12,335 | ) | (13,938 | ) | ||||||||||||||||||||||||||
Federal and state net operating loss carryforwards and federal credits | 26,179 | 19,308 | ||||||||||||||||||||||||||||
Valuation allowance | (31,247 | ) | (21,299 | ) | ||||||||||||||||||||||||||
Other | 2,880 | 774 | ||||||||||||||||||||||||||||
Non-current net deferred tax liabilities | (5,626 | ) | (4,309 | ) | ||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (3,702 | ) | $ | (2,338 | ) | ||||||||||||||||||||||||
The Company has U.S. federal and state net operating losses of $59.1 million and $50.0 million, respectively, which expire beginning in 2027. In addition, the Company has federal tax credits of $3.2 million which expire beginning in 2027. | ||||||||||||||||||||||||||||||
The Company has performed the required assessment of positive and negative evidence regarding the realization of the net deferred income tax assets in accordance with ASC 740. The Company considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future taxable income and recent financial operations, to determine whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of a net deferred income tax asset. Judgment is used in considering the relative impact of negative and positive evidence. In arriving at these judgments, the weight given to the potential effect of negative and positive evidence is commensurate with the extent to which such evidence can be objectively verified. In evaluating the objective evidence provided by historical results, the Company considers the past three years. | ||||||||||||||||||||||||||||||
Based on an assessment of the available positive and negative evidence, including the Company’s historical results, the Company determined that there are uncertainties relating to its ability to utilize the net deferred tax assets. In recognition of these uncertainties, the Company provided a valuation allowance of $13.9 million on the net deferred income tax assets during Fiscal 2009. During Fiscal 2012, Fiscal 2011 and Fiscal 2010, the Company established additional valuation allowance of $10.5 million, $0.2 million and $11.9 million, respectively, with offsetting charges to income tax expense (benefit). Additionally, during Fiscal 2012, the Company established additional valuation allowance of $1.5 million related to amounts recorded in other comprehensive loss. If the Company determines that it is more likely than not that it can realize its deferred tax assets in the future, the Company will make an adjustment to the valuation allowance. | ||||||||||||||||||||||||||||||
During 2007, the Company adopted new standards for accounting for uncertainty in income taxes. As of the adoption, the total amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $0.9 million. In connection with the completion of the IRS’s examination of the Company’s federal income tax returns for the 2007 and 2008 tax years, this unrecognized tax benefit was settled during Fiscal 2010, with no resulting income tax amounts payable. As part of the settlement, the Company paid interest and penalties of $0.2 million, which was accrued during Fiscal 2008 and Fiscal 2009. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company did not have any unrecognized tax benefits during Fiscal 2012 and Fiscal 2011, and the Company does not expect significant unrecognized tax benefits over the next twelve months. | ||||||||||||||||||||||||||||||
The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The Company’s U.S. federal income tax returns for tax years 2009 and beyond remain subject to examination by the IRS. State returns remain subject to examination for tax years 2007 and beyond depending on each state’s statute of limitations. |
Shareholders_Deficit
Shareholders' Deficit | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||
Shareholders' Deficit | ' | ' | ||||||||||||||||
10. SHAREHOLDERS’ DEFICIT | 12. SHAREHOLDERS’ DEFICIT | |||||||||||||||||
On May 15, 2013, the Company paid a dividend to its shareholders totaling $141.9 million, or $980 per share. | Effective January 27, 2010, the Board of Directors increased the number of common shares that the Company has the authority to issue from 200,000 shares to 300,000 shares. On January 29, 2010, the Company received $30.0 million of proceeds from the issuance of 44,776 shares of common stock to its shareholders. On July 26, 2010, the Company paid a dividend to its shareholders totaling $30.0 million, or $207.22 per share of common stock outstanding. On December 20, 2012, the Company paid a dividend to its shareholders totaling $100.0 million, or $690.72 per share of common stock outstanding. | |||||||||||||||||
Effective May 14, 2013, Holding I’s Board of Directors accelerated the vesting of stock options granted under its 2007 Stock Incentive Plan such that all outstanding and unvested stock options became immediately and fully vested. The 11,340 total outstanding stock options were then contributed by the option holders to Holding II in exchange for options to acquire shares of common stock of Holding II. Following the May 15, 2013 Holding II dividend, the exercise prices of all outstanding stock options were reduced by $380, from $400 to $20 per share. As a result of the acceleration of vesting and exercise price reductions of outstanding stock options, the Company recognized incremental stock-based compensation expense of $3.3 million within administrative expenses in the condensed consolidated statement of comprehensive (loss) income during the 40-week period ended October 5, 2013. | Effective January 24, 2008, the Company adopted the 2007 Stock Incentive Plan (‘‘Stock Plan’’) pursuant to which the Company’s Board of Directors, or a committee appointed by the Board of Directors (‘‘Committee’’), may grant at its discretion non-qualified stock options to directors, employees, consultants or independent contractors of the Company. Under the terms of the stock options granted to date, options that have not vested prior to a participant’s termination of employment with the Company are forfeited. The Stock Plan reserves 13,600 shares of common stock for issuance under the plan. | |||||||||||||||||
On May 16, 2013, following the May 15, 2013 dividend, the Company awarded make-whole payments to holders of stock options under the 2007 Stock Incentive Plan in amounts of $600 per stock option, representing the difference between the per share dividend paid to Holding II stockholders and the reduction in the exercise price of the stock options. These payments, totaling $6.8 million, were recorded within administrative expenses in the condensed consolidated statement of comprehensive (loss) income during the 40-week period ended October 5, 2013. Additionally, between May 20 and May 22, 2013, all outstanding stock options were exercised, which resulted in cash proceeds of $0.2 million. | Stock options generally vest over a period of three to five years, and expire ten years from the grant date. Awards granted may be subject to other vesting terms as determined by the Committee. For stock options granted to date, the payments of the option prices are to be made in cash. In addition, an option holder will be required to satisfy the tax liability associated with the exercise of stock options by a method provided in the Stock Plan, as directed by the Committee. | |||||||||||||||||
Effective December 28, 2012, following the December 20, 2012 dividend, the Company reduced the exercise price of 4,645 stock option grants, representing all outstanding options with exercise prices in excess of $400, to $400 per share. No other terms of the awards were modified. The exercise price reductions resulted in an expected $0.6 million of incremental stock-based compensation expense, of which $0.3 million was recorded during Fiscal 2012. The remaining $0.3 million is expected to be recorded over the remaining vesting periods of the awards. | ||||||||||||||||||
The following table summarizes the status and changes of stock options outstanding under the Stock Plan (dollars in thousands): | ||||||||||||||||||
Number of | Weighted | Average | Aggregate | |||||||||||||||
Shares | Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value(1) | ||||||||||||||||
Price Per | Term | |||||||||||||||||
Share | (In Years) | |||||||||||||||||
Outstanding – January 2, 2010 | 7,550 | $ | 413 | |||||||||||||||
Granted | 4,470 | 1,040 | ||||||||||||||||
Forfeited | (555 | ) | 400 | |||||||||||||||
Outstanding – January 1, 2011 | 11,465 | 658 | ||||||||||||||||
Forfeited | (125 | ) | 1,040 | |||||||||||||||
Outstanding – December 31, 2011 | 11,340 | 654 | ||||||||||||||||
Outstanding – December 29, 2012 | 11,340 | 400 | ||||||||||||||||
Vested and expected to vest – December 29, 2012 | 11,340 | 400 | 2.9 | $ | 816 | |||||||||||||
Options exercisable – December 29, 2012 | 5,833 | $ | 400 | |||||||||||||||
-1 | The intrinsic value is calculated based on the difference between the weighted average exercise price per share and the fair market value of the Company’s common stock as of December 29, 2012 of $472 per share. | |||||||||||||||||
Compensation expense recognized in connection with the Stock Plan amounted to $1.1 million, $1.1 million and $0.7 million for Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively, and is included in administrative expenses in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||
The Company determines the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The determination of fair value using the Black-Scholes option pricing model requires a number of complex and subjective variables. Key assumptions in the Black-Scholes option pricing model include the value of the common stock, the expected life, expected volatility of the stock, the risk-free interest rate, and estimated forfeitures. The value of the common stock related to the current year option grants was determined by management with the assistance of a third-party valuation firm. The estimated life was equal to the award’s expected term which was estimated using the simplified method. Expected stock price volatility was based on the expected volatility of a peer group that had actively traded stock during the period immediately preceding the share-based award grant. The risk-free rate of interest was based on the zero coupon U.S. Treasury rates appropriate for the expected term of the award. Estimated forfeitures are based on historical data, as well as management’s current expectations, the Company does not expect any forfeitures. | ||||||||||||||||||
For options granted during Fiscal 2010, the weighted average fair values of the stock options granted, estimated on the dates of grant using the Black-Scholes option-pricing model, were $407.07 using the following assumptions. | ||||||||||||||||||
Estimated life in years | 6.2 | |||||||||||||||||
Expected volatility | 37.6 | % | ||||||||||||||||
Expected dividends | — | |||||||||||||||||
Risk-free rate | 1.6 | % | ||||||||||||||||
The Company’s outstanding stock options represent non-qualified stock options for income tax purposes. As such, the stock option grants result in the creation of a deferred tax asset until the time that such stock option is exercised. | ||||||||||||||||||
The total unrecognized non-vested stock-based compensation expense relating to the options is $1.3 million at December 29, 2012, with $0.7 million expected to be recorded as compensation expense in Fiscal 2013. The remaining weighted average vesting period for the stock options is 1.5 years at December 29, 2012. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Oct. 05, 2013 | Dec. 29, 2012 | |
Related Party Transactions | ' | ' |
11. RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS | |
Holding I is a party to a Transaction and Monitoring Fee Agreement with MSPE and Graycliff. In consideration of services provided, Holding I pays an annual monitoring fee of $0.8 million to MSPE and $0.2 million to Graycliff, on a quarterly basis. During each of the 12-week periods ended October 5, 2013 and October 6, 2012, monitoring fees of $0.2 million were paid. During each of the 40-week periods ended October 5, 2013 and October 6, 2012, monitoring fees of $0.7 million were paid. These fees are included in administrative expenses in the condensed consolidated statements of comprehensive (loss) income. | During Fiscal 2010, the Company entered into a $25.0 million Bridge Loan with Morgan Stanley Senior Funding, Inc. (an affiliate of MSPE) and Banc of America Bridge LLC, as discussed in Note 6. This Bridge Loan was repaid in full during Fiscal 2010. Also during Fiscal 2010, the Company received $30.0 million from the issuance of common stock to related parties, as discussed in Note 12. | |
Holding I is a party to a Transaction and Monitoring Fee Agreement with MSPE and Graycliff. In consideration of services provided, the Company pays an annual monitoring fee of $0.8 million to MSPE and $0.2 million to Graycliff, on a quarterly basis. Monitoring fees of $1.0 million were paid during Fiscal 2012, Fiscal 2011 and Fiscal 2010. These fees are included in administrative expenses in the consolidated statements of comprehensive (loss) income. |
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2012 | |||||||||||||||||||||||||||||
Retirement Plans | ' | ||||||||||||||||||||||||||||
14. RETIREMENT PLANS | |||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||
Certain former members of management of Tops Markets receive benefits under a nonqualified, unfunded supplemental executive retirement plan (“SERP”). In addition, the Company maintains post-employment benefit plans providing life insurance, disability and medical benefits for certain employees which are included in other post-retirement plans. | |||||||||||||||||||||||||||||
The components of net pension cost related to the SERP and other post-retirement plans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | |||||||||||||||||||||||||||
SERP: | |||||||||||||||||||||||||||||
Interest cost | $ | 162 | $ | 214 | $ | 234 | |||||||||||||||||||||||
Net pension cost | $ | 162 | $ | 214 | $ | 234 | |||||||||||||||||||||||
Other Post-Retirement Plans: | |||||||||||||||||||||||||||||
Interest cost | $ | 104 | $ | 111 | $ | 112 | |||||||||||||||||||||||
Service cost | 3 | 3 | 3 | ||||||||||||||||||||||||||
Net pension cost | $ | 107 | $ | 114 | $ | 115 | |||||||||||||||||||||||
Estimated future benefit payments related to the SERP and other post-retirement plans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
SERP | Other | ||||||||||||||||||||||||||||
Post-Retirement | |||||||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||||||
2013 | $ | 620 | $ | 236 | |||||||||||||||||||||||||
2014 | 590 | 234 | |||||||||||||||||||||||||||
2015 | 558 | 207 | |||||||||||||||||||||||||||
2016 | 523 | 202 | |||||||||||||||||||||||||||
2017 | 486 | 246 | |||||||||||||||||||||||||||
Subsequent five years | 1,832 | 1,139 | |||||||||||||||||||||||||||
As these plans are unfunded, estimated contributions are expected to equal estimated benefit payments. | |||||||||||||||||||||||||||||
The changes in benefit obligation related to the SERP and other post-retirement plans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
SERP | Other Post- | ||||||||||||||||||||||||||||
Retirement Plans | |||||||||||||||||||||||||||||
Benefit obligation – January 1, 2011 | $ | 4,868 | $ | 2,490 | |||||||||||||||||||||||||
Interest cost | 214 | 111 | |||||||||||||||||||||||||||
Service cost | — | 3 | |||||||||||||||||||||||||||
Actuarial loss | 620 | 309 | |||||||||||||||||||||||||||
Total disbursements | (650 | ) | (256 | ) | |||||||||||||||||||||||||
Benefit obligation – December 31, 2011 | 5,052 | 2,657 | |||||||||||||||||||||||||||
Interest cost | 162 | 104 | |||||||||||||||||||||||||||
Service cost | — | 3 | |||||||||||||||||||||||||||
Actuarial loss | 614 | 1,785 | |||||||||||||||||||||||||||
Total disbursements | (637 | ) | (384 | ) | |||||||||||||||||||||||||
Benefit obligation – December 29, 2012 | $ | 5,191 | $ | 4,165 | |||||||||||||||||||||||||
The benefit plans have no plan assets and have unfunded status equal to their benefit obligations, which have been classified in the consolidated balance sheets as follows (dollars in thousands): | |||||||||||||||||||||||||||||
SERP | Other Post-Retirement Plans | ||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | 620 | $ | 599 | $ | 236 | $ | 259 | |||||||||||||||||||||
Other long-term liabilities | 4,571 | 4,453 | 3,929 | 2,398 | |||||||||||||||||||||||||
Total liability | $ | 5,191 | $ | 5,052 | $ | 4,165 | $ | 2,657 | |||||||||||||||||||||
Additionally, net actuarial losses of $1.9 million and $1.4 million related to the SERP were included in accumulated other comprehensive loss as of December 29, 2012 and December 31, 2011, respectively. Net actuarial (loss) gain of $(1.6) million and $0.2 million related to other post-retirement plans were included in accumulated other comprehensive loss as of December 29, 2012 and December 31, 2011, respectively. | |||||||||||||||||||||||||||||
Discount rate assumptions used to determine benefit obligations are as follows: | |||||||||||||||||||||||||||||
SERP | Other Post-Retirement Plans | ||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
2.80% | 3.4 | % | 3.4 | % | 4.1 | % | |||||||||||||||||||||||
Discount rate assumptions used to determine net pension cost are as follows: | |||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | |||||||||||||||||||||||||||
SERP | 3.4 | % | 4.7 | % | 4.9 | % | |||||||||||||||||||||||
Other post-retirement plans | 4.1 | % | 4.7 | % | 5.2 | % | |||||||||||||||||||||||
The measurement date for the SERP and other post-retirement plans was December 31, 2012. | |||||||||||||||||||||||||||||
For guidance in determining the discount rate, the Company calculates the implied rate of return by matching the cash flows from the plans to a yield curve of returns available on high-quality corporate bonds at the measurement date. The discount rate assumption is reviewed annually and revised as deemed appropriate. After the purchase of Tops by Holding, the Company ceased participation in the SERP and other post-retirement plans. | |||||||||||||||||||||||||||||
Assumed health care cost trend rates used in the calculation of benefit obligations related to the medical benefits portion of other post-retirement plans are as follows: | |||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||
Initial health care cost trend rate | 6.5 | % | 7 | % | |||||||||||||||||||||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | |||||||||||||||||||||||||
Year to reach ultimate trend rate | 2016 | 2016 | |||||||||||||||||||||||||||
Other Benefit Plans | |||||||||||||||||||||||||||||
During 2008, the Company established a defined contribution 401(k) plan that provides that under certain circumstances the Company will make matching contributions of up to 100% of the first 3%, and 50% of the next 2%, of a participant’s eligible compensation. The Company incurred $2.5 million, $2.5 million and $2.1 million of expense related to this 401(k) plan during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. | |||||||||||||||||||||||||||||
Multiemployer Pension Plan | |||||||||||||||||||||||||||||
The Company contributes to the Local One plan, a defined benefit multiemployer pension plan, covering union-represented employees under its collective bargaining agreements with Local One. The Local One plan generally provides retirement benefits to participants based on their years of service to contributing employers. The retirement benefits provided by the Local One plan are generally not negotiated by participating employers. During Fiscal 2012, Fiscal 2011 and Fiscal 2010, the Company made contributions of $9.4 million, $8.9 million and $8.3 million, respectively, to this plan. The risks of participating in a multiemployer pension plan are different from a single-employer pension plan in the following respects: | |||||||||||||||||||||||||||||
a) | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; | ||||||||||||||||||||||||||||
b) | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and | ||||||||||||||||||||||||||||
c) | If the Company stops participating in the multiemployer pension plan, it may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||||||
The Company’s participation in this plan is outlined in the following table. The “EIN / Plan Number” column provides the Employer Identification Number, or EIN, and the Plan Number. The most recent Pension Protection Act Zone Status available in 2012 and 2011 is for the Local One plan’s years ending December 31, 2011, and December 31, 2010, respectively. The zone status is based on information that the Company received from the plan. Among other factors, generally, plans in critical status (“red zone”) are less than 65 percent funded, plans in endangered or seriously endangered status (“yellow zone” or “orange zone”, respectively) are less than 80 percent funded, and plans at least 80 percent funded are said to be in the “green zone.” The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan, or FIP, or a rehabilitation plan, or RP, is either pending or has been implemented by the trustees of the plan. | |||||||||||||||||||||||||||||
Pension Protection | Tops 5% of Total | FIP/RP | Surcharge | Expiration Dates | |||||||||||||||||||||||||
Act Zone Status | Contributions | Status | Imposed | of Collective | |||||||||||||||||||||||||
Pending / | Bargaining | ||||||||||||||||||||||||||||
EIN / Plan Number | 2012 | 2011 | 2012 | 2011 | Implemented | Agreements | |||||||||||||||||||||||
16-6144007 / 001 | Red | Red | Yes | Yes | Implemented | No | March 30, 2014 – | ||||||||||||||||||||||
October 3, 2015 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | 12 Months Ended | ||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||
Commitments and Contingencies | ' | ' | ||||
12. COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES | |||||
Purchase Commitments | Purchase Commitments | |||||
On November 12, 2009, Tops Markets entered into a supply contract with C&S Wholesale Grocers, Inc. (“C&S”) whereby C&S provides warehousing, logistics, procurement and purchasing services in support of the majority of the Company’s supply chain. The agreement expires on September 24, 2016. The agreement provides that the actual costs of performing these services shall be reimbursed to C&S on an “open-book” or “cost-plus” basis, whereby the parties will negotiate annual budgets that will be reconciled against actual costs on a periodic basis. The parties will also annually negotiate services specifications and performance standards that will govern warehouse operations. The agreement defines the parties’ respective responsibilities for the procurement and purchase of merchandise intended for use or resale at the Company’s stores, as well as the parties’ respective remuneration for warehousing and procurement/purchasing activities. In consideration for the services it provides under the agreement, C&S will be paid an annual fee and will have incentive income opportunities based upon the Company’s cost savings and increases in retail sales volume. | On November 12, 2009, the Company entered into a supply contract with C&S whereby C&S provides warehousing, logistics, procurement and purchasing services in support of the majority of the Company’s supply chain. The agreement expires on September 24, 2016. The agreement provides that the actual costs of performing these services shall be reimbursed to C&S on an “open-book” or “cost-plus” basis, whereby the parties will negotiate annual budgets that will be reconciled against actual costs on a periodic basis. The parties will also annually negotiate services specifications and performance standards that will govern warehouse operations. The agreement defines the parties’ respective responsibilities for the procurement and purchase of merchandise intended for use or resale at the Company’s stores, as well as the parties’ respective remuneration for warehousing and procurement/purchasing activities. In consideration for the services it provides under the agreement, C&S will be paid an annual fee and will have incentive income opportunities based upon the Company’s cost savings and increases in retail sales volume. | |||||
On September 24, 2012, Tops Markets entered into a separate supply agreement with C&S to provide similar services in support of the 21 supermarkets acquired in the GU Acquisition from GU Markets LLC, an affiliate of C&S, in October 2012. This agreement expires on September 23, 2022. | On September 24, 2012, the Company entered into a supplemental supply agreement with C&S to provide similar services in support of the 21 supermarkets acquired in the GU Acquisition. This agreement expires on September 23, 2022. | |||||
Effective May 1, 2013, Tops Markets entered into a member participation agreement with Topco Associates LLC, a procurement cooperative for food retailers and wholesalers, for the supply of substantially all of the Company’s prescription drugs and other health and beauty care products requirements. There is no minimum purchase requirement, and this agreement expires February 28, 2017. The Company’s previous supply agreement for these products with McKesson Corporation was terminated without penalty. | Effective December 1, 2010, the Company extended the term of its existing supply contract with McKesson through January 31, 2014 for the supply of substantially all of the Company’s prescription drugs and other health and beauty care products requirements. The Company is required to purchase a minimum of $400 million of product during the period from December 1, 2010 to January 1, 2014. The Company purchased $135.5 million, $146.7 million and $11.2 million of product under this contract during Fiscal 2012, Fiscal 2011 and December 2010, respectively, and expects to meet the minimum purchases requirement. | |||||
Effective July 24, 2010, Tops Markets extended its existing IT outsourcing agreement with HP Enterprise Services, LLC (formerly known as Electronic Data Systems, LLC), or HP, through December 31, 2017. Under the agreement, HP provides data center operations, mainframe processing, business applications and systems development to enhance the Company’s customer service and efficiency. The charges under this agreement are based upon the services requested at predetermined rates. | Effective July 24, 2010, the Company extended its existing IT outsourcing agreement with HP Enterprise Services, LLC (formerly known as Electronic Data Systems, LLC), or HP through December 31, 2017 to provide a wide range of information systems services. Under the agreement, HP provides data center operations, mainframe processing, business applications and systems development to enhance the Company’s customer service and efficiency. The charges under this agreement are based upon the services requested at predetermined rates. | |||||
The costs of these purchase commitments are not reflected in the Company’s condensed consolidated balance sheets. | The costs of these purchase commitments are not reflected in the Company’s consolidated balance sheets. | |||||
Environmental Liabilities | Asset Retirement Obligations | |||||
The Company is contingently liable for potential environmental issues of some of its properties. As the Company is unaware of environmental issues that are expected to materially impact the Company’s condensed consolidated financial statements as a whole, no amounts were accrued as of October 5, 2013 or December 29, 2012. | The changes in the Asset Retirement Obligations are as follows (dollars in thousands): | |||||
Collective Bargaining Agreements | ||||||
The Company employs approximately 14,000 associates. Approximately 87% of these associates are members of United Food and Commercial Workers, or UFCW, District Union Local One, or Local One, or two other UFCW unions. All other associates are non-union with approximately 25% serving in the Company’s supermarkets acquired in the GU Acquisition, and the remaining non-union associates serving primarily in management, field support or pharmacist roles. The Company is a party to six collective bargaining agreements with Local One expiring between March 2014 and October 2015. The two non-Local One UFCW collective bargaining agreements expire in February 2015 and April 2016, respectively. | ||||||
Balance – January 1, 2011 | $ | 2,336 | ||||
C&S-Related Multiemployer Pension Plans | Accretion of liability | 212 | ||||
At the time we entered into our original supply agreement with C&S, certain of our warehouse personnel became employees of C&S, with C&S assuming our obligations under several multiemployer pension plans. Although we are not a sponsoring employer of, and make no contribution payments to any of these multiemployer pension plans, we have certain contractual indemnification obligations for withdrawal liability that may arise in the event of C&S’s withdrawal from those plans, or upon termination of the supply agreement. | Incremental obligations incurred | 83 | ||||
Legal Proceedings | ||||||
The Company is unaware of legal proceedings that are expected to materially impact the Company’s condensed consolidated financial statements as a whole. No amounts related to legal proceedings were accrued as of October 5, 2013 or December 29, 2012. | Balance – December 31, 2011 | 2,631 | ||||
Obligations of acquired supermarkets | 393 | |||||
Accretion of liability | 235 | |||||
Balance – December 29, 2012 | $ | 3,259 | ||||
Environmental Liabilities | ||||||
The Company is contingently liable for potential environmental issues of some of its properties. As the Company is unable to determine the amount of any potential liability, no amounts were accrued as of December 29, 2012 and December 31, 2011. | ||||||
Collective Bargaining Agreements | ||||||
The Company employs approximately 13,400 associates. Approximately 88% of these associates are members of United Food and Commercial Workers, or UFCW, District Union Local One, or Local One, or two other UFCW unions. All other associates are non-union with approximately 25% serving in our Grand Union acquired supermarket locations, and the remaining non-union associates serving primarily in management, field support or pharmacist roles. The Company is a party to six collective bargaining agreements with Local One expiring between March 2014 and October 2015. The two non-Local One UFCW collective bargaining agreements expire in April 2013 and February 2015, respectively. | ||||||
C&S-Related Multiemployer Pension Plans | ||||||
At the time we entered into our original supply agreement with C&S, certain of our warehouse personnel became employees of C&S, with C&S assuming our obligations under several other multiemployer pension plans. Although we are not a sponsoring employer of, and make no contribution payments to any of these other multiemployer pension plans, we have certain contractual indemnification obligations for withdrawal liability that may arise in the event of C&S’s withdrawal from such plans, or upon termination of the supply agreement. | ||||||
Legal Proceedings | ||||||
The Company is unaware of legal proceedings that are expected to materially impact the Company’s consolidated financial statements as a whole. Accordingly, no amounts related to legal proceedings were accrued as of December 29, 2012 and December 31, 2011. |
Guarantor_Financial_Statements
Guarantor Financial Statements | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Financial Statements | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
13. GUARANTOR FINANCIAL STATEMENTS | 16. GUARANTOR FINANCIAL STATEMENTS | |||||||||||||||||||||||||||||||||||||||||||||||||
The obligations of Holding I, Tops Markets and Tops Markets II Corporation under the Holding I Notes are jointly and severally, fully and unconditionally guaranteed by Holding II, the parent of Holding I, and Tops Gift Card Company, LLC and Tops PT, LLC (“Guarantor Subsidiaries”), both of which are 100% owned subsidiaries of Tops Markets. Holding II was established in May 2013, Tops Gift Card Company, LLC was established in October 2008, and Tops PT, LLC was established in January 2010. Tops Markets and Tops Markets II Corporation are joint issuers of the Holding I notes and are 100% owned by Holding I. Separate financial statements of Holding II, Holding I, Tops Markets, Tops Markets II Corporation and of the Guarantor Subsidiaries are not presented as the guarantees are full and unconditional and Holding II and the Guarantor Subsidiaries are jointly and severally liable thereon. | The obligations of Holding I, Tops Markets and Tops Markets II Corporation under the 2017 Notes are jointly and severally, fully and unconditionally guaranteed by Holding II, the parent of Holding I, and Tops Gift Card Company, LLC and Tops PT, LLC (“Guarantor Subsidiaries”), both of which are 100% owned subsidiaries of Tops Markets. Holding II was established in May 2013, Tops Gift Card Company, LLC was established in October 2008, and Tops PT, LLC was established in January 2010. Tops Markets and Tops Markets II Corporation are joint issuers of the Holding I Notes and are 100% owned by Holding I. Separate financial statements of Holding II, Holding I, Tops Markets, Tops Markets II Corporation and of the Guarantor Subsidiaries are not presented as the guarantees are full and unconditional and Holding II and the Guarantor Subsidiaries are jointly and severally liable thereon. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of October 5, 2013 and December 29, 2012 for Holding II, Holding I, Tops Markets, the Guarantor Subsidiaries, and for the Company, statements of comprehensive (loss) income for the 12 and 40-week periods ended October 5, 2013 and October 6, 2012, and statements of cash flows for the 40-week periods ended October 5, 2013 and October 6, 2012. Supplemental financial information has not been presented for Tops Markets II Corporation as it is a finance subsidiary. | The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of December 29, 2012 and December 31, 2011 for Holding II, Holding I and Tops Markets, the Guarantor Subsidiaries, and for the Company, and statements of comprehensive (loss) income and statements of cash flows for Fiscal 2012, Fiscal 2011 and Fiscal 2010. Supplemental financial information has not been presented for Tops Markets II Corporation as it is a finance subsidiary. | |||||||||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | CONSOLIDATED BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
OCTOBER 5, 2013 | DECEMBER 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding II | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Corporation | LLC | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Cash and cash equivalents | $ | — | $ | — | $ | 31,586 | $ | 836 | $ | — | $ | 32,422 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,807 | $ | — | $ | 22,164 | $ | 831 | $ | — | $ | 29,802 | Accounts receivable, net | — | — | 42,578 | 10,897 | — | 53,475 | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 54,138 | 12,578 | — | 66,716 | Intercompany receivables | — | — | 4,750 | 50,835 | (55,585 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 5,481 | 65,714 | (71,195 | ) | — | Inventory, net | — | — | 91,298 | 34,189 | — | 125,487 | ||||||||||||||||||||||||||||||||||||
