KII Liquidating (KATYQ) 10-Q 13 Sep 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2016	Sep. 13, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	KATY INDUSTRIES INC
Entity Central Index Key	54,681
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,951,176
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 1, 2016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 75	$ 53
Accounts receivable, net	14,352	12,211
Inventories, net	15,313	19,267
Other current assets	2,333	2,164
Total current assets	32,073	33,695
Other Assets:
Goodwill	8,377	8,377
Intangibles, net	20,339	20,877
Other	1,804	1,747
Total other assets	30,520	31,001
Property and Equipment:
Land and improvements	535	535
Buildings and improvements	6,859	6,269
Machinery and equipment	46,418	44,617
Property and equipment, gross	53,812	51,421
Less - Accumulated depreciation	(37,631)	(36,646)
Property and equipment, net	16,181	14,775
Total assets	78,774	79,471
Current Liabilities:
Accounts payable	23,084	20,440
Book overdraft	588	918
Accrued compensation	1,130	1,149
Accrued expenses	7,809	7,142
Deferred revenue	41	130
Current maturities of long-term debt	2,263	1,143
Revolving credit agreement	22,981	23,969
Total current liabilities	57,896	54,891
Payable to Related Party	4,564	4,268
Long-Term Debt	20,934	21,435
Other Liabilities	7,331	7,615
Total liabilities	90,725	88,209
COMMITMENTS AND CONTINGENCIES (Note 9)
Stockholders' Deficit
15% Convertible preferred stock, $100 par value; authorized 1,200,000 shares; issued and outstanding 1,131,551 shares; liquidation value $113,155	108,256	108,256
Common stock, $1 par value; authorized 35,000,000 shares; issued 9,822,304 shares	9,822	9,822
Additional paid-in capital	27,110	27,110
Accumulated other comprehensive loss	(1,617)	(1,631)
Accumulated deficit	(134,085)	(130,858)
Treasury stock, at cost, 1,871,128 shares	(21,437)	(21,437)
Total stockholders' deficit	(11,951)	(8,738)
Total liabilities and stockholders' deficit	$ 78,774	$ 79,471

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2016	Dec. 31, 2015
Stockholders' Deficit
Convertible preferred stock percentage	15.00%	15.00%
15% Convertible preferred stock, par value (in dollars per share)	$ 100	$ 100
15% Convertible preferred stock, shares authorized (in shares)	1,200,000	1,200,000
15% Convertible preferred stock, shares issued (in shares)	1,131,551	1,131,551
15% Convertible preferred stock, shares outstanding (in shares)	1,131,551	1,131,551
15% Convertible preferred stock, liquidation value	$ 113,155	$ 113,155
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	9,822,304	9,822,304
Treasury stock, at cost, (in shares)	1,871,128	1,871,128

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jun. 26, 2015	Jul. 01, 2016	Jun. 26, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]
Net sales	$ 30,138	$ 31,344	$ 58,532	$ 52,654
Cost of goods sold	26,723	26,152	50,497	44,257
Gross profit	3,415	5,192	8,035	8,397
Selling, general and administrative expenses	3,879	4,374	7,834	7,626
Severance, restructuring and related charges	235	537	761	2,137
Operating (loss) income	(699)	281	(560)	(1,366)
Interest expense	(1,324)	(1,291)	(2,716)	(1,500)
Other, net	34	37	64	65
Loss before income tax expense	(1,989)	(973)	(3,212)	(2,801)
Income tax expense	(9)	(7)	(15)	(15)
Net loss	(1,998)	(980)	(3,227)	(2,816)
Other comprehensive (loss) income:
Foreign currency translation	(9)	(26)	14	(84)
Total comprehensive loss	$ (2,007)	$ (1,006)	$ (3,213)	$ (2,900)
Loss per share of common stock - Basic & Diluted (in dollars per share)	$ (0.25)	$ (0.12)	$ (0.41)	$ (0.35)
Weighted average common shares outstanding:
Basic (in shares)	7,951	7,951	7,951	7,951
Diluted (in shares)	7,951	7,951	7,951	7,951

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2016	Jun. 26, 2015
Cash flows from operating activities:
Net loss	$ (3,227)	$ (2,816)
Depreciation	1,040	1,301
Amortization of intangible assets	537	242
Amortization of debt issuance costs	74	114
Stock-based compensation	24	63
Payment In Kind interest expense	564	227
Other	(20)	0
Total adjustments	(1,008)	(869)
Changes in operating assets and liabilities:
Accounts receivable	(2,158)	(1,886)
Inventories	3,920	(2,049)
Other assets	(155)	(349)
Accounts payable	1,960	4,250
Accrued expenses	652	421
Payable to related party	250	337
Deferred revenue	(89)	(89)
Other liabilities	(628)	1,215
Total changes in operating capital	3,752	1,850
Net cash provided by operations	2,744	981
Cash flows from investing activities:
Payment for acquisition, net of cash received	0	(23,855)
Capital expenditures	(1,348)	(1,437)
Net cash used in investing activities	(1,348)	(25,292)
Cash flows from financing activities:
Net borrowings on revolving credit facility	(988)	3,465
Proceeds from term loan facility	0	24,000
Payment on capital lease obligation	(44)	0
Decrease in book overdraft	(330)	(406)
Direct costs associated with debt facilities	(94)	(2,627)
Net cash (used in) provided by financing activities	(1,456)	24,432
Effect of exchange rate changes on cash	82	(139)
Net increase (decrease) in cash	22	(18)
Cash, beginning of period	53	66
Cash, end of period	75	48
Supplemental cash flows disclosure:
Interest paid	1,714	813
Income taxes paid	21	30
Supplemental information of non-cash investing and financing activities:
Accrued contingent earn out payment	0	2,000
Capital leases included in accrued expenses and other noncurrent liabilities	428	0
Capital expenditures included in accounts payable	621	526
Collateralized debt fees included in accrued expenses	$ 240	$ 0

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 01, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Note 1. SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy and Basis of Presentation have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, Fiscal Year Use of Estimates Inventories At July 1, 2016 and December 31, 2015, approximately 58% and 67%, respectively, of Katy’s inventories were accounted for using the last-in, first-out (“LIFO”) method of costing, while the remaining inventories were accounted for using the first-in, first-out (“FIFO”) method. Current cost, as determined using the FIFO method, exceeded LIFO cost by $3.6 million at July 1, 2016 and December 31, 2015. The components of inventories are as follows as of July 1, 2016 and December 31, 2015, respectively (amounts in thousands): July 1, 2016 December 31, 2015 Raw materials $ 9,760 $ 11,262 Finished goods 9,863 12,380 Inventory reserves (687 ) (738 ) LIFO reserve (3,623 ) (3,637 ) $ 15,313 $ 19,267 Fair Value Measurement and Financial Instruments The following is a brief description of those three levels: · Level 1 · Level 2 · Level 3 The Company determines the fair value of its pension assets annually primarily based on the fair value of underlying investments and market-based inputs (Level 2) and are evaluated by a third-party. The Company does not have any unobservable inputs (Level 3). Share-Based Payment Compensation expense is included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations. The components of compensation expense are as follows for the three and six months ended July 1, 2016 and June 26, 2015, respectively (amounts in thousands): Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Stock appreciation right (income) expense $ (8 ) $ 43 $ 24 $ 63 The fair value of SARs, a liability award, was estimated at July 1, 2016 and June 26, 2015 using a Black-Scholes option pricing model. The Company estimated the expected term by averaging the minimum and maximum lives expected for each award. In addition, the Company estimated volatility by considering its historical stock volatility over a term comparable to the remaining expected life of each award. The risk-free interest rate is the current yield available on U.S. treasury issues with a remaining term equal to each award. The Company estimates forfeitures using historical results. Its estimates of forfeitures will be adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from their estimate. The assumptions for expected term, volatility and risk-free rate are presented in the table below as of July 1, 2016 and June 26, 2015, respectively: July 1, 2016 June 26, 2015 Expected term (years) 0.2 - 5.0 1.2 - 5.0 Volatility 181.2% - 305.34% 149.8% - 323.0% Risk-free interest rate 0.2% - 1.0% 0.4% - 1.7% Accumulated Other Comprehensive Loss 1.0 0.7 Segment Reporting Reclassifications Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs As presented December 31, 2015 Reclassifications As adjusted December 31, 2015 Other assets $ 3,882 $ (2,135 ) $ 1,747 Current maturities of long-term debt 1,800 (657 ) 1,143 Long-term debt 22,913 (1,478 ) 21,435 As shown in the table below, pursuant to the guidance in ASU 2015-03, we have reclassified unamortized debt issuance costs associated with our term loan (see Note 4 for detail) in our previously reported Condensed Consolidated Statements of Cash Flows as of June 26, 2015 to conform to our presentation as of July 1, 2016 as follows (amounts in thousands): As presented June 26, 2015 Reclassifications As adjusted June 26, 2015 Amortization of debt issuance costs $ 278 $ (164 ) $ 114 Accrued expenses 257 164 421

