Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 01, 2014 | 30-May-14 | Aug. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'TPHS | ' | ' |
Entity Registrant Name | 'Trinity Place Holdings Inc. | ' | ' |
Entity Central Index Key | '0000724742 | ' | ' |
Current Fiscal Year End Date | '--03-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 19,999,998 | ' |
Entity Public Float | ' | ' | $60,217,000 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Net Assets (liquidation basis) as of February 25, 2012 available to common shareholders | $24,799 | $21,183 |
Adjustment to fair value of assets and liabilities | 59,511 | 12,353 |
Adjustment to accrued costs of liquidation | -8,872 | -33,739 |
Sale of common stock pursuant to rights offering | ' | 25,002 |
Sale of common stock, net | 13,044 | ' |
Subtotal | 63,683 | 3,616 |
Net Assets (liquidation basis) as of March 1, 2014 available to common shareholders | $88,482 | $24,799 |
CONSOLIDATED_STATEMENTS_OF_NET
CONSOLIDATED STATEMENTS OF NET ASSETS (USD $) | Mar. 01, 2014 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $9,663 | $8,404 |
Restricted cash | 5,600 | 5,050 |
Receivables | 209 | 342 |
Prepaid expenses and other assets | 2,246 | 2,708 |
Real estate, including air rights | 157,660 | 142,600 |
TOTAL ASSETS | 175,378 | 159,104 |
LIABILITIES | ' | ' |
Accounts payable | 6,578 | 21,814 |
Accrued expenses | 18,018 | 25,611 |
Accrued liquidation costs | 17,912 | 24,487 |
Other liabilities, primarily lease settlement costs | 37,322 | 44,595 |
Obligation to former majority shareholder | 7,066 | 17,792 |
Obligations to customers | 0 | 6 |
TOTAL LIABILITIES | 86,896 | 134,305 |
Net assets (liquidation basis) available to common shareholders | $88,482 | $24,799 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended | ||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||
BASIS OF PRESENTATION | ' | ||||||||||||||||||||||
NOTE 1 – BASIS OF PRESENTATION | |||||||||||||||||||||||
General Business Plan | |||||||||||||||||||||||
As of March 1, 2014, the Company owns seven commercial real estate properties and a variety of intellectual property assets focused on the consumer sector. The Company’s business plan includes the monetization of its remaining commercial real estate properties and the sale or development of the Trinity Place Property. | |||||||||||||||||||||||
Description of Former Business Operations; Disposition of the Company’s and Filene’s Businesses | |||||||||||||||||||||||
Prior to November 2, 2011, all of the Company’s and Filene’s business operations consisted primarily of running retail operations. The Company’s 46 stores offered a broad range of “off-price” first quality, in-season merchandise. As the economy worsened, sales continued to erode and, as a result, cash flow suffered and significant operational losses continued to threaten the on-going businesses. Trade vendors tightened and/or ceased credit terms. As a result, the Company and Filene’s projected that, absent additional financing or measures to monetize certain assets, liquidity would cease to exist. | |||||||||||||||||||||||
At a meeting held on November 1, 2011, the Company’s Board of Directors determined that it was in the best interests of the Company and its shareholders for it and its subsidiaries to file voluntary petitions for reorganization under Chapter 11 and liquidate the retail operations. On November 2, 2011, the Company and Filene’s filed voluntary petitions for reorganization under Chapter 11 in the Court. On August 30, 2012, the Court entered an order confirming the Plan by which the Company and its subsidiaries would be reorganized, and the Plan became effective on September 14, 2012. | |||||||||||||||||||||||
If the Company and Filene’s are able to generate value in excess of what is needed to satisfy all of their obligations under the Plan, any excess cash proceeds will be used by the Company in the manner determined by the Board of Directors. | |||||||||||||||||||||||
Liquidation Basis of Accounting | |||||||||||||||||||||||
In response to the Chapter 11 filing the Company adopted the liquidation basis of accounting effective on October 30, 2011, which was the beginning of the fiscal month closest to the petition date. | |||||||||||||||||||||||
Under the liquidation basis of accounting, assets are stated at their net realizable value, liabilities are stated at their net settlement amount and estimated costs over the period of liquidation are accrued to the extent reasonably determinable. | |||||||||||||||||||||||
The Company does not believe it would qualify for fresh start accounting if it were to emerge from liquidation. Under fresh-start accounting, assets and liabilities are adjusted to fair value. Since fresh-start accounting would likely not apply if the company were to emerge from liquidation, the Company’s accounting basis could revert back to the going concern basis of accounting, resulting in all remaining assets and liabilities at that date being adjusted to their net book value less an adjustment for depreciation and / or amortization calculated from the date the Company entered liquidation through the date it emerged from liquidation. Accordingly, if a change in accounting basis were to occur, it would likely result in a decrease in the reporting basis of the respective assets and liabilities. The Company can provide no guarantee that it will emerge from liquidation as a going concern entity, nor can it guarantee the method of accounting that would be adopted upon emergence from liquidation. | |||||||||||||||||||||||
The preparation of the accompanying consolidated financial statements in conformity with the liquidation basis of accounting requires management to make significant estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities. These estimates include, among others, realizable value of real estate and other assets, accrued liquidation costs, lease settlement costs, and deferred tax assets. Actual results could differ from those estimates. | |||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||
Certain amounts reported for prior years in the Consolidated Financial Statements and Notes to Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. | |||||||||||||||||||||||
Estimated Costs of Liquidation | |||||||||||||||||||||||
Significant estimates and judgment are required to determine the accrued costs of liquidation, which reflects all other remaining operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, professional fees and other outside services to be incurred during the liquidation period. The company’s accrued costs expected to be incurred in liquidation and recorded payments made related to the accrued liquidation costs are as follows (in thousands): | |||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||