Inventory, net | — | — | 99,714 | 35,113 | — | 134,827 | Prepaid expenses and other current assets | — | — | 7,352 | 1,971 | — | 9,323 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 11,563 | 2,473 | — | 14,036 | Income taxes refundable | — | — | 237 | — | — | 237 | |||||||||||||||||||||||||||||||||||||
Income taxes refundable | — | — | 252 | — | — | 252 | Current deferred tax assets | — | — | 1,316 | — | 608 | 1,924 | |||||||||||||||||||||||||||||||||||||
Current deferred tax assets | — | — | 1,316 | — | 608 | 1,924 | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | — | 179,117 | 98,728 | (54,977 | ) | 222,868 | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | 6,807 | — | 194,628 | 116,709 | (70,587 | ) | 247,557 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 277,111 | 64,668 | — | 341,779 | Property and equipment, net | — | — | 280,643 | 70,006 | — | 350,649 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 19,308 | — | — | 19,308 | Goodwill | — | — | 15,002 | — | — | 15,002 | |||||||||||||||||||||||||||||||||||||
Intangible assets, net | — | — | 62,327 | 5,817 | — | 68,144 | Intangible assets, net | — | — | 67,262 | 7,236 | — | 74,498 | |||||||||||||||||||||||||||||||||||||
Other assets | 6,736 | — | 41,413 | 3,041 | (32,723 | ) | 18,467 | Other assets | — | — | 36,811 | 3,041 | (26,867 | ) | 12,985 | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (188,454 | ) | (182,973 | ) | 130,280 | — | 241,147 | — | Investment in subsidiaries | (181,474 | ) | (176,724 | ) | 121,350 | — | 236,848 | — | |||||||||||||||||||||||||||||||||
Total assets | $ | (174,911 | ) | $ | (182,973 | ) | $ | 725,067 | $ | 190,235 | $ | 137,837 | $ | 695,255 | Total assets | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | |||||||||||||||||||||
Liabilities and Shareholders’ (Deficit) Equity | Liabilities and Shareholders’ (Deficit) Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 61,110 | $ | 17,492 | $ | — | $ | 78,602 | Accounts payable | $ | — | $ | — | $ | 60,429 | $ | 17,031 | $ | — | $ | 77,460 | |||||||||||||||||||||||||
Intercompany payables | — | 5,481 | 65,714 | — | (71,195 | ) | — | Intercompany payables | — | 4,750 | 50,835 | — | (55,585 | ) | — | |||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 7,293 | — | 63,136 | 18,097 | (742 | ) | 87,784 | Accrued expenses and other current liabilities | 1,798 | — | 51,981 | 22,705 | (744 | ) | 75,740 | |||||||||||||||||||||||||||||||||||
Current portion of capital lease obligations | — | — | 13,622 | 441 | — | 14,063 | Current portion of capital lease obligations | — | — | 13,955 | 402 | — | 14,357 | |||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | 2,276 | 31 | — | 2,307 | Current portion of long-term debt | — | — | 2,271 | — | — | 2,271 | |||||||||||||||||||||||||||||||||||||
Current deferred tax liability | — | — | — | 11 | (11 | ) | — | Current deferred tax liabilities | — | — | — | 11 | (11 | ) | — | |||||||||||||||||||||||||||||||||||
Total current liabilities | 7,293 | 5,481 | 205,858 | 36,072 | (71,948 | ) | 182,756 | Total current liabilities | 1,798 | 4,750 | 179,471 | 40,149 | (56,340 | ) | 169,828 | |||||||||||||||||||||||||||||||||||
Capital lease obligations | — | — | 137,055 | 2,649 | — | 139,704 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 148,592 | — | 511,554 | 581 | (3,041 | ) | 657,686 | Capital lease obligations | — | — | 146,510 | 2,993 | — | 149,503 | ||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | 33,233 | 5,864 | — | 39,097 | Long-term debt | — | — | 498,487 | — | (3,041 | ) | 495,446 | ||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 19,532 | 14,789 | (27,513 | ) | 6,808 | Other long-term liabilities | — | — | 33,284 | 5,587 | — | 38,871 | ||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 18,350 | 8,932 | (21,656 | ) | 5,626 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 155,885 | 5,481 | 907,232 | 59,955 | (102,502 | ) | 1,026,051 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,798 | 4,750 | 876,102 | 57,661 | (81,037 | ) | 859,274 | |||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (330,796 | ) | (188,454 | ) | (182,165 | ) | 130,280 | 240,339 | (330,796 | ) | ||||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (183,272 | ) | (181,474 | ) | (175,917 | ) | 121,350 | 236,041 | (183,272 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (174,911 | ) | $ | (182,973 | ) | $ | 725,067 | $ | 190,235 | $ | 137,837 | $ | 695,255 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | ||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 29, 2012 | CONSOLIDATED BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Tops Holding II | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Assets | Corporation | LLC | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 31,586 | $ | 836 | $ | — | $ | 32,422 | Current assets: | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 42,578 | 10,897 | — | 53,475 | Cash and cash equivalents | $ | — | $ | — | $ | 18,351 | $ | 830 | $ | — | $ | 19,181 | |||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 4,750 | 50,835 | (55,585 | ) | — | Accounts receivable, net | — | — | 44,809 | 11,178 | — | 55,987 | ||||||||||||||||||||||||||||||||||||
Inventory, net | — | — | 91,298 | 34,189 | — | 125,487 | Intercompany receivables | — | — | 3,800 | 15,556 | (19,356 | ) | — | ||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 7,352 | 1,971 | — | 9,323 | Inventory, net | — | — | 79,972 | 35,337 | — | 115,309 | |||||||||||||||||||||||||||||||||||||
Income taxes refundable | — | — | 237 | — | — | 237 | Prepaid expenses and other current assets | — | — | 10,654 | 2,336 | — | 12,990 | |||||||||||||||||||||||||||||||||||||
Current deferred tax assets | — | — | 1,316 | — | 608 | 1,924 | Income taxes refundable | — | — | 285 | — | — | 285 | |||||||||||||||||||||||||||||||||||||
Current deferred tax assets | — | — | 1,363 | — | 608 | 1,971 | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | — | 179,117 | 98,728 | (54,977 | ) | 222,868 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 280,643 | 70,006 | — | 350,649 | Total current assets | — | — | 159,234 | 65,237 | (18,748 | ) | 205,723 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 15,002 | — | — | 15,002 | ||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | — | — | 67,262 | 7,236 | — | 74,498 | Property and equipment, net | — | — | 282,207 | 76,056 | — | 358,263 | |||||||||||||||||||||||||||||||||||||
Other assets | — | — | 36,811 | 3,041 | (26,867 | ) | 12,985 | Goodwill | — | — | 462 | — | — | 462 | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (181,474 | ) | (176,724 | ) | 121,350 | — | 236,848 | — | Intangible assets, net | — | — | 62,684 | 8,979 | — | 71,663 | |||||||||||||||||||||||||||||||||||
Other assets | — | — | 27,687 | 3,041 | (19,627 | ) | 11,101 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | Investment in subsidiaries | (58,293 | ) | (54,493 | ) | 110,306 | — | 2,480 | — | |||||||||||||||||||||||||||
Liabilities and Shareholders’ (Deficit) Equity | Total assets | $ | (58,293 | ) | $ | (54,493 | ) | $ | 642,580 | $ | 153,313 | $ | (35,895 | ) | $ | 647,212 | ||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 60,429 | $ | 17,031 | $ | — | $ | 77,460 | Liabilities and Shareholders’ (Deficit) Equity | |||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 4,750 | 50,835 | — | (55,585 | ) | — | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 1,798 | — | 51,981 | 22,705 | (744 | ) | 75,740 | Accounts payable | $ | — | $ | — | $ | 58,359 | $ | 17,249 | $ | — | $ | 75,608 | ||||||||||||||||||||||||||||||
Current portion of capital lease obligations | — | — | 13,955 | 402 | — | 14,357 | Intercompany payables | — | 3,800 | 15,556 | — | (19,356 | ) | — | ||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | 2,271 | — | — | 2,271 | Accrued expenses and other current liabilities | 1,171 | — | 57,537 | 16,713 | (744 | ) | 74,677 | ||||||||||||||||||||||||||||||||||||
Current deferred tax liabilities | — | — | — | 11 | (11 | ) | — | Current portion of capital lease obligations | — | — | 12,348 | 353 | — | 12,701 | ||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | 434 | — | — | 434 | ||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 1,798 | 4,750 | 179,471 | 40,149 | (56,340 | ) | 169,828 | Current deferred tax liabilities | — | — | — | 11 | (11 | ) | — | |||||||||||||||||||||||||||||||||||
Capital lease obligations | — | — | 146,510 | 2,993 | — | 149,503 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | — | — | 498,487 | — | (3,041 | ) | 495,446 | Total current liabilities | 1,171 | 3,800 | 144,234 | 34,326 | (20,111 | ) | 163,420 | |||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | 33,284 | 5,587 | — | 38,871 | ||||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 18,350 | 8,932 | (21,656 | ) | 5,626 | Capital lease obligations | — | — | 156,456 | 3,358 | — | 159,814 | ||||||||||||||||||||||||||||||||||||
Long-term debt | — | — | 358,281 | — | (3,041 | ) | 355,240 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,798 | 4,750 | 876,102 | 57,661 | (81,037 | ) | 859,274 | Other long-term liabilities | — | — | 20,262 | 3,631 | — | 23,893 | ||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 17,033 | 1,692 | (14,416 | ) | 4,309 | |||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (183,272 | ) | (181,474 | ) | (175,917 | ) | 121,350 | 236,041 | (183,272 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,171 | 3,800 | 696,266 | 43,007 | (37,568 | ) | 706,676 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | ||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (59,464 | ) | (58,293 | ) | (53,686 | ) | 110,306 | 1,673 | (59,464 | ) | ||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Total liabilities and shareholders’ (deficit) equity | $ | (58,293 | ) | $ | (54,493 | ) | $ | 642,580 | $ | 153,313 | $ | (35,895 | ) | $ | 647,212 | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 12-WEEK PERIOD ENDED OCTOBER 5, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 440,270 | $ | 132,379 | $ | (195 | ) | $ | 572,454 | Tops Holding | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Cost of goods sold | — | — | (309,056 | ) | (87,853 | ) | — | (396,909 | ) | II Corporation | LLC | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (8,991 | ) | (3,153 | ) | — | (12,144 | ) | Net sales | $ | — | $ | — | $ | 1,795,842 | $ | 570,762 | $ | (1,265 | ) | $ | 2,365,339 | |||||||||||||||||||||||||||
Cost of goods sold | — | — | (1,274,836 | ) | (379,257 | ) | — | (1,654,093 | ) | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | — | 122,223 | 41,373 | (195 | ) | 163,401 | Distribution costs | — | — | (33,901 | ) | (12,762 | ) | — | (46,663 | ) | |||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (58,688 | ) | (19,825 | ) | — | (78,513 | ) | Gross profit | — | — | 487,105 | 178,743 | (1,265 | ) | 664,583 | |||||||||||||||||||||||||||||||||
Selling and general expenses | — | — | (20,392 | ) | (6,782 | ) | 195 | (26,979 | ) | |||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | (219 | ) | (12,000 | ) | (4,090 | ) | — | (16,309 | ) | Operating expenses: | |||||||||||||||||||||||||||||||||||||||
Rent expense, net | — | — | (3,700 | ) | (2,143 | ) | — | (5,843 | ) | Wages, salaries and benefits | — | — | (233,362 | ) | (87,264 | ) | — | (320,626 | ) | |||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (10,043 | ) | (2,780 | ) | — | (12,823 | ) | Selling and general expenses | — | — | (74,275 | ) | (26,831 | ) | 1,265 | (99,841 | ) | |||||||||||||||||||||||||||||||
Advertising | — | — | (2,957 | ) | (874 | ) | — | (3,831 | ) | Administrative expenses | (2,078 | ) | (950 | ) | (60,499 | ) | (18,877 | ) | — | (82,404 | ) | |||||||||||||||||||||||||||||
Impairment | — | — | (1,620 | ) | — | — | (1,620 | ) | Rent expense, net | — | — | (12,350 | ) | (8,875 | ) | — | (21,225 | ) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (39,197 | ) | (13,420 | ) | — | (52,617 | ) | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | — | (219 | ) | (109,400 | ) | (36,494 | ) | 195 | (145,918 | ) | Advertising | — | — | (14,307 | ) | (5,007 | ) | — | (19,314 | ) | ||||||||||||||||||||||||||||||
Operating (loss) income | — | (219 | ) | 12,823 | 4,879 | — | 17,483 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (3,307 | ) | — | (13,894 | ) | (44 | ) | — | (17,245 | ) | Total operating expenses | (2,078 | ) | (950 | ) | (433,990 | ) | (160,274 | ) | 1,265 | (596,027 | ) | ||||||||||||||||||||||||||||
Equity income from subsidiaries | 3,167 | 3,386 | 2,921 | — | (9,474 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (2,078 | ) | (950 | ) | 53,115 | 18,469 | — | 68,556 | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (140 | ) | 3,167 | 1,850 | 4,835 | (9,474 | ) | 238 | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 1,536 | (1,914 | ) | — | (378 | ) | Loss on debt extinguishment | — | (31,205 | ) | (31,205 | ) | ||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (58,706 | ) | (187 | ) | — | (58,893 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (140 | ) | 3,167 | 3,386 | 2,921 | (9,474 | ) | (140 | ) | Equity (loss) income from subsidiaries | (20,872 | ) | (19,922 | ) | 11,042 | — | 29,752 | — | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (22,950 | ) | (20,872 | ) | (25,754 | ) | 18,282 | 29,752 | (21,542 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (140 | ) | $ | 3,167 | $ | 3,386 | $ | 2,921 | $ | (9,474 | ) | $ | (140 | ) | |||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 5,832 | (7,240 | ) | — | (1,408 | ) | ||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Net (loss) income | (22,950 | ) | (20,872 | ) | (19,922 | ) | 11,042 | 29,752 | (22,950 | ) | |||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 12-WEEK PERIOD ENDED OCTOBER 6, 2012 | Change in postretirement benefit obligation | (2,309 | ) | (2,309 | ) | (2,309 | ) | — | 4,618 | (2,309 | ) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Comprehensive (loss) income | $ | (25,259 | ) | $ | (23,181 | ) | $ | (22,231 | ) | $ | 11,042 | $ | 34,370 | $ | (25,259 | ) | |||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 404,355 | $ | 134,282 | $ | (206 | ) | 538,431 | FISCAL 2011 | |||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | — | (288,206 | ) | (89,271 | ) | — | (377,477 | ) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (7,982 | ) | (3,109 | ) | — | (11,091 | ) | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | — | 108,167 | 41,902 | (206 | ) | 149,863 | Tops Holding | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Operating expenses: | II Corporation | LLC | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (52,518 | ) | (19,816 | ) | — | (72,334 | ) | Net sales | $ | — | $ | — | $ | 1,774,927 | $ | 581,858 | $ | (1,293 | ) | $ | 2,355,492 | |||||||||||||||||||||||||||
Selling and general expenses | — | — | (16,937 | ) | (5,174 | ) | 206 | (21,905 | ) | Cost of goods sold | — | — | (1,260,068 | ) | (390,098 | ) | — | (1,650,166 | ) | |||||||||||||||||||||||||||||||
Administrative expenses | (409 | ) | (219 | ) | (12,256 | ) | (4,194 | ) | — | (17,078 | ) | Distribution costs | — | — | (31,638 | ) | (12,551 | ) | — | (44,189 | ) | |||||||||||||||||||||||||||||
Rent expense, net | — | — | (2,467 | ) | (2,018 | ) | — | (4,485 | ) | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (8,914 | ) | (3,097 | ) | — | (12,011 | ) | Gross profit | — | — | 483,221 | 179,209 | (1,293 | ) | 661,137 | |||||||||||||||||||||||||||||||||
Advertising | — | — | (2,645 | ) | (956 | ) | — | (3,601 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (409 | ) | (219 | ) | (95,737 | ) | (35,255 | ) | 206 | (131,414 | ) | Wages, salaries and benefits | — | — | (228,947 | ) | (88,791 | ) | — | (317,738 | ) | |||||||||||||||||||||||||||||
Operating (loss) income | (409 | ) | (219 | ) | 12,430 | 6,647 | — | 18,449 | Selling and general expenses | — | — | (73,186 | ) | (31,260 | ) | 1,293 | (103,153 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (13,364 | ) | (42 | ) | — | (13,406 | ) | Administrative expenses | (1,768 | ) | (950 | ) | (57,080 | ) | (19,982 | ) | — | (79,780 | ) | |||||||||||||||||||||||||||||
Equity income from subsidiaries | 5,113 | 5,332 | 3,989 | — | (14,434 | ) | — | Rent expense, net | — | — | (9,707 | ) | (9,149 | ) | — | (18,856 | ) | |||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (38,812 | ) | (12,393 | ) | — | (51,205 | ) | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 4,704 | 5,113 | 3,055 | 6,605 | (14,434 | ) | 5,043 | Advertising | — | — | (13,292 | ) | (5,497 | ) | — | (18,789 | ) | |||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 2,277 | (2,616 | ) | — | (339 | ) | Impairment charges | — | — | — | (2,791 | ) | — | (2,791 | ) | |||||||||||||||||||||||||||||||||
Net income | 4,704 | 5,113 | 5,332 | 3,989 | (14,434 | ) | 4,704 | Total operating expenses | (1,768 | ) | (950 | ) | (421,024 | ) | (169,863 | ) | 1,293 | (592,312 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (1,768 | ) | (950 | ) | 62,197 | 9,346 | — | 68,825 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 4,704 | $ | 5,113 | $ | 5,332 | $ | 3,989 | $ | (14,434 | ) | $ | 4,704 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (61,469 | ) | (229 | ) | — | (61,698 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity income from subsidiaries | 7,600 | 8,550 | 5,507 | — | (21,657 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME | Income before income taxes | 5,832 | 7,600 | 6,235 | 9,117 | (21,657 | ) | 7,127 | ||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 5, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Income tax benefit (expense) | — | — | 2,315 | (3,610 | ) | — | (1,295 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 5,832 | 7,600 | 8,550 | 5,507 | (21,657 | ) | 5,832 | |||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Change in postretirement benefit obligation | (925 | ) | (925 | ) | (925 | ) | — | 1,850 | (925 | ) | ||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,469,913 | $ | 440,401 | $ | (776 | ) | $ | 1,909,538 | Comprehensive income | $ | 4,907 | $ | 6,675 | $ | 7,625 | $ | 5,507 | $ | (19,807 | ) | $ | 4,907 | |||||||||||||||||||||||
Cost of goods sold | — | — | (1,036,550 | ) | (292,444 | ) | — | (1,328,994 | ) | |||||||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (28,455 | ) | (9,969 | ) | — | (38,424 | ) | |||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | — | 404,908 | 137,988 | (776 | ) | 542,120 | CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | FISCAL 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (196,391 | ) | (66,954 | ) | — | (263,345 | ) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Selling and general expenses | — | — | (68,410 | ) | (22,527 | ) | 776 | (90,161 | ) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Administrative expenses | (10,893 | ) | (731 | ) | (40,392 | ) | (13,619 | ) | — | (65,635 | ) | |||||||||||||||||||||||||||||||||||||||
Rent expense, net | — | — | (11,676 | ) | (7,043 | ) | — | (18,719 | ) | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (33,478 | ) | (9,397 | ) | — | (42,875 | ) | Tops Holding | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
Advertising | — | — | (11,747 | ) | (3,533 | ) | — | (15,280 | ) | II Corporation | LLC | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Impairment | — | — | (1,620 | ) | — | — | (1,620 | ) | Net sales | $ | — | $ | — | $ | 1,704,977 | $ | 553,742 | $ | (1,183 | ) | $ | 2,257,536 | ||||||||||||||||||||||||||||
Cost of goods sold | — | — | (1,208,582 | ) | (370,434 | ) | — | (1,579,016 | ) | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (10,893 | ) | (731 | ) | (363,714 | ) | (123,073 | ) | 776 | (497,635 | ) | Distribution costs | — | — | (31,899 | ) | (12,930 | ) | — | (44,829 | ) | |||||||||||||||||||||||||||||
Operating (loss) income | (10,893 | ) | (731 | ) | 41,194 | 14,915 | — | 44,485 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (5,708 | ) | — | (47,125 | ) | (126 | ) | — | (52,959 | ) | Gross profit | — | — | 464,496 | 170,378 | (1,183 | ) | 633,691 | ||||||||||||||||||||||||||||||||
Equity income from subsidiaries | 6,944 | 7,675 | 8,933 | — | (23,552 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (9,657 | ) | 6,944 | 3,002 | 14,789 | (23,552 | ) | (8,474 | ) | Wages, salaries and benefits | — | — | (223,276 | ) | (87,524 | ) | — | (310,800 | ) | |||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 4,673 | (5,856 | ) | — | (1,183 | ) | Selling and general expenses | — | — | (71,629 | ) | (34,395 | ) | 1,183 | (104,841 | ) | ||||||||||||||||||||||||||||||||
Administrative expenses | (1,258 | ) | (950 | ) | (81,425 | ) | (19,121 | ) | — | (102,754 | ) | |||||||||||||||||||||||||||||||||||||||
Net (loss) income | (9,657 | ) | 6,944 | 7,675 | 8,933 | (23,552 | ) | (9,657 | ) | Rent expense, net | — | — | (9,493 | ) | (9,642 | ) | — | (19,135 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | Depreciation and amortization | — | — | (55,005 | ) | (7,348 | ) | — | (62,353 | ) | ||||||||||||||||||||||||||||||||||
Advertising | — | — | (15,819 | ) | (7,356 | ) | — | (23,175 | ) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (9,657 | ) | $ | 6,944 | $ | 7,675 | $ | 8,933 | $ | (23,552 | ) | $ | (9,657 | ) | |||||||||||||||||||||||||||||||||||
Total operating expenses | (1,258 | ) | (950 | ) | (456,647 | ) | (165,386 | ) | 1,183 | (623,058 | ) | |||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Operating (loss) income | (1,258 | ) | (950 | ) | 7,849 | 4,992 | — | 10,633 | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 6, 2012 | Bargain purchase | — | — | — | 15,681 | — | 15,681 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Loss on debt extinguishment | — | — | (1,041 | ) | — | — | (1,041 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Interest expense, net | — | — | (61,125 | ) | (106 | ) | — | (61,231 | ) | ||||||||||||||||||||||||||||||||||||||||
Equity (loss) income from subsidiaries | (25,696 | ) | (23,994 | ) | 18,631 | — | 31,059 | — | ||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | (Loss) income before income taxes | (26,954 | ) | (24,944 | ) | (35,686 | ) | 20,567 | 31,059 | (35,958 | ) | ||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,365,591 | $ | 440,371 | $ | (790 | ) | $ | 1,805,172 | Income tax (expense) benefit | — | (752 | ) | 11,692 | (1,936 | ) | — | 9,004 | ||||||||||||||||||||||||||||
Cost of goods sold | — | — | (967,521 | ) | (291,177 | ) | — | (1,258,698 | ) | |||||||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (26,262 | ) | (10,107 | ) | — | (36,369 | ) | Net (loss) income | (26,954 | ) | (25,696 | ) | (23,994 | ) | 18,631 | 31,059 | (26,954 | ) | ||||||||||||||||||||||||||||||
Gross profit | — | — | 371,808 | 139,087 | (790 | ) | 510,105 | Change in postretirement benefit obligation | (471 | ) | (471 | ) | (471 | ) | — | 942 | (471 | ) | ||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (179,138 | ) | (67,551 | ) | — | (246,689 | ) | Comprehensive (loss) income | $ | (27,425 | ) | $ | (26,167 | ) | $ | (24,465 | ) | $ | 18,631 | $ | 32,001 | $ | (27,425 | ) | ||||||||||||||||||||||||
Selling and general expenses | — | — | (55,722 | ) | (19,191 | ) | 790 | (74,123 | ) | |||||||||||||||||||||||||||||||||||||||||
Administrative expenses | (1,363 | ) | (730 | ) | (43,038 | ) | (14,360 | ) | — | (59,491 | ) | |||||||||||||||||||||||||||||||||||||||
Rent expense, net | — | — | (7,254 | ) | (6,779 | ) | — | (14,033 | ) | TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (29,811 | ) | (10,252 | ) | — | (40,063 | ) | CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||
Advertising | — | — | (10,564 | ) | (3,801 | ) | — | (14,365 | ) | FISCAL 2012 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (1,363 | ) | (730 | ) | (325,527 | ) | (121,934 | ) | 790 | (448,764 | ) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (1,363 | ) | (730 | ) | 46,281 | 17,153 | — | 61,341 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (45,280 | ) | (147 | ) | — | (45,427 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity income from subsidiaries | 16,216 | 16,946 | 10,271 | — | (43,433 | ) | — | Tops | Tops | Tops | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Holding II | Holding | Markets, | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 14,853 | 16,216 | 11,272 | 17,006 | (43,433 | ) | 15,914 | Corporation | LLC | LLC | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 5,674 | (6,735 | ) | — | (1,061 | ) | Net cash (used in) provided by operating activities | $ | — | $ | (950 | ) | $ | 47,029 | $ | 40,928 | $ | — | $ | 87,007 | ||||||||||||||||||||||||||||
Cash flows used in investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 14,853 | 16,216 | 16,946 | 10,271 | (43,433 | ) | 14,853 | Cash paid for property and equipment | — | — | (30,329 | ) | (7,236 | ) | — | (37,565 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | Acquisition of Grand Union supermarkets | — | — | (27,640 | ) | — | — | (27,640 | ) | |||||||||||||||||||||||||||||||||||
Acquisition of independent supermarkets | — | — | (3,304 | ) | — | — | (3,304 | ) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 14,853 | $ | 16,216 | $ | 16,946 | $ | 10,271 | $ | (43,433 | ) | $ | 14,853 | Proceeds from insurable loss recovery | — | — | — | 1,455 | — | 1,455 | ||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (950 | ) | (34,785 | ) | 35,735 | — | ||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Net cash used in investing activities | — | — | (62,223 | ) | (40,566 | ) | 35,735 | (67,054 | ) | ||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 5, 2013 | Cash flows provided by (used in) financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Proceeds from long-term debt borrowings | — | — | 460,000 | — | — | 460,000 | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Repayments of long-term debt borrowings | — | — | (350,452 | ) | — | — | (350,452 | ) | |||||||||||||||||||||||||||||||||||||||||
Dividend to shareholders | — | — | (100,000 | ) | — | — | (100,000 | ) | ||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2017 ABL Facility | — | — | 35,000 | — | — | 35,000 | ||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Borrowings on 2013 ABL Facility | — | — | 158,800 | — | — | 158,800 | ||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Repayments on 2013 ABL Facility | — | — | (163,800 | ) | — | — | (163,800 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (731 | ) | $ | 25,919 | $ | 18,001 | $ | — | $ | 43,189 | Debt extinguishment cost incurred | — | — | (20,901 | ) | — | — | (20,901 | ) | ||||||||||||||||||||||||||||
Cash flows used in investing activities: | Principal payments on capital leases | — | — | (12,962 | ) | (356 | ) | — | (13,318 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (37,489 | ) | (2,823 | ) | — | (40,312 | ) | Deferred financing costs incurred | — | — | (11,943 | ) | — | — | (11,943 | ) | ||||||||||||||||||||||||||||||||
Acquisition of independent supermarkets | — | — | (5,995 | ) | — | — | (5,995 | ) | Change in bank overdraft position | — | — | (98 | ) | — | — | (98 | ) | |||||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (731 | ) | (14,879 | ) | 15,610 | — | Change in intercompany payables position | — | 950 | 34,785 | — | (35,735 | ) | — | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (44,215 | ) | (17,702 | ) | 15,610 | (46,307 | ) | Net cash provided by (used in) financing activities | — | 950 | 28,429 | (356 | ) | (35,735 | ) | (6,712 | ) | |||||||||||||||||||||||||||||||
Cash flows provided by (used in) financing activities: | Net increase in cash and cash equivalents | — | — | 13,235 | 6 | — | 13,241 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt borrowings | 148,500 | — | — | — | — | 148,500 | Cash and cash equivalents – beginning of year | — | — | 18,351 | 830 | — | 19,181 | |||||||||||||||||||||||||||||||||||||
Dividend to shareholders | (141,920 | ) | — | — | — | — | (141,920 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | 227 | — | — | — | — | 227 | Cash and cash equivalents – end of year | $ | — | $ | — | $ | 31,586 | $ | 836 | $ | — | $ | 32,422 | |||||||||||||||||||||||||||||||
Change in intercompany payables position | — | 731 | 14,879 | — | (15,610 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2017 ABL Facility | — | — | 241,300 | — | — | 241,300 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on 2017 ABL Facility | — | — | (228,000 | ) | — | — | (228,000 | ) | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||
Principal payments on capital leases | — | — | (10,971 | ) | (304 | ) | — | (11,275 | ) | CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||
Deferred financing costs paid | — | — | (8,154 | ) | — | — | (8,154 | ) | FISCAL 2011 | |||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt borrowings | — | — | (227 | ) | — | — | (227 | ) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Change in bank overdraft position | — | — | 47 | — | — | 47 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 6,807 | 731 | 8,874 | (304 | ) | (15,610 | ) | 498 | Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,807 | — | (9,422 | ) | (5 | ) | — | (2,620 | ) | Net cash (used in) provided by operating activities | $ | — | $ | (950 | ) | $ | 48,437 | $ | 21,164 | $ | — | $ | 68,651 | |||||||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | 31,586 | 836 | — | 32,422 | Cash flows used in investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (25,405 | ) | (20,170 | ) | — | (45,575 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | 6,807 | $ | — | $ | 22,164 | $ | 831 | $ | — | $ | 29,802 | Cash paid for intangible assets | — | — | (1,527 | ) | — | — | (1,527 | ) | |||||||||||||||||||||||||||||
Proceeds from sale of assets | — | — | — | 1,284 | — | 1,284 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from insurable loss recovery | — | — | — | 609 | — | 609 | ||||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Change in intercompany receivables position | — | — | (950 | ) | (2,464 | ) | 3,414 | — | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 6, 2012 | Net cash used in investing activities | — | — | (27,882 | ) | (20,741 | ) | 3,414 | (45,209 | ) | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Cash flows provided by (used in) financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2013 ABL Facility | — | — | 612,900 | — | — | 612,900 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on 2013 ABL Facility | — | — | (622,900 | ) | — | — | (622,900 | ) | ||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Principal payments on capital leases | — | — | (10,838 | ) | (323 | ) | — | (11,161 | ) | |||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Change in intercompany payables position | — | 950 | 2,464 | — | (3,414 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (731 | ) | $ | 48,430 | $ | 31,826 | $ | — | $ | 79,525 | Proceeds from long-term debt borrowings | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash flows used in investing activities: | Repayments of long-term debt borrowings | — | — | (409 | ) | — | — | (409 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Grand Union supermarkets | — | — | (27,359 | ) | — | — | (27,359 | ) | Deferred financing costs incurred | — | — | (57 | ) | — | — | (57 | ) | |||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (19,902 | ) | (4,990 | ) | — | (24,892 | ) | Change in bank overdraft position | — | — | (53 | ) | — | — | (53 | ) | ||||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (731 | ) | (27,651 | ) | 28,382 | — | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from insurable loss recovery | — | — | — | 1,150 | — | 1,150 | Net cash provided by (used in) financing activities | — | 950 | (18,893 | ) | (323 | ) | (3,414 | ) | (21,680 | ) | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (47,992 | ) | (31,491 | ) | 28,382 | (51,101 | ) | Net increase in cash and cash equivalents | — | — | 1,662 | 100 | — | 1,762 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents - beginning of year | — | — | 16,689 | 730 | — | 17,419 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows provided by (used in) financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2013 ABL Facility | — | — | 66,600 | — | — | 66,600 | Cash and cash equivalents - end of year | $ | — | $ | — | $ | 18,351 | $ | 830 | $ | — | $ | 19,181 | |||||||||||||||||||||||||||||||
Repayments on 2013 ABL Facility | — | — | (71,600 | ) | — | — | (71,600 | ) | ||||||||||||||||||||||||||||||||||||||||||
Change in intercompany payables position | — | 731 | 27,651 | — | (28,382 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Principal payments on capital leases | — | — | (9,580 | ) | (270 | ) | — | (9,850 | ) | TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt borrowings | — | — | (360 | ) | — | — | (360 | ) | CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||
Change in bank overdraft position | — | — | (120 | ) | — | — | (120 | ) | FISCAL 2010 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 731 | 12,591 | (270 | ) | (28,382 | ) | (15,330 | ) | |||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 13,029 | 65 | — | 13,094 | Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | 18,351 | 830 | — | 19,181 | II Corporation | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (950 | ) | $ | 37,783 | $ | 12,625 | $ | — | $ | 49,458 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | — | $ | 31,380 | $ | 895 | $ | — | $ | 32,275 | Cash flows used in investing activities: | |||||||||||||||||||||||||||||||||||||
Acquisition of the Penn Traffic Company | — | — | — | (85,023 | ) | — | (85,023 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (28,081 | ) | (21,582 | ) | — | (49,663 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | — | — | 20,753 | — | 20,753 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | — | (85,023 | ) | — | 85,023 | — | |||||||||||||||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (950 | ) | (10,786 | ) | 11,736 | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (114,054 | ) | (96,638 | ) | 96,759 | (113,933 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows provided by financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt borrowings | — | — | 112,125 | — | — | 112,125 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt borrowings | — | — | (36,377 | ) | — | — | (36,377 | ) | ||||||||||||||||||||||||||||||||||||||||||
Borrowings on ABL Facility | — | — | 348,737 | — | — | 348,737 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on ABL Facility | — | — | (347,737 | ) | — | — | (347,737 | ) | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 30,000 | 30,000 | — | (30,000 | ) | 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Dividend | — | (30,000 | ) | (30,000 | ) | — | 30,000 | (30,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Principal payments on capital leases | — | — | (9,004 | ) | (290 | ) | — | (9,294 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs incurred | — | — | (5,769 | ) | — | — | (5,769 | ) | ||||||||||||||||||||||||||||||||||||||||||