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jul. 01, 2016
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	Note 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) No. 2014-09, “Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. On July 9, 2015 the FASB voted to defer the effective date of this standard by one year to December 15, 2017 for the interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU. We are currently evaluating which transition approach to use and the full impact this ASU will have on our future financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330),” authoritative guidance to simplify the subsequent measurement of inventory. Under this new standard, an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments in this guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not believe this will have any material impact on its financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the reporting of deferred tax positions, requiring deferred tax assets and liabilities to be classified as noncurrent in the Consolidated Balance Sheets, as opposed to current and noncurrent classification under current GAAP. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company does not believe this will have any material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. This guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact to its future financial statements.

LOSS PER SHARE

LOSS PER SHARE	6 Months Ended
	Jul. 01, 2016
LOSS PER SHARE [Abstract]
LOSS PER SHARE	Note 3. LOSS PER SHARE The condensed consolidated financial statements include basic and diluted loss per share. Diluted per share information is calculated by considering the impact of potential common stock on the weighted average shares outstanding. Potential common stock consists of (a) incremental shares that would be available for issuance upon the assumed exercise of stock options “in the money” based on the average stock price for the respective period and (b) convertible preferred shares (see Note 8), accounted for using the “if converted” basis, which assumes their conversion to common stock at a ratio of 16.6:1. As of July 1, 2016 and June 26, 2015, all options had expired. At July 1, 2016 and June 26, 2015, 1,131,551 convertible preferred shares were outstanding, which are in total, convertible into 18,859,183 shares of the Company’s common stock. Convertible preferred shares were not included in the calculation of diluted loss per share for the three and six months ended July 1, 2016 and June 26, 2015 because of their anti-dilutive impact as a result of the Company’s net loss position.

DEBT

DEBT	6 Months Ended
	Jul. 01, 2016
DEBT [Abstract]
DEBT	Note 4. DEBT Long-term debt consists of the following as of July 1, 2016 and December 31, 2015 (amounts in thousands): July 1, 2016 December 31, 2015 Revolving loans payable $ 22,981 $ 23,969 Second Lien term loan 25,231 24,713 Debt issuance costs (2,034 ) (2,135 ) Total debt 46,178 46,547 Less revolving loans payable, classified as current (22,981 ) (23,969 ) Less current maturities (3,000 ) (1,800 ) Less current debt issuance costs 737 657 Long-term debt $ 20,934 $ 21,435 First Lien Credit Agreement On February 19, 2014, the Company and BMO Harris Bank N.A. (“BMO”) provided the Company a $27.0 million revolving credit facility, including a $3.0 million sub-limit for letters of credit. The proceeds of the Company’s initial borrowing under the BMO Credit Agreement were used to repay the Company’s prior credit facility, finance the acquisition of FTW Holdings, Inc., and pay certain fees and expenses related to the negotiation and consummation of the Original BMO Credit Agreement. All extensions of credit under the BMO Credit Agreement are collateralized by a first priority security interest in and lien upon substantially all present and future assets and properties of the Company. On April 7, 2015, the Company, Continental Commercial Products, LLC, a Delaware limited liability company, 2155735 Ontario Inc., an Ontario corporation, CCP Canada Inc., an Ontario corporation, FTW Holdings, Inc., a Delaware corporation, and Fort Wayne Plastics, Inc., an Indiana corporation, wholly owned direct or indirect subsidiaries of the Company (the foregoing, including the Company, the “Borrowers”), and BMO, as lender entered into Amendment No. 1 to the Original BMO Credit Agreement (“Amendment No. 1”) to amend the Original BMO Credit Agreement and to obtain the consent of BMO for the acquisition of a manufacturing facility in Tiffin, Ohio. Pursuant to Amendment No. 1, the revolving credit facility under the Original BMO Credit Agreement was increased from an amount not to exceed $27.0 million to an amount not to exceed $33.0 million. The revolving credit facility under the BMO Credit Agreement continues to include a $3.0 million sub-limit for letters of credit. The proceeds advanced under the BMO Credit Agreement on April 7, 2015 were used to pay certain fees and expenses related to the negotiation and consummation of Amendment No. 1 and the acquisition of our Tiffin, Ohio manufacturing facility (as described in Note 10). Subject to the terms of an Intercreditor and Subordination Agreement, dated as of April 7, 2015 (the “Intercreditor Agreement”), between BMO and the SL Agent (as defined below), all extensions of credit under the BMO Credit Agreement are collateralized by a first priority security interest in and lien upon substantially all present and future assets and properties of the Borrowers. The Original BMO Credit Agreement was further amended pursuant to Amendment No. 1 to extend the maturity date of the credit facility from February 17, 2017 to April 7, 2018. The borrowing base continues to be determined by eligible inventory, accounts receivable, machinery and equipment and owned real estate amounting to $ 24.8 million at July 1, 2016 and $27.3 million at December 31, 2015, respectively. The borrowing base under the BMO Credit Agreement is reduced by the outstanding amount of standby and commercial letters of credit. Currently, the Company’s largest letters of credit relate to its casualty insurance programs. Total outstanding letters of credit were $ 1.6 million and $1.1 million at July 1, 2016 and December 31, 2015, respectively. Borrowings under the BMO Credit Agreement continue to bear interest at a per annum rate equal to, at the Borrower’s option, (a) the Base Rate plus applicable Base Rate Margin, which varies from 0.50% to 1.00% based on average excess availability, or (b) reserve adjusted Eurodollar Rate plus the applicable Eurodollar Rate Margin, which varies from 1.50% to 2.00% based on average excess availability. The Base Rate is the greatest of (i) BMO Harris’ prime commercial rate as in effect on such day, (ii) the sum of the Fed Funds rate for such day plus 0.5%, and (iii) the Eurodollar Rate for one month plus 1.50%. The Eurodollar Rate is the British Bankers Association LIBOR Rate, as published by Reuters (or other commercially available source) with a term equivalent to the applicable one, two, three or six month interest period. An unused commitment fee of 25 basis points per annum is payable quarterly on the average unused amount under the BMO Credit Agreement. Amendment No. 1 amended the consolidated fixed charge coverage ratio under the Original BMO Credit Agreement and added a maximum annual capital expenditures, minimum consolidated EBITDA, minimum availability and a leverage ratio covenant. Amendment No. 1 also amended the Original BMO Credit Agreement to permit the secured second lien credit facility described below. On December 15, 2015, the Company entered into Amendment No. 2 to the Credit and Security Agreement to amend the BMO Credit Agreement to redefine the definition of EBITDA to exclude certain non-recurring expenses associated with the Company’s former Bridgeton, Missouri facility. On March 30, 2016, the Company entered into Amendment No. 3 to the Credit and Security Agreement and Waiver (“Amendment No. 3”) to amend the BMO Credit Agreement to provide the Borrowers Amendment No. 3 provides that a termination fee shall be payable in the event that the revolving credit commitment under the BMO Credit Agreement is terminated prior to the revolving credit maturity date. The termination fee is equal to 2% of the revolving credit commitment of $33.0 million if the revolving credit commitment is terminated on or before the first anniversary of Amendment No. 3 or 1% if the revolving credit commitment is thereafter terminated prior to the revolving credit maturity date under the BMO Credit Agreement. The BMO Credit Agreement continues to require a lockbox agreement which provides receipts (subject to certain exceptions) to be swept daily to reduce borrowings outstanding. This provision in the BMO Credit Agreement causes the BMO Credit Agreement to be classified as a current liability, per guidance in the Accounting Standards Codification established by the Financial Accounting Standards Board. The BMO Credit Agreement does not expire or have a maturity date within one year, but rather has a final maturity date of April 7, 2018. On August 11, 2016, entered into Amendment No. 4 and Forbearance Agreement (the “Forbearance Agreement”), further amending Pursuant to the Forbearance Agreement, BMO agreed, among other things, to forbear from exercising its rights and remedies under the BMO Credit Agreement in respect of existing defaults and certain other anticipated defaults for a period of up to six months. Second Lien Credit Facility On April 7, 2015, the Company, Continental Commercial Products, LLC, a Delaware limited liability company, FTW Holdings, Inc., a Delaware corporation, and Fort Wayne Plastics, Inc., an Indiana corporation, as borrowers (the “SL Borrowers”) and 2155735 Ontario Inc., an Ontario corporation, and CCP Canada Inc., an Ontario corporation, as guarantors (the “Guarantors,” together with the SL Borrowers, the “SL Obligors”) entered into a Second Lien Credit and Security Agreement, dated as of April 7, 2015, among the SL Obligors, Victory Park Management, LLC, as Agent (the “SL Agent”), and the lenders party thereto (the “Second Lien Credit Agreement”). The Second Lien Credit Agreement provides the SL Borrowers with a $24.0 million term loan. The proceeds of the term loan were used to pay certain fees and expenses related to the negotiation and consummation of the credit facility and the acquisition of our Tiffin, Ohio manufacturing facility (see Note 10). Subject to the terms of the Intercreditor Agreement, all extensions of credit under the Second Lien Credit Agreement are collateralized by a second priority security interest in and lien upon substantially all present and future assets and properties of the SL Obligors. The term loan under the Second Lien Credit Agreement originally bore interest (i) at a cash interest rate of the LIBOR (One Month) Rate then in effect plus 9.5% per annum and (ii) a Payment in Kind (“PIK”) interest rate equal to 4.00% per annum. The PIK interest is added to long-term debt per the Second Lien Credit Agreement as it is not due until maturity. The interest rate was modified pursuant to the Fourth Amendment to the Second Lien Credit and Security Agreement, as described in Note 12. The maturity date of the credit facility under the Second Lien Credit Agreement is April 6, 2019. Pursuant to the Second Lien Credit Agreement, the SL Borrowers are required to make quarterly amortization payments and annual excess cash flow prepayments equal to 25% of annual excess cash flow as defined in the agreement. The Second Lien Credit Agreement includes the following financial covenants: a consolidated fixed charge coverage ratio, a maximum annual capital expenditures, a minimum consolidated EBITDA, a minimum availability under the BMO Credit Agreement and a leverage ratio. On December 15, 2015, the Company entered into Amendment No. 1 to the Second Lien Credit Agreement to amend the Second Lien Credit Agreement to redefine the definition of EBITDA to exclude certain non-recurring expenses associated with the Company’s former Bridgeton, Missouri facility. On March 30, 2016, the SL Obligors entered into a Limited Waiver and Amendment to the Second Lien Credit Agreement (the “Second Lien Amendment No. 2”) to further amend the Second Lien Credit Agreement. The Second Lien Amendment No. 2 On July 22 , 2016, the Company entered into Amendment No. 3 to the Second Lien Credit Agreement (the “Third Amendment”), pursuant to which the SL Agent extended an additional $750,000 term loan to the Company (see Note 12). The Third Amendment did not materially modify the terms of the Second Lien Credit Agreement. On August 11, 2016, the Company entered into the Fourth Amendment to the Second Lien Credit and Security Agreement, which further amended the Second Lien Credit Agreement (see Note 12). For the three and six months ended July 1, 2016, the Company had amortization of debt issuance costs, included within interest expense, of $0.2 million and $0.4 million, respectively. For the three and six months ended June 26, 2015, the Company had amortization of debt issuance costs, included within interest expense, of $0.2 million and $0.3 million, respectively. Capital Lease In February 2016, the Company entered into a capital lease agreement to acquire certain manufacturing equipment. The Company is obligated to make sixty monthly payments of $8,818. At the inception of the lease, the Company recorded an asset and a capital lease obligation equal to the present value of minimum lease payments equal to approximately $0.5 million. At July 1, 2016, the current and long term capital lease obligation of $0.1 million and $0.3 million were recorded in accrued expenses and other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Aggregate remaining scheduled maturities of the capital lease obligation as of July 1, 2016 are as follows (amounts in thousands): Six months ended December 31, 2016 $ 44 Year ended December 31, 2017 106 Year ended December 31, 2018 106 Year ended December 31, 2019 106 Year ended December 31, 2020 106 Thereafter 7 Amount representing interest payments (47 ) Total capital lease obligation $ 428