March 1, | Adjustments | March 2, | Adjustments | February 25, | |||||||||||||||||||
Estimated Costs of Liquidation | 2014 | to Reserves | Payments | 2013 | to Reserves | Payments | 2012 | ||||||||||||||||
Real estate related carrying costs | $ | 10,961 | $ | 4,404 | $ | -9,096 | $ | 15,653 | $ | 13,763 | $ | -5,760 | $ | 7,650 | |||||||||
Professional fees | 3,666 | 2,564 | -3,944 | 5,046 | 13,879 | -31,753 | 22,920 | ||||||||||||||||
Payroll related costs | 2,717 | 1,445 | -2,156 | 3,428 | 4,938 | -3,087 | 1,577 | ||||||||||||||||
Other | 568 | 459 | -251 | 360 | 1,159 | -968 | 169 | ||||||||||||||||
$ | 17,912 | $ | 8,872 | $ | -15,447 | $ | 24,487 | $ | 33,739 | $ | -41,568 | $ | 32,316 | ||||||||||
The assumptions underlying the estimated accrued costs of liquidation of $17.9 million as of March 1, 2014 contemplated all changes in estimates resulting from the Plan. | |||||||||||||||||||||||
The Company reviewed all of its operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, property carrying costs and professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, which was initially anticipated to conclude in August 2012, was amended in Fiscal 2012 to conclude in July 2015 based on expectations that substantially all of its real estate properties are likely to be monetized prior to the end of 2014, with a short period thereafter to conclude the liquidation. | |||||||||||||||||||||||
The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the fiscal year ended March 1, 2014: | |||||||||||||||||||||||
Adjustments to increase the reserve for real estate carrying costs of approximately $4.4 million were mainly the result of increasing the estimated expenses due to the higher estimated values of the properties as well as estimated timing of property sales. The estimates assume that two of the Company’s properties will be sold or monetized by May 2014 and the remaining five of its properties, including the Trinity Place Property, will be sold or monetized by the end of December 2014. | |||||||||||||||||||||||
Adjustments to increase the reserve for professional fees of approximately $2.6 million reflects increased costs resulting from the complexities of litigating the estate. | |||||||||||||||||||||||
Adjustments to increase the reserve for payroll and related liquidation expenses of approximately $1.5 million were primarily the result of settlement charges relating to the separation agreement with the former principle executive officer during the second quarter ended August 31, 2013. | |||||||||||||||||||||||
The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the fiscal year ended March 2, 2013: | |||||||||||||||||||||||
Adjustments to increase the reserve for real estate carrying costs of approximately $13.8 million were mainly the result of increasing the estimated expenses to reflect a liquidation period concluding in July 2015. The estimates assumed that eight of the Company’s properties would be sold or monetized by October 2013, another four of its properties would be sold or monetized by October 2014, and the Trinity Place Property would be sold by the end of 2014. | |||||||||||||||||||||||
Adjustments to increase the reserve for professional fees of approximately $13.9 million reflects the costs of professionals as a result of extending the expected liquidation period to conclude in July 2015. This also reflects increased costs due to the complexities of litigating the estate as well as the unplanned hiring of a fee examiner during the pre-emergence time period. | |||||||||||||||||||||||
Adjustments to increase the reserve for payroll and related liquidation expenses of approximately $4.9 million were primarily the result of extending the expected liquidation period to conclude in July 2015. | |||||||||||||||||||||||
Adjustments to the Fair Value of Assets and Liabilities | |||||||||||||||||||||||
The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the fiscal years ended March 1, 2014 and March 2, 2013 (in thousands): | |||||||||||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 3, 2013 | February 26, 2012 | |||||||||||||||||||||
through | through | ||||||||||||||||||||||
March 1, 2014 | March 2, 2013 | ||||||||||||||||||||||
Adjust real estate to estimated net realizable value | $ | 53,685 | $ | 16,688 | |||||||||||||||||||
Adjust other assets to estimated net realizable value | - | -2,891 | |||||||||||||||||||||
Adjust estimated lease settlement costs to net realizable value | 4,574 | 11,922 | |||||||||||||||||||||
Adjust liability to restore properties | - | 311 | |||||||||||||||||||||
Adjust obligation to former majority shareholder | - | -19,566 | |||||||||||||||||||||
Adjust obligation to customers | - | 4,601 | |||||||||||||||||||||
Adjust pension liability | 1,024 | 1,860 | |||||||||||||||||||||
Adjust other claims to net realizable value | 228 | -572 | |||||||||||||||||||||
$ | 59,511 | $ | 12,353 | ||||||||||||||||||||
The following discussion explains the adjustments to the fair value of assets and liabilities under the liquidation basis of accounting as recorded during the fiscal year ended March 1, 2014: | |||||||||||||||||||||||
Real Estate - The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $53.7 million primarily from an increase in value of the Trinity Place Property, the Secaucus Lease and the property located in West Palm Beach, Florida. The revised estimates were supported by valuations from third party real estate experts. Based on management’s assessment, an estimated net realizable value of real estate of $157.7 million has been recorded at March 1, 2014. See Note 3 - Real Estate for a discussion on valuation methodology. | |||||||||||||||||||||||
Lease Settlement Costs – Lease settlement costs have decreased by $4.6 million due to adjustments from 18 locations and cash settlements with three others. These reductions were mainly the result of the Company’s continued efforts to reconcile and settle its remaining lease claims. | |||||||||||||||||||||||
Pension Liability – This amount mainly represents a decrease in the unfunded pension liability of the Syms sponsored defined benefit plan primarily as a result of improved performance of the plan’s assets. | |||||||||||||||||||||||
Other Claims – This amount mainly represents a decrease in various claims pursuant to the final Plan document and further review by the Company of the validity of the claims made against the Company. | |||||||||||||||||||||||