Capital contribution | — | — | — | 85,023 | (85,023 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Change in intercompany payables position | — | 950 | 10,786 | — | (11,736 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Change in bank overdraft position | — | — | 487 | — | — | 487 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | 950 | 73,248 | 84,733 | (96,759 | ) | 62,172 | |||||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (3,023 | ) | 720 | — | (2,303 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents - beginning of year | — | — | 19,712 | 10 | — | 19,722 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents - end of year | $ | — | $ | — | $ | 16,689 | $ | 730 | $ | — | $ | 17,419 | ||||||||||||||||||||||||||||||||||||||
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2012 | |||||||||||||||||
Quarterly Data (Unaudited) | ' | ||||||||||||||||
17. QUARTERLY DATA (UNAUDITED) | |||||||||||||||||
The table below reflects the unaudited results of operations for Fiscal 2012 and Fiscal 2011 (Dollars in thousands). | |||||||||||||||||
Fiscal 2012 | 16-week | 12-week | 12-week | 12-week | |||||||||||||
period ended | period ended | period ended | period ended | ||||||||||||||
April 21, 2012 | July 14, 2012 | October 6, 2012 | December 29, 2012 | ||||||||||||||
Net sales | $ | 704,380 | $ | 562,361 | $ | 538,431 | $ | 560,167 | |||||||||
Gross profit | 199,906 | 160,336 | 149,863 | 154,478 | |||||||||||||
Operating income | 19,333 | 23,559 | 18,449 | 7,215 | |||||||||||||
Income tax expense | (370 | ) | (352 | ) | (339 | ) | (347 | ) | |||||||||
Net income (loss)(1) | 651 | 9,498 | 4,704 | (37,803 | ) | ||||||||||||
Fiscal 2011 | 16-week | 12-week | 12-week | 12-week | |||||||||||||
period ended | period ended | period ended | period ended | ||||||||||||||
23-Apr-11 | 16-Jul-11 | 8-Oct-11 | 31-Dec-11 | ||||||||||||||
Net sales | $ | 717,259 | $ | 559,514 | $ | 538,606 | $ | 540,113 | |||||||||
Gross profit | 202,352 | 154,982 | 152,925 | 150,878 | |||||||||||||
Operating income | 17,570 | 14,908 | 20,742 | 15,605 | |||||||||||||
Income tax expense | (367 | ) | (318 | ) | (305 | ) | (305 | ) | |||||||||
Net (loss) income | (2,088 | ) | 293 | 6,440 | 1,187 | ||||||||||||
-1 | The net loss for the 12-week period ended December 29, 2012 includes a $31.2 million loss on debt extinguishment related to the December 2012 financing transactions. See Note 9 for further discussion. |
Subsequent_Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Oct. 05, 2013 | Dec. 29, 2012 | |
Subsequent Events | ' | ' |
14. SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS | |
On November 14, 2013, the Company entered into a definitive agreement with Tops MBO Corporation (“Tops MBO”) and the sellers party thereto pursuant to which Tops MBO will acquire substantially all of the outstanding shares of the Company (“the “Acquisition”). Tops MBO is owned and controlled by the current management team of the Company. Total consideration for the outstanding shares is estimated $681 million and includes the assumption of all of the Company’s assets and liabilities including outstanding debt, as of the closing date. | Effective March 8, 2013, Tops Markets entered into an asset purchase agreement for the acquisition of four independent supermarkets for an estimated purchase price of $7.0 million. The transaction is expected to close during the Company’s second quarter of Fiscal 2013. | |
Also on November 14, 2013, the Company announced that it is soliciting holders of its Holding I Notes for their contents to amend the indenture governing the Holding I Notes (as amended, the “Indenture”) so that consummation of the Acquisition does not constitute a “Change of Control” (as defined in the Indenture) (the “Consent Solicitation”). Pursuant to the terms of the Indenture, if a Change of Control occurs, holders of the Holding I Notes will have the right to require the Company to purchase any or all of their Holding I Notes at a price of 101% of the principal amount thereof, plus any accrued and unpaid interest up to, but not including, the date of purchase. Also, on November 14, 2013, the Company commenced an offer to purchase the Holding I Notes in accordance with the terms of the Indenture (the “Offer”), conditioned on the consummation of the Acquisition. If the Consent Solicitation is successful, the Company intends to terminate the Offer. In addition, the Company has received consents from the lenders under its 2017 ABL Facility to the Acquisition. In connection with the Acquisition, the Company may pay various fees and expenses in an approximate amount of $15.0 million, which will be funded with borrowings under its 2017 ABL Facility, and may use up to $5.0 million of cash on hand to repurchase outstanding capital stock of the Company. | The American Taxpayer Relief Act of 2012 (“the Act”) was signed into law on January 2, 2013. The Act retroactively restored several expired business tax provisions, including certain bonus depreciation and the Work Opportunity Tax Credit as of January 1, 2012, with a new expiration date of December 31, 2013. Because a change in tax law is accounted for in the period of enactment, the retroactive effect renewing certain bonus depreciation and the Work Opportunity Tax Credit for 2012 is not reflected in the Company’s Fiscal 2012 income tax expense. Instead, an estimated benefit of $1.0 million related to additional bonus depreciation will be recorded as a discrete item in the Company’s first quarter of Fiscal 2013. The Company has not yet quantified the effect of the restoration of the Work Opportunity Tax Credit. | |
The Acquisition is subject to customary closing conditions, including the Company having either received the requisite consents in the Consent Solicitation or drawing on a credit facility for which it has received a customary commitment from Bank of America, N.A. to finance its purchase obligations pursuant to the Offer, and is expected to close in the fourth quarter of 2013. | ||
The Acquisition will be accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Due to the proximity of the timing of signing the definitive purchase agreement and the issuance of these condensed consolidated financial statements, the initial allocation of the cost of the acquisition to assets acquired and liabilities assumed as of the close of the Acquisition has not been completed. The Company will engage the assistance of an independent third-party appraiser to assist with the valuation of the tangible and intangible assets acquired. The purchase price allocations will be finalized within twelve months of the closing of the Acquisition. The more significant identifiable assets expected to be allocated value include accounts receivable, inventory, property and equipment, and intangible assets including tradenames, customer relationships, franchise agreements and favorable/unfavorable lease rights. It is expected that the purchase price will exceed the fair values of the identifiable assets and liabilities, with such excess allocated to goodwill. |
Capital_Lease_Obligations
Capital Lease Obligations | 9 Months Ended | ||||
Oct. 05, 2013 | |||||
Capital Lease Obligations | ' | ||||
6. CAPITAL LEASE OBLIGATIONS | |||||
The Company has a number of capital leases in effect for store properties and equipment. The initial lease terms generally range up to twenty-five years and will expire at various times through 2032, with options to renew for additional periods. The majority of the store leases provide for base rental, plus real estate taxes, insurance, common area maintenance and other operating expenses applicable to the leased premises. Some leases contain escalation clauses for future rents and contingent rents based on sales volume. | |||||
As of October 5, 2013, future minimum lease rental payments applicable to capital lease obligations follow (dollars in thousands): | |||||
2013 (remaining period) | $ | 6,730 | |||
2014 | 28,137 | ||||
2015 | 25,390 | ||||
2016 | 24,056 | ||||
2017 | 19,960 | ||||
Thereafter | 71,838 | ||||
Total minimum lease payments | 176,111 | ||||
Less amounts representing interest | (71,173 | ) | |||
Present value of net minimum lease payments | 104,938 | ||||
Less current obligations | (14,063 | ) | |||
Long-term cash obligations | 90,875 | ||||
Obligations related to land with no cash payments | 48,829 | ||||
Total long-term capital lease obligations | $ | 139,704 | |||
The Company entered into sale-leaseback transactions in various years involving certain properties that did not qualify for sale-leaseback accounting as the lease agreements included various forms of continuing involvement. As a result, the transactions have been classified as financing transactions in accordance with FASB ASC Topic 840, “Leases.” | |||||
Under the financing method, the assets remain on the condensed consolidated balance sheet and proceeds received by the Company from these transactions are recorded as capital lease obligations, allocated between land and building. Payments under these leases are applied as payments of imputed interest and deemed principal on the underlying building obligations, with no underlying cash payments deemed attributable to the land obligations. The related land assets are not depreciated, and at the end of the lease terms, the remaining capital lease obligations will equal the net book value of the land. These capital lease obligations are reflected as obligations related to land with no cash payments in the preceding table. At the expiration of the lease terms, which range from 2023 to 2068, or when the Company’s continuing involvement under the lease agreements ends, the related land and obligations will be removed from the balance sheet, with no underlying cash payments. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Tops Holding II Corporation | 12 Months Ended | ||||||||||||
Dec. 29, 2012 | |||||||||||||
Schedule I - Condensed Financial Information of Tops Holding II Corporation | ' | ||||||||||||
Schedule I | |||||||||||||
TOPS HOLDING II CORPORATION | |||||||||||||
CONDENSED FINANCIAL INFORMATION OF TOPS HOLDING II CORPORATION | |||||||||||||
(PARENT COMPANY ONLY) | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
(Dollars in thousands) | |||||||||||||
December 29, | December 31, | ||||||||||||
2012 | 2011 | ||||||||||||
Assets | |||||||||||||
Investment in subsidiary | $ | (181,474 | ) | $ | (58,293 | ) | |||||||
Total assets | $ | (181,474 | ) | $ | (58,293 | ) | |||||||
Liabilities and Shareholders’ Deficit | |||||||||||||
Current liabilities: | |||||||||||||
Accrued expenses and other current liabilities | $ | 1,798 | $ | 1,171 | |||||||||
Total current liabilities | 1,798 | 1,171 | |||||||||||
Total liabilities | 1,798 | 1,171 | |||||||||||
Total shareholders’ deficit | (183,272 | ) | (59,464 | ) | |||||||||
Total liabilities and shareholders’ deficit | $ | (181,474 | ) | $ | (58,293 | ) | |||||||
Schedule I | |||||||||||||
TOPS HOLDING II CORPORATION | |||||||||||||
CONDENSED FINANCIAL INFORMATION OF TOPS HOLDING II CORPORATION | |||||||||||||
(PARENT COMPANY ONLY) | |||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | |||||||||||||
(Dollars in thousands) | |||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | |||||||||||
Equity (loss) income from subsidiary | $ | (20,872 | ) | $ | 7,600 | $ | (25,696 | ) | |||||
Operating expenses: | |||||||||||||
Administrative expenses | (2,078 | ) | (1,768 | ) | (1,258 | ) | |||||||
Total operating expenses | (2,078 | ) | (1,768 | ) | (1,258 | ) | |||||||
(Loss) income before income taxes | (22,950 | ) | 5,832 | (26,954 | ) | ||||||||
Net (loss) income | (22,950 | ) | 5,832 | (26,954 | ) | ||||||||
Changes in postretirement benefit obligations | (2,309 | ) | (925 | ) | (471 | ) | |||||||
Comprehensive (loss) income | $ | (25,259 | ) | $ | 4,907 | $ | (27,425 | ) | |||||
Schedule I | |||||||||||||
TOPS HOLDING II CORPORATION | |||||||||||||
CONDENSED FINANCIAL INFORMATION OF TOPS HOLDING II CORPORATION | |||||||||||||
(PARENT COMPANY ONLY) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
(Dollars in thousands) | |||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | |||||||||||
Net cash from operating activities | $ | — | $ | — | $ | — | |||||||
Net cash from investing activities | — | — | — | ||||||||||
Net cash from financing activities | — | — | — | ||||||||||
Net change in cash and cash equivalents | — | — | — | ||||||||||
Cash and cash equivalents-beginning of period | — | — | — | ||||||||||
Cash and cash equivalents-end of period | $ | — | $ | — | $ | — | |||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 29, 2012 | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
Schedule II | |||||||||||||||||
TOPS HOLDING II CORPORATION | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
Beginning | Charged to Costs | End of | |||||||||||||||
of Period | and Expenses | Period | |||||||||||||||
Fiscal 2010 | |||||||||||||||||
Self-insurance reserves | $ | 8,303 | $ | 6,028 | $ | (2,598 | ) | $ | 11,733 | ||||||||
LIFO inventory valuation reserve | 7,315 | 2,055 | — | 9,370 | |||||||||||||
Valuation allowance for deferred income tax assets | 13,896 | 11,901 | — | 25,797 | |||||||||||||
Fiscal 2011 | |||||||||||||||||
Self-insurance reserves | 11,733 | 7,169 | (3,179 | ) | 15,723 | ||||||||||||
LIFO inventory valuation reserve | 9,370 | 1,333 | — | 10,703 | |||||||||||||
Valuation allowance for deferred income tax assets | 25,797 | 229 | — | 26,026 | |||||||||||||
Fiscal 2012 | |||||||||||||||||
Self-insurance reserves | 15,723 | 8,639 | (4,178 | ) | 20,184 | ||||||||||||
LIFO inventory valuation reserve | 10,703 | 361 | — | 11,064 | |||||||||||||
Valuation allowance for deferred income tax assets | 26,026 | 12,007 | (1) | — | 38,033 | ||||||||||||
-1 | Amount includes additional valuation allowance of $1.5 million related to amounts recorded in other comprehensive loss. |
The_Company_Basis_of_Presentat1
The Company, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | The Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding II Corporation (“Holding II” or “Company”), the parent of Tops Holding LLC (“Holding I”), formerly Tops Holding Corporation, was incorporated on May 7, 2013. Holding I is the parent of Tops Markets, LLC (“Tops Markets”), a supermarket retailer in Upstate New York, Northern Pennsylvania and Vermont. Holding I was incorporated on October 5, 2007 and commenced operations on December 1, 2007. As of October 5, 2013, the Company operated 155 supermarkets under the banners of Tops and Orchard Fresh, with an additional five supermarkets operated by franchisees. Holding II is owned by various funds affiliated with Morgan Stanley Private Equity (“MSPE”), an affiliate of Morgan Stanley & Co., Incorporated, various funds affiliated with Graycliff Partners LP (“Graycliff”), two minority investors and members of management. Holding I has no other business operations other than the ownership of Tops Markets and as a co-issuer of the Holding I Notes (See Note 7). | Tops Holding II Corporation (“Holding II” or “Company”), the parent of Tops Holding LLC (“Holding I”), formerly Tops Holding Corporation, was incorporated on May 7, 2013. Holding I is the parent of Tops Markets, LLC (“Tops Markets”), a supermarket retailer in Upstate New York, Northern Pennsylvania and Vermont. Holding I was incorporated on October 5, 2007 and commenced operations on December 1, 2007. Holding II is owned by various funds affiliated with Morgan Stanley Private Equity (“MSPE”), an affiliate of Morgan Stanley & Co., Incorporated (“Morgan Stanley”), various funds affiliated with Graycliff Partners LP (“Graycliff”), two minority investors and a company employee. Holding I has no other business operations as its sole purpose is the ownership of Tops Markets. During early October 2012, Tops Markets completed the acquisition (“GU Acquisition”) of 21 retail supermarkets in Upstate New York and Vermont from GU Markets LLC (“GU Markets”), an affiliate of C&S Wholesale Grocers, Inc. (“C&S”). As of December 29, 2012, the Company operated 149 supermarkets under the banners of Tops, GU Family Markets, Grand Union and Bryant’s, with an additional five supermarkets operated by franchisees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Reporting Entity | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Reporting Entity | Change in Reporting Entity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective May 15, 2013, Holding I was converted to a limited liability company and Tops Markets II Corporation, a wholly-owned subsidiary of Holding I, was formed on May 14, 2013 and added as a co-issuer of the Holding I Notes (see Note 8). On May 15, 2013, the stockholders of Holding I contributed all of the outstanding shares of common stock of Holding I to Holding II in exchange for shares of common stock of Holding II. Holding II has no business operations other than the ownership of Holding I and as the issuer of the Holding II Notes (see Note 7). | Effective May 15, 2013, Holding I was converted to a limited liability company and Tops Markets II Corporation, a wholly-owned subsidiary of Holding I, was formed on May 14, 2013 and added as a co-issuer of the 2017 Notes (see Note 9). On May 15, 2013, the stockholders of Holding I contributed all of the outstanding shares of common stock of Holding I to Holding II in exchange for shares of common stock of Holding II. Holding II has no other business operations other than the ownership of Holding I and as the issuer of the Holding II Notes (see Note 18). Holding II’s net assets consist solely of its membership interest in Holding I, undistributed cash from the issuance of the Holding II Notes, the Holding II Notes and related debt issuance costs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On August 20, 2013, Holding II was added as a guarantor of the Holding I Notes, resulting in Holding II becoming the reporting entity related to these notes. The historical results of Holding I and its subsidiaries have been consolidated with Holding II as if Holding II were in existence for all periods presented to reflect the change in reporting entity. All intercompany transactions have been eliminated. | On August 20, 2013, Holding II was added as a guarantor of the 2017 Notes, resulting in Holding II becoming the reporting entity related to these notes. As a result, the historical results of Holding I and its subsidiaries have been consolidated with Holding II as if Holding II were in existence for all periods presented to reflect the change in reporting entity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company operates on a 52/53 week fiscal year ending on the Saturday closest to December 31. The Company’s fiscal years include 13 four-week reporting periods, with an additional week in the thirteenth reporting period for 53-week fiscal years. The Company’s first quarter of each fiscal year includes four reporting periods, while the remaining quarters include three reporting periods. The periods from January 1, 2012 to December 29, 2012 (“Fiscal 2012”), January 2, 2011 to December 31, 2011 (“Fiscal 2011”), and January 3, 2010 to January 1, 2011 (“Fiscal 2010”) all included 52 weeks. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions have been eliminated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company operates on a 52/53 week fiscal year ending on the Saturday closest to December 31. Fiscal years include 13 four-week reporting periods, with an additional week in the thirteenth reporting period for 53-week fiscal years. The first quarter of each fiscal year includes four reporting periods, while the remaining quarters include three reporting periods. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s condensed consolidated financial statements for the 12 and 40-week periods ended October 5, 2013 and October 6, 2012 are unaudited, and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary for a fair statement of financial position and results of operations for such periods. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including goodwill and intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation and income taxes. Actual results could differ from these estimates. | The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation and income taxes. Actual results could differ from these estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows Supplemental Disclosures | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows Supplemental Disclosures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents includes cash on hand that is highly liquid with original maturities at the date of purchase of 90 days or less. As of December 29, 2012 and December 31, 2011, outstanding checks in excess of cash balances with the same institution totaled $2.4 million and $2.5 million, respectively. These amounts are recorded as a bank overdraft and classified as accounts payable in the consolidated balance sheets and as a financing activity in the consolidated statements of cash flows. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash in commercial banks insured by the Federal Deposit Insurance Corporation (“FDIC”), up to $250,000 per depositor. At times, such cash in banks exceeds the FDIC insurance limit. At December 29, 2012 and December 31, 2011, the Company had cash in banks exceeding the FDIC insurance limit of $11.6 million and $2.6 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable are carried at net realizable value. Allowances are recorded, if necessary, in an amount considered by management to be sufficient to meet future losses related to the collectability of accounts receivable. The Company evaluates the collectability of its accounts receivable based on the age of the receivable and knowledge of customers’ financial positions. At December 29, 2012 and December 31, 2011, the allowance for doubtful accounts was $0.4 million and $0.9 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows: | The provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 – observable inputs such as quoted prices in active markets; | Level 1 – observable inputs such as quoted prices in active markets; | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 2 – inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and | Level 2 – inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 – unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data. | Level 3 – unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, capital lease obligations and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these financial instruments. At October 5, 2013 and December 29, 2012, the estimated fair value and the carrying value of the Company’s debt instruments were as follows (dollars in thousands): | Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, capital lease obligations and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these financial instruments. At December 29, 2012 and December 31, 2011, the estimated fair value and the carrying value of our debt instruments were as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 5, 2013 | December 29, 2012 | December 29, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of debt instruments: | Carrying value of debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of capital lease obligations | $ | 14,063 | $ | 14,357 | Current portion of capital lease obligations | $ | 14,357 | $ | 12,701 | |||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 2,307 | 2,271 | Current portion of long-term debt | 2,271 | 434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term capital lease obligations | 139,704 | 149,503 | Long-term capital lease obligations | 149,503 | 159,814 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 657,686 | 495,446 | Long-term debt | 495,446 | 355,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying value of debt instruments | 813,760 | 661,577 | Total carrying value of debt instruments | 661,577 | 528,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of debt instruments | 837,727 | 632,552 | Fair value of debt instruments | 632,552 | 530,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Deficiency) excess of carrying value over fair value | $ | (23,967 | ) | $ | 29,025 | Excess (deficiency) of carrying value over fair value | $ | 29,025 | $ | (2,463 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
The fair value of the Company’s senior notes, which are included in long-term debt, was based on quoted market prices, a Level 2 source. The fair value of the Company’s other long-term debt and capital lease obligations was based on the net present value of future cash flows using estimated applicable market interest rates for the Company at October 5, 2013 and December 29, 2012, a Level 3 measurement technique. | The fair value of the Company’s senior secured notes was based on quoted market prices, a Level 2 source. The fair value of the Company’s other long-term debt and capital lease obligations was based on the net present value of future cash flows using estimated applicable market interest rates for the Company at December 29, 2012 and December 31, 2011, a Level 3 measurement technique. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements of non-financial assets and non-financial liabilities are primarily used in the impairment analysis of long-lived assets, goodwill and intangible assets. Long-lived assets and definite-lived intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. Goodwill and the Tops tradename are reviewed annually for impairment on December 1, or more frequently, if impairment indicators arise. | Fair value measurements of non-financial assets and non-financial liabilities are primarily used in the impairment analysis of long-lived assets, goodwill and intangible assets. Long-lived assets and definite-lived intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. As described in Note 10, the Company recorded long-lived asset impairment charges of $2.8 million within the consolidated statement of operations and comprehensive (loss) income during Fiscal 2011. Goodwill and the Tops tradename are reviewed annually for impairment on December 1, or more frequently, if impairment indicators arise. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company values inventory at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of December 29, 2012 and December 31, 2011, the LIFO balance sheet reserves were $11.1 million and $10.7 million, respectively. The Company’s inventory balances consist primarily of finished goods. Inventory costs include the purchase price of the product and freight charges to deliver the product and are net of certain cash or non-cash consideration received from vendors (see ‘‘Vendor Allowances’’). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost is determined using the retail method for inventory. Under the retail method, the valuation of inventory at cost and the resulting gross margins are determined by applying a cost-to-retail ratio for various groupings of similar items to the retail value of inventory. Inherent in the retail inventory method calculations are certain management judgments and estimates which could impact the ending inventory valuation at cost, as well as the resulting gross margins. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Physical inventory counts are taken on a cycle basis. The Company records an estimated inventory shrinkage reserve for the period between each store’s last physical inventory and the latest consolidated balance sheet date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment is stated at historical cost or, if acquired in a business acquisition, at fair value at the acquisition date, less accumulated depreciation and impairments. Cost includes expenditures that are directly attributable to the acquisition of the item, including shipping charges and sales tax. Interest incurred during the construction period is capitalized as part of the related asset. Expenditures for betterments are capitalized, while repairs and maintenance expenditures are expensed as incurred. Depreciation is calculated on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease terms. The estimated useful lives of the principal categories of property and equipment are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Useful Lives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and land improvements | Indefinite | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | 30 – 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | Lesser of 3 – 20 years or remaining lease term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 2 – 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles | 3 – 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT software and equipment | 3 – 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Lived Assets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-lived assets held and used by the Company are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the Company compares the carrying value of the asset or asset group to the estimated, undiscounted future cash flows expected to be generated by the long-lived asset or asset group, as required by the provisions of ASC 360, “Property, Plant, and Equipment.” Impairment charges are recorded as the excess of the net book value over its fair value, which is calculated using the discounted cash flows associated with that asset or assets. As discussed in Note 10, the Company recorded impairment charges of $2.8 million within the consolidated statement of operations and comprehensive (loss) income during Fiscal 2011. There were no impairment charges recorded during Fiscal 2012 or Fiscal 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company reviews goodwill for impairment annually on December 1, and also upon the occurrence of trigger events. Generally, fair value is determined using a multiple of earnings, or discounted projected future cash flows, and is compared to the carrying value of the Company for purposes of identifying potential impairment. Projected future cash flows are based on management’s knowledge of the current operating environment and expectations for the future. If potential for impairment is identified, the fair value of the Company is measured against the fair value of its underlying assets and liabilities, excluding goodwill, to estimate an implied fair value of the Company’s goodwill. Goodwill impairment is recognized for any excess of the carrying value of the Company’s goodwill over the implied fair value. There were no goodwill impairment charges recorded during Fiscal 2012, Fiscal 2011 or Fiscal 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s intangible assets include favorable lease rights, tradenames, franchise agreements and customer relationships. The franchise agreements consist of two franchisees which own five stores, and the customer relationships represent a source of repeat business for the Company. The fair values of the Company’s franchise agreements and customer relationships were estimated using an excess earnings income approach. The principle behind the excess earnings income approach is that the value of an intangible asset is equal to the present value of the incremental after-tax cash flows attributable to that intangible asset. Customer relationships are being amortized on an accelerated basis based upon the level of expected attrition. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the tradenames were estimated by utilizing the ‘‘relief from royalty’’ method. This method involves determining the present value of the economic royalty savings associated with the tradenames and revenue projections attributed to the tradenames. The Tops tradename is not amortized due to its indefinite life. All other tradenames are being amortized on an accelerated basis based upon a brand obsolescence assumption. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For intangible assets, the Company amortizes the assets as presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Weighted Average Amortization Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradename – indefinite | Indefinite life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Favorable lease rights | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise agreements | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradenames – finite | 8.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company records deferred financing costs incurred in connection with entering into its debt obligations. These costs are capitalized and included in other assets in the Company’s consolidated balance sheets. The deferred financing costs are amortized to interest expense over the terms of associated debt on a straight-line basis or using the effective interest method, as appropriate. As discussed in Note 6, the Company capitalized deferred financing costs of $13.0 million and wrote off unamortized deferred financing costs of $8.3 million in connection with the Company’s December 2012 financing activities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company leases buildings and equipment under operating and capital lease arrangements. In accordance with the provisions of ASC 840, “Leases” (“ASC 840”), the Company classifies its leases as capital leases when the lease agreement transfers substantially all risks and rewards of ownership to the Company. For leases determined to be capital leases, the asset and liability are recognized at an amount equal either to the fair value of the leased asset or the present value of the minimum lease payments during the lease term, whichever is lower. Leases that do not qualify as capital leases are classified as operating leases, and the related lease payments are expensed on a straight-line basis (taking into account rent escalation clauses) over the lease term, including, as applicable, any rent free period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term is used to (i) determine the appropriate lease classification, (ii) compute periodic rental expense and (iii) depreciate leasehold improvements (unless their economic lives are shorter) includes the periods of expected renewals. Determining whether a lease is a capital or an operating lease requires judgment on various aspects that include the fair value of the leased asset, the economic life of the leased asset, whether or not to include renewal options in the lease term and determining an appropriate discount rate to calculate the present value of the minimum lease payments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store lease agreements generally include rent holidays, rent escalation clauses and contingent rent provisions for a percentage of sales in excess of specified levels. Most of the Company’s lease agreements include renewal periods at the Company’s option. The Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space for construction and other purposes. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities which are amortized over the related lease terms to rent expense. The Company records rent liabilities for contingent percentage of sales lease provisions when it is probable that the specified levels will be reached during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Incentives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For leases classified as operating leases, the Company recognizes rent starting when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening. Payments made to the Company representing incentives to sign a new lease or representing reimbursements for leasehold improvements are deferred and recognized on a straight-line basis over the term of the lease as reductions of rent expense. Such payments received for leases classified as capital leases are recorded as increases to the related capital leases obligations, reducing the portion of future rent payments classified as interest expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For certain properties, the Company subleases either a portion or all of the property. The sublease income of the properties is recognized as rental income. In certain cases, the Company subleases store locations to third parties. Rental income was $4.2 million, $3.5 million and $3.4 million for Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively, and is recorded as an offset to rent expense in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of long-lived assets (i.g., gas tank removal and removal of store equipment upon store closure). These liabilities are initially recorded at fair value and the related asset retirement costs are capitalized by increasing the carrying amount of the related assets by the same amount as the liability in accordance with the provisions of ASC 410, “Asset Retirement and Environmental Obligations.” Asset retirement costs are subsequently depreciated over the useful lives of the related assets. Subsequent to initial recognition, the Company records changes in the ARO liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. The Company derecognizes ARO liabilities when the related obligations are settled. The ARO liabilities recognized at December 29, 2012 and December 31, 2011 were $3.3 million and $2.6 million, respectively. Accretion expense attributable to ARO liabilities was $0.2 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010 (see Note 15). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has been party to a variety of contractual agreements under which it may be obligated to indemnify the other party for certain matters. Additionally, the Company guarantees certain other contractual arrangements. Under these agreements, the Company may provide certain routine indemnifications relating to representations and warranties (i.g., ownership of assets and environmental or tax indemnifications). The terms of these indemnifications range in duration and may not be explicitly defined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has applied the provisions of ASC 460, “Guarantees” to its agreements that contain guarantee or indemnification clauses. These provisions require the Company to recognize and disclose certain types of guarantees, even if the likelihood of requiring the Company’s performance is remote. Historically, the Company has not been required to make payments related to its agreements that contain guarantee or indemnification clauses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance Programs | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance Programs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is insured by a third-party carrier, subject to certain deductibles and self-insured retentions ranging from $0.1 million to $1.0 million. The Company maintains an insurance program covering primarily fleet, general liability inclusive of druggist liability, workers’ compensation, property, environmental and other executive insurance policies. The Company accrues an estimated ultimate liability for its insurance programs based on known claims and past claims history. These accruals are included in accrued expenses and other current liabilities and other long-term liabilities in the Company’s consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company accounts for its participation in a multiemployer pension plan by recognizing as net pension cost the required contributions for the period and recognizing as a liability any contributions due and unpaid (see Note 14). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company generates and recognizes revenue at the point of sale in its stores, net of sales tax collected. Discounts, earned by customers through agreements or by using their bonus or loyalty cards, are recorded by the Company as a reduction of revenue as they are earned by the customer. Franchise revenue consists of net revenue on wholesale sales to franchisees, and income from franchise fees and administrative fees. Franchise revenues were $4.2 million, $4.1 million and $3.8 million for Fiscal 2012, Fiscal 2011, and Fiscal 2010, respectively, and are included in net sales in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For certain products or services, such as the sales of lottery tickets, third-party prepaid phone cards, third-party gift cards, stamps and public transportation tickets, the Company acts as an agent. In accordance with the provisions of ASC 605, “Revenue Recognition” (“ASC 605”), the Company records the amount of the net margin or commission in its net sales. Commission income was $2.7 million, $2.2 million and $2.0 million for Fiscal 2012, Fiscal 2011, and Fiscal 2010, respectively, and is included in net sales in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company records a deferred revenue liability when it sells gift cards, recording revenue when customers redeem the gift cards. These gift cards do not expire. The Company has completed an analysis of the historical redemption patterns of gift cards. As a result of this analysis, the Company has determined that the likelihood of redemption after two years is remote. Therefore, the Company reduces the liability and recognizes ‘‘breakage’’ income for the unused portion of gift cards after two years. The Company recognized pre-tax gift card breakage income of $0.3 million, $0.2 million and $0.3 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Goods Sold and Distribution Costs | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Goods Sold and Distribution Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold and distribution costs include the purchase price of products sold and other costs incurred in bringing inventories to the location and condition ready for sale, including costs of purchasing, storing and transportation. In accordance with the provisions of ASC 605, cash consideration received from vendors is recognized as a reduction of cost of goods sold. During Fiscal 2012, Fiscal 2011 and Fiscal 2010, depreciation expense of $2.9 million, $3.4 million and $3.5 million, respectively, is included in distribution costs in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor Allowances | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor Allowances | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company receives allowances from many of the vendors whose products the Company buys for resale in its stores. Allowances are received for a variety of merchandising activities, which consist of the inclusion of vendor products in the Company’s advertising, placement of vendor products in prominent locations in the Company’s stores, introduction of new products, exclusivity rights for certain categories of products and temporary price reductions offered to customers on products held for sale. The Company also receives vendor funds associated with buying activities such as volume purchase rebates and rebates for purchases made during specific periods. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company records a receivable for vendor allowances for which the Company has fulfilled its contractual commitments but has not yet received payment from the vendor. When payment for vendor allowances is received prior to fulfillment of contractual terms or before the programs necessary to earn such allowances are initiated, the Company records such amounts as deferred income or vendor funds received in advance, respectively, which are classified within accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets. Once all contractual commitments have been met, the Company records vendor allowances as a reduction of the cost of inventory. Accordingly, when the inventory is sold, the vendor allowances are recognized as a reduction of the cost of goods sold in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The amount of vendor allowances reducing the Company’s inventory (“inventory offset”) as of December 29, 2012 and December 31, 2011 was $1.6 million and $1.4 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and General Expenses | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and General Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and general expenses consist of repairs and maintenance charges, utilities, supplies, real estate taxes, insurance, bank and credit card fees and other general expenses. Depreciation expense included in selling and general expenses in the consolidated statements of comprehensive (loss) income was $0.2 million during Fiscal 2012, Fiscal 2011 and Fiscal 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Expenses | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses consist of charges for services performed by outside vendors, salaries and wages of support office employees, rent and depreciation of support offices and assets, and other administrative expenses. During Fiscal 2012, Fiscal 2011 and Fiscal 2010, depreciation expense of $11.4 million, $11.5 million and $10.4 million, respectively, was included in administrative expenses in the consolidated statements of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective December 28, 2012, following the December 20, 2012 dividend (see Note 12), the Company awarded payments to holders of stock options under the 2007 Stock Incentive Plan in amounts equal to the difference between the per share dividend paid to shareholders and the reductions in exercise prices associated with the stock options (see Note 12). The payments totaled $5.0 million and were recorded within administrative expenses in the Fiscal 2012 consolidated statement of comprehensive (loss) income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising includes newspaper inserts, direct mail and radio commercials, promotional prizes, as well as the expenses of the Company’s advertising department. The Company recognizes advertising expenses as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Markets is a single member LLC whose operations are included in the Holding tax return, as Tops Markets is a disregarded entity for income tax purposes. The Company accounts for income taxes using the liability method in accordance with ASC 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based upon differences between the financial reporting and the tax basis of assets and liabilities, including net operating loss carry forwards, and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax assets or liabilities are expected to be realized or settled. The Company uses the provisions of ASC 740 to assess and record income tax uncertainties. In relation to recording the provision for income taxes, management must estimate the future tax rates applicable to the reversal of temporary differences, make certain assumptions regarding whether book/tax differences are permanent or temporary and if temporary, the related timing of expected reversal. Also, estimates are made as to whether taxable operating income in future periods will be sufficient to fully recognize any gross deferred tax assets. If recovery is not likely, the Company must increase its provision for taxes by recording a valuation allowance against the deferred tax assets that the Company estimates will not ultimately be recoverable. Alternatively, the Company may make estimates about the potential usage of deferred tax assets that decrease its valuation allowances. Tax positions are recognized when they are more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is more likely than not of being realized upon settlement. The Company is subject to periodic audits by the Internal Revenue Service and other foreign, state and local taxing authorities. These audits may challenge certain of the Company’s tax positions such as the timing and amount of income and deductions and the allocation of taxable income to various tax jurisdictions. The Company evaluates its tax positions and establishes liabilities in accordance with the applicable accounting guidance on uncertainty in income taxes. These tax uncertainties are reviewed as facts and circumstances change and are adjusted accordingly. This requires significant management judgment in estimating final outcomes. Actual results could materially differ from these estimates and could significantly affect the Company’s effective tax rate and cash flows in future years. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company applies the Black-Scholes valuation model at the date of grant to determine the fair value of stock options granted to participants. The fair value of stock options are then amortized on a straight-line basis to compensation expense over the applicable vesting period, which is generally between three and five years. Compensation expense is recognized only for those options expected to vest, with forfeiture estimates based on the Company’s historical experience and future expectations. The Company’s outstanding stock options represent non-qualified stock options for income tax purposes. As such, the stock option grants result in the creation of a deferred tax asset until the time that such stock option is exercised. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There are no recent accounting pronouncements that have had or are expected to have a material impact on the Company’s consolidated financial statements as of the date of this report. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s supermarkets offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. The Company operates one supermarket format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. As of October 5, 2013, 79 supermarkets offered pharmacy services and 49 fuel centers were in operation, inclusive of the Company’s franchise locations. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only operating segment and reportable segment. The Company’s retail operations as a whole reflect the level at which the business is managed and how the Company’s Chief Executive Officer, who acts as the Company’s chief operating decision maker, assesses performance internally. | The Company’s supermarkets offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. The Company operates one supermarket format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. As of December 29, 2012, 78 supermarkets offered pharmacy services and 47 fuel centers were in operation, inclusive of the Company’s franchise locations. As a result of recent acquisition activity, including the GU Acquisition, the Company reevaluated its conclusions regarding its operating and reportable segments. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only operating segment and reportable segment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents sales revenue by type of similar product (dollars in thousands): | The following table presents sales revenue by type of similar product (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-week periods ended | 40-week periods ended | Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 5, 2013 | October 6, 2012 | October 5, 2013 | October 6, 2012 | Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | Amount | Total | Non-perishables(1) | $ | 1,337,030 | 56.5 | % | $ | 1,335,913 | 56.7 | % | $ | 1,307,304 | 57.9 | % | ||||||||||||||||||||||||||||||||||||||
Non- perishables(1) | $ | 323,196 | 56.5 | % | $ | 303,924 | 56.4 | % | $ | 1,076,389 | 56.4 | % | $ | 1,012,951 | 56.1 | % | Perishables(2) | 631,621 | 26.7 | % | 624,490 | 26.5 | % | 605,684 | 26.8 | % | ||||||||||||||||||||||||||||||||
Perishables(2) | 155,914 | 27.2 | % | 143,741 | 26.7 | % | 525,988 | 27.5 | % | 485,122 | 26.9 | % | Fuel | 218,815 | 9.3 | % | 204,193 | 8.7 | % | 150,012 | 6.6 | % | ||||||||||||||||||||||||||||||||||||
Fuel | 52,200 | 9.1 | % | 50,896 | 9.5 | % | 171,870 | 9 | % | 169,023 | 9.4 | % | Pharmacy | 160,069 | 6.8 | % | 174,437 | 7.4 | % | 179,518 | 8 | % | ||||||||||||||||||||||||||||||||||||
Pharmacy | 36,982 | 6.5 | % | 35,920 | 6.7 | % | 121,394 | 6.4 | % | 124,792 | 6.9 | % | Other(3) | 17,804 | 0.7 | % | 16,459 | 0.7 | % | 15,018 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Other(3) | 4,162 | 0.7 | % | 3,950 | 0.7 | % | 13,897 | 0.7 | % | 13,284 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,365,339 | 100 | % | $ | 2,355,492 | 100 | % | $ | 2,257,536 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 572,454 | 100 | % | $ | 538,431 | 100 | % | $ | 1,909,538 | 100 | % | $ | 1,805,172 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||
-1 | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | -2 | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | -3 | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of Holding I in its 2012 Annual Financial Report. |
The_Company_Basis_of_Presentat2
The Company, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Cash Flow | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents additional cash flow information for Fiscal 2012, Fiscal 2011 and Fiscal 2010 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | $ | 61,984 | $ | 58,800 | $ | 56,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 124 | 190 | 151 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid capital expenditures | 4,907 | 1,718 | 6,107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets acquired under capital leases | 4,663 | 365 | 5,349 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At October 5, 2013 and December 29, 2012, the estimated fair value and the carrying value of the Company’s debt instruments were as follows (dollars in thousands): | At December 29, 2012 and December 31, 2011, the estimated fair value and the carrying value of our debt instruments were as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 5, 2013 | December 29, 2012 | December 29, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of debt instruments: | Carrying value of debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of capital lease obligations | $ | 14,063 | $ | 14,357 | Current portion of capital lease obligations | $ | 14,357 | $ | 12,701 | |||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 2,307 | 2,271 | Current portion of long-term debt | 2,271 | 434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term capital lease obligations | 139,704 | 149,503 | Long-term capital lease obligations | 149,503 | 159,814 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 657,686 | 495,446 | Long-term debt | 495,446 | 355,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying value of debt instruments | 813,760 | 661,577 | Total carrying value of debt instruments | 661,577 | 528,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of debt instruments | 837,727 | 632,552 | Fair value of debt instruments | 632,552 | 530,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Deficiency) excess of carrying value over fair value | $ | (23,967 | ) | $ | 29,025 | Excess (deficiency) of carrying value over fair value | $ | 29,025 | $ | (2,463 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated Useful Lives of Property and Equipment | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The estimated useful lives of the principal categories of property and equipment are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Useful Lives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and land improvements | Indefinite | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | 30 – 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | Lesser of 3 – 20 years or remaining lease term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 2 – 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles | 3 – 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT software and equipment | 3 – 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization Period of Intangible Assets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For intangible assets, the Company amortizes the assets as presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Weighted Average Amortization Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradename – indefinite | Indefinite life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Favorable lease rights | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise agreements | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradenames – finite | 8.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue by Type of Similar Product | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents sales revenue by type of similar product (dollars in thousands): | The following table presents sales revenue by type of similar product (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-week periods ended | 40-week periods ended | Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 5, 2013 | October 6, 2012 | October 5, 2013 | October 6, 2012 | Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | Amount | Total | Non-perishables(1) | $ | 1,337,030 | 56.5 | % | $ | 1,335,913 | 56.7 | % | $ | 1,307,304 | 57.9 | % | ||||||||||||||||||||||||||||||||||||||
Non- perishables(1) | $ | 323,196 | 56.5 | % | $ | 303,924 | 56.4 | % | $ | 1,076,389 | 56.4 | % | $ | 1,012,951 | 56.1 | % | Perishables(2) | 631,621 | 26.7 | % | 624,490 | 26.5 | % | 605,684 | 26.8 | % | ||||||||||||||||||||||||||||||||
Perishables(2) | 155,914 | 27.2 | % | 143,741 | 26.7 | % | 525,988 | 27.5 | % | 485,122 | 26.9 | % | Fuel | 218,815 | 9.3 | % | 204,193 | 8.7 | % | 150,012 | 6.6 | % | ||||||||||||||||||||||||||||||||||||
Fuel | 52,200 | 9.1 | % | 50,896 | 9.5 | % | 171,870 | 9 | % | 169,023 | 9.4 | % | Pharmacy | 160,069 | 6.8 | % | 174,437 | 7.4 | % | 179,518 | 8 | % | ||||||||||||||||||||||||||||||||||||
Pharmacy | 36,982 | 6.5 | % | 35,920 | 6.7 | % | 121,394 | 6.4 | % | 124,792 | 6.9 | % | Other(3) | 17,804 | 0.7 | % | 16,459 | 0.7 | % | 15,018 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Other(3) | 4,162 | 0.7 | % | 3,950 | 0.7 | % | 13,897 | 0.7 | % | 13,284 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,365,339 | 100 | % | $ | 2,355,492 | 100 | % | $ | 2,257,536 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 572,454 | 100 | % | $ | 538,431 | 100 | % | $ | 1,909,538 | 100 | % | $ | 1,805,172 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||
-1 | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | -2 | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | -3 | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. |
Business_Acquisition_Tables
Business Acquisition (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||
Allocation of the Purchase Price to the Assets Acquired and Liabilities Assumed | ' | ' | ||||||||||||||||||||
The following table summarizes the final allocation of the purchase price to the assets acquired and liabilities assumed as of the transaction date (dollars in thousands): | The following table summarizes the final allocation of the purchase price to the assets acquired and liabilities assumed as of the transaction date (dollars in thousands): | |||||||||||||||||||||
Assets acquired: | Initial Estimate | Adjustments | Final Allocation | |||||||||||||||||||
Accounts receivable | $ | 33 | Assets acquired: | |||||||||||||||||||
Inventory | 7,265 | Accounts receivable | $ | 28 | $ | 5 | $ | 33 | ||||||||||||||
Prepaid expenses | 325 | Inventory | 7,358 | (93 | ) | 7,265 | ||||||||||||||||
Property and equipment | 7,898 | Prepaid expenses | 325 | — | 325 | |||||||||||||||||
Goodwill | 12,769 | Property and equipment | 7,235 | 663 | 7,898 | |||||||||||||||||
Favorable lease rights | 2,197 | Goodwill | 12,947 | (178 | ) | 12,769 | ||||||||||||||||
Tradenames | 1,000 | Favorable lease rights | 2,385 | (188 | ) | 2,197 | ||||||||||||||||
Tradenames | 1,000 | — | 1,000 | |||||||||||||||||||
Total assets acquired | 31,487 | |||||||||||||||||||||
Liabilities assumed: | Total assets acquired | 31,278 | 209 | 31,487 | ||||||||||||||||||
Accrued expenses and other current liabilities | 803 | Liabilities assumed: | ||||||||||||||||||||
Unfavorable lease rights | 2,172 | Accrued expenses and other current liabilities | 803 | — | 803 | |||||||||||||||||
Capital lease obligation | 872 | Unfavorable lease rights | 2,244 | (72 | ) | 2,172 | ||||||||||||||||
Capital lease obligation | 872 | — | 872 | |||||||||||||||||||
Total liabilities assumed | 3,847 | |||||||||||||||||||||
Total liabilities assumed | 3,919 | (72 | ) | 3,847 | ||||||||||||||||||
Acquisition price | $ | 27,640 | ||||||||||||||||||||
Acquisition price | $ | 27,359 | $ | 281 | $ | 27,640 | ||||||||||||||||
Unaudited Pro Forma Financial Information | ' | ' | ||||||||||||||||||||
The following table summarizes the Company’s unaudited pro forma operating results for the 12 and 40-week periods ended October 6, 2012, giving effect to the GU Acquisition as if it occurred on January 1, 2012 (dollars in thousands): | The following table summarizes the Company’s unaudited pro forma operating results for Fiscal 2012 and Fiscal 2011, giving effect to the GU Acquisition as if it occurred on January 1, 2011 (dollars in thousands): | |||||||||||||||||||||
12-week period ended | 40-week period ended | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||
October 6, 2012 | October 6, 2012 | Net sales | $ | 2,441,323 | $ | 2,453,012 | ||||||||||||||||
Net sales | $ | 564,411 | $ | 1,881,156 | Operating income | 73,814 | 70,859 | |||||||||||||||
Operating income | 21,345 | 65,018 | Net (loss) income | (17,692 | ) | 7,866 | ||||||||||||||||
Net income | 7,600 | 18,530 |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2012 | |||||||||
Accounts Receivable, Net | ' | ||||||||
Accounts receivable, net of allowance for doubtful accounts, consist of the following (dollars in thousands): | |||||||||
December 29, 2012 | December 31, 2011 | ||||||||
Vendor receivables | $ | 30,305 | $ | 28,034 | |||||
Credit and debit card receivables | 8,685 | 10,692 | |||||||
Pharmacy receivables | 7,509 | 8,364 | |||||||
Other receivables | 7,390 | 9,751 | |||||||
Allowance for doubtful accounts | (414 | ) | (854 | ) | |||||
Total accounts receivable, net | $ | 53,475 | $ | 55,987 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2012 | |||||||||
Property and Equipment, net | ' | ||||||||
Property and equipment consist of the following (dollars in thousands): | |||||||||
December 29, 2012 | December 31, 2011 | ||||||||
Land | $ | 10,301 | $ | 9,973 | |||||
Land improvements | 9,438 | 9,440 | |||||||
Buildings | 57,576 | 57,465 | |||||||
Leasehold improvements | 109,928 | 93,989 | |||||||
Equipment | 199,397 | 174,372 | |||||||
IT software and equipment | 39,223 | 36,363 | |||||||
Total at cost | 425,863 | 381,602 | |||||||
Accumulated depreciation | (212,143 | ) | (170,559 | ) | |||||
213,720 | 211,043 | ||||||||
Property, equipment and automobiles under capital leases, net of accumulated depreciation | 136,929 | 147,220 | |||||||
Property and equipment, net | $ | 350,649 | $ | 358,263 | |||||
Property Plant Equipment under Capital Leases | ' | ||||||||
Included in property and equipment are the following assets under capital leases (dollars in thousands): | |||||||||
December 29, 2012 | December 31, 2011 | ||||||||
Land | $ | 48,829 | $ | 48,829 | |||||
Building | 148,633 | 145,829 | |||||||
Equipment | 8,841 | 8,116 | |||||||
Automobiles | 3,401 | 2,634 | |||||||
Total at cost | 209,704 | 205,408 | |||||||
Accumulated depreciation | (72,775 | ) | (58,188 | ) | |||||
Capital lease assets, net | $ | 136,929 | $ | 147,220 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||
Changes in Goodwill | ' | ' | ||||||||||||||||||||||||||||||
The following table summarizes the change in the Company’s goodwill balance during the 40-week period ended October 5, 2013 (dollars in thousands): | The following table summarizes the change in the Company’s goodwill balance during Fiscal 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||
Balance – December 29, 2012 | $ | 15,002 | Balance – December 31, 2011 | $ | 462 | |||||||||||||||||||||||||||
Acquisition of supermarkets | 4,306 | Acquisition of GU supermarkets (Note 2) | 12,769 | |||||||||||||||||||||||||||||
Acquisition of independent supermarkets | 1,771 | |||||||||||||||||||||||||||||||
Balance – October 5, 2013 | $ | 19,308 | ||||||||||||||||||||||||||||||
Balance – December 29, 2012 | $ | 15,002 | ||||||||||||||||||||||||||||||
Intangible Assets, Net of Accumulated Amortization | ' | ' | ||||||||||||||||||||||||||||||
Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands): | Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands): | |||||||||||||||||||||||||||||||
Weighted | December 29, 2012 | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||||||||
Gross | Net | Average | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Amortization | Amount | Amount | Amortization | ||||||||||||||||||||||||||
October 5, 2013 | Amount | Amortization | Amount | Period | Period | |||||||||||||||||||||||||||
Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | Indefinite life | Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | Indefinite life | |||||||||||||||||
Favorable lease rights | 32,651 | (17,424 | ) | 15,227 | 9.8 | Favorable lease rights | 32,826 | (14,759 | ) | 18,067 | 9.8 | |||||||||||||||||||||
Customer relationships | 28,596 | (24,766 | ) | 3,830 | 8.4 | Customer relationships | 28,591 | (22,794 | ) | 5,797 | 8.4 | |||||||||||||||||||||
Franchise agreements | 11,538 | (6,138 | ) | 5,400 | 11 | Franchise agreements | 11,538 | (5,331 | ) | 6,207 | 11 | |||||||||||||||||||||
Tradenames – finite | 5,310 | (2,861 | ) | 2,449 | 8.8 | Tradenames – finite | 5,310 | (2,222 | ) | 3,088 | 8.8 | |||||||||||||||||||||
Other | 619 | (392 | ) | 227 | 5 | Other | 704 | (376 | ) | 328 | 5 | |||||||||||||||||||||
$ | 119,725 | $ | (51,581 | ) | $ | 68,144 | 9.4 | $ | 119,980 | $ | (45,482 | ) | $ | 74,498 | 9.3 | |||||||||||||||||
December 31, 2011 | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
Gross | Net | Carrying | Amortization | Carrying | ||||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Amount | Amount | ||||||||||||||||||||||||||||
December 29, 2012 | Amount | Amortization | Amount | Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | ||||||||||||||||||||||
Tradename – indefinite | $ | 41,011 | $ | — | $ | 41,011 | Customer relationships | 28,591 | (19,643 | ) | 8,948 | |||||||||||||||||||||
Favorable lease rights | 32,826 | (14,759 | ) | 18,067 | Favorable/unfavorable lease rights | 17,789 | (6,610 | ) | 11,179 | |||||||||||||||||||||||
Customer relationships | 28,591 | (22,794 | ) | 5,797 | Franchise agreements | 11,538 | (4,288 | ) | 7,250 | |||||||||||||||||||||||
Franchise agreements | 11,538 | (5,331 | ) | 6,207 | Tradenames – finite | 4,310 | (1,504 | ) | 2,806 | |||||||||||||||||||||||
Tradenames – finite | 5,310 | (2,222 | ) | 3,088 | Other | 706 | (237 | ) | 469 | |||||||||||||||||||||||
Other | 704 | (376 | ) | 328 | ||||||||||||||||||||||||||||
$ | 103,945 | $ | (32,282 | ) | $ | 71,663 | ||||||||||||||||||||||||||
$ | 119,980 | $ | (45,482 | ) | $ | 74,498 | ||||||||||||||||||||||||||
Expected Future Amortization of Intangible Assets | ' | ' | ||||||||||||||||||||||||||||||
As of October 5, 2013, expected future amortization of intangible assets is as follows (dollars in thousands): | As of December 29, 2012, expected future amortization of intangible assets is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||
2013 (remaining period) | $ | 1,794 | 2013 | $ | 8,153 | |||||||||||||||||||||||||||
2014 | 6,963 | 2014 | 6,962 | |||||||||||||||||||||||||||||
2015 | 5,744 | 2015 | 5,743 | |||||||||||||||||||||||||||||
2016 | 4,283 | 2016 | 4,282 | |||||||||||||||||||||||||||||
2017 | 3,112 | 2017 | 3,111 | |||||||||||||||||||||||||||||
Thereafter | 5,237 | Thereafter | 5,236 |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||
Accrued Expenses and Other Current Liabilities | ' | ' | ||||||||||||||||
Accrued expenses and other current liabilities consist of the following (dollars in thousands): | Accrued expenses and other current liabilities consist of the following (dollars in thousands): | |||||||||||||||||
October 5, 2013 | December 29, 2012 | December 29, 2012 | December 31, 2011 | |||||||||||||||
Interest payable | $ | 17,802 | $ | 1,072 | Wages, taxes and benefits | $ | 20,585 | $ | 21,779 | |||||||||
Wages, taxes and benefits | 13,836 | 20,585 | Lottery | 10,787 | 10,124 | |||||||||||||
Lottery | 10,730 | 10,787 | Professional and legal fees | 6,459 | 1,538 | |||||||||||||
Union medical, pension and 401(k) | 5,623 | 4,518 | Gift cards | 6,196 | 4,517 | |||||||||||||
Self-insurance reserves | 4,973 | 4,784 | Property and equipment expenditures | 4,907 | 1,718 | |||||||||||||
Professional and legal fees | 4,123 | 6,459 | Self-insurance reserves | 4,784 | 3,468 | |||||||||||||
Property and equipment expenditures | 4,069 | 4,907 | Union medical, pension and 401(k) | 4,518 | 3,226 | |||||||||||||
Money orders | 3,691 | 1,868 | Utilities | 2,404 | 2,192 | |||||||||||||
Sales and use tax | 3,314 | 1,129 | Repairs and maintenance | 2,164 | 2,271 | |||||||||||||
Gift cards | 2,787 | 6,196 | Money orders | 1,868 | 3,133 | |||||||||||||
Repairs and maintenance | 2,325 | 2,164 | Sales and use tax | 1,129 | 964 | |||||||||||||
Utilities | 1,898 | 2,404 | Interest payable | 1,072 | 7,846 | |||||||||||||
Other | 12,613 | 8,867 | Other | 8,867 | 11,901 | |||||||||||||
$ | 87,784 | $ | 75,740 | $ | 75,740 | $ | 74,677 | |||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2012 | |||||||||||||
Schedule of Future Minimum Lease Payments for Capital and Operating Lease and Sublease Rental Income | ' | ||||||||||||
As of December 29, 2012, future minimum lease rental payments applicable to non-cancelable capital and operating leases, and expected minimum sublease rental income, were as follows (dollars in thousands): | |||||||||||||
Capital | Operating | Future Expected | |||||||||||
Leases | Leases | Sub-lease Income | |||||||||||
2013 | $ | 30,254 | $ | 28,176 | $ | 3,539 | |||||||
2014 | 28,006 | 28,916 | 1,876 | ||||||||||
2015 | 25,279 | 31,424 | 1,403 | ||||||||||
2016 | 23,951 | 33,101 | 1,052 | ||||||||||
2017 | 19,937 | 34,968 | 888 | ||||||||||
Thereafter | 65,843 | 193,835 | 2,657 | ||||||||||
Total minimum lease payments | 193,270 | $ | 350,420 | $ | 11,415 | ||||||||
Less amounts representing interest | (78,239 | ) | |||||||||||
Present value of net minimum lease payments | 115,031 | ||||||||||||
Less current obligations | (14,357 | ) | |||||||||||
Long-term obligations | $ | 100,674 | |||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||
Long-term Debt | ' | ' | ||||||||||||||||
Long-term debt is comprised of the following (dollars in thousands): | Long-term debt is comprised of the following (dollars in thousands): | |||||||||||||||||
October 5, 2013 | December 29, 2012 | December 29, 2012 | December 31, 2011 | |||||||||||||||
Holding I Notes | $ | 460,000 | $ | 460,000 | 2017 Notes | $ | 460,000 | $ | — | |||||||||
Holding II Notes | 150,000 | — | 2015 Notes | — | 350,000 | |||||||||||||