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANS	6 Months Ended
	Jul. 01, 2016
RETIREMENT BENEFIT PLANS [Abstract]
RETIREMENT BENEFIT PLANS	Note 5. RETIREMENT BENEFIT PLANS Certain subsidiaries have frozen pension plans covering substantially all of their employees. These plans are noncontributory, defined benefit pension plans. The benefits to be paid under these plans are generally based on employees’ retirement age and years of service. The Company’s funding policies, subject to the minimum funding requirements of employee benefit and tax laws and as determined on an actuarial basis, provide the plans with assets sufficient to meet the benefit obligations. Plan assets consist primarily of fixed income investments, corporate equities and government securities. The Company also provides certain health care and life insurance benefits for some of its retired employees. The postretirement health plans are unfunded. Information regarding the Company’s net periodic benefit cost for pension and other postretirement benefit plans for the three and six months ended July 1, 2016 and June 26, 2015 is as follows (amounts in thousands): Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Components of net periodic benefit cost: Interest cost $ 14 $ 14 $ 29 $ 29 Expected return on plan assets (16 ) (17 ) (32 ) (33 ) Amortization of net loss 10 12 20 24 Net periodic benefit cost $ 8 $ 9 $ 17 $ 20 Other Benefits Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Components of net periodic benefit cost: Interest cost $ 12 $ 13 $ 25 $ 25 Amortization of net loss 5 9 10 17 Net periodic benefit cost $ 17 $ 22 $ 35 $ 42 During the six months ended July 1, 2016, the Company made contributions of $31,000 to the pension plans. The Company expects to contribute an additional $30,000 to pension plans throughout the remainder of 2016. The Company uses a December 31 measurement date for its pension and other postretirement benefit plans. The fair value of plan assets was determined by inputs to the valuation which include quoted prices for similar assets in active markets that are observable either directly or indirectly (Level 2 inputs). The Company utilized a third-party to evaluate the fair value of the plan assets and reviews all applicable inputs and calculations for purposes of valuing the plan’s assets.

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	6 Months Ended
	Jul. 01, 2016
STOCK INCENTIVE PLANS [Abstract]
STOCK INCENTIVE PLANS	Note 6. STOCK INCENTIVE PLANS The Company has various stock incentive plans that provide for the granting of stock options, nonqualified stock options, SARs, restricted stock, performance units or shares and other incentive awards to certain employees and directors. SARs entitle the holder to receive cash, upon vesting, equal to the excess of the fair market value of a share of the Company’s common stock on the date of exercise over the fair market value of such share on the date granted. SARs have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over periods up to three years, and expire ten years from the date of issue. No more than 50% of the cumulative number of vested SARs held by an employee can be exercised in any one calendar year. As of July 1, 2016 there were 41,000 56,000 32,000

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 01, 2016
INCOME TAXES [Abstract]
INCOME TAXES	Note 7. INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company and its subsidiaries are generally no longer subject to U.S. federal, state and local examinations by tax authorities for years before 2011. As of July 1, 2016, the Company had deferred tax assets, net of deferred tax liabilities, of $ 81.3 81.4 80.1 80.2 65.6 64.4