The following discussion explains the adjustments to the fair value of assets and liabilities under the liquidation basis of accounting as recorded during the fiscal year ended March 2, 2013: | |||||||||||||||||||||||
Real Estate - The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $16.7 million to reflect $15.1 million of revised estimates of management utilizing information obtained from third party real estate experts as of March 2, 2013 as well as $1.6 million in the net incremental sales price of three properties that were sold during fiscal 2012. Based on management’s assessment of available information, an estimated net realizable value of $142.6 million was recorded as of March 2, 2013. See Note 3 - Real Estate for a discussion on valuation methodology. | |||||||||||||||||||||||
Other Assets – Other assets have decreased by approximately $2.9 million due mainly to the netting out of assets with corresponding claim liabilities. | |||||||||||||||||||||||
Lease Settlement Costs – Lease settlement costs have decreased by $11.9 million due to adjustments from 22 locations. These reductions were mainly the result of the Plan which stipulated that the long-term Filene’s, LLC general unsecured creditors with allowed claims are entitled to a recovery of only 75% on their allowed claims. | |||||||||||||||||||||||
Liability to Restore Properties – The Houston, Texas property was sold in November 2012 and the previously recorded liability to repair the roof was assumed by the acquirer of the property, thus the Company reversed the liability upon the consummation of the sale. | |||||||||||||||||||||||
Obligation to Former Majority Shareholder – This represents the recognition of amounts due to the former Majority Shareholder during fiscal 2012 in accordance with the terms of the Plan. On September 14, 2012, immediately following the effectiveness of the Plan, the former Majority Shareholder sold all of its 7,857,794 shares of common stock to Syms at $2.49 per share. Payment for the shares will be made to the former Majority Shareholder in accordance with the Plan as Trinity’s real estate assets are monetized. As further discussed in Note 9, $1.8 million due from the Majority Shareholder was reclassified from other assets resulting in a net obligation to the former Majority Shareholder of approximately $17.8 million as of March 2, 2013. | |||||||||||||||||||||||
Obligation to Customers – Obligations to customers represented credits issued for returned merchandise as well as gift certificates. The Company has determined that it no longer has a legal liability to the customers and accordingly the amount of $4.6 million has been derecognized. | |||||||||||||||||||||||
Pension Liability – This amount mainly represents a decrease in the unfunded pension liability of the Syms sponsored defined benefit plan primarily as a result of improved performance of the plan’s assets. | |||||||||||||||||||||||
Other Claims – This amount mainly represents a decrease in various claims pursuant to the final Plan document and further review by the Company of the validity of the claims made against the Company. | |||||||||||||||||||||||
Financial Position | |||||||||||||||||||||||
As of March 1, 2014 and March 2, 2013, the Company had cash and cash equivalents of $9.7 million and $8.4 million, respectively. At March 1, 2014 and March 2, 2013, the Company’s restricted cash of $5.6 million and $5.1 million, respectively. Prior to September 14, 2012, the Company used its cash and cash equivalents primarily for the payment of professional fees related to the Chapter 11 cases, as well as its daily operations. After September 14, 2012, the Company has used its cash and equivalents primarily for the payment of professional fees and claims related to the Chapter 11 cases, as well as its daily operations and to fund reserves under the Plan. | |||||||||||||||||||||||
The Company has estimated claims liabilities recorded in its consolidated financial statements of approximately $62.1 million and $102 million at March 1, 2014 and March 2, 2013, respectively. The claims liability includes the Majority Shareholder liability of approximately $7.1 million and $17.8 million at March 1, 2014 and March 2, 2013, respectively. During the fiscal year ended March 1, 2014, the Company made cash payments to holders of Allowed Claims, together with other payments required under the Plan, including to the Majority Shareholder, in an aggregate amount of approximately $33.7 million. These payments constituted the full distributions payable to the Allowed Syms and Filene’s Class 3 (Convenience Claims) and the Allowed Syms Unsecured Creditors in Syms Class 4 General Unsecured Claims, and the Syms Class 5 Union Pension Plan, all as defined in the Plan. Because holders of Allowed Filene’s, LLC Class 5(b)(General Unsecured (Long-Term) Claims) (as defined in the Plan) are entitled to a 75% recovery, the Company has recorded the estimated net settlement amount of such claims. | |||||||||||||||||||||||
The process of reconciling claims is different from the process of actually resolving claims. Accordingly, the above estimates are based primarily on the Company’s identification and reconciliation of the amounts of asserted claims to the Company’s books and records, and not on the negotiation or settlement of specific claims. Because of the large number of claims filed and the ongoing reconciliation and settlement processes, the ultimate amount of allowed claims and the ultimate amount of distributions under the Plan could be materially different from the Company’s current estimates. | |||||||||||||||||||||||
The Company believes that it would be able to fund its operations through net cash proceeds from property sales; however, the Plan imposes restrictions on the amount of operating expenses that the Company is allowed to incur and pay from such net cash proceeds. As previously discussed, the Company’s $5 million corporate overhead reserve initially contemplated by the Plan has been depleted, primarily due to greater than expected professional fees, and the Company has obtained the consent of the holder of the Company’s Series A Preferred Stock, who has the sole authority to approve an increase in the operating reserves, to increase the corporate overhead reserve to $11 million, subject to certain limitations and a reduction of up to approximately $0.8 million if certain anticipated expenses are not incurred. Up to $2.5 million of corporate overhead expenses previously paid by the Company from generally available cash will count toward and be reimbursed from the increased corporate overhead reserve following receipt of net cash proceeds from future property sales. In addition, during fiscal 2013, the Company raised $13.0 million, net of $0.5 million in offering costs, from the issuance of stock, which can be used to fund overhead and other expenses. The Company believes through the sale of its assets and cash on hand, along with the possibility of additional equity and/or debt financing, it has the cash necessary to satisfy its required claims distributions and operating activities. | |||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Mar. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Liquidation Basis of Accounting | ||