Discount on Holding II Notes | (1,408 | ) | — | Discount on 2015 Notes, net | — | (2,495 | ) | |||||||||||
2017 ABL Facility | 48,300 | 35,000 | 2017 ABL Facility | 35,000 | — | |||||||||||||
Other loans | 2,611 | 2,011 | 2013 ABL Facility | — | 5,000 | |||||||||||||
Mortgage note payable | 490 | 706 | Other loans | 2,011 | 2,219 | |||||||||||||
Mortgage note payable | 706 | 950 | ||||||||||||||||
Total debt | 659,993 | 497,717 | ||||||||||||||||
Current portion | (2,307 | ) | (2,271 | ) | Total debt | 497,717 | 355,674 | |||||||||||
Current portion | (2,271 | ) | (434 | ) | ||||||||||||||
Total long-term debt | $ | 657,686 | $ | 495,446 | ||||||||||||||
Total long-term debt | $ | 495,446 | $ | 355,240 | ||||||||||||||
Principal Payments Required to be made on Outstanding Debt | ' | ' | ||||||||||||||||
Principal payments required to be made on outstanding debt as of December 29, 2012, excluding capital lease obligations, is as follows (dollars in thousands): | ||||||||||||||||||
2013 | $ | 2,271 | ||||||||||||||||
2014 | 280 | |||||||||||||||||
2015 | 166 | |||||||||||||||||
2016 | — | |||||||||||||||||
2017 | 495,000 | |||||||||||||||||
Thereafter | — | |||||||||||||||||
Total debt | $ | 497,717 | ||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||
Income Tax - Expense Benefit | ' | ' | ||||||||||||||||||||||||||||
Income tax expense was as follows (dollars in thousands): | Income tax expense (benefit) for Fiscal 2012, Fiscal 2011 and Fiscal 2010 was as follows (dollars in thousands): | |||||||||||||||||||||||||||||
12-week periods ended | 40-week periods ended | Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||
October 5, 2013 | October 6, 2012 | October 5, 2013 | October 6, 2012 | Current: | ||||||||||||||||||||||||||
Current | $ | 1 | $ | 42 | $ | 1 | $ | 97 | Federal | $ | 3 | $ | 30 | $ | 192 | |||||||||||||||
Deferred | 377 | 297 | 1,182 | 964 | State | 41 | 16 | 3 | ||||||||||||||||||||||
Total income tax expense | $ | 378 | $ | 339 | $ | 1,183 | $ | 1,061 | Total current | 44 | 46 | 195 | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||||
Federal | (7,716 | ) | 1,526 | (19,476 | ) | |||||||||||||||||||||||||
State | (1,459 | ) | (506 | ) | (1,624 | ) | ||||||||||||||||||||||||
Change in valuation allowance | 10,539 | 229 | 11,901 | |||||||||||||||||||||||||||
Total deferred | 1,364 | 1,249 | (9,199 | ) | ||||||||||||||||||||||||||
Total income tax expense (benefit) | $ | 1,408 | $ | 1,295 | $ | (9,004 | ) | |||||||||||||||||||||||
Reconciliations of the Statutory Federal Income Tax Expense (benefit) to the Effective Tax Expense (benefit) | ' | ' | ||||||||||||||||||||||||||||
Reconciliations of the statutory federal income tax (benefit) expense to the effective tax expense (benefit) for Fiscal 2012, Fiscal 2011 and Fiscal 2010 are as follows (dollars in thousands): | ||||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | ||||||||||||||||||||||||||||
Statutory federal income tax (benefit) expense | $ | (7,540 | ) | $ | 2,494 | $ | (12,585 | ) | ||||||||||||||||||||||
Valuation allowance | 10,539 | 229 | 11,901 | |||||||||||||||||||||||||||
State income tax benefit, net of federal benefit | (1,471 | ) | (496 | ) | (1,622 | ) | ||||||||||||||||||||||||
Non-deductible expenses | 69 | 143 | 170 | |||||||||||||||||||||||||||
Benefit of federal tax credits | (63 | ) | (1,107 | ) | (1,182 | ) | ||||||||||||||||||||||||
Non-taxable gain on bargain purchase | — | — | (5,489 | ) | ||||||||||||||||||||||||||
ASC 740 adjustment | — | — | 192 | |||||||||||||||||||||||||||
Other | (126 | ) | 32 | (389 | ) | |||||||||||||||||||||||||
$ | 1,408 | $ | 1,295 | $ | (9,004 | ) | ||||||||||||||||||||||||
Components of Deferred Income Tax Assets and Liabilities | ' | ' | ||||||||||||||||||||||||||||
The components of deferred income tax assets and liabilities are comprised of the following (dollars in thousands): | ||||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||
Current deferred tax assets (liabilities): | ||||||||||||||||||||||||||||||
Inventory and other reserves | $ | (2 | ) | $ | 313 | |||||||||||||||||||||||||
Prepaid taxes, insurance and service contracts | 5,536 | 3,826 | ||||||||||||||||||||||||||||
Other | 3,176 | 2,559 | ||||||||||||||||||||||||||||
Valuation allowance | (6,786 | ) | (4,727 | ) | ||||||||||||||||||||||||||
Current net deferred tax assets | 1,924 | 1,971 | ||||||||||||||||||||||||||||
Non-current deferred tax assets (liabilities): | ||||||||||||||||||||||||||||||
Capital leases | 11,441 | 10,091 | ||||||||||||||||||||||||||||
Property and equipment depreciation | (2,544 | ) | 755 | |||||||||||||||||||||||||||
Goodwill and intangible assets | (12,335 | ) | (13,938 | ) | ||||||||||||||||||||||||||
Federal and state net operating loss carryforwards and federal credits | 26,179 | 19,308 | ||||||||||||||||||||||||||||
Valuation allowance | (31,247 | ) | (21,299 | ) | ||||||||||||||||||||||||||
Other | 2,880 | 774 | ||||||||||||||||||||||||||||
Non-current net deferred tax liabilities | (5,626 | ) | (4,309 | ) | ||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (3,702 | ) | $ | (2,338 | ) | ||||||||||||||||||||||||
Shareholders_Deficit_Tables
Shareholders' Deficit (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2012 | |||||||||||||||||
Summary of Status and Changes of Stock Options Outstanding Under Stock Plan | ' | ||||||||||||||||
The following table summarizes the status and changes of stock options outstanding under the Stock Plan (dollars in thousands): | |||||||||||||||||
Number of | Weighted | Average | Aggregate | ||||||||||||||
Shares | Average | Remaining | Intrinsic | ||||||||||||||
Exercise | Contractual | Value(1) | |||||||||||||||
Price Per | Term | ||||||||||||||||
Share | (In Years) | ||||||||||||||||
Outstanding – January 2, 2010 | 7,550 | $ | 413 | ||||||||||||||
Granted | 4,470 | 1,040 | |||||||||||||||
Forfeited | (555 | ) | 400 | ||||||||||||||
Outstanding – January 1, 2011 | 11,465 | 658 | |||||||||||||||
Forfeited | (125 | ) | 1,040 | ||||||||||||||
Outstanding – December 31, 2011 | 11,340 | 654 | |||||||||||||||
Outstanding – December 29, 2012 | 11,340 | 400 | |||||||||||||||
Vested and expected to vest – December 29, 2012 | 11,340 | 400 | 2.9 | $ | 816 | ||||||||||||
Options exercisable – December 29, 2012 | 5,833 | $ | 400 | ||||||||||||||
-1 | The intrinsic value is calculated based on the difference between the weighted average exercise price per share and the fair market value of the Company’s common stock as of December 29, 2012 of $472 per share. | ||||||||||||||||
Summary of Assumptions Used to Estimate Weighted Average Fair Values of the Stock Options Granted | ' | ||||||||||||||||
Estimated life in years | 6.2 | ||||||||||||||||
Expected volatility | 37.6 | % | |||||||||||||||
Expected dividends | — | ||||||||||||||||
Risk-free rate | 1.6 | % |
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2012 | |||||||||||||||||||||||||||||
Components of Net Pension Cost Related to the SERP and Other Post-retirement Plans | ' | ||||||||||||||||||||||||||||
The components of net pension cost related to the SERP and other post-retirement plans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | |||||||||||||||||||||||||||
SERP: | |||||||||||||||||||||||||||||
Interest cost | $ | 162 | $ | 214 | $ | 234 | |||||||||||||||||||||||
Net pension cost | $ | 162 | $ | 214 | $ | 234 | |||||||||||||||||||||||
Other Post-Retirement Plans: | |||||||||||||||||||||||||||||
Interest cost | $ | 104 | $ | 111 | $ | 112 | |||||||||||||||||||||||
Service cost | 3 | 3 | 3 | ||||||||||||||||||||||||||
Net pension cost | $ | 107 | $ | 114 | $ | 115 | |||||||||||||||||||||||
Estimated Future Benefit Payments Related to the SERP and Other Post-retirement Plans | ' | ||||||||||||||||||||||||||||
Estimated future benefit payments related to the SERP and other post-retirement plans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
SERP | Other | ||||||||||||||||||||||||||||
Post-Retirement | |||||||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||||||
2013 | $ | 620 | $ | 236 | |||||||||||||||||||||||||
2014 | 590 | 234 | |||||||||||||||||||||||||||
2015 | 558 | 207 | |||||||||||||||||||||||||||
2016 | 523 | 202 | |||||||||||||||||||||||||||
2017 | 486 | 246 | |||||||||||||||||||||||||||
Subsequent five years | 1,832 | 1,139 | |||||||||||||||||||||||||||
Changes in Benefit Obligation Related to the SERP and Other Post-retirement Plans | ' | ||||||||||||||||||||||||||||
The changes in benefit obligation related to the SERP and other post-retirement plans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
SERP | Other Post- | ||||||||||||||||||||||||||||
Retirement Plans | |||||||||||||||||||||||||||||
Benefit obligation – January 1, 2011 | $ | 4,868 | $ | 2,490 | |||||||||||||||||||||||||
Interest cost | 214 | 111 | |||||||||||||||||||||||||||
Service cost | — | 3 | |||||||||||||||||||||||||||
Actuarial loss | 620 | 309 | |||||||||||||||||||||||||||
Total disbursements | (650 | ) | (256 | ) | |||||||||||||||||||||||||
Benefit obligation – December 31, 2011 | 5,052 | 2,657 | |||||||||||||||||||||||||||
Interest cost | 162 | 104 | |||||||||||||||||||||||||||
Service cost | — | 3 | |||||||||||||||||||||||||||
Actuarial loss | 614 | 1,785 | |||||||||||||||||||||||||||
Total disbursements | (637 | ) | (384 | ) | |||||||||||||||||||||||||
Benefit obligation – December 29, 2012 | $ | 5,191 | $ | 4,165 | |||||||||||||||||||||||||
Defined Benefit Plan Unfunded Status of Plan | ' | ||||||||||||||||||||||||||||
The benefit plans have no plan assets and have unfunded status equal to their benefit obligations, which have been classified in the consolidated balance sheets as follows (dollars in thousands): | |||||||||||||||||||||||||||||
SERP | Other Post-Retirement Plans | ||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | 620 | $ | 599 | $ | 236 | $ | 259 | |||||||||||||||||||||
Other long-term liabilities | 4,571 | 4,453 | 3,929 | 2,398 | |||||||||||||||||||||||||
Total liability | $ | 5,191 | $ | 5,052 | $ | 4,165 | $ | 2,657 | |||||||||||||||||||||
Medical Benefits Portion of Other Post-retirement Plans | ' | ||||||||||||||||||||||||||||
Assumed health care cost trend rates used in the calculation of benefit obligations related to the medical benefits portion of other post-retirement plans are as follows: | |||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||
Initial health care cost trend rate | 6.5 | % | 7 | % | |||||||||||||||||||||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | |||||||||||||||||||||||||
Year to reach ultimate trend rate | 2016 | 2016 | |||||||||||||||||||||||||||
FIP/RP Status Indicates Plans for Funding Improvement Plan | ' | ||||||||||||||||||||||||||||
The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan, or FIP, or a rehabilitation plan, or RP, is either pending or has been implemented by the trustees of the plan. | |||||||||||||||||||||||||||||
Pension Protection | Tops 5% of Total | FIP/RP | Surcharge | Expiration Dates | |||||||||||||||||||||||||
Act Zone Status | Contributions | Status | Imposed | of Collective | |||||||||||||||||||||||||
Pending / | Bargaining | ||||||||||||||||||||||||||||
EIN / Plan Number | 2012 | 2011 | 2012 | 2011 | Implemented | Agreements | |||||||||||||||||||||||
16-6144007 / 001 | Red | Red | Yes | Yes | Implemented | No | March 30, 2014 – | ||||||||||||||||||||||
October 3, 2015 | |||||||||||||||||||||||||||||
Benefit Obligation [Member] | ' | ||||||||||||||||||||||||||||
Discount Rate Assumptions Used | ' | ||||||||||||||||||||||||||||
Discount rate assumptions used to determine benefit obligations are as follows: | |||||||||||||||||||||||||||||
SERP | Other Post-Retirement Plans | ||||||||||||||||||||||||||||
December 29, 2012 | December 31, 2011 | December 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
2.80% | 3.4 | % | 3.4 | % | 4.1 | % | |||||||||||||||||||||||
Pension Cost [Member] | ' | ||||||||||||||||||||||||||||
Discount Rate Assumptions Used | ' | ||||||||||||||||||||||||||||
Discount rate assumptions used to determine net pension cost are as follows: | |||||||||||||||||||||||||||||
Fiscal 2012 | Fiscal 2011 | Fiscal 2010 | |||||||||||||||||||||||||||
SERP | 3.4 | % | 4.7 | % | 4.9 | % | |||||||||||||||||||||||
Other post-retirement plans | 4.1 | % | 4.7 | % | 5.2 | % |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 29, 2012 | |||||
Changes in the Asset Retirement Obligations | ' | ||||
The changes in the Asset Retirement Obligations are as follows (dollars in thousands): | |||||
Balance – January 1, 2011 | $ | 2,336 | |||
Accretion of liability | 212 | ||||
Incremental obligations incurred | 83 | ||||
Balance – December 31, 2011 | 2,631 | ||||
Obligations of acquired supermarkets | 393 | ||||
Accretion of liability | 235 | ||||
Balance – December 29, 2012 | $ | 3,259 | |||
Guarantor_Financial_Statements1
Guarantor Financial Statements (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Oct. 05, 2013 | Dec. 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Financial Information | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of October 5, 2013 and December 29, 2012 for Holding II, Holding I, Tops Markets, the Guarantor Subsidiaries, and for the Company, statements of comprehensive (loss) income for the 12 and 40-week periods ended October 5, 2013 and October 6, 2012, and statements of cash flows for the 40-week periods ended October 5, 2013 and October 6, 2012. Supplemental financial information has not been presented for Tops Markets II Corporation as it is a finance subsidiary. | The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of December 29, 2012 and December 31, 2011 for Holding II, Holding I and Tops Markets, the Guarantor Subsidiaries, and for the Company, and statements of comprehensive (loss) income and statements of cash flows for Fiscal 2012, Fiscal 2011 and Fiscal 2010. Supplemental financial information has not been presented for Tops Markets II Corporation as it is a finance subsidiary. | |||||||||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | CONSOLIDATED BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
OCTOBER 5, 2013 | DECEMBER 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding II | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Corporation | LLC | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Cash and cash equivalents | $ | — | $ | — | $ | 31,586 | $ | 836 | $ | — | $ | 32,422 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,807 | $ | — | $ | 22,164 | $ | 831 | $ | — | $ | 29,802 | Accounts receivable, net | — | — | 42,578 | 10,897 | — | 53,475 | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 54,138 | 12,578 | — | 66,716 | Intercompany receivables | — | — | 4,750 | 50,835 | (55,585 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 5,481 | 65,714 | (71,195 | ) | — | Inventory, net | — | — | 91,298 | 34,189 | — | 125,487 | ||||||||||||||||||||||||||||||||||||
Inventory, net | — | — | 99,714 | 35,113 | — | 134,827 | Prepaid expenses and other current assets | — | — | 7,352 | 1,971 | — | 9,323 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 11,563 | 2,473 | — | 14,036 | Income taxes refundable | — | — | 237 | — | — | 237 | |||||||||||||||||||||||||||||||||||||
Income taxes refundable | — | — | 252 | — | — | 252 | Current deferred tax assets | — | — | 1,316 | — | 608 | 1,924 | |||||||||||||||||||||||||||||||||||||
Current deferred tax assets | — | — | 1,316 | — | 608 | 1,924 | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | — | 179,117 | 98,728 | (54,977 | ) | 222,868 | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | 6,807 | — | 194,628 | 116,709 | (70,587 | ) | 247,557 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 277,111 | 64,668 | — | 341,779 | Property and equipment, net | — | — | 280,643 | 70,006 | — | 350,649 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 19,308 | — | — | 19,308 | Goodwill | — | — | 15,002 | — | — | 15,002 | |||||||||||||||||||||||||||||||||||||
Intangible assets, net | — | — | 62,327 | 5,817 | — | 68,144 | Intangible assets, net | — | — | 67,262 | 7,236 | — | 74,498 | |||||||||||||||||||||||||||||||||||||
Other assets | 6,736 | — | 41,413 | 3,041 | (32,723 | ) | 18,467 | Other assets | — | — | 36,811 | 3,041 | (26,867 | ) | 12,985 | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (188,454 | ) | (182,973 | ) | 130,280 | — | 241,147 | — | Investment in subsidiaries | (181,474 | ) | (176,724 | ) | 121,350 | — | 236,848 | — | |||||||||||||||||||||||||||||||||
Total assets | $ | (174,911 | ) | $ | (182,973 | ) | $ | 725,067 | $ | 190,235 | $ | 137,837 | $ | 695,255 | Total assets | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | |||||||||||||||||||||
Liabilities and Shareholders’ (Deficit) Equity | Liabilities and Shareholders’ (Deficit) Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 61,110 | $ | 17,492 | $ | — | $ | 78,602 | Accounts payable | $ | — | $ | — | $ | 60,429 | $ | 17,031 | $ | — | $ | 77,460 | |||||||||||||||||||||||||
Intercompany payables | — | 5,481 | 65,714 | — | (71,195 | ) | — | Intercompany payables | — | 4,750 | 50,835 | — | (55,585 | ) | — | |||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 7,293 | — | 63,136 | 18,097 | (742 | ) | 87,784 | Accrued expenses and other current liabilities | 1,798 | — | 51,981 | 22,705 | (744 | ) | 75,740 | |||||||||||||||||||||||||||||||||||
Current portion of capital lease obligations | — | — | 13,622 | 441 | — | 14,063 | Current portion of capital lease obligations | — | — | 13,955 | 402 | — | 14,357 | |||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | 2,276 | 31 | — | 2,307 | Current portion of long-term debt | — | — | 2,271 | — | — | 2,271 | |||||||||||||||||||||||||||||||||||||
Current deferred tax liability | — | — | — | 11 | (11 | ) | — | Current deferred tax liabilities | — | — | — | 11 | (11 | ) | — | |||||||||||||||||||||||||||||||||||
Total current liabilities | 7,293 | 5,481 | 205,858 | 36,072 | (71,948 | ) | 182,756 | Total current liabilities | 1,798 | 4,750 | 179,471 | 40,149 | (56,340 | ) | 169,828 | |||||||||||||||||||||||||||||||||||
Capital lease obligations | — | — | 137,055 | 2,649 | — | 139,704 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 148,592 | — | 511,554 | 581 | (3,041 | ) | 657,686 | Capital lease obligations | — | — | 146,510 | 2,993 | — | 149,503 | ||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | 33,233 | 5,864 | — | 39,097 | Long-term debt | — | — | 498,487 | — | (3,041 | ) | 495,446 | ||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 19,532 | 14,789 | (27,513 | ) | 6,808 | Other long-term liabilities | — | — | 33,284 | 5,587 | — | 38,871 | ||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 18,350 | 8,932 | (21,656 | ) | 5,626 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 155,885 | 5,481 | 907,232 | 59,955 | (102,502 | ) | 1,026,051 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,798 | 4,750 | 876,102 | 57,661 | (81,037 | ) | 859,274 | |||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (330,796 | ) | (188,454 | ) | (182,165 | ) | 130,280 | 240,339 | (330,796 | ) | ||||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (183,272 | ) | (181,474 | ) | (175,917 | ) | 121,350 | 236,041 | (183,272 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (174,911 | ) | $ | (182,973 | ) | $ | 725,067 | $ | 190,235 | $ | 137,837 | $ | 695,255 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | ||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 29, 2012 | CONSOLIDATED BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Tops Holding II | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Assets | Corporation | LLC | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 31,586 | $ | 836 | $ | — | $ | 32,422 | Current assets: | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 42,578 | 10,897 | — | 53,475 | Cash and cash equivalents | $ | — | $ | — | $ | 18,351 | $ | 830 | $ | — | $ | 19,181 | |||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 4,750 | 50,835 | (55,585 | ) | — | Accounts receivable, net | — | — | 44,809 | 11,178 | — | 55,987 | ||||||||||||||||||||||||||||||||||||
Inventory, net | — | — | 91,298 | 34,189 | — | 125,487 | Intercompany receivables | — | — | 3,800 | 15,556 | (19,356 | ) | — | ||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 7,352 | 1,971 | — | 9,323 | Inventory, net | — | — | 79,972 | 35,337 | — | 115,309 | |||||||||||||||||||||||||||||||||||||
Income taxes refundable | — | — | 237 | — | — | 237 | Prepaid expenses and other current assets | — | — | 10,654 | 2,336 | — | 12,990 | |||||||||||||||||||||||||||||||||||||
Current deferred tax assets | — | — | 1,316 | — | 608 | 1,924 | Income taxes refundable | — | — | 285 | — | — | 285 | |||||||||||||||||||||||||||||||||||||
Current deferred tax assets | — | — | 1,363 | — | 608 | 1,971 | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | — | 179,117 | 98,728 | (54,977 | ) | 222,868 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 280,643 | 70,006 | — | 350,649 | Total current assets | — | — | 159,234 | 65,237 | (18,748 | ) | 205,723 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 15,002 | — | — | 15,002 | ||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | — | — | 67,262 | 7,236 | — | 74,498 | Property and equipment, net | — | — | 282,207 | 76,056 | — | 358,263 | |||||||||||||||||||||||||||||||||||||
Other assets | — | — | 36,811 | 3,041 | (26,867 | ) | 12,985 | Goodwill | — | — | 462 | — | — | 462 | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (181,474 | ) | (176,724 | ) | 121,350 | — | 236,848 | — | Intangible assets, net | — | — | 62,684 | 8,979 | — | 71,663 | |||||||||||||||||||||||||||||||||||
Other assets | — | — | 27,687 | 3,041 | (19,627 | ) | 11,101 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | Investment in subsidiaries | (58,293 | ) | (54,493 | ) | 110,306 | — | 2,480 | — | |||||||||||||||||||||||||||
Liabilities and Shareholders’ (Deficit) Equity | Total assets | $ | (58,293 | ) | $ | (54,493 | ) | $ | 642,580 | $ | 153,313 | $ | (35,895 | ) | $ | 647,212 | ||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 60,429 | $ | 17,031 | $ | — | $ | 77,460 | Liabilities and Shareholders’ (Deficit) Equity | |||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 4,750 | 50,835 | — | (55,585 | ) | — | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 1,798 | — | 51,981 | 22,705 | (744 | ) | 75,740 | Accounts payable | $ | — | $ | — | $ | 58,359 | $ | 17,249 | $ | — | $ | 75,608 | ||||||||||||||||||||||||||||||
Current portion of capital lease obligations | — | — | 13,955 | 402 | — | 14,357 | Intercompany payables | — | 3,800 | 15,556 | — | (19,356 | ) | — | ||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | 2,271 | — | — | 2,271 | Accrued expenses and other current liabilities | 1,171 | — | 57,537 | 16,713 | (744 | ) | 74,677 | ||||||||||||||||||||||||||||||||||||
Current deferred tax liabilities | — | — | — | 11 | (11 | ) | — | Current portion of capital lease obligations | — | — | 12,348 | 353 | — | 12,701 | ||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | — | — | 434 | — | — | 434 | ||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 1,798 | 4,750 | 179,471 | 40,149 | (56,340 | ) | 169,828 | Current deferred tax liabilities | — | — | — | 11 | (11 | ) | — | |||||||||||||||||||||||||||||||||||
Capital lease obligations | — | — | 146,510 | 2,993 | — | 149,503 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | — | — | 498,487 | — | (3,041 | ) | 495,446 | Total current liabilities | 1,171 | 3,800 | 144,234 | 34,326 | (20,111 | ) | 163,420 | |||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | 33,284 | 5,587 | — | 38,871 | ||||||||||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 18,350 | 8,932 | (21,656 | ) | 5,626 | Capital lease obligations | — | — | 156,456 | 3,358 | — | 159,814 | ||||||||||||||||||||||||||||||||||||
Long-term debt | — | — | 358,281 | — | (3,041 | ) | 355,240 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,798 | 4,750 | 876,102 | 57,661 | (81,037 | ) | 859,274 | Other long-term liabilities | — | — | 20,262 | 3,631 | — | 23,893 | ||||||||||||||||||||||||||||||||||||
Non-current deferred tax liabilities | — | — | 17,033 | 1,692 | (14,416 | ) | 4,309 | |||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (183,272 | ) | (181,474 | ) | (175,917 | ) | 121,350 | 236,041 | (183,272 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,171 | 3,800 | 696,266 | 43,007 | (37,568 | ) | 706,676 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (181,474 | ) | $ | (176,724 | ) | $ | 700,185 | $ | 179,011 | $ | 155,004 | $ | 676,002 | ||||||||||||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (59,464 | ) | (58,293 | ) | (53,686 | ) | 110,306 | 1,673 | (59,464 | ) | ||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Total liabilities and shareholders’ (deficit) equity | $ | (58,293 | ) | $ | (54,493 | ) | $ | 642,580 | $ | 153,313 | $ | (35,895 | ) | $ | 647,212 | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 12-WEEK PERIOD ENDED OCTOBER 5, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 440,270 | $ | 132,379 | $ | (195 | ) | $ | 572,454 | Tops Holding | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Cost of goods sold | — | — | (309,056 | ) | (87,853 | ) | — | (396,909 | ) | II Corporation | LLC | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (8,991 | ) | (3,153 | ) | — | (12,144 | ) | Net sales | $ | — | $ | — | $ | 1,795,842 | $ | 570,762 | $ | (1,265 | ) | $ | 2,365,339 | |||||||||||||||||||||||||||
Cost of goods sold | — | — | (1,274,836 | ) | (379,257 | ) | — | (1,654,093 | ) | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | — | 122,223 | 41,373 | (195 | ) | 163,401 | Distribution costs | — | — | (33,901 | ) | (12,762 | ) | — | (46,663 | ) | |||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (58,688 | ) | (19,825 | ) | — | (78,513 | ) | Gross profit | — | — | 487,105 | 178,743 | (1,265 | ) | 664,583 | |||||||||||||||||||||||||||||||||
Selling and general expenses | — | — | (20,392 | ) | (6,782 | ) | 195 | (26,979 | ) | |||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | (219 | ) | (12,000 | ) | (4,090 | ) | — | (16,309 | ) | Operating expenses: | |||||||||||||||||||||||||||||||||||||||
Rent expense, net | — | — | (3,700 | ) | (2,143 | ) | — | (5,843 | ) | Wages, salaries and benefits | — | — | (233,362 | ) | (87,264 | ) | — | (320,626 | ) | |||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (10,043 | ) | (2,780 | ) | — | (12,823 | ) | Selling and general expenses | — | — | (74,275 | ) | (26,831 | ) | 1,265 | (99,841 | ) | |||||||||||||||||||||||||||||||
Advertising | — | — | (2,957 | ) | (874 | ) | — | (3,831 | ) | Administrative expenses | (2,078 | ) | (950 | ) | (60,499 | ) | (18,877 | ) | — | (82,404 | ) | |||||||||||||||||||||||||||||
Impairment | — | — | (1,620 | ) | — | — | (1,620 | ) | Rent expense, net | — | — | (12,350 | ) | (8,875 | ) | — | (21,225 | ) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (39,197 | ) | (13,420 | ) | — | (52,617 | ) | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | — | (219 | ) | (109,400 | ) | (36,494 | ) | 195 | (145,918 | ) | Advertising | — | — | (14,307 | ) | (5,007 | ) | — | (19,314 | ) | ||||||||||||||||||||||||||||||
Operating (loss) income | — | (219 | ) | 12,823 | 4,879 | — | 17,483 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (3,307 | ) | — | (13,894 | ) | (44 | ) | — | (17,245 | ) | Total operating expenses | (2,078 | ) | (950 | ) | (433,990 | ) | (160,274 | ) | 1,265 | (596,027 | ) | ||||||||||||||||||||||||||||
Equity income from subsidiaries | 3,167 | 3,386 | 2,921 | — | (9,474 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (2,078 | ) | (950 | ) | 53,115 | 18,469 | — | 68,556 | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (140 | ) | 3,167 | 1,850 | 4,835 | (9,474 | ) | 238 | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 1,536 | (1,914 | ) | — | (378 | ) | Loss on debt extinguishment | — | (31,205 | ) | (31,205 | ) | ||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (58,706 | ) | (187 | ) | — | (58,893 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (140 | ) | 3,167 | 3,386 | 2,921 | (9,474 | ) | (140 | ) | Equity (loss) income from subsidiaries | (20,872 | ) | (19,922 | ) | 11,042 | — | 29,752 | — | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (22,950 | ) | (20,872 | ) | (25,754 | ) | 18,282 | 29,752 | (21,542 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (140 | ) | $ | 3,167 | $ | 3,386 | $ | 2,921 | $ | (9,474 | ) | $ | (140 | ) | |||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 5,832 | (7,240 | ) | — | (1,408 | ) | ||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Net (loss) income | (22,950 | ) | (20,872 | ) | (19,922 | ) | 11,042 | 29,752 | (22,950 | ) | |||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 12-WEEK PERIOD ENDED OCTOBER 6, 2012 | Change in postretirement benefit obligation | (2,309 | ) | (2,309 | ) | (2,309 | ) | — | 4,618 | (2,309 | ) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Comprehensive (loss) income | $ | (25,259 | ) | $ | (23,181 | ) | $ | (22,231 | ) | $ | 11,042 | $ | 34,370 | $ | (25,259 | ) | |||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 404,355 | $ | 134,282 | $ | (206 | ) | 538,431 | FISCAL 2011 | |||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | — | (288,206 | ) | (89,271 | ) | — | (377,477 | ) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (7,982 | ) | (3,109 | ) | — | (11,091 | ) | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | — | 108,167 | 41,902 | (206 | ) | 149,863 | Tops Holding | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Operating expenses: | II Corporation | LLC | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (52,518 | ) | (19,816 | ) | — | (72,334 | ) | Net sales | $ | — | $ | — | $ | 1,774,927 | $ | 581,858 | $ | (1,293 | ) | $ | 2,355,492 | |||||||||||||||||||||||||||
Selling and general expenses | — | — | (16,937 | ) | (5,174 | ) | 206 | (21,905 | ) | Cost of goods sold | — | — | (1,260,068 | ) | (390,098 | ) | — | (1,650,166 | ) | |||||||||||||||||||||||||||||||
Administrative expenses | (409 | ) | (219 | ) | (12,256 | ) | (4,194 | ) | — | (17,078 | ) | Distribution costs | — | — | (31,638 | ) | (12,551 | ) | — | (44,189 | ) | |||||||||||||||||||||||||||||
Rent expense, net | — | — | (2,467 | ) | (2,018 | ) | — | (4,485 | ) | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (8,914 | ) | (3,097 | ) | — | (12,011 | ) | Gross profit | — | — | 483,221 | 179,209 | (1,293 | ) | 661,137 | |||||||||||||||||||||||||||||||||
Advertising | — | — | (2,645 | ) | (956 | ) | — | (3,601 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (409 | ) | (219 | ) | (95,737 | ) | (35,255 | ) | 206 | (131,414 | ) | Wages, salaries and benefits | — | — | (228,947 | ) | (88,791 | ) | — | (317,738 | ) | |||||||||||||||||||||||||||||
Operating (loss) income | (409 | ) | (219 | ) | 12,430 | 6,647 | — | 18,449 | Selling and general expenses | — | — | (73,186 | ) | (31,260 | ) | 1,293 | (103,153 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (13,364 | ) | (42 | ) | — | (13,406 | ) | Administrative expenses | (1,768 | ) | (950 | ) | (57,080 | ) | (19,982 | ) | — | (79,780 | ) | |||||||||||||||||||||||||||||
Equity income from subsidiaries | 5,113 | 5,332 | 3,989 | — | (14,434 | ) | — | Rent expense, net | — | — | (9,707 | ) | (9,149 | ) | — | (18,856 | ) | |||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (38,812 | ) | (12,393 | ) | — | (51,205 | ) | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 4,704 | 5,113 | 3,055 | 6,605 | (14,434 | ) | 5,043 | Advertising | — | — | (13,292 | ) | (5,497 | ) | — | (18,789 | ) | |||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 2,277 | (2,616 | ) | — | (339 | ) | Impairment charges | — | — | — | (2,791 | ) | — | (2,791 | ) | |||||||||||||||||||||||||||||||||
Net income | 4,704 | 5,113 | 5,332 | 3,989 | (14,434 | ) | 4,704 | Total operating expenses | (1,768 | ) | (950 | ) | (421,024 | ) | (169,863 | ) | 1,293 | (592,312 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (1,768 | ) | (950 | ) | 62,197 | 9,346 | — | 68,825 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 4,704 | $ | 5,113 | $ | 5,332 | $ | 3,989 | $ | (14,434 | ) | $ | 4,704 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (61,469 | ) | (229 | ) | — | (61,698 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity income from subsidiaries | 7,600 | 8,550 | 5,507 | — | (21,657 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME | Income before income taxes | 5,832 | 7,600 | 6,235 | 9,117 | (21,657 | ) | 7,127 | ||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 5, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Income tax benefit (expense) | — | — | 2,315 | (3,610 | ) | — | (1,295 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 5,832 | 7,600 | 8,550 | 5,507 | (21,657 | ) | 5,832 | |||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Change in postretirement benefit obligation | (925 | ) | (925 | ) | (925 | ) | — | 1,850 | (925 | ) | ||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,469,913 | $ | 440,401 | $ | (776 | ) | $ | 1,909,538 | Comprehensive income | $ | 4,907 | $ | 6,675 | $ | 7,625 | $ | 5,507 | $ | (19,807 | ) | $ | 4,907 | |||||||||||||||||||||||
Cost of goods sold | — | — | (1,036,550 | ) | (292,444 | ) | — | (1,328,994 | ) | |||||||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (28,455 | ) | (9,969 | ) | — | (38,424 | ) | |||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | — | 404,908 | 137,988 | (776 | ) | 542,120 | CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | FISCAL 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (196,391 | ) | (66,954 | ) | — | (263,345 | ) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Selling and general expenses | — | — | (68,410 | ) | (22,527 | ) | 776 | (90,161 | ) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
Administrative expenses | (10,893 | ) | (731 | ) | (40,392 | ) | (13,619 | ) | — | (65,635 | ) | |||||||||||||||||||||||||||||||||||||||
Rent expense, net | — | — | (11,676 | ) | (7,043 | ) | — | (18,719 | ) | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (33,478 | ) | (9,397 | ) | — | (42,875 | ) | Tops Holding | Tops Holding | Tops Markets, | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
Advertising | — | — | (11,747 | ) | (3,533 | ) | — | (15,280 | ) | II Corporation | LLC | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Impairment | — | — | (1,620 | ) | — | — | (1,620 | ) | Net sales | $ | — | $ | — | $ | 1,704,977 | $ | 553,742 | $ | (1,183 | ) | $ | 2,257,536 | ||||||||||||||||||||||||||||
Cost of goods sold | — | — | (1,208,582 | ) | (370,434 | ) | — | (1,579,016 | ) | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (10,893 | ) | (731 | ) | (363,714 | ) | (123,073 | ) | 776 | (497,635 | ) | Distribution costs | — | — | (31,899 | ) | (12,930 | ) | — | (44,829 | ) | |||||||||||||||||||||||||||||
Operating (loss) income | (10,893 | ) | (731 | ) | 41,194 | 14,915 | — | 44,485 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (5,708 | ) | — | (47,125 | ) | (126 | ) | — | (52,959 | ) | Gross profit | — | — | 464,496 | 170,378 | (1,183 | ) | 633,691 | ||||||||||||||||||||||||||||||||