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jul. 01, 2016
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	Note 8. RELATED PARTY TRANSACTIONS For each of the three and six months ended July 1, 2016 and June 26, 2015, 4.0 3.8 0.3 In February 2014, loans of $0.1 million each were received from two directors of the Company, and a loan of $0.2 million was received from the Kohlberg Manager. In connection with these loans, the Company entered into subordinated promissory notes with these individuals and the Kohlberg Manager, respectively. These notes were used to finance the acquisition of FTW Holdings, Inc. and were amended in the year ended December 31, 2015 to mature on December 31, 2019. The notes accrue interest at a rate of 15% per year, which will be paid by capitalizing such interest and adding such capitalized interest to the principal amount of the subordinated notes. PIK interest was $0.2 million as of July 1, 2016 and $0.1 million as of December 31, 2015. The loans and PIK interest are recorded in noncurrent liabilities on the Condensed Consolidated Balances Sheets. On August 11, 2016, the Kohlberg Manager’s ongoing Kohlberg Manager (other than limited indemnification rights) were

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 01, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 9. COMMITMENTS AND CONTINGENCIES General Environmental Claims The Company and certain of its current and former direct and indirect corporate predecessors, subsidiaries and divisions are involved in remedial activities at certain present and former locations and have been identified by the United States Environmental Protection Agency (“EPA”), state environmental agencies and private parties as potentially responsible parties (“PRPs”) at a number of hazardous waste disposal sites under the Comprehensive Environmental Response, Compensation and Liability Act (“Superfund”) or equivalent state laws and, as such, may be liable for the cost of cleanup and other remedial activities at these sites. Responsibility for cleanup and other remedial activities at a Superfund site is typically shared among PRPs based on an allocation formula. Under the federal Superfund statute, parties could be held jointly and severally liable, thus subjecting them to potential individual liability for the entire cost of cleanup at the site. Based on its estimate of allocation of liability among PRPs, the probability that other PRPs, many of whom are large, solvent, public companies, will fully pay the costs apportioned to them, currently available information concerning the scope of contamination, estimated remediation costs, estimated legal fees and other factors, the Company has recorded and accrued for environmental liabilities in amounts that it deems reasonable and believes that any liability with respect to these matters in excess of the accruals will not be material. The ultimate costs will depend on a number of factors and the amount currently accrued represents management’s best current estimate on an undiscounted basis of the total costs to be incurred. The Company expects this amount to be substantially paid over the next five to ten years. Other Claims There are a number of product liability, asbestos and workers’ compensation claims pending against the Company and its subsidiaries. Many of these claims are proceeding through the litigation process and the final outcome will not be known until a settlement is reached with the claimant or the case is adjudicated. The Company estimates that it can take up to ten years from the date of the injury to reach a final outcome on certain claims. With respect to the product liability, asbestos and workers’ compensation claims, the Company has provided for its share of expected losses beyond the applicable insurance coverage, including those incurred but not reported to the Company or its insurance providers, which are developed using actuarial techniques. Such accruals are developed using currently available claim information, and represent management’s best estimates, including estimated legal fees, on an undiscounted basis. The ultimate cost of any individual claim can vary based upon, among other factors, the nature of the injury, the duration of the disability period, the length of the claim period, the jurisdiction of the claim and the nature of the final outcome. Although management believes that the actions specified above in this section individually and in the aggregate are not likely to have outcomes that will have a material adverse effect on the Company’s financial position, results of operations or cash flow, further costs could be significant and will be recorded as a charge to operations when, and if, current information dictates a change in management’s estimates.

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	6 Months Ended
	Jul. 01, 2016
BUSINESS ACQUISITIONS [Abstract]
BUSINESS ACQUISITIONS	Note 10. BUSINESS ACQUISITIONS On April 7, 2015, Continental Commercial Products (“CCP”), a Delaware limited liability company, and a wholly owned subsidiary the Company, completed the acquisition of substantially all of the assets and business operations related to the plastics shelving and cabinet business of Centrex Plastics, LLC, an Ohio limited liability company (“Centrex”) and T.R. Plastics, LLC, an Ohio limited liability company (“TR Plastics”) for $23.9 million in cash at closing, plus certain post-closing earnout payments of not less than $2.0 million over three years, as described in the Asset Purchase Agreement dated April 7, 2015 (the “Purchase Agreement”) by and between CCP, Centrex, TR Plastics, and Terrence L. Reinhart, the majority member of Centrex and the sole member of TR Plastics. The acquisition of the Tiffin, Ohio manufacturing facility brings a breadth of shelving and storage cabinet solutions to the Katy consumer storage product line which we believe are highly complementary to our current products. On August 11, 2016, additional terms regarding the earnout payments were agreed upon in The accompanying Condensed Consolidated Statements of Income for the three and six months ended June 26, 2015 do not include any revenues or expenses related to the acquisition prior to the closing date. The following unaudited pro forma condensed consolidated financial information is presented as if the Tiffin, Ohio acquisition had occurred at the beginning of the period presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisition had actually occurred during those periods, or the results that may be obtained in the future as a result of the acquisition. Three Months Ended June 26, 2015 Six Months Ended June 26, 2015 Net Sales $ 32,127 $ 59,383 Gross profit 5,392 10,170 Net income (780 ) (940 ) Average common shares outstanding - Basic 7,951 7,951 Dilutive effect of convertible preferred stock - - Average common shares outstanding - Diluted 7,951 7,951 Loss per share of common stock - Basic $ (0.10 ) $ (0.12 ) Loss per share of common stock - Diluted $ (0.10 ) $ (0.12 )

SEVERANCE, RESTRUCTURING AND RE

SEVERANCE, RESTRUCTURING AND RELATED CHARGES	6 Months Ended
	Jul. 01, 2016
SEVERANCE, RESTRUCTURING AND RELATED CHARGES [Abstract]
SEVERANCE, RESTRUCTURING AND RELATED CHARGES	Note 11. SEVERANCE, RESTRUCTURING AND RELATED CHARGES In the first quarter of 2015, the Company committed to a plan to move its manufacturing facility from Bridgeton, Missouri to Jefferson City, Missouri. The resulting severance, restructuring and related charges were $6.4 million, of which $1.6 million was for contract termination costs, $0.7 million was for severance costs and $4.1 million was for other relocation associated costs. The relocation was completed in the second quarter of 2016. The charges for the three months ended and total charges incurred to date are outlined in the below table (amounts in thousands): Three Months Ended July 1, 2016 Six Months Ended July 1, 2016 Charges incurred to Date Contract termination costs $ - $ - $ 1,600 Severance costs - - 651 Other associated costs 235 761 4,103 Total restructuring costs $ 235 $ 761 $ 6,354 The restructuring charges accrued for at July 1, 2016 are outlined in the below table (amounts in thousands): Contract Termination Costs Severance Costs Other Associated Costs Total Restructuring liabilities at January 1, 2016 $ - $ 112 $ 663 $ 775 Additions - - 761 761 Payments - (112 ) (1,149 ) (1,261 ) Other - - - - Restructuring liabilities at July 1, 2016 $ - $ - $ 275 $ 275