The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent and the net realizable value of its assets is reasonably determinable. Accordingly, the Company implemented the liquidation basis of accounting effective on October 30, 2011. Under this basis of accounting, assets are stated at their net realizable value and liabilities are stated at their net settlement amount and estimated costs over the period of liquidation are accrued to the extent reasonably determinable. | ||
a. | Accrued Liquidation Costs – Under the liquidation basis of accounting, management is required to make significant estimates and judgments regarding the anticipated costs of liquidation. These estimates are subject to change based upon work required for the claims settlement process, changes in market conditions and changes in the strategy surrounding the sale of properties. The Company reviews, on a quarterly basis, the estimated fair value of its assets and all other remaining operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, professional fees, alternative minimum income taxes and other outside services to determine the estimated costs to be incurred during the liquidation period. | |
b. | Pension Expense – The Company will terminate its pension plans. Under the liquidation basis of accounting, actuarial valuation analyses are prepared annually to determine the fair value, or termination value, of the plans. These valuations and the ultimate liability to settle the plans may result in adjustments driven by changes in assumptions due to market conditions. The liabilities related to these pension plans will be settled at the same payout percentage as all other unsecured creditor claims. | |
c. | Long-Lived Assets – Real estate and other long-lived assets are recorded at estimated net realizable value based on valuations, purchase agreements and/or letters of intent from interested third parties, when available. | |
d. | Income Taxes – To the extent that income taxes, including alternate minimum income taxes, are expected to be incurred as a result of the liquidation of the Company’s properties, such costs are reflected in accrued expenses. As of March 1, 2014 a total of $1.2 million has been accrued. As part of the process of estimating the amount of income taxes to be incurred during the liquidation period, management has taken into consideration the extent to which net operating loss carry forwards (“NOLs”) are expected to be available to offset the amount of income otherwise taxable on the sale of properties. This involved a process of estimating the extent to which each property had a fair value in excess of its tax basis (a “built in gain”) as of the date of emerging from bankruptcy on September 14, 2012. The Company has analyzed the impact of the change in control that occurred on September 14, 2012 when the Company emerged from bankruptcy could have on its ability to utilize its NOLs. While the analysis is complex and subject to subjective determinations and uncertainties, the Company currently believes that it should qualify for treatment under Section 382(l)(5) of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, the Company currently believes that its NOLs are not currently subject to an annual limitation under Code Section 382 even though an “ownership change” (as defined under Code Section 382) occurred on September 14, 2012. However, if the Company were to undergo a subsequent ownership change in the future, the Company’s NOLs could be subject to limitation under Code Section 382. The Company believes that its U.S. Federal NOLs as of the emergence date were approximately $162.8 million and believes its U.S. Federal NOLs at March 1, 2014 are approximately $193.7 million. | |
Since under liquidation basis accounting all future estimated taxes are accrued as of the reporting date net of the benefit expected to be derived from available NOLs, it is not appropriate to record a separate deferred tax asset on the same NOLs. Accordingly, a valuation allowance of approximately $59.9 million was recorded through March 1, 2014. | ||
e. | Other Assets – Other assets include trademark license intangibles, with a balance of $0.9 million at March 1, 2014 and March 2, 2013 and security deposits with a balance of $1.3 million at March 1, 2014 and $1.7 million as of March 2, 2013. | |
f. | Obligation to Customers - Obligations to customers represented credits issued for returned merchandise as well as gift certificates. When the Company sold a gift certificate to a customer, it was recorded as a liability in the period the sale occurred. When the customer redeemed the gift certificate for the purchase of merchandise, a sale was recorded and the liability reduced. During fiscal 2012, the Company determined that it no longer had a legal liability to these customers and accordingly the amount was reversed, with the exception of filed claims. | |
g. | Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less. | |
h. | New Accounting Standard – In April 2013, the FASB issued Accounting Standards Update No. 2013-07, Liquidation Basis of Accounting, which amended the FASB Accounting Standards Codification and provides guidance as to when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The provisions are effective for annual periods beginning after December 15, 2013 and interim periods therein. Early adoption is permitted. The Company does not expect the adoption of these provisions will have a material impact on its consolidated financial statements. | |
REAL_ESTATE
REAL ESTATE | 12 Months Ended |
Mar. 01, 2014 | |
Real Estate [Abstract] | ' |
REAL ESTATE | ' |
NOTE 3 – REAL ESTATE | |