Equity income from subsidiaries | 6,944 | 7,675 | 8,933 | — | (23,552 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (9,657 | ) | 6,944 | 3,002 | 14,789 | (23,552 | ) | (8,474 | ) | Wages, salaries and benefits | — | — | (223,276 | ) | (87,524 | ) | — | (310,800 | ) | |||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 4,673 | (5,856 | ) | — | (1,183 | ) | Selling and general expenses | — | — | (71,629 | ) | (34,395 | ) | 1,183 | (104,841 | ) | ||||||||||||||||||||||||||||||||
Administrative expenses | (1,258 | ) | (950 | ) | (81,425 | ) | (19,121 | ) | — | (102,754 | ) | |||||||||||||||||||||||||||||||||||||||
Net (loss) income | (9,657 | ) | 6,944 | 7,675 | 8,933 | (23,552 | ) | (9,657 | ) | Rent expense, net | — | — | (9,493 | ) | (9,642 | ) | — | (19,135 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | Depreciation and amortization | — | — | (55,005 | ) | (7,348 | ) | — | (62,353 | ) | ||||||||||||||||||||||||||||||||||
Advertising | — | — | (15,819 | ) | (7,356 | ) | — | (23,175 | ) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (9,657 | ) | $ | 6,944 | $ | 7,675 | $ | 8,933 | $ | (23,552 | ) | $ | (9,657 | ) | |||||||||||||||||||||||||||||||||||
Total operating expenses | (1,258 | ) | (950 | ) | (456,647 | ) | (165,386 | ) | 1,183 | (623,058 | ) | |||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Operating (loss) income | (1,258 | ) | (950 | ) | 7,849 | 4,992 | — | 10,633 | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 6, 2012 | Bargain purchase | — | — | — | 15,681 | — | 15,681 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Loss on debt extinguishment | — | — | (1,041 | ) | — | — | (1,041 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Interest expense, net | — | — | (61,125 | ) | (106 | ) | — | (61,231 | ) | ||||||||||||||||||||||||||||||||||||||||
Equity (loss) income from subsidiaries | (25,696 | ) | (23,994 | ) | 18,631 | — | 31,059 | — | ||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | (Loss) income before income taxes | (26,954 | ) | (24,944 | ) | (35,686 | ) | 20,567 | 31,059 | (35,958 | ) | ||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,365,591 | $ | 440,371 | $ | (790 | ) | $ | 1,805,172 | Income tax (expense) benefit | — | (752 | ) | 11,692 | (1,936 | ) | — | 9,004 | ||||||||||||||||||||||||||||
Cost of goods sold | — | — | (967,521 | ) | (291,177 | ) | — | (1,258,698 | ) | |||||||||||||||||||||||||||||||||||||||||
Distribution costs | — | — | (26,262 | ) | (10,107 | ) | — | (36,369 | ) | Net (loss) income | (26,954 | ) | (25,696 | ) | (23,994 | ) | 18,631 | 31,059 | (26,954 | ) | ||||||||||||||||||||||||||||||
Gross profit | — | — | 371,808 | 139,087 | (790 | ) | 510,105 | Change in postretirement benefit obligation | (471 | ) | (471 | ) | (471 | ) | — | 942 | (471 | ) | ||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wages, salaries and benefits | — | — | (179,138 | ) | (67,551 | ) | — | (246,689 | ) | Comprehensive (loss) income | $ | (27,425 | ) | $ | (26,167 | ) | $ | (24,465 | ) | $ | 18,631 | $ | 32,001 | $ | (27,425 | ) | ||||||||||||||||||||||||
Selling and general expenses | — | — | (55,722 | ) | (19,191 | ) | 790 | (74,123 | ) | |||||||||||||||||||||||||||||||||||||||||
Administrative expenses | (1,363 | ) | (730 | ) | (43,038 | ) | (14,360 | ) | — | (59,491 | ) | |||||||||||||||||||||||||||||||||||||||
Rent expense, net | — | — | (7,254 | ) | (6,779 | ) | — | (14,033 | ) | TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | (29,811 | ) | (10,252 | ) | — | (40,063 | ) | CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||
Advertising | — | — | (10,564 | ) | (3,801 | ) | — | (14,365 | ) | FISCAL 2012 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (1,363 | ) | (730 | ) | (325,527 | ) | (121,934 | ) | 790 | (448,764 | ) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (1,363 | ) | (730 | ) | 46,281 | 17,153 | — | 61,341 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | — | — | (45,280 | ) | (147 | ) | — | (45,427 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity income from subsidiaries | 16,216 | 16,946 | 10,271 | — | (43,433 | ) | — | Tops | Tops | Tops | Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Holding II | Holding | Markets, | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 14,853 | 16,216 | 11,272 | 17,006 | (43,433 | ) | 15,914 | Corporation | LLC | LLC | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | 5,674 | (6,735 | ) | — | (1,061 | ) | Net cash (used in) provided by operating activities | $ | — | $ | (950 | ) | $ | 47,029 | $ | 40,928 | $ | — | $ | 87,007 | ||||||||||||||||||||||||||||
Cash flows used in investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 14,853 | 16,216 | 16,946 | 10,271 | (43,433 | ) | 14,853 | Cash paid for property and equipment | — | — | (30,329 | ) | (7,236 | ) | — | (37,565 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | Acquisition of Grand Union supermarkets | — | — | (27,640 | ) | — | — | (27,640 | ) | |||||||||||||||||||||||||||||||||||
Acquisition of independent supermarkets | — | — | (3,304 | ) | — | — | (3,304 | ) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 14,853 | $ | 16,216 | $ | 16,946 | $ | 10,271 | $ | (43,433 | ) | $ | 14,853 | Proceeds from insurable loss recovery | — | — | — | 1,455 | — | 1,455 | ||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (950 | ) | (34,785 | ) | 35,735 | — | ||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Net cash used in investing activities | — | — | (62,223 | ) | (40,566 | ) | 35,735 | (67,054 | ) | ||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 5, 2013 | Cash flows provided by (used in) financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Proceeds from long-term debt borrowings | — | — | 460,000 | — | — | 460,000 | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Repayments of long-term debt borrowings | — | — | (350,452 | ) | — | — | (350,452 | ) | |||||||||||||||||||||||||||||||||||||||||
Dividend to shareholders | — | — | (100,000 | ) | — | — | (100,000 | ) | ||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2017 ABL Facility | — | — | 35,000 | — | — | 35,000 | ||||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Borrowings on 2013 ABL Facility | — | — | 158,800 | — | — | 158,800 | ||||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Repayments on 2013 ABL Facility | — | — | (163,800 | ) | — | — | (163,800 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (731 | ) | $ | 25,919 | $ | 18,001 | $ | — | $ | 43,189 | Debt extinguishment cost incurred | — | — | (20,901 | ) | — | — | (20,901 | ) | ||||||||||||||||||||||||||||
Cash flows used in investing activities: | Principal payments on capital leases | — | — | (12,962 | ) | (356 | ) | — | (13,318 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (37,489 | ) | (2,823 | ) | — | (40,312 | ) | Deferred financing costs incurred | — | — | (11,943 | ) | — | — | (11,943 | ) | ||||||||||||||||||||||||||||||||
Acquisition of independent supermarkets | — | — | (5,995 | ) | — | — | (5,995 | ) | Change in bank overdraft position | — | — | (98 | ) | — | — | (98 | ) | |||||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (731 | ) | (14,879 | ) | 15,610 | — | Change in intercompany payables position | — | 950 | 34,785 | — | (35,735 | ) | — | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (44,215 | ) | (17,702 | ) | 15,610 | (46,307 | ) | Net cash provided by (used in) financing activities | — | 950 | 28,429 | (356 | ) | (35,735 | ) | (6,712 | ) | |||||||||||||||||||||||||||||||
Cash flows provided by (used in) financing activities: | Net increase in cash and cash equivalents | — | — | 13,235 | 6 | — | 13,241 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt borrowings | 148,500 | — | — | — | — | 148,500 | Cash and cash equivalents – beginning of year | — | — | 18,351 | 830 | — | 19,181 | |||||||||||||||||||||||||||||||||||||
Dividend to shareholders | (141,920 | ) | — | — | — | — | (141,920 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | 227 | — | — | — | — | 227 | Cash and cash equivalents – end of year | $ | — | $ | — | $ | 31,586 | $ | 836 | $ | — | $ | 32,422 | |||||||||||||||||||||||||||||||
Change in intercompany payables position | — | 731 | 14,879 | — | (15,610 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2017 ABL Facility | — | — | 241,300 | — | — | 241,300 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on 2017 ABL Facility | — | — | (228,000 | ) | — | — | (228,000 | ) | TOPS HOLDING II CORPORATION | |||||||||||||||||||||||||||||||||||||||||
Principal payments on capital leases | — | — | (10,971 | ) | (304 | ) | — | (11,275 | ) | CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||
Deferred financing costs paid | — | — | (8,154 | ) | — | — | (8,154 | ) | FISCAL 2011 | |||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt borrowings | — | — | (227 | ) | — | — | (227 | ) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Change in bank overdraft position | — | — | 47 | — | — | 47 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 6,807 | 731 | 8,874 | (304 | ) | (15,610 | ) | 498 | Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,807 | — | (9,422 | ) | (5 | ) | — | (2,620 | ) | Net cash (used in) provided by operating activities | $ | — | $ | (950 | ) | $ | 48,437 | $ | 21,164 | $ | — | $ | 68,651 | |||||||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | 31,586 | 836 | — | 32,422 | Cash flows used in investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (25,405 | ) | (20,170 | ) | — | (45,575 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | 6,807 | $ | — | $ | 22,164 | $ | 831 | $ | — | $ | 29,802 | Cash paid for intangible assets | — | — | (1,527 | ) | — | — | (1,527 | ) | |||||||||||||||||||||||||||||
Proceeds from sale of assets | — | — | — | 1,284 | — | 1,284 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from insurable loss recovery | — | — | — | 609 | — | 609 | ||||||||||||||||||||||||||||||||||||||||||||
TOPS HOLDING II CORPORATION | Change in intercompany receivables position | — | — | (950 | ) | (2,464 | ) | 3,414 | — | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE 40-WEEK PERIOD ENDED OCTOBER 6, 2012 | Net cash used in investing activities | — | — | (27,882 | ) | (20,741 | ) | 3,414 | (45,209 | ) | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Cash flows provided by (used in) financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2013 ABL Facility | — | — | 612,900 | — | — | 612,900 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on 2013 ABL Facility | — | — | (622,900 | ) | — | — | (622,900 | ) | ||||||||||||||||||||||||||||||||||||||||||
Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | Principal payments on capital leases | — | — | (10,838 | ) | (323 | ) | — | (11,161 | ) | |||||||||||||||||||||||||||||||||||
II Corporation | LLC | Subsidiaries | Change in intercompany payables position | — | 950 | 2,464 | — | (3,414 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (731 | ) | $ | 48,430 | $ | 31,826 | $ | — | $ | 79,525 | Proceeds from long-term debt borrowings | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash flows used in investing activities: | Repayments of long-term debt borrowings | — | — | (409 | ) | — | — | (409 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Grand Union supermarkets | — | — | (27,359 | ) | — | — | (27,359 | ) | Deferred financing costs incurred | — | — | (57 | ) | — | — | (57 | ) | |||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (19,902 | ) | (4,990 | ) | — | (24,892 | ) | Change in bank overdraft position | — | — | (53 | ) | — | — | (53 | ) | ||||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (731 | ) | (27,651 | ) | 28,382 | — | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from insurable loss recovery | — | — | — | 1,150 | — | 1,150 | Net cash provided by (used in) financing activities | — | 950 | (18,893 | ) | (323 | ) | (3,414 | ) | (21,680 | ) | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (47,992 | ) | (31,491 | ) | 28,382 | (51,101 | ) | Net increase in cash and cash equivalents | — | — | 1,662 | 100 | — | 1,762 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents - beginning of year | — | — | 16,689 | 730 | — | 17,419 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows provided by (used in) financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings on 2013 ABL Facility | — | — | 66,600 | — | — | 66,600 | Cash and cash equivalents - end of year | $ | — | $ | — | $ | 18,351 | $ | 830 | $ | — | $ | 19,181 | |||||||||||||||||||||||||||||||
Repayments on 2013 ABL Facility | — | — | (71,600 | ) | — | — | (71,600 | ) | ||||||||||||||||||||||||||||||||||||||||||
Change in intercompany payables position | — | 731 | 27,651 | — | (28,382 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Principal payments on capital leases | — | — | (9,580 | ) | (270 | ) | — | (9,850 | ) | TOPS HOLDING II CORPORATION | ||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt borrowings | — | — | (360 | ) | — | — | (360 | ) | CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||
Change in bank overdraft position | — | — | (120 | ) | — | — | (120 | ) | FISCAL 2010 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 731 | 12,591 | (270 | ) | (28,382 | ) | (15,330 | ) | |||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 13,029 | 65 | — | 13,094 | Tops Holding | Tops Holding | Tops Markets, LLC | Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | 18,351 | 830 | — | 19,181 | II Corporation | LLC | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (950 | ) | $ | 37,783 | $ | 12,625 | $ | — | $ | 49,458 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | — | $ | 31,380 | $ | 895 | $ | — | $ | 32,275 | Cash flows used in investing activities: | |||||||||||||||||||||||||||||||||||||
Acquisition of the Penn Traffic Company | — | — | — | (85,023 | ) | — | (85,023 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for property and equipment | — | — | (28,081 | ) | (21,582 | ) | — | (49,663 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | — | — | 20,753 | — | 20,753 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | — | (85,023 | ) | — | 85,023 | — | |||||||||||||||||||||||||||||||||||||||||||
Change in intercompany receivables position | — | — | (950 | ) | (10,786 | ) | 11,736 | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | — | (114,054 | ) | (96,638 | ) | 96,759 | (113,933 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows provided by financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt borrowings | — | — | 112,125 | — | — | 112,125 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt borrowings | — | — | (36,377 | ) | — | — | (36,377 | ) | ||||||||||||||||||||||||||||||||||||||||||
Borrowings on ABL Facility | — | — | 348,737 | — | — | 348,737 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on ABL Facility | — | — | (347,737 | ) | — | — | (347,737 | ) | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 30,000 | 30,000 | — | (30,000 | ) | 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Dividend | — | (30,000 | ) | (30,000 | ) | — | 30,000 | (30,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Principal payments on capital leases | — | — | (9,004 | ) | (290 | ) | — | (9,294 | ) | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs incurred | — | — | (5,769 | ) | — | — | (5,769 | ) | ||||||||||||||||||||||||||||||||||||||||||
Capital contribution | — | — | — | 85,023 | (85,023 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Change in intercompany payables position | — | 950 | 10,786 | — | (11,736 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Change in bank overdraft position | — | — | 487 | — | — | 487 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | 950 | 73,248 | 84,733 | (96,759 | ) | 62,172 | |||||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (3,023 | ) | 720 | — | (2,303 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents - beginning of year | — | — | 19,712 | 10 | — | 19,722 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents - end of year | $ | — | $ | — | $ | 16,689 | $ | 730 | $ | — | $ | 17,419 | ||||||||||||||||||||||||||||||||||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2012 | |||||||||||||||||
Quarterly Data | ' | ||||||||||||||||
The table below reflects the unaudited results of operations for Fiscal 2012 and Fiscal 2011 (Dollars in thousands). | |||||||||||||||||
Fiscal 2012 | 16-week | 12-week | 12-week | 12-week | |||||||||||||
period ended | period ended | period ended | period ended | ||||||||||||||
April 21, 2012 | July 14, 2012 | October 6, 2012 | December 29, 2012 | ||||||||||||||
Net sales | $ | 704,380 | $ | 562,361 | $ | 538,431 | $ | 560,167 | |||||||||
Gross profit | 199,906 | 160,336 | 149,863 | 154,478 | |||||||||||||
Operating income | 19,333 | 23,559 | 18,449 | 7,215 | |||||||||||||
Income tax expense | (370 | ) | (352 | ) | (339 | ) | (347 | ) | |||||||||
Net income (loss)(1) | 651 | 9,498 | 4,704 | (37,803 | ) | ||||||||||||
Fiscal 2011 | 16-week | 12-week | 12-week | 12-week | |||||||||||||
period ended | period ended | period ended | period ended | ||||||||||||||
23-Apr-11 | 16-Jul-11 | 8-Oct-11 | 31-Dec-11 | ||||||||||||||
Net sales | $ | 717,259 | $ | 559,514 | $ | 538,606 | $ | 540,113 | |||||||||
Gross profit | 202,352 | 154,982 | 152,925 | 150,878 | |||||||||||||
Operating income | 17,570 | 14,908 | 20,742 | 15,605 | |||||||||||||
Income tax expense | (367 | ) | (318 | ) | (305 | ) | (305 | ) | |||||||||
Net (loss) income | (2,088 | ) | 293 | 6,440 | 1,187 | ||||||||||||
-1 | The net loss for the 12-week period ended December 29, 2012 includes a $31.2 million loss on debt extinguishment related to the December 2012 financing transactions. See Note 9 for further discussion. |
Capital_Lease_Obligations_Tabl
Capital Lease Obligations (Tables) | 9 Months Ended | ||||
Oct. 05, 2013 | |||||
Summary of Future Minimum Lease Rental Payments | ' | ||||
As of October 5, 2013, future minimum lease rental payments applicable to capital lease obligations follow (dollars in thousands): | |||||
2013 (remaining period) | $ | 6,730 | |||
2014 | 28,137 | ||||
2015 | 25,390 | ||||
2016 | 24,056 | ||||
2017 | 19,960 | ||||
Thereafter | 71,838 | ||||
Total minimum lease payments | 176,111 | ||||
Less amounts representing interest | (71,173 | ) | |||
Present value of net minimum lease payments | 104,938 | ||||
Less current obligations | (14,063 | ) | |||
Long-term cash obligations | 90,875 | ||||
Obligations related to land with no cash payments | 48,829 | ||||
Total long-term capital lease obligations | $ | 139,704 |
The_Company_Basis_of_Presentat3
The Company, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
16-May-13 | Oct. 05, 2013 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Store | Store | Segment | ||||
Franchise | Store | |||||
Franchise | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Number of retail supermarkets | ' | 155 | 155 | 149 | ' | ' |
Additional operated supermarkets by franchisees | ' | 5 | 5 | 5 | ' | ' |
Number of supermarkets acquired | ' | ' | 21 | 21 | ' | ' |
Cash and cash equivalents with original maturities at the date of purchase | ' | ' | ' | '90 days | ' | ' |
Outstanding checks in excess of cash balances | ' | ' | ' | $2,400,000 | $2,500,000 | ' |
Concentration of Credit Risk cash and accounts receivable | ' | ' | ' | 250,000 | ' | ' |
Cash in banks exceeding the FDIC insurance limit | ' | ' | ' | 11,600,000 | 2,600,000 | ' |
Allowance for doubtful accounts | ' | ' | ' | 414,000 | 854,000 | ' |
Impairment charges of long-lived assets | ' | ' | ' | 0 | 2,800,000 | 0 |
LIFO balance sheet reserves | ' | ' | ' | 11,100,000 | 10,700,000 | ' |
Impairment charges | ' | 1,620,000 | 1,620,000 | ' | 2,791,000 | ' |
Goodwill impairment charges | ' | ' | ' | 0 | 0 | 0 |
Number of Franchisees | ' | ' | ' | 2 | ' | ' |
Deferred financing costs | ' | ' | ' | 13,000,000 | 11,100,000 | ' |
Write-off of unamortized deferred financing costs | ' | ' | ' | 8,300,000 | ' | ' |
Rental income | ' | ' | ' | 4,200,000 | 3,500,000 | 3,400,000 |
ARO liabilities recognized | ' | ' | ' | 3,259,000 | 2,631,000 | 2,336,000 |
Accretion expense attributable to ARO liabilities | ' | ' | ' | 235,000 | 212,000 | 200,000 |
Franchise revenues | ' | ' | ' | 4,200,000 | 4,100,000 | 3,800,000 |
Commission income | ' | ' | ' | 2,700,000 | 2,200,000 | 2,000,000 |
Deferred revenue liability | ' | ' | ' | '2 years | ' | ' |
Income for the unused portion of gift cards | ' | ' | ' | '2 years | ' | ' |
Breakage income | ' | ' | ' | 300,000 | 200,000 | 300,000 |
Depreciation expense | ' | ' | ' | 2,900,000 | 3,400,000 | 3,500,000 |
Vendor allowance | ' | ' | ' | 1,600,000 | 1,400,000 | ' |
Depreciation expenses | ' | ' | ' | 60,800,000 | 58,400,000 | 67,000,000 |
Payment Under Stock Incentive Plan | 6,800,000 | ' | ' | 5,000,000 | ' | ' |
Number of reportable segment | ' | ' | ' | 1 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Deductibles and self-insured retentions range | ' | ' | ' | 100,000 | ' | ' |
Compensation expenses Vesting Period | ' | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Deductibles and self-insured retentions range | ' | ' | ' | 1,000,000 | ' | ' |
Compensation expenses Vesting Period | ' | ' | ' | '5 years | ' | ' |
Pharmacy [Member] | ' | ' | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Services offered by supermarkets | ' | ' | ' | 78 | ' | ' |
Fuel [Member] | ' | ' | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Services offered by supermarkets | ' | ' | ' | 47 | ' | ' |
Administration Expenses [Member] | ' | ' | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation expenses | ' | ' | ' | 11,400,000 | 11,500,000 | 10,400,000 |
Selling and General Expenses [Member] | ' | ' | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation expenses | ' | ' | ' | $200,000 | $200,000 | $200,000 |
Schedule_of_Additional_Cash_Fl
Schedule of Additional Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Cash paid during the year for: | ' | ' | ' |
Interest | $61,984 | $58,800 | $56,933 |
Income taxes | 124 | 190 | 151 |
Non-cash items: | ' | ' | ' |
Unpaid capital expenditures | 4,907 | 1,718 | 6,107 |
Assets acquired under capital leases | $4,663 | $365 | $5,349 |
Schedule_of_Carrying_and_Estim
Schedule of Carrying and Estimated Values of Debt Instruments (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Carrying value of debt instruments: | ' | ' | ' |
Current portion of capital lease obligations | $14,063 | $14,357 | $12,701 |
Current portion of long-term debt | 2,307 | 2,271 | 434 |
Long-term capital lease obligations | 139,704 | 149,503 | 159,814 |
Long-term debt | 657,686 | 495,446 | 355,240 |
Total carrying value of debt instruments | 813,760 | 661,577 | 528,189 |
Fair value of debt instruments | 837,727 | 632,552 | 530,652 |
(Deficiency) excess of carrying value over fair value | ($23,967) | $29,025 | ($2,463) |
Estimated_Useful_Lives_of_Prop
Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 29, 2012 | |
Land and land improvements [Member] | ' |
Estimated useful lives of property and equipment | ' |
Property Life | 'Indefinite |
Buildings [Member] | Maximum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '40 years |
Buildings [Member] | Minimum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '30 years |
Leasehold improvements [Member] | ' |
Estimated useful lives of property and equipment | ' |
Property Life | 'Lesser of 3 - 20 years or remaining lease term |
Equipment [Member] | Maximum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '10 years |
Equipment [Member] | Minimum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '2 years |
Automobiles [Member] | Maximum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '10 years |
Automobiles [Member] | Minimum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '3 years |
IT software and equipment [Member] | Maximum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '5 years |
IT software and equipment [Member] | Minimum [Member] | ' |
Estimated useful lives of property and equipment | ' |
Useful life | '3 years |
Weighted_Average_Amortization_
Weighted Average Amortization periods for Intangible Assets (Detail) | 12 Months Ended |
Dec. 29, 2012 | |
Tradename - indefinite [Member] | ' |
Amortization period of intangible assets | ' |
Indefinite life | 'Indefinite life |
Customer relationships [Member] | ' |
Amortization period of intangible assets | ' |
Useful Life | '8 years 4 months 24 days |
Favorable Lease Rights [Member] | ' |
Amortization period of intangible assets | ' |
Useful Life | '9 years 9 months 18 days |
Franchise agreements [Member] | ' |
Amortization period of intangible assets | ' |
Useful Life | '11 years |
Tradenames - finite [Member] | ' |
Amortization period of intangible assets | ' |
Useful Life | '8 years 9 months 18 days |
Other [Member] | ' |
Amortization period of intangible assets | ' |
Useful Life | '5 years |
Summary_of_Sales_Revenue_by_Ty
Summary of Sales Revenue by Type of Product (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |||||||
Sales revenue by type of similar product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue | $572,454 | $560,167 | $538,431 | $562,361 | $540,113 | $538,606 | $559,514 | $704,380 | $717,259 | $1,909,538 | $1,805,172 | $2,365,339 | $2,355,492 | $2,257,536 | |||||||
Sale revenue percentage | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||
Non-perishables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue by type of similar product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue | 323,196 | [1] | ' | 303,924 | [1] | ' | ' | ' | ' | ' | ' | 1,076,389 | [1] | 1,012,951 | [1] | 1,337,030 | [1] | 1,335,913 | [1] | 1,307,304 | [1] |
Sale revenue percentage | 56.50% | [1] | ' | 56.40% | [1] | ' | ' | ' | ' | ' | ' | 56.40% | [1] | 56.10% | [1] | 56.50% | [1] | 56.70% | [1] | 57.90% | [1] |
Perishables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue by type of similar product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue | 155,914 | [2] | ' | 143,741 | [2] | ' | ' | ' | ' | ' | ' | 525,988 | [2] | 485,122 | [2] | 631,621 | [2] | 624,490 | [2] | 605,684 | [2] |
Sale revenue percentage | 27.20% | [2] | ' | 26.70% | [2] | ' | ' | ' | ' | ' | ' | 27.50% | [2] | 26.90% | [2] | 26.70% | [2] | 26.50% | [2] | 26.80% | [2] |
Fuel [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue by type of similar product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue | 52,200 | ' | 50,896 | ' | ' | ' | ' | ' | ' | 171,870 | 169,023 | 218,815 | 204,193 | 150,012 | |||||||
Sale revenue percentage | 9.10% | ' | 9.50% | ' | ' | ' | ' | ' | ' | 9.00% | 9.40% | 9.30% | 8.70% | 6.60% | |||||||
Pharmacy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue by type of similar product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue | 36,982 | ' | 35,920 | ' | ' | ' | ' | ' | ' | 121,394 | 124,792 | 160,069 | 174,437 | 179,518 | |||||||
Sale revenue percentage | 6.50% | ' | 6.70% | ' | ' | ' | ' | ' | ' | 6.40% | 6.90% | 6.80% | 7.40% | 8.00% | |||||||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue by type of similar product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Sales revenue | $4,162 | [3] | ' | $3,950 | [3] | ' | ' | ' | ' | ' | ' | $13,897 | [3] | $13,284 | [3] | $17,804 | [3] | $16,459 | [3] | $15,018 | [3] |
Sale revenue percentage | 0.70% | [3] | ' | 0.70% | [3] | ' | ' | ' | ' | ' | ' | 0.70% | [3] | 0.70% | [3] | 0.70% | [3] | 0.70% | [3] | 0.70% | [3] |
[1] | Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. | ||||||||||||||||||||
[2] | Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. | ||||||||||||||||||||
[3] | Other primarily consists of franchise income and service commission income, such as lottery, money orders and money transfers. |
Business_Acquisition_Additiona
Business Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 06, 2012 | Oct. 06, 2012 | Dec. 29, 2012 | Oct. 31, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | |
Supermarkets [Member] | Supermarkets [Member] | Supermarkets [Member] | Supermarkets [Member] | Supermarkets [Member] | |||||
Business Acquisition (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | $27,600,000 | ' | ' | ' | ' | ' |
Transaction Cost | 300,000 | 1,000,000 | 1,300,000 | ' | ' | ' | ' | 1,300,000 | ' |
Acquired supermarkets contributed net sales | ' | ' | ' | ' | 30,300,000 | 2,000,000 | 84,700,000 | 2,000,000 | 22,300,000 |
Acquired supermarkets contributed operating income | ' | ' | ' | ' | $2,000,000 | ' | $1,000,000 | ' | $500,000 |
Summary_of_Final_Allocation_of
Summary of Final Allocation of Purchase Price to Assets and Liabilities (Detail) (USD $) | Oct. 31, 2012 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | GU Acquisition [Member] | GU Acquisition [Member] | Initial Estimate [Member] | Adjustments [Member] | |
GU Acquisition [Member] | GU Acquisition [Member] | ||||
Assets acquired: | ' | ' | ' | ' | ' |
Accounts receivable | ' | $33 | $33 | $28 | $5 |
Inventory | ' | 7,265 | 7,265 | 7,358 | -93 |
Prepaid expenses | ' | 325 | 325 | 325 | ' |
Property and equipment | ' | 7,898 | 7,898 | 7,235 | 663 |
Goodwill | ' | 12,769 | 12,769 | 12,947 | -178 |
Favorable lease rights | ' | 2,197 | 2,197 | 2,385 | -188 |
Tradenames | ' | 1,000 | 1,000 | 1,000 | ' |
Total assets acquired | ' | 31,487 | 31,487 | 31,278 | 209 |
Liabilities assumed: | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | ' | 803 | 803 | 803 | ' |
Unfavorable lease rights | ' | 2,172 | 2,172 | 2,244 | -72 |
Capital lease obligation | ' | 872 | 872 | 872 | ' |
Total liabilities assumed | ' | 3,847 | 3,847 | 3,919 | -72 |
Acquisition price | $27,600 | $27,640 | $27,640 | $27,359 | $281 |
Unaudited_Pro_Forma_Results_fo
Unaudited Pro Forma Results for GU Acquisition (Detail) (GU Acquisition [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 06, 2012 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 |
GU Acquisition [Member] | ' | ' | ' | ' |
Unaudited Pro Forma Financial Information | ' | ' | ' | ' |
Net sales | $564,411 | $1,881,156 | $2,441,323 | $2,453,012 |
Operating income | 21,345 | 65,018 | 73,814 | 70,859 |
Net (loss) income | $7,600 | $18,530 | ($17,692) | $7,866 |
Summary_of_Accounts_Receivable
Summary of Accounts Receivable Net of Doubtful Accounts (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts Receivable, net | ' | ' | ' |
Allowance for doubtful accounts | ' | ($414) | ($854) |
Accounts receivable, net | 66,716 | 53,475 | 55,987 |
Vendor receivables [Member] | ' | ' | ' |
Accounts Receivable, net | ' | ' | ' |
Accounts receivable, net | ' | 30,305 | 28,034 |
Credit and debit card receivables [Member] | ' | ' | ' |
Accounts Receivable, net | ' | ' | ' |
Accounts receivable, net | ' | 8,685 | 10,692 |
Pharmacy receivables [Member] | ' | ' | ' |
Accounts Receivable, net | ' | ' | ' |
Accounts receivable, net | ' | 7,509 | 8,364 |
Other receivables [Member] | ' | ' | ' |
Accounts Receivable, net | ' | ' | ' |
Accounts receivable, net | ' | $7,390 | $9,751 |
Summary_of_Property_Plant_and_
Summary of Property, Plant and Equipment (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | $425,863 | $381,602 |
Accumulated depreciation | ' | -212,143 | -170,559 |
Property, Plant and Equipment, Gross | ' | 213,720 | 211,043 |
Property, equipment and automobiles under capital leases, net of accumulated depreciation | ' | 136,929 | 147,220 |
Property and equipment, net | 341,779 | 350,649 | 358,263 |
Land [Member] | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | 10,301 | 9,973 |
Land improvements [Member] | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | 9,438 | 9,440 |
Buildings [Member] | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | 57,576 | 57,465 |
Leasehold improvements [Member] | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | 109,928 | 93,989 |
Equipment [Member] | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | 199,397 | 174,372 |
IT software and equipment [Member] | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Total at cost | ' | $39,223 | $36,363 |
Summary_of_Assets_Under_Capita
Summary of Assets Under Capital Leases (Detail) (USD $) | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Property Plant equipment under capital leases | ' | ' |
Total at cost | $209,704 | $205,408 |
Accumulated depreciation | -72,775 | -58,188 |
Capital lease assets, net | 136,929 | 147,220 |
Land [Member] | ' | ' |
Property Plant equipment under capital leases | ' | ' |
Total at cost | 48,829 | 48,829 |
Buildings [Member] | ' | ' |
Property Plant equipment under capital leases | ' | ' |
Total at cost | 148,633 | 145,829 |
Equipment [Member] | ' | ' |
Property Plant equipment under capital leases | ' | ' |
Total at cost | 8,841 | 8,116 |
Automobiles [Member] | ' | ' |
Property Plant equipment under capital leases | ' | ' |
Total at cost | $3,401 | $2,634 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Property and Equipment, Net (Textual) [Abstract] | ' | ' | ' |
Depreciation expenses | $60.80 | $58.40 | $67 |
Depreciation expense under capital leases | $16.30 | $16 | $15.90 |
Summary_of_Change_in_Goodwill_
Summary of Change in Goodwill (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 29, 2012 |
GU Acquisition [Member] | Independent Supermarkets [Member] | |||
Changes in goodwill | ' | ' | ' | ' |
Goodwill, Beginning Balance | $15,002 | $462 | ' | ' |
Acquisition | 4,306 | ' | 12,769 | 1,771 |
Goodwill, Ending Balance | $19,308 | $462 | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Goodwill and Intangible Assets Net (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment charges | ' | ' | ' | ' | $0 | $0 | $0 |
Amortization expense | 1,900,000 | 1,500,000 | 6,400,000 | 5,400,000 | 8,600,000 | 8,700,000 | 10,300,000 |
Contra expense related to amortization of unfavorable lease rights | 300,000 | ' | 1,200,000 | ' | 1,600,000 | ' | ' |
2013 | 1,794,000 | ' | 1,794,000 | ' | 8,153,000 | ' | ' |
2014 | 6,963,000 | ' | 6,963,000 | ' | 6,962,000 | ' | ' |
2015 | 5,744,000 | ' | 5,744,000 | ' | 5,743,000 | ' | ' |
2016 | 4,283,000 | ' | 4,283,000 | ' | 4,282,000 | ' | ' |
2017 | 3,112,000 | ' | 3,112,000 | ' | 3,111,000 | ' | ' |
Thereafter | 5,237,000 | ' | 5,237,000 | ' | 5,236,000 | ' | ' |
Tradename [Member] | ' | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Net (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Impairment | ' | ' | 0 | 0 | 0 | 0 | 0 |
Unfavorable Lease Rights [Member] | ' | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Net (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
2013 | 400,000 | ' | 400,000 | ' | 1,500,000 | ' | ' |
2014 | 1,300,000 | ' | 1,300,000 | ' | 1,300,000 | ' | ' |
2015 | 1,200,000 | ' | 1,200,000 | ' | 1,200,000 | ' | ' |
2016 | 1,100,000 | ' | 1,100,000 | ' | 1,100,000 | ' | ' |
2017 | 900,000 | ' | 900,000 | ' | 900,000 | ' | ' |
Thereafter | 2,400,000 | ' | 2,400,000 | ' | 2,400,000 | ' | ' |
Unamortized balance of unfavorable lease rights | $7,300,000 | ' | $7,300,000 | ' | ' | ' | ' |
Summary_of_Intangible_Assets_N
Summary of Intangible Assets Net of Accumulated Amortization (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Gross Carrying Amount | $119,725 | $119,980 | $103,945 |
Accumulated Amortization | -51,581 | -45,482 | -32,282 |
Net Carrying Amount | 68,144 | 74,498 | 71,663 |
Weighted Average Amortization Period | '9 years 4 months 24 days | '9 years 3 months 18 days | ' |
Tradename - indefinite [Member] | ' | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Indefinite-Lived - Gross Carrying Amount | 41,011 | 41,011 | 41,011 |