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jul. 01, 2016
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	Note 12. SUBSEQUENT EVENTS On August 11, 2016, the Company entered into each of the agreements described below. Stock Purchase Agreement and Mutual Release Agreement On August 11, 2016, the Company, KKTY Holding Company, L.L.C. (“KKTY Holding”), Kohlberg & Company, L.L.C. (the “Kohlberg Manager”), certain funds affiliated with the Kohlberg Manager (the “Kohlberg Funds” and, together with the Kohlberg Manager, “Kohlberg”) and VPC SBIC I, LP (the “VPC SBIC Fund”) entered into a stock purchase agreement (the “SPA”) whereby KKTY Holding sold all of its 1,131,551 shares of convertible preferred stock of the Company (the “Preferred Stock”), to the VPC SBIC Fund, in exchange for nominal cash consideration and the execution of a mutual release (the “Acquisition”). The Preferred Stock is convertible into an aggregate of 18,859,183 shares of the Company’s common stock, which, if converted in full, would represent In connection with the Closing, and pursuant to the SPA, Charles Asfour, a partner of Victory Park Capital Advisors, LLC (“Victory Park Capital Advisors”), the VPC SBIC Fund’s investment manager, was appointed as a director of the Company and all of the then-serving directors of the Company, other than its Chief Executive Officer, resigned as of the Closing. On August 30, 2016, Mr. Asfour was appointed as Chairman of the Board. The Company has also agreed, in connection with any annual or special meeting of its stockholders at which directors are to be elected, to take all reasonably necessary action within its control and use its reasonable best efforts to cause an individual designated by to be nominated for election (or re-election, as the case may be) to the Board, to recommend that such individual be elected to the Board, and to solicit proxies on behalf of such director nominee. Pursuant to the mutual release, and as a condition to Victory Park Capital Advisors’ willingness to provide the New Second Lien Financing (as defined below), Kohlberg agreed to release the Company, Victory Park Capital Advisors, the VPC SBIC Fund and Victory Park Management, LLC (“Victory Park Management”) from potential claims, other than potential claims for indemnification under the management agreement, dated June 28, 2001, between the Company and the Kohlberg Manager (the “Management Agreement”). In accordance with the SPA, such Management Agreement, together with any other similar advisory agreements between any of KKTY Holding, the Kohlberg Manager, the Kohlberg Funds and the Company, were terminated as of August 11, 2016. In addition, Victory Park Capital Advisors, Victory Park Management and the VPC SBIC Fund, on behalf of themselves and certain of their affiliates, agreed to release Kohlberg and the current and former officers and directors of the Company from claims and potential claims, other than those arising under the SPA. In accordance with the SPA, the Company also provided a general release in favor of Kohlberg, certain of its affiliates and members of the Board appointed by Kohlberg. Second Lien Credit Facility Contemporaneously with the Closing, Victory Park Capital Advisors, on behalf of entities for which it acts as investment manager, agreed to provide the Company with new senior secured second lien financing in the amount of $5,750,000 (the “New Second Lien Financing”). In connection with the New Second Lien Financing and the Closing, the Company, the SL Borrowers, Victory Park Management, as agent, and the lenders party thereto, entered into the Fourth Amendment to the Second Lien Credit and Security Agreement (the “Fourth Amendment”), to amend that certain Second Lien Credit and Security Agreement, dated as of April 7, 2015, among the SL Borrowers, Victory Park Management and the lenders party thereto (as previously amended, the “Prior Second Lien Credit Agreement” and as amended by the Fourth Amendment, the “Second Lien Credit Facility”). Previously, o n July 22, 2016, the parties to the Prior Second Lien Credit Agreement entered into the Third Amendment to such credit facility, pursuant to which the lenders extended an additional $750,000 term loan to the SL Borrowers. The Third Amendment did not materially modify the terms of the credit facility. Pursuant to the Fourth Amendment, the lenders agreed to a further extension of credit in the amount of $5,750,000. The Fourth Amendment also provides Victory Park Management the option to convert, in whole or in part, the outstanding principal amount of, and accrued but unpaid interest on, existing term loans (the “Term Loans”) made pursuant to the Second Lien Credit Facility (not including the new term loans made pursuant to the Third Amendment and Fourth Amendment) into a number of shares of common stock equal to the amount of outstanding principal and accrued but unpaid interest under the Term Loans being converted, divided by approximately $0.0697 (as such amount is proportionately adjusted for stock splits, reverse stock splits, stock combinations, stock dividends and other distributions and recapitalizations affecting the capital stock of the Company). As of the Closing, the Term Loans would have been convertible into up to 370,748,441 shares of common stock. The funds for the extension of credit contemplated by the Fourth Amendment were provided by the lenders party to the Second Lien Credit Agreement, including the VPC SBIC Fund. Any shares issued upon conversion of the Term Loans are required to be issued to the lenders party to the Second Lien Credit Facility pro rata in accordance with their respective commitments under the Term Loans. The number of shares issuable upon conversion of the Term Loans exceeds the number of unissued and unreserved shares of common stock that the Company is authorized to issue, and the conversion price per share is less than the current par value per share of the common stock. The SPA provides that, upon request of the VPC SBIC Fund, the Company will take all corporate action necessary, and use reasonable best efforts, (i) to increase the number of shares that the Company is authorized to issue and to reserve a sufficient number of shares to allow Victory Park Management to exercise its conversion rights under the Second Lien Credit Facility in full; and (ii) to decrease the par value per share of common stock to nothing or to a par value equal to, or less than, the per share conversion price under the Second Lien Credit Facility. Pursuant to the Fourth Amendment, all borrowings under the Second Lien Credit Facility bear interest at a rate equal to 12.00% per annum, payable in kind (“PIK”). The PIK interest is added to long-term debt per the Second Lien Credit Agreement as it is not due until maturity. The maturity of the Term Loans remains April 6, 2019. The maturity date of the new term loans made pursuant to the Third Amendment and the Fourth Amendment is August 11, 2017; however, the term will be automatically extended by one year as of August 11, 2017, unless notice of cancellation is provided by Victory Park Management prior to such date. In connection with the Fourth Amendment, Centrex, TR Plastics and Terrence L. Reinhart (the “Seller”) agreed that any earnout payment in connection with the acquisition described in Note 10 would be subordinated to payment in full of borrowings under the BMO Credit Agreement and Second Lien Credit Facility. In addition, the Seller agreed that, to the extent that Victory Park Management exercises its right to convert all of the Term Loans into common stock, the value of the earnout payment would be calculated as of the date of such conversion and would be satisfied in full by payment in shares of common stock based upon the relative value of the earnout payment and the value of the Term Loans being converted. First Lien Credit Agreement On August 11, 2016, the Company entered into Amendment No. 4 and Forbearance Agreement (the “Forbearance Agreement”), further amending the BMO Credit Agreement. Pursuant to the Forbearance Agreement, BMO agreed, among other things, to forbear from exercising its rights and remedies under the BMO Credit Agreement in respect of existing defaults and certain other anticipated defaults for a period of up to six months (the “forbearance period”). BMO may terminate the forbearance period (i) if the assign or grant a participation in any portion of the term notes or Second Lien Credit Facility, (ii) upon a bankruptcy filing or commencement of another insolvency proceeding by or against any Borrower or guarantor or (iii) the occurrence of any additional event of default under the BMO Credit Agreement. As part of the Forbearance Agreement, At all times during the forbearance period, the Company is required to diligently pursue in good faith the consummation of the refinancing of the obligations to BMO under the BMO Credit Agreement in their entirety by February 5, 2017. The Company agreed to pay BMO the following fees in the event that all borrowings under the BMO Credit Agreement have not been paid in full on or before the following dates. October 4, 2016 $ 50,000 November 3, 2016 $ 100,000 December 3, 2016 $ 150,000 January 2, 2017 $ 200,000 February 5, 2017 $ 200,000 Each thirty day interval after February 5, 2017 $ 200,000 Under the Forbearance Agreement, t