The estimated net realizable value of owned real estate, including land, building, building improvements and air rights, amounted to $157.7 million and $142.6 million as of March 1, 2014 and March 2, 2013, respectively. While $157.7 million represents management’s best estimate of the net realizable value of the Company’s real estate properties at the time of finalizing the accompanying consolidated statement of net assets, the amount ultimately realized in the monetization of the real estate could materially differ from this estimate. | |
The Company adjusted the carrying value of the real estate assets to reflect the estimated net realizable value of owned property. This value was estimated by considering a number of factors, including but not limited to, input from a third party valuation expert, sales agreements, letters of intent and broker opinions. | |
The net realizable value of real estate assets was estimated after developing a likely range of values for each of the properties, then selecting a value within each properties range (not necessarily the mid-point) and aggregating those selected values. The ultimate sales price obtained by the Company with respect to any one or all of the properties may vary materially from these estimates based upon numerous factors, including but not limited to macro and local market conditions, the potential for the Company or a prospective buyer to lease the property or to redevelop it, physical and legal (e.g., title) conditions affecting the property, the Company’s ability to deploy capital for leasing activity or to repair or cure issues with respect to the properties, and the ability to carry the properties through a customary or prolonged marketing process. | |
The estimate of value of the Trinity Place Property is subject to a number of complex factors which could materially affect the value of the property. The estimate of value for this property is subject to additional uncertainty due to the inherent complexities and uncertainties of monetizing the site as a Lower Manhattan mixed use development project, whether developed by the Company or a third party, including zoning and planning issues, hard and soft costs of construction, potential rents or prices of commercial and/or residential space and the mix thereof, the availability of capital to support development, the availability of tax incentives, and competitive projects and forces in the market that are unique to Lower Manhattan. The Company is in the process of analyzing these and other factors, and its estimate of value may change materially as its analysis proceeds. The Company has retained advisors, including architects, construction experts and attorneys to assist it in its evaluation and review of cost estimates and monetization strategies. To date no specific course of action has been determined. As a result, there remains a range of estimated values that may be realized for the Trinity Place Property under the various sale or development alternatives. | |
The Company expects to continue evaluating the best ways in which to monetize its remaining assets for the benefit of stockholders and creditors. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Mar. 01, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
INCOME TAXES | ' | |||||||
NOTE 4 - INCOME TAXES | ||||||||
The composition of the Company’s deferred tax assets and liabilities is as follows: | ||||||||
Fiscal Year Ended | ||||||||
March 1, 2014 | March 2, 2013 | |||||||
(in thousands) | ||||||||
Deferred tax assets: | ||||||||
Pension costs | $ | 2,759 | $ | 4,004 | ||||
Reserves not currently deductible for tax purposes | 66 | 69 | ||||||
Net operating loss carry forwards | 79,145 | 70,746 | ||||||
Depreciation | 3,490 | 13,124 | ||||||
AMT credit | 3,182 | 3,182 | ||||||
Accrued expenses | 110 | 4,086 | ||||||
Other | 82 | 81 | ||||||
Wind-down expenses | 3,954 | 8,752 | ||||||
Air right | 3,703 | 3,641 | ||||||
Lease claim | 13,934 | 14,439 | ||||||
Store closing cost | - | 2,650 | ||||||
Total deferred tax assets | $ | 110,425 | $ | 124,774 | ||||
Valuation Allowance | -59,868 | -83,676 | ||||||
Deferred tax asset after valuation allowance | $ | 50,557 | $ | 41,098 | ||||
Deferred tax liabilities: | ||||||||
Intangibles | $ | -156 | $ | -356 | ||||
Write up of owned real estate | -50,401 | -40,742 | ||||||
Total deferred tax liabilities | $ | -50,557 | $ | -41,098 | ||||
Net deferred tax assets | $ | - | $ | - | ||||
At March 1, 2014, the Company had state net operating loss carry forwards of approximately $216.2 million. These net operating losses expire in years through fiscal 2033. The Company also had Federal net operating loss carry forwards of approximately $193.7 million. These net operating losses will expire in years through fiscal 2033. | ||||||||
Since under liquidation basis accounting all future estimated taxes are accrued as of the reporting date net of the benefit expected to be derived from available NOLs, it is not appropriate to record a separate deferred tax asset on the same NOLs. Accordingly, a valuation allowance of approximately $83.7 million was recorded through March 2, 2013. The valuation allowance was reduced by approximately $23.8 million during the fiscal year ended March 1, 2014 to $59.9 million primarily due to the increase in the estimated net realizable values of various Company properties during the fiscal year ended March 1, 2014. | ||||||||
PENSION_AND_PROFIT_SHARING_PLA
PENSION AND PROFIT SHARING PLANS | 12 Months Ended | |||||||||
Mar. 01, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||
PENSION AND PROFIT SHARING PLANS | ' | |||||||||
NOTE 5 – PENSION AND PROFIT SHARING PLANS | ||||||||||
a. | Pension Plan - Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. As of March 1, 2014 and March 2, 2013, the Company had a recorded liability of $3.5 million and $5.5 million, respectively, within accrued expenses which represents the estimated cost to the Company of terminating the plan in a standard termination, which would require the Company to make additional contributions to the plan so that the assets of the plan are sufficient to satisfy all benefit liabilities. The Company had contemplated other courses of action, including a distress termination, whereby the PBGC takes over the plan. On February 27, 2012, the Company notified the PBGC and other affected parties of its consideration to terminate the plan in a distress termination. However, the estimated total cost associated with a distress termination was approximately $15 million. As a result of the cost savings associated with the standard termination approach, the Company elected not to terminate the plan in a distress termination and formally notified the PBGC of this decision. Although the Company has accrued the liability associated with a standard termination, it has not taken any steps to commence such a termination and has made no commitment to do so by a certain date. | |||||||||