Weighted Average Amortization Period, Indefinite Life | 'Indefinite life | 'Indefinite life | ' |
Favorable/unfavorable lease rights [Member] | ' | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Gross Carrying Amount | 32,651 | 32,826 | 17,789 |
Accumulated Amortization | -17,424 | -14,759 | -6,610 |
Net Carrying Amount | 15,227 | 18,067 | 11,179 |
Weighted Average Amortization Period | '9 years 9 months 18 days | '9 years 9 months 18 days | ' |
Customer relationships [Member] | ' | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Gross Carrying Amount | 28,596 | 28,591 | 28,591 |
Accumulated Amortization | -24,766 | -22,794 | -19,643 |
Net Carrying Amount | 3,830 | 5,797 | 8,948 |
Weighted Average Amortization Period | '8 years 4 months 24 days | '8 years 4 months 24 days | ' |
Franchise agreements [Member] | ' | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Gross Carrying Amount | 11,538 | 11,538 | 11,538 |
Accumulated Amortization | -6,138 | -5,331 | -4,288 |
Net Carrying Amount | 5,400 | 6,207 | 7,250 |
Weighted Average Amortization Period | '11 years | '11 years | ' |
Tradenames - finite [Member] | ' | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Gross Carrying Amount | 5,310 | 5,310 | 4,310 |
Accumulated Amortization | -2,861 | -2,222 | -1,504 |
Net Carrying Amount | 2,449 | 3,088 | 2,806 |
Weighted Average Amortization Period | '8 years 9 months 18 days | '8 years 9 months 18 days | ' |
Other [Member] | ' | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' |
Gross Carrying Amount | 619 | 704 | 706 |
Accumulated Amortization | -392 | -376 | -237 |
Net Carrying Amount | $227 | $328 | $469 |
Weighted Average Amortization Period | '5 years | '5 years | ' |
Schedule_of_Future_Amortizatio
Schedule of Future Amortization of Intangible Assets (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Expected future amortization of intangible assets | ' | ' |
2013 | $1,794 | $8,153 |
2014 | 6,963 | 6,962 |
2015 | 5,744 | 5,743 |
2016 | 4,283 | 4,282 |
2017 | 3,112 | 3,111 |
Thereafter | $5,237 | $5,236 |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 14, 2012 | Oct. 09, 2009 | Jan. 29, 2010 | Feb. 12, 2010 | Jan. 29, 2010 | Jan. 29, 2010 | Dec. 20, 2012 | Feb. 12, 2010 | Oct. 09, 2009 | Feb. 12, 2010 | Jan. 29, 2010 | 15-May-13 | |
ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | Bridge Loan [Member] | Bridge Loan [Member] | ABL Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Holding Two [Member] | ||||||
Other Assets (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | $460,000,000 | $75,000,000 | $275,000,000 | ' | $11,000,000 | $150,000,000 |
Capitalized cost | ' | ' | ' | ' | ' | 800,000 | 1,800,000 | 800,000 | ' | 700,000 | ' | 12,200,000 | 3,900,000 | 9,900,000 | ' | 400,000 | 7,200,000 |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | ' | ' | ' | ' |
Increase in maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred financing costs | ' | ' | 8,300,000 | ' | ' | ' | 500,000 | ' | 700,000 | ' | ' | 7,800,000 | ' | ' | 300,000 | ' | ' |
Amortization of Financing Costs | 2,156,000 | 2,193,000 | 2,847,000 | 2,661,000 | 2,367,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of accumulated amortization | ' | ' | 100,000 | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | $13,000,000 | $11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Accrued_Expenses_an
Summary of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accrued expenses and other current liabilities | ' | ' | ' |
Wages, taxes and benefits | $13,836 | $20,585 | $21,779 |
Lottery | 10,730 | 10,787 | 10,124 |
Professional and legal fees | 4,123 | 6,459 | 1,538 |
Gift cards | 2,787 | 6,196 | 4,517 |
Property and equipment expenditures | 4,069 | 4,907 | 1,718 |
Self-insurance reserves | 4,973 | 4,784 | 3,468 |
Union medical, pension and 401(k) | 5,623 | 4,518 | 3,226 |
Utilities | 1,898 | 2,404 | 2,192 |
Repairs and maintenance | 2,325 | 2,164 | 2,271 |
Money orders | 3,691 | 1,868 | 3,133 |
Sales and use tax | 3,314 | 1,129 | 964 |
Interest payable | 17,802 | 1,072 | 7,846 |
Other | 12,613 | 8,867 | 11,901 |
Accrued expenses and other current liabilities, Total | $87,784 | $75,740 | $74,677 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Leases (Textual) [Abstract] | ' | ' | ' | ' |
Leases expire year | '2032 | '2032 | ' | ' |
Leases term | '25 years | '25 years | ' | ' |
Capital lease obligations | ' | $48,800,000 | $48,800,000 | ' |
Rental expense related to operating leases | ' | 25,400,000 | 22,300,000 | 22,500,000 |
Sublease rental income | ' | 4,200,000 | 3,500,000 | 3,400,000 |
Selling and General Expenses [Member] | ' | ' | ' | ' |
Leases (Textual) [Abstract] | ' | ' | ' | ' |
Rental expense related to operating leases | ' | 400,000 | 800,000 | 700,000 |
Administration Expenses [Member] | ' | ' | ' | ' |
Leases (Textual) [Abstract] | ' | ' | ' | ' |
Rental expense related to operating leases | ' | $1,400,000 | $2,100,000 | $2,100,000 |
Minimum [Member] | ' | ' | ' | ' |
Leases (Textual) [Abstract] | ' | ' | ' | ' |
Leases expire year | '2023 | '2023 | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Leases (Textual) [Abstract] | ' | ' | ' | ' |
Leases expire year | '2068 | '2068 | ' | ' |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule of future minimum lease payments for capital and operating lease and sublease rental income | ' | ' | ' |
Operating Leases 2013 | ' | $28,176 | ' |
Operating Leases 2014 | ' | 28,916 | ' |
Operating Leases 2015 | ' | 31,424 | ' |
Operating Leases 2016 | ' | 33,101 | ' |
Operating Leases 2017 | ' | 34,968 | ' |
Operating Leases Thereafter | ' | 193,835 | ' |
Operating Leases, Total | ' | 350,420 | ' |
Future Expected Sub-lease Income 2013 | ' | 3,539 | ' |
Future Expected Sub-lease Income 2014 | ' | 1,876 | ' |
Future Expected Sub-lease Income 2015 | ' | 1,403 | ' |
Future Expected Sub-lease Income 2016 | ' | 1,052 | ' |
Future Expected Sub-lease Income 2017 | ' | 888 | ' |
Future Expected Sub-lease Income, Thereafter | ' | 2,657 | ' |
Future Expected Sub-lease Income, Total | ' | 11,415 | ' |
Less current obligations | -14,063 | -14,357 | -12,701 |
Obligations related to land with no cash payments | ' | 48,800 | 48,800 |
Total long-term capital lease obligations | 139,704 | 149,503 | 159,814 |
Assets Under Capital Leases Excluding Land [Member] | ' | ' | ' |
Schedule of future minimum lease payments for capital and operating lease and sublease rental income | ' | ' | ' |
Capital Leases 2013 | 6,730 | 30,254 | ' |
Capital Leases 2014 | 28,137 | 28,006 | ' |
Capital Leases 2015 | 25,390 | 25,279 | ' |
Capital Leases 2016 | 24,056 | 23,951 | ' |
Capital Leases 2017 | 19,960 | 19,937 | ' |
Thereafter | 71,838 | 65,843 | ' |
Total Capital Leases | 176,111 | 193,270 | ' |
Less amounts representing interest | -71,173 | -78,239 | ' |
Present value of net minimum lease payments | 104,938 | 115,031 | ' |
Less current obligations | -14,063 | -14,357 | ' |
Long-term cash obligations | 90,875 | ' | ' |
Obligations related to land with no cash payments | 48,829 | ' | ' |
Total long-term capital lease obligations | $139,704 | $100,674 | ' |
Summary_of_Longterm_Debt_Detai
Summary of Long-term Debt (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 31, 2011 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 05, 2013 | 15-May-13 |
In Thousands, unless otherwise specified | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2013 ABL Facility [Member] | 2017 Notes [Member] | 2015 Notes [Member] | Other loans [Member] | Other loans [Member] | Other loans [Member] | Mortgage note payable [Member] | Mortgage note payable [Member] | Mortgage note payable [Member] | Holding One [Member] | Holding One [Member] | Holding Two [Member] | Holding Two [Member] | |||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes | ' | ' | ' | ' | ' | ' | $460,000 | $350,000 | ' | ' | ' | ' | ' | ' | $460,000 | $460,000 | $150,000 | ' |
Discount on notes | ' | ' | ' | ' | ' | ' | ' | -2,495 | ' | ' | ' | ' | ' | ' | ' | ' | -1,408 | -1,500 |
ABL Facility | ' | ' | ' | 48,300 | 35,000 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other loans | ' | ' | ' | ' | ' | ' | ' | ' | 2,611 | 2,011 | 2,219 | ' | ' | ' | ' | ' | ' | ' |
Mortgage note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 490 | 706 | 950 | ' | ' | ' | ' |
Total debt | 659,993 | 497,717 | 355,674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion | -2,307 | -2,271 | -434 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | $657,686 | $495,446 | $355,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||
15-May-13 | Dec. 20, 2012 | Jul. 26, 2010 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 02, 2010 | Dec. 29, 2012 | Dec. 29, 2012 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 14, 2012 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Jan. 01, 2011 | Jan. 02, 2010 | Dec. 20, 2012 | Dec. 31, 2011 | Dec. 20, 2012 | 15-May-13 | Oct. 05, 2013 | Oct. 05, 2013 | Dec. 20, 2012 | Dec. 29, 2012 | |
2013 ABL Facility [Member] | 2013 ABL Facility [Member] | 2013 ABL Facility [Member] | 2013 ABL Facility [Member] | 2013 ABL Facility [Member] | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2017 ABL Facility [Member] | 2015 Notes [Member] | 2015 Notes [Member] | 2015 Notes [Member] | 2015 Notes [Member] | 2015 Notes [Member] | 2017 Notes [Member] | Holding Two [Member] | Holding Two [Member] | Holding Two [Member] | Holding One [Member] | Old Senior Secured Notes [Member] | |||||||||||
Letter of Credit [Member] | LIBOR Plus [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Prime Rate Plus [Member] | LIBOR Plus [Member] | Condition One [Member] | |||||||||||||||||||||||||||
Debt (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | $275,000,000 | ' | ' | $460,000,000 | $150,000,000 | ' | ' | $460,000,000 | ' |
Interest rate, notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.13% | 10.13% | ' | ' | 8.88% | 8.75% | ' | 9.50% | 8.88% | ' |
Maturity date of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Dec-17 | ' | ' | ' | ' | ' | ' | 15-Oct-15 | 15-Oct-15 | ' | ' | 15-Dec-17 | 15-Jun-18 | ' | ' | 15-Dec-17 | ' |
Dividend to shareholders | 141,900,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Semi-annual interest payments date | ' | ' | ' | ' | ' | ' | ' | 'The 2017 Notes mature December 15, 2017 and require semi-annual interest payments on June 15 and December 15 beginning on June 15, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Holding II Notes mature June 15, 2018 and require semi-annual interest payments on June 15 and December 15 beginning on December 15, 2013. | ' | ' | 'The Holding I Notes mature December 15, 2017 and require semi-annual interest payments on June 15 and December 15. | ' |
Notes deposited in irrevocable trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 377,300,000 | ' | ' | ' | ' | ' | ' | ' |
Repay of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Premium Payment | ' | ' | ' | ' | ' | ' | ' | 20,901,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' |
Write off of unamortized deferred financing costs | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized net discount on Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity in ABL Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused availability under the ABL Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,400,000 | ' | ' | ' | 46,600,000 | 54,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | 15,400,000 | 14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving ABL Facility expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in capacity upon met specified condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate on borrowings under the ABL Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.07% | 2.06% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving interest rate basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '150 to 200 basis points | ' | ' | ' | ' | ' | '50 to 100 basis points | '150 to 200 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | 17,245,000 | 13,406,000 | 52,959,000 | 45,427,000 | 58,893,000 | 61,698,000 | 61,231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease interest | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | 20,100,000 | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from long-term debt borrowings | ' | ' | ' | ' | ' | 148,500,000 | ' | 460,000,000 | ' | 112,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,500,000 | ' | ' | ' | ' |
Debt original issue discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,495,000 | ' | 1,500,000 | 1,408,000 | ' | ' | ' |
Dividend per share paid | $980 | $690.72 | $207.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt borrowings | ' | ' | ' | ' | ' | $227,000 | $360,000 | $350,452,000 | $409,000 | $36,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 |
Schedule_of_Payments_Outstandi
Schedule of Payments Outstanding Excluding Capital leases (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Principal payments required to be made on outstanding debt | ' | ' | ' |
2013 | ' | $2,271 | ' |
2014 | ' | 280 | ' |
2015 | ' | 166 | ' |
2016 | ' | ' | ' |
2017 | ' | 495,000 | ' |
Thereafter | ' | ' | ' |
Total debt | $659,993 | $497,717 | $355,674 |
Impairment_Charges_Additional_
Impairment Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 05, 2013 | Oct. 05, 2013 | Dec. 31, 2011 | Dec. 31, 2011 |
Software Assets [Member] | Software Assets [Member] | Three Supermarkets [Member] | Additional Supermarket Acquired [Member] | |
Store | ||||
Impairment Charges (Textual) [Abstract] | ' | ' | ' | ' |
Sale of Supermarkets | ' | ' | 3 | ' |
Recorded impairment within the condensed consolidated statements of operations and other comprehensive income | $1.60 | $1.60 | $1.90 | $0.90 |
Summary_of_Income_Tax_Expense_
Summary of Income Tax Expense (Benefit) (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $30 | $192 | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 16 | 3 | ' |
Total current | 1 | ' | 42 | ' | ' | ' | ' | ' | ' | 1 | 97 | 44 | 46 | 195 | ' |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,716 | 1,526 | -19,476 | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,459 | -506 | -1,624 | ' |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,539 | 229 | 11,901 | 13,900 |
Total deferred | 377 | ' | 297 | ' | ' | ' | ' | ' | ' | 1,182 | 964 | 1,364 | 1,249 | -9,199 | ' |
Total income tax expense (benefit) | $378 | $347 | $339 | $352 | $305 | $305 | $318 | $370 | $367 | $1,183 | $1,061 | $1,408 | $1,295 | ($9,004) | ' |
Reconciliation_of_Statutory_Fe
Reconciliation of Statutory Federal Income Tax Expense to Effective Tax Expense (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 |
Reconciliations of the statutory federal income tax expense (benefit) to the effective tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory federal income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($7,540) | $2,494 | ($12,585) | ' |
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,539 | 229 | 11,901 | 13,900 |
State income tax benefit, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,471 | -496 | -1,622 | ' |
Non-deductible expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 143 | 170 | ' |
Benefit of federal tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63 | -1,107 | -1,182 | ' |
Non-taxable gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,489 | ' |
ASC 740 adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126 | 32 | -389 | ' |
Total income tax expense (benefit) | $378 | $347 | $339 | $352 | $305 | $305 | $318 | $370 | $367 | $1,183 | $1,061 | $1,408 | $1,295 | ($9,004) | ' |
Summary_of_Deferred_Income_Tax
Summary of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Current deferred tax assets (liabilities): | ' | ' | ' |
Inventory and other reserves | ' | ($2) | $313 |
Prepaid taxes, insurance and service contracts | ' | 5,536 | 3,826 |
Other | ' | 3,176 | 2,559 |
Valuation allowance | ' | -6,786 | -4,727 |
Current net deferred tax assets | 1,924 | 1,924 | 1,971 |
Non-current deferred tax assets (liabilities): | ' | ' | ' |
Capital leases | ' | 11,441 | 10,091 |
Property and equipment depreciation | ' | -2,544 | 755 |
Goodwill and intangible assets | ' | -12,335 | -13,938 |
Federal and state net operating loss carryforwards and federal credits | ' | 26,179 | 19,308 |
Valuation allowance | ' | -31,247 | -21,299 |
Other | ' | 2,880 | 774 |
Non-current net deferred tax liabilities | -6,808 | -5,626 | -4,309 |
Net deferred tax liabilities | ' | ($3,702) | ($2,338) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 | Dec. 31, 2007 | |
Income Taxes Textual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration dates for operating losses | ' | ' | ' | ' | 'Beginning in 2027 | ' | ' | ' | ' |
Valuation allowance | ' | ' | ' | ' | $10,539,000 | $229,000 | $11,901,000 | $13,900,000 | ' |
Additional Valuation Allowance Recorded in Other Comprehensive Loss | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' |
Gross unrecognized tax benefits for uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 |
Accrued interest and penalties, paid | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Overall effective tax rate | 158.80% | 6.70% | -14.00% | 6.70% | ' | ' | ' | ' | ' |
Effective tax rate without adjustments to valuation allowance and discrete charges | -1826.40% | 40.10% | 41.90% | 39.80% | ' | ' | ' | ' | ' |
United States Federal Tax [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Textual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating losses net | ' | ' | ' | ' | 59,100,000 | ' | ' | ' | ' |
Federal tax credits | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Textual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating losses net | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
31-May-13 | 16-May-13 | 15-May-13 | Dec. 20, 2012 | Jul. 26, 2010 | Jan. 29, 2010 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 | 15-May-13 | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 20, 2012 | 15-May-13 | 15-May-13 | Dec. 29, 2012 | Jan. 27, 2010 | Dec. 29, 2012 | Dec. 29, 2012 | Jan. 27, 2010 | Dec. 29, 2012 | |
Holding I Notes [Member] | Holding I Notes [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Before Amendment [Member] | After Amendment [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||
Exercise Prices in Excess of $400 [Member] | Holding I Notes [Member] | Holding I Notes [Member] | Stock Options [Member] | Stock Options [Member] | ||||||||||||||||||||||||
Shareholders' Deficit (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Board of Directors increased the number of common shares | ' | ' | ' | ' | ' | ' | 300,000 | ' | 300,000 | ' | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | 300,000 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued by company | ' | ' | ' | ' | ' | 44,776 | 156,116 | ' | 156,116 | ' | 144,776 | 144,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid by company to its shareholders | ' | ' | 141,900,000 | 100,000,000 | 30,000,000 | ' | ' | ' | 141,920,000 | ' | 100,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid to shareholders per common stock outstanding | ' | ' | $980 | $690.72 | $207.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Plan which increased the number of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | '5 years | ' | '5 years |
Expiration period of stock options from grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding options, number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,340 | 11,340 | 11,465 | 7,550 | 11,340 | ' | ' | ' | ' | 4,645 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding options with exercise price, per share, in excess of exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | $654 | $658 | $413 | ' | ' | $400 | ' | ' | ' | $400 | $20 | ' | ' | ' | ' | ' | ' |
Incremental stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining stock based compensation expense recorded over remaining vesting periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense included in administrative expenses | ' | ' | ' | ' | ' | ' | 0 | 264,000 | 3,826,000 | 880,000 | 1,451,000 | 1,140,000 | 715,000 | ' | ' | ' | 1,100,000 | 1,100,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair values of the stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $407.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized non-vested stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded compensation expense related to grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average vesting period for stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Make hold payment per option | ' | $600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to option holders | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock option exercises | $200,000 | ' | ' | ' | ' | ' | ' | ' | $227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Status_and_Changes_
Summary of Status and Changes of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Summary of status and changes of stock options outstanding under Stock Plan | ' | ' | ' | |
Outstanding, Number of Shares, Beginning balance | 11,340 | 11,465 | 7,550 | |
Number of stock options granted | ' | ' | 4,470 | |
Forfeited, Number of Shares | ' | -125 | -555 | |
Outstanding, Number of Shares, Ending balance | 11,340 | 11,340 | 11,465 | |
Outstanding, Weighted Average Exercise Price Per Share, Beginning balance | $654 | $658 | $413 | |
Vested and expected to vest, Number of Shares | 11,340 | ' | ' | |
Granted, Weighted Average Exercise Price Per Share | ' | ' | $1,040 | |
Options exercisable-December 29, 2012 | 5,833 | ' | ' | |
Forfeited, Weighted Average Exercise Price Per Share | ' | $1,040 | $400 | |
Outstanding, Weighted Average Exercise Price Per Share, Ending balance | $400 | $654 | $658 | |
Vested and expected to vest, Weighted Average Exercise Price Per Share | $400 | ' | ' | |
Options exercisable, Weighted Average Exercise Price Per Share | $400 | ' | ' | |
Vested and expected to vest, Average Remaining Contractual Term - (In Years) | '2 years 10 months 24 days | ' | ' | |
Vested and expected to vest, Aggregate Intrinsic Value | $816 | [1] | ' | ' |
[1] | The intrinsic value is calculated based on the difference between the weighted average exercise price per share and the fair market value of the Company's common stock as of December 29, 2012 of $472 per share. |
Summary_of_Status_and_Changes_1
Summary of Status and Changes of Stock Options Outstanding (Parenthetical) (Detail) (USD $) | Dec. 29, 2012 |
Summary of status and changes of stock options outstanding under Stock Plan | ' |
Intrinsic value per share | $472 |
Assumption_for_Weighted_Averag
Assumption for Weighted Average Fair Value of Stock Options (Detail) | 12 Months Ended |
Jan. 01, 2011 | |
Summary of assumptions used to estimate weighted average fair values of the stock options granted | ' |
Estimated life in years | '6 years 2 months 12 days |
Expected volatility | 37.60% |
Expected dividends | ' |
Risk-free rate | 1.60% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 29, 2010 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Related Party Transactions (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received from the issuance of common stock to related parties | $30,000,000 | ' | ' | ' | ' | ' | ' | $30,000,000 |
Annual monitoring fee paid | ' | 200,000 | 200,000 | 700,000 | 700,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Morgan Stanley [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Bridge loan | ' | ' | ' | ' | ' | ' | ' | 25,000,000 |
MSPE [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Annual monitoring fee | ' | ' | ' | 800,000 | ' | 800,000 | ' | ' |
Graycliff [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Annual monitoring fee | ' | ' | ' | $200,000 | ' | $200,000 | ' | ' |
Summary_of_Components_of_Net_P
Summary of Components of Net Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
SERP [Member] | ' | ' | ' |
Components of net pension cost related to the SERP and other post-retirement plans | ' | ' | ' |
Interest cost | $162 | $214 | $234 |
Service cost | ' | ' | ' |
Net pension cost | 162 | 214 | 234 |
Other Post-Retirement Plans [Member] | ' | ' | ' |
Components of net pension cost related to the SERP and other post-retirement plans | ' | ' | ' |
Interest cost | 104 | 111 | 112 |
Service cost | 3 | 3 | 3 |
Net pension cost | $107 | $114 | $115 |
Schedule_of_Future_Benefit_Pay
Schedule of Future Benefit Payments Related to SERP and Other Post-retirement Benefit Plans (Detail) (USD $) | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |
SERP [Member] | ' |
Estimated future benefit payments related to the SERP and other post-retirement plans | ' |
2013 | $620 |
2014 | 590 |
2015 | 558 |
2016 | 523 |
2017 | 486 |
Subsequent five years | 1,832 |
Other Post-Retirement Plans [Member] | ' |
Estimated future benefit payments related to the SERP and other post-retirement plans | ' |
2013 | 236 |
2014 | 234 |
2015 | 207 |
2016 | 202 |
2017 | 246 |
Subsequent five years | $1,139 |
Schedule_of_Changes_in_Benefit
Schedule of Changes in Benefit Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
SERP [Member] | ' | ' | ' |
Changes in benefit obligation related to the SERP and other post-retirement plans | ' | ' | ' |
Benefit obligation, beginning balance | $5,052 | $4,868 | ' |
Interest cost | 162 | 214 | 234 |
Service cost | ' | ' | ' |
Actuarial loss | 614 | 620 | ' |
Total disbursements | -637 | -650 | ' |
Benefit obligation, ending balance | 5,191 | 5,052 | 4,868 |
Other Post-Retirement Plans [Member] | ' | ' | ' |
Changes in benefit obligation related to the SERP and other post-retirement plans | ' | ' | ' |
Benefit obligation, beginning balance | 2,657 | 2,490 | ' |
Interest cost | 104 | 111 | 112 |
Service cost | 3 | 3 | 3 |
Actuarial loss | 1,785 | 309 | ' |
Total disbursements | -384 | -256 | ' |
Benefit obligation, ending balance | $4,165 | $2,657 | $2,490 |
Summary_of_Benefit_Obligations
Summary of Benefit Obligations Classified in Consolidated Balance Sheets (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined benefit plan unfunded status of plan | ' | ' | ' |
Other long-term liabilities | $39,097 | $38,871 | $23,893 |
Total liabilities | 1,026,051 | 859,274 | 706,676 |
SERP [Member] | ' | ' | ' |
Defined benefit plan unfunded status of plan | ' | ' | ' |
Accrued expenses and other current liabilities | ' | 620 | 599 |
Other long-term liabilities | ' | 4,571 | 4,453 |
Total liabilities | ' | 5,191 | 5,052 |
Other Post-Retirement Plans [Member] | ' | ' | ' |
Defined benefit plan unfunded status of plan | ' | ' | ' |
Accrued expenses and other current liabilities | ' | 236 | 259 |
Other long-term liabilities | ' | 3,929 | 2,398 |
Total liabilities | ' | $4,165 | $2,657 |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Retirement Plans (Textual) [Abstract] | ' | ' | ' |
Company incurred expense related to 401(k) plan | $2.50 | $2.50 | $2.10 |
Company made contributions | 9.4 | 8.9 | 8.3 |
Maximum [Member] | ' | ' | ' |
Retirement Plans (Textual) [Abstract] | ' | ' | ' |
Matching contributions of Company of participant's eligible compensation | 100.00% | ' | ' |
Eligible contributions criteria according to plan contributions | 3.00% | ' | ' |
Percentage of plan for red zone | 65.00% | ' | ' |
Percentage of plan for yellow zone or orange zone | 80.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Retirement Plans (Textual) [Abstract] | ' | ' | ' |
Matching contributions of Company of participant's eligible compensation | 50.00% | ' | ' |
Eligible contributions criteria according to plan contributions | 2.00% | ' | ' |
Percentage of plan for green zone | 80.00% | ' | ' |
SERP [Member] | ' | ' | ' |
Retirement Plans (Textual) [Abstract] | ' | ' | ' |
Net actuarial losses included in accumulated other comprehensive (loss) income | 1.9 | 1.4 | ' |
Other Post-Retirement Plans [Member] | ' | ' | ' |
Retirement Plans (Textual) [Abstract] | ' | ' | ' |
Net actuarial losses included in accumulated other comprehensive (loss) income | ($1.60) | $0.20 | ' |
Summary_of_Discount_Rate_Assum
Summary of Discount Rate Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 29, 2012 | Dec. 31, 2011 |
SERP [Member] | ' | ' |
Discount rate assumptions used to determine benefit obligations | ' | ' |
Benefit obligations | 2.80% | 3.40% |
Other Post-Retirement Plans [Member] | ' | ' |
Discount rate assumptions used to determine benefit obligations | ' | ' |
Benefit obligations | 3.40% | 4.10% |
Summary_of_Discount_Rate_Assum1
Summary of Discount Rate Assumptions Used to Determine Net Pension Cost (Detail) | 12 Months Ended | ||
Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
SERP [Member] | ' | ' | ' |
Discount rate assumptions used to determine net pension cost | ' | ' | ' |
Assumptions used to determine net pension cost | 3.40% | 4.70% | 4.90% |
Other Post-Retirement Plans [Member] | ' | ' | ' |
Discount rate assumptions used to determine net pension cost | ' | ' | ' |
Assumptions used to determine net pension cost | 4.10% | 4.70% | 5.20% |
Summary_of_Health_Care_Cost_As
Summary of Health Care Cost Assumptions Used to Calculate Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 29, 2012 | Dec. 31, 2011 | |
Medical benefits portion of other post-retirement plans | ' | ' |
Initial health care cost trend rate | 6.50% | 7.00% |
Ultimate health care cost trend rate | 5.00% | 5.00% |
Year to reach ultimate trend rate | '2016 | '2016 |
FIRRP_Status_for_Funding_Impro
FIR/RP Status for Funding Improvement Plan (Detail) | 12 Months Ended | |
Dec. 29, 2012 | Dec. 31, 2011 | |
FIP/RP Status indicates plans for funding improvement plan | ' | ' |
EIN | '166144007 | ' |
Plan Number | '001 | ' |
Pension Protection Act Zone Status | 'Red | 'Red |
Tops 5% of Total Contributions | 'true | 'true |
FIP/RP Status Pending / Implemented | 'Implemented | ' |
Surcharge imposed | 'No | ' |
Expiration Dates of Collective- Bargaining Agreements, First | 30-Mar-14 | ' |
Expiration Dates of Collective- Bargaining Agreements, Last | 3-Oct-15 | ' |
Recovered_Sheet1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Store | Agreement | |||
Agreement | Store | |||
Employees | Employees | |||
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Number of supermarkets acquired | 21 | 21 | ' | ' |
Minimum purchase of product required | ' | $400,000,000 | ' | ' |
Amount of purchases under contract | ' | 135,500,000 | 146,700,000 | 11,200,000 |
Accrued potential liability | 0 | 0 | 0 | ' |
Number of employed associates | 14,000 | 13,400 | ' | ' |
Percentage of associates engaged in various unions | 87.00% | 88.00% | ' | ' |
Number of collective bargaining agreements | 6 | 6 | ' | ' |
Pending Litigation [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Accrued amount related to legal proceedings | $0 | $0 | $0 | ' |
Non Union Employee [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Percentage of grand union acquired supermarket | 25.00% | 25.00% | ' | ' |
Local One Collective Bargaining Arrangement [Member] | Maximum [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Expiration date of collective bargaining agreements | '2015-10 | '2015-10 | ' | ' |
Local One Collective Bargaining Arrangement [Member] | Minimum [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Expiration date of collective bargaining agreements | '2014-03 | '2014-03 | ' | ' |
Non Local Collective Bargaining Arrangement One [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Number of collective bargaining agreements | 2 | 2 | ' | ' |
Expiration date of collective bargaining agreements | '2015-02 | '2013-04 | ' | ' |
Non Local Collective Bargaining Arrangement Two [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Expiration date of collective bargaining agreements | '2016-04 | '2015-02 | ' | ' |
Schedule_of_Changes_in_Asset_R
Schedule of Changes in Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Changes in the Asset Retirement Obligations | ' | ' | ' |
Beginning balance | $2,631 | $2,336 | ' |
Accretion of liability | 235 | 212 | 200 |
Incremental obligations incurred | 393 | 83 | ' |
Ending balance | $3,259 | $2,631 | $2,336 |
Guarantor_Financial_Statements2
Guarantor Financial Statements - Additional Information (Detail) | Oct. 05, 2013 | Dec. 29, 2012 |
Guarantor Financial Statements (Textual) [Abstract] | ' | ' |
Owned by Holding | 100.00% | 100.00% |
Owned Subsidiaries | 100.00% | 100.00% |
Consolidated_Balance_Sheet_Det
Consolidated Balance Sheet (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 |
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $29,802 | $32,422 | $32,275 | $19,181 | $17,419 | $19,722 |
Accounts receivable, net | 66,716 | 53,475 | ' | 55,987 | ' | ' |
Intercompany receivables | ' | ' | ' | ' | ' | ' |
Inventory, net | 134,827 | 125,487 | ' | 115,309 | ' | ' |
Prepaid expenses and other current assets | 14,036 | 9,323 | ' | 12,990 | ' | ' |
Income taxes refundable | 252 | 237 | ' | 285 | ' | ' |
Current deferred tax assets | 1,924 | 1,924 | ' | 1,971 | ' | ' |
Total current assets | 247,557 | 222,868 | ' | 205,723 | ' | ' |
Property and equipment, net | 341,779 | 350,649 | ' | 358,263 | ' | ' |
Goodwill | 19,308 | 15,002 | ' | 462 | ' | ' |
Intangible assets, net | 68,144 | 74,498 | ' | 71,663 | ' | ' |
Other assets | 18,467 | 12,985 | ' | 11,101 | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' |
Total assets | 695,255 | 676,002 | ' | 647,212 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | 78,602 | 77,460 | ' | 75,608 | ' | ' |
Intercompany payables | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 87,784 | 75,740 | ' | 74,677 | ' | ' |
Current portion of capital lease obligations | 14,063 | 14,357 | ' | 12,701 | ' | ' |
Current portion of long-term debt | 2,307 | 2,271 | ' | 434 | ' | ' |
Current deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Total current liabilities | 182,756 | 169,828 | ' | 163,420 | ' | ' |
Capital lease obligations | 139,704 | 149,503 | ' | 159,814 | ' | ' |
Long-term debt | 657,686 | 495,446 | ' | 355,240 | ' | ' |
Other long-term liabilities | 39,097 | 38,871 | ' | 23,893 | ' | ' |
Non-current deferred tax liabilities | 6,808 | 5,626 | ' | 4,309 | ' | ' |
Total liabilities | 1,026,051 | 859,274 | ' | 706,676 | ' | ' |
Total shareholders' (deficit) equity | -330,796 | -183,272 | ' | -59,464 | -65,511 | -38,801 |
Total liabilities and shareholders' (deficit) equity | 695,255 | 676,002 | ' | 647,212 | ' | ' |
Tops Holding II Corporation [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 6,807 | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' |
Intercompany receivables | ' | ' | ' | ' | ' | ' |
Inventory, net | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' |
Income taxes refundable | ' | ' | ' | ' | ' | ' |
Current deferred tax assets | ' | ' | ' | ' | ' | ' |
Total current assets | 6,807 | ' | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' |
Other assets | 6,736 | ' | ' | ' | ' | ' |
Investment in subsidiaries | -188,454 | -181,474 | ' | -58,293 | ' | ' |
Total assets | -174,911 | -181,474 | ' | -58,293 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
Intercompany payables | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 7,293 | 1,798 | ' | 1,171 | ' | ' |
Current portion of capital lease obligations | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' | ' | ' | ' |