SIGNIFICANT ACCOUNTING POLICI18

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 01, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Consolidation Policy and Basis of Presentation	Consolidation Policy and Basis of Presentation have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission,
Fiscal Year	Fiscal Year
Use of Estimates	Use of Estimates
Inventories	Inventories At July 1, 2016 and December 31, 2015, approximately 58% and 67%, respectively, of Katy’s inventories were accounted for using the last-in, first-out (“LIFO”) method of costing, while the remaining inventories were accounted for using the first-in, first-out (“FIFO”) method. Current cost, as determined using the FIFO method, exceeded LIFO cost by $3.6 million at July 1, 2016 and December 31, 2015. The components of inventories are as follows as of July 1, 2016 and December 31, 2015, respectively (amounts in thousands): July 1, 2016 December 31, 2015 Raw materials $ 9,760 $ 11,262 Finished goods 9,863 12,380 Inventory reserves (687 ) (738 ) LIFO reserve (3,623 ) (3,637 ) $ 15,313 $ 19,267
Fair Value Measurement and Financial Instruments	Fair Value Measurement and Financial Instruments The following is a brief description of those three levels: · Level 1 · Level 2 · Level 3 The Company determines the fair value of its pension assets annually primarily based on the fair value of underlying investments and market-based inputs (Level 2) and are evaluated by a third-party. The Company does not have any unobservable inputs (Level 3).
Share-Based Payment	Share-Based Payment Compensation expense is included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations. The components of compensation expense are as follows for the three and six months ended July 1, 2016 and June 26, 2015, respectively (amounts in thousands): Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Stock appreciation right (income) expense $ (8 ) $ 43 $ 24 $ 63 The fair value of SARs, a liability award, was estimated at July 1, 2016 and June 26, 2015 using a Black-Scholes option pricing model. The Company estimated the expected term by averaging the minimum and maximum lives expected for each award. In addition, the Company estimated volatility by considering its historical stock volatility over a term comparable to the remaining expected life of each award. The risk-free interest rate is the current yield available on U.S. treasury issues with a remaining term equal to each award. The Company estimates forfeitures using historical results. Its estimates of forfeitures will be adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from their estimate. The assumptions for expected term, volatility and risk-free rate are presented in the table below as of July 1, 2016 and June 26, 2015, respectively: July 1, 2016 June 26, 2015 Expected term (years) 0.2 - 5.0 1.2 - 5.0 Volatility 181.2% - 305.34% 149.8% - 323.0% Risk-free interest rate 0.2% - 1.0% 0.4% - 1.7%
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss 1.0 0.7
Segment Reporting	Segment Reporting
Reclassifications	Reclassifications Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs As presented December 31, 2015 Reclassifications As adjusted December 31, 2015 Other assets $ 3,882 $ (2,135 ) $ 1,747 Current maturities of long-term debt 1,800 (657 ) 1,143 Long-term debt 22,913 (1,478 ) 21,435 As shown in the table below, pursuant to the guidance in ASU 2015-03, we have reclassified unamortized debt issuance costs associated with our term loan (see Note 4 for detail) in our previously reported Condensed Consolidated Statements of Cash Flows as of June 26, 2015 to conform to our presentation as of July 1, 2016 as follows (amounts in thousands): As presented June 26, 2015 Reclassifications As adjusted June 26, 2015 Amortization of debt issuance costs $ 278 $ (164 ) $ 114 Accrued expenses 257 164 421

RECENT ACCOUNTING PRONOUNCEME19

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jul. 01, 2016
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU” or “Update”) No. 2014-09, “Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. On July 9, 2015 the FASB voted to defer the effective date of this standard by one year to December 15, 2017 for the interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU. We are currently evaluating which transition approach to use and the full impact this ASU will have on our future financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330),” authoritative guidance to simplify the subsequent measurement of inventory. Under this new standard, an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments in this guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not believe this will have any material impact on its financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the reporting of deferred tax positions, requiring deferred tax assets and liabilities to be classified as noncurrent in the Consolidated Balance Sheets, as opposed to current and noncurrent classification under current GAAP. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company does not believe this will have any material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. This guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact to its future financial statements.

SIGNIFICANT ACCOUNTING POLICI20

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jul. 01, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Components of Inventories	The components of inventories are as follows as of July 1, 2016 and December 31, 2015, respectively (amounts in thousands): July 1, 2016 December 31, 2015 Raw materials $ 9,760 $ 11,262 Finished goods 9,863 12,380 Inventory reserves (687 ) (738 ) LIFO reserve (3,623 ) (3,637 ) $ 15,313 $ 19,267
Components of Compensation Expense as a Result of Share-based Payments	The components of compensation expense are as follows for the three and six months ended July 1, 2016 and June 26, 2015, respectively (amounts in thousands): Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Stock appreciation right (income) expense $ (8 ) $ 43 $ 24 $ 63
Assumptions for Expected Term, Volatility and Risk-free Rate	The assumptions for expected term, volatility and risk-free rate are presented in the table below as of July 1, 2016 and June 26, 2015, respectively: July 1, 2016 June 26, 2015 Expected term (years) 0.2 - 5.0 1.2 - 5.0 Volatility 181.2% - 305.34% 149.8% - 323.0% Risk-free interest rate 0.2% - 1.0% 0.4% - 1.7%
Reclassifications	As shown in the table below, pursuant to the guidance in ASU 2015-03, we have reclassified unamortized debt issuance costs associated with our term loan (see Note 4 for detail) in our previously reported Condensed Consolidated Balance Sheets as of December 31, 2015 to conform to our presentation as of July 1, 2016 as follows (amounts in thousands): As presented December 31, 2015 Reclassifications As adjusted December 31, 2015 Other assets $ 3,882 $ (2,135 ) $ 1,747 Current maturities of long-term debt 1,800 (657 ) 1,143 Long-term debt 22,913 (1,478 ) 21,435 As shown in the table below, pursuant to the guidance in ASU 2015-03, we have reclassified unamortized debt issuance costs associated with our term loan (see Note 4 for detail) in our previously reported Condensed Consolidated Statements of Cash Flows as of June 26, 2015 to conform to our presentation as of July 1, 2016 as follows (amounts in thousands): As presented June 26, 2015 Reclassifications As adjusted June 26, 2015 Amortization of debt issuance costs $ 278 $ (164 ) $ 114 Accrued expenses 257 164 421

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jul. 01, 2016
DEBT [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following as of July 1, 2016 and December 31, 2015 (amounts in thousands): July 1, 2016 December 31, 2015 Revolving loans payable $ 22,981 $ 23,969 Second Lien term loan 25,231 24,713 Debt issuance costs (2,034 ) (2,135 ) Total debt 46,178 46,547 Less revolving loans payable, classified as current (22,981 ) (23,969 ) Less current maturities (3,000 ) (1,800 ) Less current debt issuance costs 737 657 Long-term debt $ 20,934 $ 21,435
Scheduled Maturities of Capital Lease Obligation	Aggregate remaining scheduled maturities of the capital lease obligation as of July 1, 2016 are as follows (amounts in thousands): Six months ended December 31, 2016 $ 44 Year ended December 31, 2017 106 Year ended December 31, 2018 106 Year ended December 31, 2019 106 Year ended December 31, 2020 106 Thereafter 7 Amount representing interest payments (47 ) Total capital lease obligation $ 428

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jul. 01, 2016
RETIREMENT BENEFIT PLANS [Abstract]
Schedule of Net Periodic Benefit Cost	Information regarding the Company’s net periodic benefit cost for pension and other postretirement benefit plans for the three and six months ended July 1, 2016 and June 26, 2015 is as follows (amounts in thousands): Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Components of net periodic benefit cost: Interest cost $ 14 $ 14 $ 29 $ 29 Expected return on plan assets (16 ) (17 ) (32 ) (33 ) Amortization of net loss 10 12 20 24 Net periodic benefit cost $ 8 $ 9 $ 17 $ 20 Other Benefits Three Months Ended Six Months Ended July 1, 2016 June 26, 2015 July 1, 2016 June 26, 2015 Components of net periodic benefit cost: Interest cost $ 12 $ 13 $ 25 $ 25 Amortization of net loss 5 9 10 17 Net periodic benefit cost $ 17 $ 22 $ 35 $ 42

BUSINESS ACQUISITIONS (Tables)

BUSINESS ACQUISITIONS (Tables)	6 Months Ended
	Jul. 01, 2016
BUSINESS ACQUISITIONS [Abstract]
Business Acquisition, Pro Forma Information	The accompanying Condensed Consolidated Statements of Income for the three and six months ended June 26, 2015 do not include any revenues or expenses related to the acquisition prior to the closing date. The following unaudited pro forma condensed consolidated financial information is presented as if the Tiffin, Ohio acquisition had occurred at the beginning of the period presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisition had actually occurred during those periods, or the results that may be obtained in the future as a result of the acquisition. Three Months Ended June 26, 2015 Six Months Ended June 26, 2015 Net Sales $ 32,127 $ 59,383 Gross profit 5,392 10,170 Net income (780 ) (940 ) Average common shares outstanding - Basic 7,951 7,951 Dilutive effect of convertible preferred stock - - Average common shares outstanding - Diluted 7,951 7,951 Loss per share of common stock - Basic $ (0.10 ) $ (0.12 ) Loss per share of common stock - Diluted $ (0.10 ) $ (0.12 )