Presented below is financial information relating to this plan for the fiscal years indicated: | ||||||||||
March 1, 2014 | March 2, 2013 | |||||||||
(in thousands) | ||||||||||
CHANGE IN BENEFIT OBLIGATION: | ||||||||||
Net benefit obligation - beginning of period | $ | 11,514 | $ | 11,217 | ||||||
Interest cost | 611 | 556 | ||||||||
Actuarial return (loss) | 456 | -821 | ||||||||
Gross benefits received | 615 | 562 | ||||||||
Net benefit obligation - end of period | $ | 13,196 | $ | 11,514 | ||||||
CHANGE IN PLAN ASSETS: | ||||||||||
Fair value of plan assets - beginning of period | $ | 8,737 | $ | 8,094 | ||||||
Employer contributions | 868 | 685 | ||||||||
Gross benefits paid | -615 | -562 | ||||||||
Actual return on plan assets | 858 | 520 | ||||||||
Fair value of plan assets - end of period | $ | 9,848 | $ | 8,737 | ||||||
Funded Status at end of year | $ | -3,348 | $ | -2,777 | ||||||
March 1, 2014 | March 2, 2013 | |||||||||
(in thousands) | ||||||||||
COMPONENTS OF NET PERIODIC COST: | ||||||||||
Interest cost | $ | 611 | $ | 556 | ||||||
Loss of assets | -858 | -520 | ||||||||
Amortization of loss | 597 | 204 | ||||||||
Net periodic cost | $ | 350 | $ | 240 | ||||||
WEIGHTED-AVERAGE ASSUMPTION USED: | ||||||||||
Discount rate | 5 | % | 5 | % | ||||||
Rate of compensation increase | 0 | % | 0 | % | ||||||
As of March 1, 2014 the benefits expected to be paid in the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands): | ||||||||||
Year | Amount | |||||||||
2014 | $ | 630 | ||||||||
2015 | 364 | |||||||||
2016 | 498 | |||||||||
2017 | 327 | |||||||||
2018 | 828 | |||||||||
2019-2023 | 3,282 | |||||||||
The fair values and asset allocation of the Company’s plan assets as of March 1, 2014 and the target allocation for fiscal 2014, by asset category, are presented in the following table (in thousands). All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy). | ||||||||||
% of Plan | ||||||||||
Asset Category | Asset Allocation | Fair Value | Assets | |||||||
(in thousands) | ||||||||||
Cash and equivalents | 0% to 10% | $ | 295 | 3 | % | |||||
Equity Securities | 30% to 50% | 4,333 | 44 | % | ||||||
Fixed Income Securities | 35% to 55% | 4,333 | 44 | % | ||||||
Alternative Investments | 5% to 25% | 887 | 9 | % | ||||||
Total | $ | 9,848 | 100 | % | ||||||
Under the provisions of ASC 715, the Company is required to recognize in its consolidated balance sheet the unfunded status of a benefit plan. This is measured as the difference between plan assets at fair value and the projected benefit obligation. For the pension plan, this is equal to the accumulated benefit obligation. | ||||||||||
Certain employees covered by collective bargaining agreements participate in multiemployer pension plans. Syms ceased to have an obligation to contribute to these plans in 2012, thereby triggering a complete withdrawal from the plans within the meaning of section 4203 of ERISA. Consequently, the Company is subject to the payment of a withdrawal liability to these pension funds. The additional costs have been estimated at approximately $6.9 million for the multiemployer pension plans. The Company has a recorded liability of $5.3 million and $6.9 million which is reflected in accrued expenses as of March 1, 2014 and March 2, 2013, respectively. In accordance with minimum funding requirements, the Company paid approximately $1.7 million to the Syms sponsored plan and approximately $1.6 million to the multiemployer plans from September 17, 2012 through March 1, 2014. | ||||||||||
b. | Profit-Sharing and 401(k) Plan - The Company maintained a profit-sharing plan and 401(k) plan for all employees other than those covered under collective bargaining agreements. In 1995, the Company established a defined contribution 401(k) savings plan for substantially all of its eligible employees. Employees were able to contribute a percentage of their salary to the plan subject to statutory limits. No contributions were made by the Company to this plan in fiscal 2013 or fiscal 2012. The 401K Plan was terminated in November 2012 and distributions were made to its participants. | |||||||||
COMMITMENTS
COMMITMENTS | 12 Months Ended | |
Mar. 01, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
COMMITMENTS | ' | |
NOTE 6 – COMMITMENTS | ||
a) | Leases - The Company no longer has retail stores subject to ongoing operating lease obligations. Previous operating lease liability claims under 502(b)(6) of the Bankruptcy Code for the fiscal years ended March 1, 2014 and March 2, 2013 total approximately $37.3 million and $44.6 million, respectively, and are reported in other liabilities on the consolidated statement of net assets. | |
b) | Legal Proceedings - The Company is a party to routine litigation incidental to its business. Some of the actions to which the Company is a party are covered by insurance and are being defended or reimbursed by the Company’s insurance carriers. See Item 3, Legal Proceedings, above for additional information on legal proceedings. | |
As discussed in Note 1, Syms and its subsidiaries filed voluntary petitions for relief under Chapter 11 on November 2, 2011. On September 14, 2012, a plan of reorganization became effective and Syms and its subsidiaries emerged from bankruptcy, with reorganized Syms merging with and into Trinity. | ||
PREFERRED_STOCK
PREFERRED STOCK | 12 Months Ended |
Mar. 01, 2014 | |
Equity [Abstract] | ' |
PREFERRED STOCK | ' |
NOTE 7 – PREFERRED STOCK | |
The Company is authorized to issue two shares of preferred stock and one share of Special Stock. The Series A Preferred Share, is held by a trustee acting for the benefit of the Company’s creditors. The Series B Preferred Share, is held by the former Majority Shareholder. The Special Stock was issued and sold to Third Avenue and enables Third Avenue or its affiliated designee to elect one member of the Board of Directors. | |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | |||||||
Mar. 01, 2014 | ||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||
STOCK BASED COMPENSATION | ' | |||||||
NOTE 8 – STOCK BASED COMPENSATION | ||||||||
Stock Option Plan | ||||||||