Current deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Total current liabilities | 7,293 | 1,798 | ' | 1,171 | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' |
Long-term debt | 148,592 | ' | ' | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' |
Non-current deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Total liabilities | 155,885 | 1,798 | ' | 1,171 | ' | ' |
Total shareholders' (deficit) equity | -330,796 | -183,272 | ' | -59,464 | ' | ' |
Total liabilities and shareholders' (deficit) equity | -174,911 | -181,474 | ' | -58,293 | ' | ' |
Tops Holding LLC [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' |
Intercompany receivables | ' | ' | ' | ' | ' | ' |
Inventory, net | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' |
Income taxes refundable | ' | ' | ' | ' | ' | ' |
Current deferred tax assets | ' | ' | ' | ' | ' | ' |
Total current assets | ' | ' | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | -182,973 | -176,724 | ' | -54,493 | ' | ' |
Total assets | -182,973 | -176,724 | ' | -54,493 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
Intercompany payables | 5,481 | 4,750 | ' | 3,800 | ' | ' |
Accrued expenses and other current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of capital lease obligations | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' | ' | ' | ' |
Current deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Total current liabilities | 5,481 | 4,750 | ' | 3,800 | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' |
Non-current deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Total liabilities | 5,481 | 4,750 | ' | 3,800 | ' | ' |
Total shareholders' (deficit) equity | -188,454 | -181,474 | ' | -58,293 | ' | ' |
Total liabilities and shareholders' (deficit) equity | -182,973 | -176,724 | ' | -54,493 | ' | ' |
Tops Markets, LLC [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 22,164 | 31,586 | 31,380 | 18,351 | 16,689 | 19,712 |
Accounts receivable, net | 54,138 | 42,578 | ' | 44,809 | ' | ' |
Intercompany receivables | 5,481 | 4,750 | ' | 3,800 | ' | ' |
Inventory, net | 99,714 | 91,298 | ' | 79,972 | ' | ' |
Prepaid expenses and other current assets | 11,563 | 7,352 | ' | 10,654 | ' | ' |
Income taxes refundable | 252 | 237 | ' | 285 | ' | ' |
Current deferred tax assets | 1,316 | 1,316 | ' | 1,363 | ' | ' |
Total current assets | 194,628 | 179,117 | ' | 159,234 | ' | ' |
Property and equipment, net | 277,111 | 280,643 | ' | 282,207 | ' | ' |
Goodwill | 19,308 | 15,002 | ' | 462 | ' | ' |
Intangible assets, net | 62,327 | 67,262 | ' | 62,684 | ' | ' |
Other assets | 41,413 | 36,811 | ' | 27,687 | ' | ' |
Investment in subsidiaries | 130,280 | 121,350 | ' | 110,306 | ' | ' |
Total assets | 725,067 | 700,185 | ' | 642,580 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | 61,110 | 60,429 | ' | 58,359 | ' | ' |
Intercompany payables | 65,714 | 50,835 | ' | 15,556 | ' | ' |
Accrued expenses and other current liabilities | 63,136 | 51,981 | ' | 57,537 | ' | ' |
Current portion of capital lease obligations | 13,622 | 13,955 | ' | 12,348 | ' | ' |
Current portion of long-term debt | 2,276 | 2,271 | ' | 434 | ' | ' |
Current deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Total current liabilities | 205,858 | 179,471 | ' | 144,234 | ' | ' |
Capital lease obligations | 137,055 | 146,510 | ' | 156,456 | ' | ' |
Long-term debt | 511,554 | 498,487 | ' | 358,281 | ' | ' |
Other long-term liabilities | 33,233 | 33,284 | ' | 20,262 | ' | ' |
Non-current deferred tax liabilities | 19,532 | 18,350 | ' | 17,033 | ' | ' |
Total liabilities | 907,232 | 876,102 | ' | 696,266 | ' | ' |
Total shareholders' (deficit) equity | -182,165 | -175,917 | ' | -53,686 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 725,067 | 700,185 | ' | 642,580 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 831 | 836 | 895 | 830 | 730 | 10 |
Accounts receivable, net | 12,578 | 10,897 | ' | 11,178 | ' | ' |
Intercompany receivables | 65,714 | 50,835 | ' | 15,556 | ' | ' |
Inventory, net | 35,113 | 34,189 | ' | 35,337 | ' | ' |
Prepaid expenses and other current assets | 2,473 | 1,971 | ' | 2,336 | ' | ' |
Income taxes refundable | ' | ' | ' | ' | ' | ' |
Current deferred tax assets | ' | ' | ' | ' | ' | ' |
Total current assets | 116,709 | 98,728 | ' | 65,237 | ' | ' |
Property and equipment, net | 64,668 | 70,006 | ' | 76,056 | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 5,817 | 7,236 | ' | 8,979 | ' | ' |
Other assets | 3,041 | 3,041 | ' | 3,041 | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' |
Total assets | 190,235 | 179,011 | ' | 153,313 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | 17,492 | 17,031 | ' | 17,249 | ' | ' |
Intercompany payables | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 18,097 | 22,705 | ' | 16,713 | ' | ' |
Current portion of capital lease obligations | 441 | 402 | ' | 353 | ' | ' |
Current portion of long-term debt | 31 | ' | ' | ' | ' | ' |
Current deferred tax liabilities | 11 | 11 | ' | 11 | ' | ' |
Total current liabilities | 36,072 | 40,149 | ' | 34,326 | ' | ' |
Capital lease obligations | 2,649 | 2,993 | ' | 3,358 | ' | ' |
Long-term debt | 581 | ' | ' | ' | ' | ' |
Other long-term liabilities | 5,864 | 5,587 | ' | 3,631 | ' | ' |
Non-current deferred tax liabilities | 14,789 | 8,932 | ' | 1,692 | ' | ' |
Total liabilities | 59,955 | 57,661 | ' | 43,007 | ' | ' |
Total shareholders' (deficit) equity | 130,280 | 121,350 | ' | 110,306 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 190,235 | 179,011 | ' | 153,313 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' |
Intercompany receivables | -71,195 | -55,585 | ' | -19,356 | ' | ' |
Inventory, net | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' |
Income taxes refundable | ' | ' | ' | ' | ' | ' |
Current deferred tax assets | 608 | 608 | ' | 608 | ' | ' |
Total current assets | -70,587 | -54,977 | ' | -18,748 | ' | ' |
Property and equipment, net | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' |
Other assets | -32,723 | -26,867 | ' | -19,627 | ' | ' |
Investment in subsidiaries | 241,147 | 236,848 | ' | 2,480 | ' | ' |
Total assets | 137,837 | 155,004 | ' | -35,895 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' |
Intercompany payables | -71,195 | -55,585 | ' | -19,356 | ' | ' |
Accrued expenses and other current liabilities | -742 | -744 | ' | -744 | ' | ' |
Current portion of capital lease obligations | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' | ' | ' | ' |
Current deferred tax liabilities | -11 | -11 | ' | -11 | ' | ' |
Total current liabilities | -71,948 | -56,340 | ' | -20,111 | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' |
Long-term debt | -3,041 | -3,041 | ' | -3,041 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' |
Non-current deferred tax liabilities | -27,513 | -21,656 | ' | -14,416 | ' | ' |
Total liabilities | -102,502 | -81,037 | ' | -37,568 | ' | ' |
Total shareholders' (deficit) equity | 240,339 | 236,041 | ' | 1,673 | ' | ' |
Total liabilities and shareholders' (deficit) equity | $137,837 | $155,004 | ' | ($35,895) | ' | ' |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) Income (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Net sales | $572,454 | $560,167 | $538,431 | $562,361 | $540,113 | $538,606 | $559,514 | $704,380 | $717,259 | $1,909,538 | $1,805,172 | $2,365,339 | $2,355,492 | $2,257,536 | |
Cost of goods sold | -396,909 | ' | -377,477 | ' | ' | ' | ' | ' | ' | -1,328,994 | -1,258,698 | -1,654,093 | -1,650,166 | -1,579,016 | |
Distribution costs | -12,144 | ' | -11,091 | ' | ' | ' | ' | ' | ' | -38,424 | -36,369 | -46,663 | -44,189 | -44,829 | |
Gross profit | 163,401 | 154,478 | 149,863 | 160,336 | 150,878 | 152,925 | 154,982 | 199,906 | 202,352 | 542,120 | 510,105 | 664,583 | 661,137 | 633,691 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | -78,513 | ' | -72,334 | ' | ' | ' | ' | ' | ' | -263,345 | -246,689 | -320,626 | -317,738 | -310,800 | |
Selling and general expenses | -26,979 | ' | -21,905 | ' | ' | ' | ' | ' | ' | -90,161 | -74,123 | -99,841 | -103,153 | -104,841 | |
Administrative expenses | -16,309 | ' | -17,078 | ' | ' | ' | ' | ' | ' | -65,635 | -59,491 | -82,404 | -79,780 | -102,754 | |
Rent expense, net | -5,843 | ' | -4,485 | ' | ' | ' | ' | ' | ' | -18,719 | -14,033 | -21,225 | -18,856 | -19,135 | |
Depreciation and amortization | -12,823 | ' | -12,011 | ' | ' | ' | ' | ' | ' | -42,875 | -40,063 | -52,617 | -51,205 | -62,353 | |
Advertising | -3,831 | ' | -3,601 | ' | ' | ' | ' | ' | ' | -15,280 | -14,365 | -19,314 | -18,789 | -23,175 | |
Impairment charges | -1,620 | ' | ' | ' | ' | ' | ' | ' | ' | -1,620 | ' | ' | -2,791 | ' | |
Total operating expenses | -145,918 | ' | -131,414 | ' | ' | ' | ' | ' | ' | -497,635 | -448,764 | -596,027 | -592,312 | -623,058 | |
Operating (loss) income | 17,483 | 7,215 | 18,449 | 23,559 | 15,605 | 20,742 | 14,908 | 19,333 | 17,570 | 44,485 | 61,341 | 68,556 | 68,825 | 10,633 | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,681 | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,205 | ' | -1,041 | |
Interest expense, net | -17,245 | ' | -13,406 | ' | ' | ' | ' | ' | ' | -52,959 | -45,427 | -58,893 | -61,698 | -61,231 | |
Equity (loss) income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
(Loss) income before income taxes | 238 | ' | 5,043 | ' | ' | ' | ' | ' | ' | -8,474 | 15,914 | -21,542 | 7,127 | -35,958 | |
Income tax (expense) benefit | -378 | -347 | -339 | -352 | -305 | -305 | -318 | -370 | -367 | -1,183 | -1,061 | -1,408 | -1,295 | 9,004 | |
Net (loss) income | -140 | -37,803 | [1] | 4,704 | 9,498 | 1,187 | 6,440 | 293 | 651 | -2,088 | -9,657 | 14,853 | -22,950 | 5,832 | -26,954 |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,309 | -925 | -471 | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | -140 | ' | 4,704 | ' | ' | ' | ' | ' | ' | -9,657 | 14,853 | -25,259 | 4,907 | -27,425 | |
Tops Holding II Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Administrative expenses | ' | ' | -409 | ' | ' | ' | ' | ' | ' | -10,893 | -1,363 | -2,078 | -1,768 | -1,258 | |
Rent expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Advertising | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating expenses | ' | ' | -409 | ' | ' | ' | ' | ' | ' | -10,893 | -1,363 | -2,078 | -1,768 | -1,258 | |
Operating (loss) income | ' | ' | -409 | ' | ' | ' | ' | ' | ' | -10,893 | -1,363 | -2,078 | -1,768 | -1,258 | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | -3,307 | ' | ' | ' | ' | ' | ' | ' | ' | -5,708 | ' | ' | ' | ' | |
Equity (loss) income from subsidiaries | 3,167 | ' | 5,113 | ' | ' | ' | ' | ' | ' | 6,944 | 16,216 | -20,872 | 7,600 | -25,696 | |
(Loss) income before income taxes | -140 | ' | 4,704 | ' | ' | ' | ' | ' | ' | -9,657 | 14,853 | -22,950 | 5,832 | -26,954 | |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net (loss) income | -140 | ' | 4,704 | ' | ' | ' | ' | ' | ' | -9,657 | 14,853 | -22,950 | 5,832 | -26,954 | |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,309 | -925 | -471 | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | -140 | ' | 4,704 | ' | ' | ' | ' | ' | ' | -9,657 | 14,853 | -25,259 | 4,907 | -27,425 | |
Tops Holding LLC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Administrative expenses | -219 | ' | -219 | ' | ' | ' | ' | ' | ' | -731 | -730 | -950 | -950 | -950 | |
Rent expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Advertising | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating expenses | -219 | ' | -219 | ' | ' | ' | ' | ' | ' | -731 | -730 | -950 | -950 | -950 | |
Operating (loss) income | -219 | ' | -219 | ' | ' | ' | ' | ' | ' | -731 | -730 | -950 | -950 | -950 | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity (loss) income from subsidiaries | 3,386 | ' | 5,332 | ' | ' | ' | ' | ' | ' | 7,675 | 16,946 | -19,922 | 8,550 | -23,994 | |
(Loss) income before income taxes | 3,167 | ' | 5,113 | ' | ' | ' | ' | ' | ' | 6,944 | 16,216 | -20,872 | 7,600 | -24,944 | |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -752 | |
Net (loss) income | 3,167 | ' | 5,113 | ' | ' | ' | ' | ' | ' | 6,944 | 16,216 | -20,872 | 7,600 | -25,696 | |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,309 | -925 | -471 | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | 3,167 | ' | 5,113 | ' | ' | ' | ' | ' | ' | 6,944 | 16,216 | -23,181 | 6,675 | -26,167 | |
Tops Markets, LLC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | 440,270 | ' | 404,355 | ' | ' | ' | ' | ' | ' | 1,469,913 | 1,365,591 | 1,795,842 | 1,774,927 | 1,704,977 | |
Cost of goods sold | -309,056 | ' | -288,206 | ' | ' | ' | ' | ' | ' | -1,036,550 | -967,521 | -1,274,836 | -1,260,068 | -1,208,582 | |
Distribution costs | -8,991 | ' | -7,982 | ' | ' | ' | ' | ' | ' | -28,455 | -26,262 | -33,901 | -31,638 | -31,899 | |
Gross profit | 122,223 | ' | 108,167 | ' | ' | ' | ' | ' | ' | 404,908 | 371,808 | 487,105 | 483,221 | 464,496 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | -58,688 | ' | -52,518 | ' | ' | ' | ' | ' | ' | -196,391 | -179,138 | -233,362 | -228,947 | -223,276 | |
Selling and general expenses | -20,392 | ' | -16,937 | ' | ' | ' | ' | ' | ' | -68,410 | -55,722 | -74,275 | -73,186 | -71,629 | |
Administrative expenses | -12,000 | ' | -12,256 | ' | ' | ' | ' | ' | ' | -40,392 | -43,038 | -60,499 | -57,080 | -81,425 | |
Rent expense, net | -3,700 | ' | -2,467 | ' | ' | ' | ' | ' | ' | -11,676 | -7,254 | -12,350 | -9,707 | -9,493 | |
Depreciation and amortization | -10,043 | ' | -8,914 | ' | ' | ' | ' | ' | ' | -33,478 | -29,811 | -39,197 | -38,812 | -55,005 | |
Advertising | -2,957 | ' | -2,645 | ' | ' | ' | ' | ' | ' | -11,747 | -10,564 | -14,307 | -13,292 | -15,819 | |
Impairment charges | -1,620 | ' | ' | ' | ' | ' | ' | ' | ' | -1,620 | ' | ' | ' | ' | |
Total operating expenses | -109,400 | ' | -95,737 | ' | ' | ' | ' | ' | ' | -363,714 | -325,527 | -433,990 | -421,024 | -456,647 | |
Operating (loss) income | 12,823 | ' | 12,430 | ' | ' | ' | ' | ' | ' | 41,194 | 46,281 | 53,115 | 62,197 | 7,849 | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,205 | ' | -1,041 | |
Interest expense, net | -13,894 | ' | -13,364 | ' | ' | ' | ' | ' | ' | -47,125 | -45,280 | -58,706 | -61,469 | -61,125 | |
Equity (loss) income from subsidiaries | 2,921 | ' | 3,989 | ' | ' | ' | ' | ' | ' | 8,933 | 10,271 | 11,042 | 5,507 | 18,631 | |
(Loss) income before income taxes | 1,850 | ' | 3,055 | ' | ' | ' | ' | ' | ' | 3,002 | 11,272 | -25,754 | 6,235 | -35,686 | |
Income tax (expense) benefit | 1,536 | ' | 2,277 | ' | ' | ' | ' | ' | ' | 4,673 | 5,674 | 5,832 | 2,315 | 11,692 | |
Net (loss) income | 3,386 | ' | 5,332 | ' | ' | ' | ' | ' | ' | 7,675 | 16,946 | -19,922 | 8,550 | -23,994 | |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,309 | -925 | -471 | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | 3,386 | ' | 5,332 | ' | ' | ' | ' | ' | ' | 7,675 | 16,946 | -22,231 | 7,625 | -24,465 | |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | 132,379 | ' | 134,282 | ' | ' | ' | ' | ' | ' | 440,401 | 440,371 | 570,762 | 581,858 | 553,742 | |
Cost of goods sold | -87,853 | ' | -89,271 | ' | ' | ' | ' | ' | ' | -292,444 | -291,177 | -379,257 | -390,098 | -370,434 | |
Distribution costs | -3,153 | ' | -3,109 | ' | ' | ' | ' | ' | ' | -9,969 | -10,107 | -12,762 | -12,551 | -12,930 | |
Gross profit | 41,373 | ' | 41,902 | ' | ' | ' | ' | ' | ' | 137,988 | 139,087 | 178,743 | 179,209 | 170,378 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | -19,825 | ' | -19,816 | ' | ' | ' | ' | ' | ' | -66,954 | -67,551 | -87,264 | -88,791 | -87,524 | |
Selling and general expenses | -6,782 | ' | -5,174 | ' | ' | ' | ' | ' | ' | -22,527 | -19,191 | -26,831 | -31,260 | -34,395 | |
Administrative expenses | -4,090 | ' | -4,194 | ' | ' | ' | ' | ' | ' | -13,619 | -14,360 | -18,877 | -19,982 | -19,121 | |
Rent expense, net | -2,143 | ' | -2,018 | ' | ' | ' | ' | ' | ' | -7,043 | -6,779 | -8,875 | -9,149 | -9,642 | |
Depreciation and amortization | -2,780 | ' | -3,097 | ' | ' | ' | ' | ' | ' | -9,397 | -10,252 | -13,420 | -12,393 | -7,348 | |
Advertising | -874 | ' | -956 | ' | ' | ' | ' | ' | ' | -3,533 | -3,801 | -5,007 | -5,497 | -7,356 | |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,791 | ' | |
Total operating expenses | -36,494 | ' | -35,255 | ' | ' | ' | ' | ' | ' | -123,073 | -121,934 | -160,274 | -169,863 | -165,386 | |
Operating (loss) income | 4,879 | ' | 6,647 | ' | ' | ' | ' | ' | ' | 14,915 | 17,153 | 18,469 | 9,346 | 4,992 | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,681 | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | -44 | ' | -42 | ' | ' | ' | ' | ' | ' | -126 | -147 | -187 | -229 | -106 | |
Equity (loss) income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
(Loss) income before income taxes | 4,835 | ' | 6,605 | ' | ' | ' | ' | ' | ' | 14,789 | 17,006 | 18,282 | 9,117 | 20,567 | |
Income tax (expense) benefit | -1,914 | ' | -2,616 | ' | ' | ' | ' | ' | ' | -5,856 | -6,735 | -7,240 | -3,610 | -1,936 | |
Net (loss) income | 2,921 | ' | 3,989 | ' | ' | ' | ' | ' | ' | 8,933 | 10,271 | 11,042 | 5,507 | 18,631 | |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | 2,921 | ' | 3,989 | ' | ' | ' | ' | ' | ' | 8,933 | 10,271 | 11,042 | 5,507 | 18,631 | |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | -195 | ' | -206 | ' | ' | ' | ' | ' | ' | -776 | -790 | -1,265 | -1,293 | -1,183 | |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross profit | -195 | ' | -206 | ' | ' | ' | ' | ' | ' | -776 | -790 | -1,265 | -1,293 | -1,183 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Wages, salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Selling and general expenses | 195 | ' | 206 | ' | ' | ' | ' | ' | ' | 776 | 790 | 1,265 | 1,293 | 1,183 | |
Administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rent expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Advertising | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating expenses | 195 | ' | 206 | ' | ' | ' | ' | ' | ' | 776 | 790 | 1,265 | 1,293 | 1,183 | |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity (loss) income from subsidiaries | -9,474 | ' | -14,434 | ' | ' | ' | ' | ' | ' | -23,552 | -43,433 | 29,752 | -21,657 | 31,059 | |
(Loss) income before income taxes | -9,474 | ' | -14,434 | ' | ' | ' | ' | ' | ' | -23,552 | -43,433 | 29,752 | -21,657 | 31,059 | |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net (loss) income | -9,474 | ' | -14,434 | ' | ' | ' | ' | ' | ' | -23,552 | -43,433 | 29,752 | -21,657 | 31,059 | |
Change in post retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,618 | 1,850 | 942 | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Comprehensive (loss) income | ($9,474) | ' | ($14,434) | ' | ' | ' | ' | ' | ' | ($23,552) | ($43,433) | $34,370 | ($19,807) | $32,001 | |
[1] | The net loss for the 12-week period ended December 29, 2012 includes a $31.2 million loss on debt extinguishment related to the December 2012 financing transactions. See Note 9 for further discussion. |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Cash flows provided by operating activities: | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | $43,189 | $79,525 | $87,007 | $68,651 | $49,458 |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition of the Penn Traffic Company | ' | ' | ' | ' | -85,023 |
Cash paid for property and equipment | -40,312 | -24,892 | -37,565 | -45,575 | -49,663 |
Cash paid for intangible assets | ' | ' | ' | -1,527 | ' |
Proceeds from sale of assets | ' | ' | ' | 1,284 | 20,753 |
Proceeds from insurable loss recovery | ' | 1,150 | 1,455 | 609 | ' |
Net cash used in investing activities | -46,307 | -51,101 | -67,054 | -45,209 | -113,933 |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Proceeds from long-term debt borrowings | 148,500 | ' | 460,000 | ' | 112,125 |
Repayments of long-term debt borrowings | -227 | -360 | -350,452 | -409 | -36,377 |
Borrowings on ABL Facility | ' | ' | ' | ' | 348,737 |
Repayments on ABL Facility | ' | ' | ' | ' | -347,737 |
Proceeds from issuance of common stock | ' | ' | ' | ' | 30,000 |
Dividend | -141,920 | ' | -100,000 | ' | -30,000 |
Debt extinguishment cost incurred | ' | ' | -20,901 | ' | ' |
Stock option exercises | 227 | ' | ' | ' | ' |
Principal payments on capital leases | -11,275 | -9,850 | -13,318 | -11,161 | -9,294 |
Deferred financing costs incurred | -8,154 | ' | -11,943 | -57 | -5,769 |
Change in bank overdraft position | 47 | -120 | -98 | -53 | 487 |
Net cash provided by (used in) financing activities | 498 | -15,330 | -6,712 | -21,680 | 62,172 |
Net (decrease) increase in cash and cash equivalents | -2,620 | 13,094 | 13,241 | 1,762 | -2,303 |
Cash and cash equivalents - beginning of period | 32,422 | 19,181 | 19,181 | 17,419 | 19,722 |
Cash and cash equivalents - end of period | 29,802 | 32,275 | 32,422 | 19,181 | 17,419 |
2017 ABL Facility [Member] | ' | ' | ' | ' | ' |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Borrowings on ABL Facility | 241,300 | ' | 35,000 | ' | ' |
Repayments on ABL Facility | -228,000 | ' | ' | ' | ' |
2013 ABL Facility [Member] | ' | ' | ' | ' | ' |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Borrowings on ABL Facility | ' | 66,600 | 158,800 | 612,900 | 348,737 |
Repayments on ABL Facility | ' | -71,600 | -163,800 | -622,900 | -347,737 |
Grand Union Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ' | -27,359 | -27,640 | ' | ' |
Independent Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ' | ' | -3,304 | ' | ' |
Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | -5,995 | ' | ' | ' | ' |
Tops Holding II Corporation [Member] | ' | ' | ' | ' | ' |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Proceeds from long-term debt borrowings | 148,500 | ' | ' | ' | ' |
Dividend | -141,920 | ' | ' | ' | ' |
Stock option exercises | 227 | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | 6,807 | ' | ' | ' | ' |
Net (decrease) increase in cash and cash equivalents | 6,807 | ' | ' | ' | ' |
Cash and cash equivalents - beginning of period | ' | ' | ' | ' | ' |
Cash and cash equivalents - end of period | 6,807 | ' | ' | ' | ' |
Tops Holding LLC [Member] | ' | ' | ' | ' | ' |
Cash flows provided by operating activities: | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | -731 | -731 | -950 | -950 | -950 |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | 30,000 |
Dividend | ' | ' | ' | ' | -30,000 |
Change in intercompany payables position | 731 | 731 | 950 | 950 | 950 |
Net cash provided by (used in) financing activities | 731 | 731 | 950 | 950 | 950 |
Cash and cash equivalents - beginning of period | ' | ' | ' | ' | ' |
Cash and cash equivalents - end of period | ' | ' | ' | ' | ' |
Tops Markets, LLC [Member] | ' | ' | ' | ' | ' |
Cash flows provided by operating activities: | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | 25,919 | 48,430 | 47,029 | 48,437 | 37,783 |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Cash paid for property and equipment | -37,489 | -19,902 | -30,329 | -25,405 | -28,081 |
Cash paid for intangible assets | ' | ' | ' | -1,527 | ' |
Investment in subsidiaries | ' | ' | ' | ' | -85,023 |
Change in intercompany receivables position | -731 | -731 | -950 | -950 | -950 |
Net cash used in investing activities | -44,215 | -47,992 | -62,223 | -27,882 | -114,054 |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Proceeds from long-term debt borrowings | ' | ' | 460,000 | ' | 112,125 |
Repayments of long-term debt borrowings | -227 | -360 | -350,452 | -409 | -36,377 |
Borrowings on ABL Facility | ' | ' | ' | ' | 348,737 |
Repayments on ABL Facility | ' | ' | ' | ' | -347,737 |
Proceeds from issuance of common stock | ' | ' | ' | ' | 30,000 |
Dividend | ' | ' | -100,000 | ' | -30,000 |
Debt extinguishment cost incurred | ' | ' | -20,901 | ' | ' |
Principal payments on capital leases | -10,971 | -9,580 | -12,962 | -10,838 | -9,004 |
Deferred financing costs incurred | -8,154 | ' | -11,943 | -57 | -5,769 |
Change in intercompany payables position | 14,879 | 27,651 | 34,785 | 2,464 | 10,786 |
Change in bank overdraft position | 47 | -120 | -98 | -53 | 487 |
Net cash provided by (used in) financing activities | 8,874 | 12,591 | 28,429 | -18,893 | 73,248 |
Net (decrease) increase in cash and cash equivalents | -9,422 | 13,029 | 13,235 | 1,662 | -3,023 |
Cash and cash equivalents - beginning of period | 31,586 | 18,351 | 18,351 | 16,689 | 19,712 |
Cash and cash equivalents - end of period | 22,164 | 31,380 | 31,586 | 18,351 | 16,689 |
Tops Markets, LLC [Member] | 2017 ABL Facility [Member] | ' | ' | ' | ' | ' |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Borrowings on ABL Facility | 241,300 | ' | 35,000 | ' | ' |
Repayments on ABL Facility | -228,000 | ' | ' | ' | ' |
Tops Markets, LLC [Member] | 2013 ABL Facility [Member] | ' | ' | ' | ' | ' |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Borrowings on ABL Facility | ' | 66,600 | 158,800 | 612,900 | ' |
Repayments on ABL Facility | ' | -71,600 | -163,800 | -622,900 | ' |
Tops Markets, LLC [Member] | Grand Union Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ' | -27,359 | -27,640 | ' | ' |
Tops Markets, LLC [Member] | Independent Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | ' | ' | -3,304 | ' | ' |
Tops Markets, LLC [Member] | Supermarkets [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition | -5,995 | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Cash flows provided by operating activities: | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | 18,001 | 31,826 | 40,928 | 21,164 | 12,625 |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Acquisition of the Penn Traffic Company | ' | ' | ' | ' | -85,023 |
Cash paid for property and equipment | -2,823 | -4,990 | -7,236 | -20,170 | -21,582 |
Proceeds from sale of assets | ' | ' | ' | 1,284 | 20,753 |
Proceeds from insurable loss recovery | ' | 1,150 | 1,455 | 609 | ' |
Change in intercompany receivables position | -14,879 | -27,651 | -34,785 | -2,464 | -10,786 |
Net cash used in investing activities | -17,702 | -31,491 | -40,566 | -20,741 | -96,638 |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Principal payments on capital leases | -304 | -270 | -356 | -323 | -290 |
Capital contribution | ' | ' | ' | ' | 85,023 |
Net cash provided by (used in) financing activities | -304 | -270 | -356 | -323 | 84,733 |
Net (decrease) increase in cash and cash equivalents | -5 | 65 | 6 | 100 | 720 |
Cash and cash equivalents - beginning of period | 836 | 830 | 830 | 730 | 10 |
Cash and cash equivalents - end of period | 831 | 895 | 836 | 830 | 730 |
Eliminations [Member] | ' | ' | ' | ' | ' |
Cash flows used in investing activities: | ' | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' | 85,023 |
Change in intercompany receivables position | 15,610 | 28,382 | 35,735 | 3,414 | 11,736 |
Net cash used in investing activities | 15,610 | 28,382 | 35,735 | 3,414 | 96,759 |
Cash flows provided by (used in) financing activities: | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | -30,000 |
Dividend | ' | ' | ' | ' | 30,000 |
Capital contribution | ' | ' | ' | ' | -85,023 |
Change in intercompany payables position | -15,610 | -28,382 | -35,735 | -3,414 | -11,736 |
Net cash provided by (used in) financing activities | -15,610 | -28,382 | -35,735 | -3,414 | -96,759 |
Cash and cash equivalents - beginning of period | ' | ' | ' | ' | ' |
Cash and cash equivalents - end of period | ' | ' | ' | ' | ' |
Unaudited_Quarterly_Results_of
Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Quarterly Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $572,454 | $560,167 | $538,431 | $562,361 | $540,113 | $538,606 | $559,514 | $704,380 | $717,259 | $1,909,538 | $1,805,172 | $2,365,339 | $2,355,492 | $2,257,536 | |
Gross profit | 163,401 | 154,478 | 149,863 | 160,336 | 150,878 | 152,925 | 154,982 | 199,906 | 202,352 | 542,120 | 510,105 | 664,583 | 661,137 | 633,691 | |
Operating income | 17,483 | 7,215 | 18,449 | 23,559 | 15,605 | 20,742 | 14,908 | 19,333 | 17,570 | 44,485 | 61,341 | 68,556 | 68,825 | 10,633 | |
Income tax expense | -378 | -347 | -339 | -352 | -305 | -305 | -318 | -370 | -367 | -1,183 | -1,061 | -1,408 | -1,295 | 9,004 | |
Net (loss) income | ($140) | ($37,803) | [1] | $4,704 | $9,498 | $1,187 | $6,440 | $293 | $651 | ($2,088) | ($9,657) | $14,853 | ($22,950) | $5,832 | ($26,954) |
[1] | The net loss for the 12-week period ended December 29, 2012 includes a $31.2 million loss on debt extinguishment related to the December 2012 financing transactions. See Note 9 for further discussion. |
Unaudited_Quarterly_Results_of1
Unaudited Quarterly Results of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2012 |
Quarterly Data | ' |
Loss on debt extinguishment related to financing transactions | ($31,200) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Oct. 06, 2012 | Oct. 06, 2012 | Dec. 29, 2012 | Mar. 08, 2013 | Jan. 02, 2013 | Nov. 14, 2013 | Nov. 14, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Store | Holding I Notes [Member] | Definitive Agreement with Tops MBO Corporation [Member] | |||||
Subsequent Events (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of supermarkets acquired | ' | ' | ' | 4 | ' | ' | ' |
Purchase price | ' | ' | ' | $7 | ' | ' | ' |
Business tax provisions, expiration date | ' | ' | 31-Dec-13 | ' | ' | ' | ' |
Benefit related to additional bonus depreciation | ' | ' | ' | ' | 1 | ' | ' |
Total consideration for outstanding shares including assumption of assets and liabilities | ' | ' | ' | ' | ' | ' | 681 |
Percent of principal amount of notes, price if Change of Control occurs | ' | ' | ' | ' | ' | 101.00% | ' |
Potential fees and expenses in connection with acquisition | 0.3 | 1 | 1.3 | ' | ' | ' | 15 |
Potential payments for repurchase of outstanding capital stock | ' | ' | ' | ' | ' | ' | $5 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parent Company Only) (Detail) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 |
In Thousands, unless otherwise specified | |||||
Assets | ' | ' | ' | ' | ' |
Total assets | $695,255 | $676,002 | $647,212 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 87,784 | 75,740 | 74,677 | ' | ' |
Total current liabilities | 182,756 | 169,828 | 163,420 | ' | ' |
Total liabilities | 1,026,051 | 859,274 | 706,676 | ' | ' |
Total shareholders' deficit | -330,796 | -183,272 | -59,464 | -65,511 | -38,801 |
Total liabilities and shareholders' deficit | 695,255 | 676,002 | 647,212 | ' | ' |
Parent Company Only [Member] | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Investment in subsidiary | ' | -181,474 | -58,293 | ' | ' |
Total assets | ' | -181,474 | -58,293 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | ' | 1,798 | 1,171 | ' | ' |
Total current liabilities | ' | 1,798 | 1,171 | ' | ' |
Total liabilities | ' | 1,798 | 1,171 | ' | ' |
Total shareholders' deficit | ' | -183,272 | -59,464 | ' | ' |
Total liabilities and shareholders' deficit | ' | ($181,474) | ($58,293) | ' | ' |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive (Loss) Income (Parent Company Only) (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Dec. 31, 2011 | Oct. 08, 2011 | Jul. 16, 2011 | Apr. 21, 2012 | Apr. 23, 2011 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity (loss) income from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Administrative expenses | 16,309 | ' | 17,078 | ' | ' | ' | ' | ' | ' | 65,635 | 59,491 | 82,404 | 79,780 | 102,754 | |
Total operating expenses | 145,918 | ' | 131,414 | ' | ' | ' | ' | ' | ' | 497,635 | 448,764 | 596,027 | 592,312 | 623,058 | |
(Loss) income before income taxes | 238 | ' | 5,043 | ' | ' | ' | ' | ' | ' | -8,474 | 15,914 | -21,542 | 7,127 | -35,958 | |
Net (loss) income | -140 | -37,803 | [1] | 4,704 | 9,498 | 1,187 | 6,440 | 293 | 651 | -2,088 | -9,657 | 14,853 | -22,950 | 5,832 | -26,954 |
Changes in postretirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,309 | 925 | 471 | |
Comprehensive (loss) income | -140 | ' | 4,704 | ' | ' | ' | ' | ' | ' | -9,657 | 14,853 | -25,259 | 4,907 | -27,425 | |
Parent Company Only [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity (loss) income from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,696 | 7,600 | -20,872 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,258 | -1,768 | -2,078 | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,258 | -1,768 | -2,078 | |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,954 | 5,832 | -22,950 | |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,954 | 5,832 | -22,950 | |
Changes in postretirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -471 | -925 | -2,309 | |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($27,425) | $4,907 | ($25,259) | |
[1] | The net loss for the 12-week period ended December 29, 2012 includes a $31.2 million loss on debt extinguishment related to the December 2012 financing transactions. See Note 9 for further discussion. |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Parent Company Only) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net cash from operating activities | $43,189 | $79,525 | $87,007 | $68,651 | $49,458 |
Net cash from investing activities | -46,307 | -51,101 | -67,054 | -45,209 | -113,933 |
Net cash from financing activities | 498 | -15,330 | -6,712 | -21,680 | 62,172 |
Net change in cash and cash equivalents | -2,620 | 13,094 | 13,241 | 1,762 | -2,303 |
Parent Company Only [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net cash from operating activities | ' | ' | ' | ' | ' |
Net cash from investing activities | ' | ' | ' | ' | ' |
Net cash from financing activities | ' | ' | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' | ' | ' |
Cash and cash equivalents-beginning of period | ' | ' | ' | ' | ' |
Cash and cash equivalents-end of period | ' | ' | ' | ' | ' |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2012 | Dec. 31, 2011 | Nov. 01, 2011 | |
Self-insurance reserves [Member] | ' | ' | ' | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |
Balance at Beginning of Period | $15,723 | $11,733 | $8,303 | |
Additions Charged to Costs and Expenses | 8,639 | 7,169 | 6,028 | |
Deductions | -4,178 | -3,179 | -2,598 | |
Balance at End of Period | 20,184 | 15,723 | 11,733 | |
LIFO inventory valuation reserve [Member] | ' | ' | ' | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |
Balance at Beginning of Period | 10,703 | 9,370 | 7,315 | |
Additions Charged to Costs and Expenses | 361 | 1,333 | 2,055 | |
Balance at End of Period | 11,064 | 10,703 | 9,370 | |
Valuation allowance for deferred income tax assets [Member] | ' | ' | ' | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |
Balance at Beginning of Period | 26,026 | 25,797 | 13,896 | |
Additions Charged to Costs and Expenses | 12,007 | [1] | 229 | 11,901 |
Balance at End of Period | $38,033 | $26,026 | $25,797 | |
[1] | Amount includes additional valuation allowance of $1.5 million related to amounts recorded in other comprehensive loss. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Parenthetical) (Detail) (Valuation allowance for deferred income tax assets [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 29, 2012 |
Valuation allowance for deferred income tax assets [Member] | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' |
Additional valuation allowance recorded in other comprehensive loss | $1.50 |