SEVERANCE, RESTRUCTURING AND 24

SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Tables)	6 Months Ended
	Jul. 01, 2016
SEVERANCE, RESTRUCTURING AND RELATED CHARGES [Abstract]
Restructuring and Related Costs	The relocation was completed in the second quarter of 2016. The charges for the three and six months ended and total charges incurred to date are outlined in the below table (amounts in thousands): Three Months Ended July 1, 2016 Six Months Ended July 1, 2016 Charges incurred to Date Contract termination costs $ - $ - $ 1,600 Severance costs - - 651 Other associated costs 235 761 4,103 Total restructuring costs $ 235 $ 761 $ 6,354 The restructuring charges accrued for at July 1, 2016 are outlined in the below table (amounts in thousands): Contract Termination Costs Severance Costs Other Associated Costs Total Restructuring liabilities at January 1, 2016 $ - $ 112 $ 663 $ 775 Additions - - 761 761 Payments - (112 ) (1,149 ) (1,261 ) Other - - - - Restructuring liabilities at July 1, 2016 $ - $ - $ 275 $ 275

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jul. 01, 2016
SUBSEQUENT EVENTS [Abstract]
Schedule of Line of Credit Facility Forbearance Fees Amounts	The Company agreed to pay BMO the following fees in the event that all borrowings under the BMO Credit Agreement have not been paid in full on or before the following dates. October 4, 2016 $ 50,000 November 3, 2016 $ 100,000 December 3, 2016 $ 150,000 January 2, 2017 $ 200,000 February 5, 2017 $ 200,000 Each thirty day interval after February 5, 2017 $ 200,000

SIGNIFICANT ACCOUNTING POLICI26

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016USD ($)	Jun. 26, 2015USD ($)	Jul. 01, 2016USD ($)Segment	Jun. 26, 2015USD ($)	Dec. 31, 2015USD ($)
Consolidation Policy [Abstract]
Percentage of voting interest			50.00%
Fiscal Year [Abstract]
Number of shipping days	64 days	63 days	129 days	123 days
Inventories [Abstract]
Percentage of LIFO inventory	58.00%		58.00%		67.00%
FIFO inventory amount	$ 3,600		$ 3,600		$ 3,600
Raw materials	9,760		9,760		11,262
Finished goods	9,863		9,863		12,380
Inventory reserves	(687)		(687)		(738)
LIFO reserve	(3,623)		(3,623)		(3,637)
Total inventories	15,313		15,313		19,267
Accumulated Other Comprehensive Loss [Abstract]
Foreign currency translation adjustments	1,000		1,000		1,000
Pension and other postretirement benefits adjustments	700		$ 700		700
Segment Reporting [Abstract]
Number of segments | Segment			1
Reclassifications [Abstract]
Other assets	30,520		$ 30,520		31,001
Current maturities of long-term debt	2,263		2,263		1,143
Long-term debt	20,934		20,934		21,435
Amortization of debt issuance costs			$ 74	$ 114
Minimum [Member]
Assumptions for expected term, volatility and risk-free rate [Abstract]
Expected term			2 months 12 days	1 year 2 months 12 days
Volatility			181.20%	149.80%
Risk-free interest rate			0.20%	0.40%
Maximum [Member]
Assumptions for expected term, volatility and risk-free rate [Abstract]
Expected term			5 years	5 years
Volatility			305.34%	323.00%
Risk-free interest rate			1.00%	1.70%
Selling, General and Administrative Expenses [Member]
Stock appreciation right income [Abstract]
Stock appreciation right (income) expense	$ (8)	$ 43	$ 24	$ 63
ASU 2015-03 [Member]
Reclassifications [Abstract]
Other assets					1,747
Current maturities of long-term debt					1,143
Long-term debt					21,435
Amortization of debt issuance costs				114
Accrued expenses		421		421
ASU 2015-03 [Member] | As Presented [Member]
Reclassifications [Abstract]
Other assets					3,882
Current maturities of long-term debt					1,800
Long-term debt					22,913
Amortization of debt issuance costs				278
Accrued expenses		257		257
ASU 2015-03 [Member] | Reclassifications [Member]
Reclassifications [Abstract]
Other assets					(2,135)
Current maturities of long-term debt					(657)
Long-term debt					$ (1,478)
Amortization of debt issuance costs				(164)
Accrued expenses		$ 164		$ 164

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - shares	6 Months Ended
	Jul. 01, 2016	Dec. 31, 2015	Jun. 26, 2015
LOSS PER SHARE [Abstract]
Conversion to common stock at a ratio	16.6:1
Convertible preferred stock outstanding (in shares)	1,131,551	1,131,551	1,131,551
Number of shares issued for convertible preferred stock (in shares)	18,859,183		18,859,183

DEBT (Details)

DEBT (Details)	Apr. 07, 2015USD ($)	Feb. 29, 2016USD ($)	Jul. 01, 2016USD ($)Payment	Jun. 26, 2015USD ($)	Jul. 01, 2016USD ($)Payment	Jun. 26, 2015USD ($)	Aug. 11, 2016USD ($)	Jul. 22, 2016USD ($)	Dec. 31, 2015USD ($)	Feb. 19, 2014USD ($)
Schedule of Long-term Debt [Abstract]
Total debt			$ 46,178,000		$ 46,178,000				$ 46,547,000
Debt issuance costs			(2,034,000)		(2,034,000)				(2,135,000)
Less revolving loans payable, classified as current			(22,981,000)		(22,981,000)				(23,969,000)
Less current maturities			(3,000,000)		(3,000,000)				(1,800,000)
Less current debt issuance costs			737,000		737,000				657,000
Long-term debt			20,934,000		20,934,000				21,435,000
Amortization of debt issuance cost			$ 200,000	$ 200,000	$ 400,000	$ 300,000
Scheduled Maturities of Capital Lease Obligation [Abstract]
Number of monthly payments | Payment			60		60
Monthly payment under capital lease agreement		$ 8,818
Capital lease payment at inception		$ 500,000
Current long term lease obligation			$ 100,000		$ 100,000
Long term lease obligation			300,000		300,000
Six months ended December 31, 2016			44,000		44,000
Year ended December 31, 2017			106,000		106,000
Year ended December 31, 2018			106,000		106,000
Year ended December 31, 2019			106,000		106,000
Year ended December 31, 2020			106,000		106,000
Thereafter			7,000		7,000
Amount representing interest payments			(47,000)		(47,000)
Total capital lease obligation			428,000		428,000
BMO Credit Agreement [Member]
Schedule of Long-term Debt [Abstract]
Maximum borrowing capacity										$ 27,000,000
Eligible assets as borrowing base			24,800,000		$ 24,800,000				27,300,000
Unused commitment fee per quarter					0.25%
Termination fee rate					1.00%
BMO Credit Agreement [Member] | Base Rate [Member] | Minimum [Member]
Schedule of Long-term Debt [Abstract]
Basis Spread					0.50%
BMO Credit Agreement [Member] | Base Rate [Member] | Maximum [Member]
Schedule of Long-term Debt [Abstract]
Basis Spread					1.00%
BMO Credit Agreement [Member] | Eurodollar [Member]
Schedule of Long-term Debt [Abstract]
Basis Spread					1.50%
BMO Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]
Schedule of Long-term Debt [Abstract]
Basis Spread					1.50%
BMO Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Schedule of Long-term Debt [Abstract]
Basis Spread					2.00%
BMO Credit Agreement [Member] | Federal Funds Rate [Member]
Schedule of Long-term Debt [Abstract]
Basis Spread					0.50%
Amended Revolving Credit Facility [Member]
Schedule of Long-term Debt [Abstract]
Maximum borrowing capacity			33,000,000		$ 33,000,000
Expiration date of credit facility					Apr. 7, 2018
Termination fee rate					2.00%
Second Lien Credit Agreement [Member]
Schedule of Long-term Debt [Abstract]
Total debt			25,231,000		$ 25,231,000				24,713,000
Second Lien Credit Agreement [Member] | Subsequent Event [Member]
Schedule of Long-term Debt [Abstract]
Maximum borrowing capacity							$ 5,750,000
Term Loan [Member] | Second Lien Credit Agreement [Member]
Schedule of Long-term Debt [Abstract]
Expiration date of credit facility					Apr. 6, 2019
Debt instrument interest rate	4.00%
Percentage of amortization payments and annual excess cash flow prepayments	25.00%
Term Loan [Member] | Second Lien Credit Agreement [Member] | Subsequent Event [Member]
Schedule of Long-term Debt [Abstract]
Additional borrowing capacity								$ 750,000
Term Loan [Member] | Second Lien Credit Agreement [Member] | LIBOR [Member]
Schedule of Long-term Debt [Abstract]
Maximum borrowing capacity	$ 24,000,000
Debt instrument interest rate	9.50%
Debt instrument term of variable rate					1 month
Letter of Credit [Member] | BMO Credit Agreement [Member]
Schedule of Long-term Debt [Abstract]
Maximum borrowing capacity										$ 3,000,000
Amount outstanding			1,600,000		$ 1,600,000				1,100,000
Revolving Loans Payable [Member]
Schedule of Long-term Debt [Abstract]
Total debt			$ 22,981,000		$ 22,981,000				$ 23,969,000