The Company formerly had an Incentive Stock Option and Appreciation Plan that allowed for the granting of incentive stock options, as defined in Section 422A of the Internal Revenue Code of 1986 (as amended), non-qualified stock options and stock appreciation rights. All outstanding options were cancelled when the Company emerged from bankruptcy on September 14, 2012. Neither the Amended and Restated Incentive Stock Option Plan nor the 2005 Plan is available for additional grants. | ||||||||
The following table summarizes stock option activity during fiscal 2012 as there was no stock option activity during fiscal 2013: | ||||||||
Year Ended | ||||||||
March 2, 2013 | ||||||||
Options | Weighted | |||||||
Average | ||||||||
Exercise Price | ||||||||
per Share | ||||||||
(in thousands, except pre | ||||||||
share amounts) | ||||||||
Outstanding - beginning of year | 98 | $ | 15.01 | |||||
Exercised | - | - | ||||||
Cancelled | -98 | -15.01 | ||||||
Outstanding - end of year | - | $ | - | |||||
Options exercisable at year end | - | $ | - | |||||
Restricted Stock Units | ||||||||
During fiscal 2013, the Company granted an aggregate of 326,000 RSUs (“Restricted Stock Units”) to certain employees and executives. The Company grants RSUs that are subject to continued employment and service based vesting conditions, but do not have dividend or voting rights. The RSUs vest in various increments typically on the anniversaries of the individual grant dates, through August 2016, subject to the recipient’s continued employment or service through each applicable vesting date. | ||||||||
The Company’s restricted stock activity is as follows: | ||||||||
Year Ended March 1, 2014 | ||||||||
Number of | Weighted | |||||||
Shares | Average Fair | |||||||
Value | ||||||||
at Grant Date | ||||||||
Non-vested at beginning of period | - | - | ||||||
Granted RSUs | 326,000 | $ | 5.35 | |||||
Vested | -250,000 | $ | 5 | |||||
Non-vested at end of period | 76,000 | $ | 6.49 | |||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 01, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 9 – RELATED PARTY TRANSACTIONS | |
Under the terms of the Plan, the Company is restricted from making any distributions, dividends or redemptions until after the former Majority Shareholder payments are made in full. The Certificate of Incorporation provides for a preferred series share, held by the former Majority Shareholder and which is pledged as security and held in escrow, entitling the Majority Shareholder to control a majority of the Board of Directors if the former Majority Shareholder payments are not made by October 16, 2016, provided and conditioned upon the general unsecured claim satisfaction having occurred. | |
In addition, as part of the Plan, the former Majority Shareholder agreed to repay the Company $1.6 million for all premiums paid by the Company on her behalf after the adoption of the Sarbanes-Oxley Act of 2002, as well as $0.2 million for the net present value of pre-Sarbanes-Oxley premiums, for a total of $1.8 million. At March 1, 2014 and March 2, 2013, the value of these premiums was recorded as an offset against the payment due under the Plan to the former Majority Shareholder (i.e., Ms. Syms and her related trusts) on account of the redemption of the former Majority Shareholder’s shares of Syms common stock. As of March 2, 2013, the Company had recorded a net liability of $17.8 million due to the former Majority Shareholder. On October 1, 2013 the Company met its Plan obligation to pay the former Majority Shareholder $10.7 million and has a remaining liability of $7.1 million due to the Majority Shareholder recorded on its Consolidated Statement of Net Assets as of March 1, 2014. | |
Ms. Syms, the Company and Filene’s, LLC also entered into an agreement in connection with the Plan whereby the rights to the “Syms” name and to any images of Ms. Syms and her family members were assigned to Ms. Syms. The impact of this provision of the Plan has been reflected in the estimated net realizable value of the trademarks within other assets as of March 1, 2014 and March 2, 2013. | |
DISPOSITIONS_OF_ASSETS
DISPOSITIONS OF ASSETS | 12 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
DISPOSITIONS OF ASSETS | ' | |||||||||||
NOTE 10 – DISPOSITIONS OF ASSETS | ||||||||||||
Fiscal 2013 | ||||||||||||
Certain information about the properties of the Company that have been sold during fiscal 2013, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below: | ||||||||||||
Property Location | Type of Property | Building | Net Proceeds | Date of Sale | ||||||||
Size | ($ in millions) | |||||||||||
(square feet) | ||||||||||||
Southfield, MI | Short term property | 60,000 | $ | 2.5 | April, 2013 | |||||||
Marietta, GA | Short term property | 77,000 | $ | 2.9 | July, 2013 | |||||||
Ft. Lauderdale, FL | Short term property | 55,000 | $ | 1.9 | August, 2013 | |||||||
Elmsford, NY | Medium term property | 59,000 | $ | 22 | August, 2013 | |||||||
Cherry Hill, NJ | Short term property | 150,000 | $ | 4.5 | September, 2013 | |||||||
Addison, IL | Short term property | 68,000 | $ | 1.9 | December, 2013 | |||||||
Norcross, GA | Short term property | 69,000 | $ | 1.1 | February, 2014 | |||||||
Total | 538,000 | $ | 36.8 | |||||||||
Fiscal 2012 | ||||||||||||
Certain information about the properties of the Company that have been sold during fiscal 2012, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below: | ||||||||||||
Property Location | Type of Property | Building | Net Proceeds | Date of Sale | ||||||||
Size | ($ in millions) | |||||||||||
(square feet) | ||||||||||||
Miami, FL | Short term property | 53,000 | $ | 4.1 | September, 2012 | |||||||
Houston, TX | Short term property | 42,000 | $ | 3.6 | November, 2012 | |||||||
Fairfield, CT | Short term property | 43,000 | $ | 5.5 | December, 2012 | |||||||
Secaucus, NJ (Condo) | Short term property | 2,000 | $ | 0.3 | January, 2013 | |||||||
Total | 140,000 | $ | 13.5 | |||||||||
During December 2012, the Company received a $0.9 million settlement on its Marietta, GA location. This was the result of the second and final payment regarding the 2011 partial condemnation. | ||||||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended | ||||||||||
Mar. 01, 2014 | |||||||||||
Subsequent Events [Abstract] | ' | ||||||||||
SUBSEQUENT EVENT | ' | ||||||||||
NOTE 11 – SUBSEQUENT EVENT | |||||||||||
Certain information about the properties of the Company that have been sold subsequent to March 1, 2014, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, and are set forth below and the value recorded in the financial statements as of March 1, 2014 is consistent with the amount realized from these subsequent transactions: | |||||||||||