RETIREMENT BENEFIT PLANS (Detai

RETIREMENT BENEFIT PLANS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jun. 26, 2015	Jul. 01, 2016	Jun. 26, 2015
Pension Benefits [Member]
Components of net periodic benefit cost [Abstract]
Interest cost	$ 14,000	$ 14,000	$ 29,000	$ 29,000
Expected return on plan assets	(16,000)	(17,000)	(32,000)	(33,000)
Amortization of net loss	10,000	12,000	20,000	24,000
Net periodic benefit cost	8,000	9,000	17,000	20,000
Entity's contributions towards pension plan			31,000
Expected future contributions in current fiscal year			30,000
Other Benefits [Member]
Components of net periodic benefit cost [Abstract]
Interest cost	12,000	13,000	25,000	25,000
Amortization of net loss	5,000	9,000	10,000	17,000
Net periodic benefit cost	$ 17,000	$ 22,000	$ 35,000	$ 42,000

STOCK INCENTIVE PLANS (Details)

STOCK INCENTIVE PLANS (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2016	Jul. 01, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Expiration period		10 years
Minimum percentage of cumulative number of vested stock appreciation rights held by an employee		50.00%
Shares outstanding (in shares)	41,000	41,000
Shares issued (in shares)	6,000	6,000
Aggregate liability related to SARs	$ 56,000	$ 56,000	$ 32,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Jul. 01, 2016	Dec. 31, 2015
INCOME TAXES [Abstract]
Deferred tax assets, net of deferred tax liabilities	$ 81.3	$ 80.1
Valuation allowance	81.4	80.2
Operating loss carry-forwards, domestic	$ 65.6	$ 64.4

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2016	Jun. 26, 2015	Jul. 01, 2016	Jun. 26, 2015	Dec. 31, 2015	Feb. 28, 2014
Related Party Transaction [Line Items]
Due to related parties	$ 4,564		$ 4,564		$ 4,268
Selling, general and administrative expense	$ 3,879	$ 4,374	$ 7,834	$ 7,626
Kohlberg and Co., L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate's holding on convertible preferred stock (in Shares)	1,131,551		1,131,551
Due to related parties	$ 4,000		$ 4,000		3,800	$ 200
Expected yearly expense to be incurred			500
Selling, general and administrative expense	300	$ 300	$ 300	$ 300
Maturity date			Dec. 31, 2019
Interest rate on related party loans			15.00%
Two Directors [Member]
Related Party Transaction [Line Items]
Due to related parties						$ 100
PIK interest due	$ 200		$ 200		$ 100

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Jul. 01, 2016
Minimum [Member]
General Environmental and Other Claims [Abstract]
Expected period for substantial payment	5 years
Maximum [Member]
General Environmental and Other Claims [Abstract]
Expected period for substantial payment	10 years
Estimated period before cost become known	10 years

BUSINESS ACQUISITIONS (Details)

BUSINESS ACQUISITIONS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 07, 2015	Jun. 26, 2015	Jul. 01, 2016	Jun. 26, 2015
Centrex Plastics, LLC [Member]
Business Acquisition [Line Items]
Effective date of acquisition			Apr. 7, 2015
Payments to acquire businesses	$ 23,900
Business acquisition annual payment period			3 years
Centrex Plastics, LLC [Member] | Minimum [Member]
Business Acquisition [Line Items]
Post closing earn out Payments	$ 2,000
Tiffin, Ohio [Member]
Business acquisition, pro forma information [Abstract]
Net Sales		$ 32,127		$ 59,383
Gross profit		5,392		10,170
Net income		$ (780)		$ (940)
Average common shares outstanding - Basic (in shares)		7,951		7,951
Dilutive effect of convertible preferred stock (in shares)		0		0
Average common shares outstanding - Diluted (in shares)		7,951		7,951
Loss per share of common stock - Basic (in dollars per share)		$ (0.10)		$ (0.12)
Loss per share of common stock - Diluted (in dollars per share)		$ (0.10)		$ (0.12)

SEVERANCE, RESTRUCTURING AND 35

SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2016USD ($)	Jul. 01, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 235	$ 761
Charges incurred to date	6,354	6,354
Restructuring Reserve [Roll Forward]
Restructuring liabilities at beginning of period		775
Additions		761
Payments		(1,261)
Other		0
Restructuring liabilities at end of period	275	275
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0
Charges incurred to date	1,600	1,600
Restructuring Reserve [Roll Forward]
Restructuring liabilities at beginning of period		0
Additions		0
Payments		0
Other		0
Restructuring liabilities at end of period	0	0
Severance Costs [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0
Charges incurred to date	651	651
Restructuring Reserve [Roll Forward]
Restructuring liabilities at beginning of period		112
Additions		0
Payments		(112)
Other		0
Restructuring liabilities at end of period	0	0
Other Associated Costs [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	235	761
Charges incurred to date	4,103	4,103
Restructuring Reserve [Roll Forward]
Restructuring liabilities at beginning of period		663
Additions		761
Payments		(1,149)
Other		0
Restructuring liabilities at end of period	$ 275	$ 275

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Aug. 11, 2016USD ($)Director$ / sharesshares	Jul. 22, 2016USD ($)	Jul. 01, 2016shares	Dec. 31, 2015shares	Jun. 26, 2015shares	Feb. 19, 2014USD ($)
Subsequent Event [Line Items]
Convertible preferred stock sold under stock purchase agreement (in shares) | shares			1,131,551	1,131,551	1,131,551
Number of shares issued for convertible preferred stock (in shares) | shares			18,859,183		18,859,183
BMO Credit Agreement [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity						$ 27,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible preferred stock sold under stock purchase agreement (in shares) | shares	1,131,551
Number of shares issued for convertible preferred stock (in shares) | shares	18,859,183
Percentage of outstanding common stock	70.30%
Number of additional directors | Director	2
Subsequent Event [Member] | Second Lien Credit Agreement [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 5,750,000
Debt instrument stated interest rate	12.00%
Period of term loan automatically extended	1 year
Subsequent Event [Member] | Forbearance Agreement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Forbearance period	6 months
Subsequent Event [Member] | Forbearance Agreement [Member] | October 4, 2016 [Member]
Subsequent Event [Line Items]
Contingent fees subsequent periods	$ 50,000
Subsequent Event [Member] | Forbearance Agreement [Member] | November 3, 2016 [Member]
Subsequent Event [Line Items]
Contingent fees subsequent periods	100,000
Subsequent Event [Member] | Forbearance Agreement [Member] | December 3, 2016 [Member]
Subsequent Event [Line Items]
Contingent fees subsequent periods	150,000
Subsequent Event [Member] | Forbearance Agreement [Member] | January 2, 2017 [Member]
Subsequent Event [Line Items]
Contingent fees subsequent periods	200,000
Subsequent Event [Member] | Forbearance Agreement [Member] | February 5, 2017 [Member]
Subsequent Event [Line Items]
Contingent fees subsequent periods	200,000
Subsequent Event [Member] | Forbearance Agreement [Member] | Each Thirty Day Interval After February 5, 2017 [Member]
Subsequent Event [Line Items]
Contingent fees subsequent periods	$ 200,000
Subsequent Event [Member] | Term Loan [Member] | Second Lien Credit Agreement [Member]
Subsequent Event [Line Items]
Additional borrowing capacity		$ 750,000
Debt instrument conversion price (in dollars per share) | $ / shares	$ 0.0697
Subsequent Event [Member] | Term Loan [Member] | Second Lien Credit Agreement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Debt instrument convertible, number of shares (in shares) | shares	370,748,441