Property Location | Type of Property | Building | Net Proceeds | Date of Sale | |||||||
Size | ($ in millions) | ||||||||||
(square feet) | |||||||||||
Berwyn, PA | Short term property | 69,000 | $ | 3 | April, 2014 | ||||||
Secaucus, NJ (1) | Short term property | 340,000 | $ | 28 | May, 2014 | ||||||
Total | 409,000 | $ | 31 | ||||||||
(1) On May 20, 2014, the Company closed on the sale of the Secaucus Lease to ASG. See Item 3, Legal Proceedings, for additional information. | |||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Mar. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
Accrued Liquidation Costs | ' | |
a. | Accrued Liquidation Costs – Under the liquidation basis of accounting, management is required to make significant estimates and judgments regarding the anticipated costs of liquidation. These estimates are subject to change based upon work required for the claims settlement process, changes in market conditions and changes in the strategy surrounding the sale of properties. The Company reviews, on a quarterly basis, the estimated fair value of its assets and all other remaining operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, professional fees, alternative minimum income taxes and other outside services to determine the estimated costs to be incurred during the liquidation period. | |
Pension Expense | ' | |
b. | Pension Expense – The Company will terminate its pension plans. Under the liquidation basis of accounting, actuarial valuation analyses are prepared annually to determine the fair value, or termination value, of the plans. These valuations and the ultimate liability to settle the plans may result in adjustments driven by changes in assumptions due to market conditions. The liabilities related to these pension plans will be settled at the same payout percentage as all other unsecured creditor claims. | |
Long-Lived Assets | ' | |
c. | Long-Lived Assets – Real estate and other long-lived assets are recorded at estimated net realizable value based on valuations, purchase agreements and/or letters of intent from interested third parties, when available. | |
Income Taxes | ' | |
d. | Income Taxes – To the extent that income taxes, including alternate minimum income taxes, are expected to be incurred as a result of the liquidation of the Company’s properties, such costs are reflected in accrued expenses. As of March 1, 2014 a total of $1.2 million has been accrued. As part of the process of estimating the amount of income taxes to be incurred during the liquidation period, management has taken into consideration the extent to which net operating loss carry forwards (“NOLs”) are expected to be available to offset the amount of income otherwise taxable on the sale of properties. This involved a process of estimating the extent to which each property had a fair value in excess of its tax basis (a “built in gain”) as of the date of emerging from bankruptcy on September 14, 2012. The Company has analyzed the impact of the change in control that occurred on September 14, 2012 when the Company emerged from bankruptcy could have on its ability to utilize its NOLs. While the analysis is complex and subject to subjective determinations and uncertainties, the Company currently believes that it should qualify for treatment under Section 382(l)(5) of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, the Company currently believes that its NOLs are not currently subject to an annual limitation under Code Section 382 even though an “ownership change” (as defined under Code Section 382) occurred on September 14, 2012. However, if the Company were to undergo a subsequent ownership change in the future, the Company’s NOLs could be subject to limitation under Code Section 382. The Company believes that its U.S. Federal NOLs as of the emergence date were approximately $162.8 million and believes its U.S. Federal NOLs at March 1, 2014 are approximately $193.7 million. | |
Since under liquidation basis accounting all future estimated taxes are accrued as of the reporting date net of the benefit expected to be derived from available NOLs, it is not appropriate to record a separate deferred tax asset on the same NOLs. Accordingly, a valuation allowance of approximately $59.9 million was recorded through March 1, 2014. | ||
Other Assets | ' | |
e. | Other Assets – Other assets include trademark license intangibles, with a balance of $0.9 million at March 1, 2014 and March 2, 2013 and security deposits with a balance of $1.3 million at March 1, 2014 and $1.7 million as of March 2, 2013. | |
Obligation to Customers | ' | |
f. | Obligation to Customers - Obligations to customers represented credits issued for returned merchandise as well as gift certificates. When the Company sold a gift certificate to a customer, it was recorded as a liability in the period the sale occurred. When the customer redeemed the gift certificate for the purchase of merchandise, a sale was recorded and the liability reduced. During fiscal 2012, the Company determined that it no longer had a legal liability to these customers and accordingly the amount was reversed, with the exception of filed claims. | |
Cash and Cash Equivalents | ' | |
g. | Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less. | |
New Accounting Pronouncements | ' | |
h. | New Accounting Standard – In April 2013, the FASB issued Accounting Standards Update No. 2013-07, Liquidation Basis of Accounting, which amended the FASB Accounting Standards Codification and provides guidance as to when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The provisions are effective for annual periods beginning after December 15, 2013 and interim periods therein. Early adoption is permitted. The Company does not expect the adoption of these provisions will have a material impact on its consolidated financial statements. | |
BASIS_OF_PRESENTATION_Tables
BASIS OF PRESENTATION (Tables) | 12 Months Ended | ||||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||||||||||||
The company’s accrued costs expected to be incurred in liquidation and recorded payments made related to the accrued liquidation costs are as follows (in thousands): | |||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||
March 1, | Adjustments | March 2, | Adjustments | February 25, | |||||||||||||||||||
Estimated Costs of Liquidation | 2014 | to Reserves | Payments | 2013 | to Reserves | Payments | 2012 | ||||||||||||||||
Real estate related carrying costs | $ | 10,961 | $ | 4,404 | $ | -9,096 | $ | 15,653 | $ | 13,763 | $ | -5,760 | $ | 7,650 | |||||||||
Professional fees | 3,666 | 2,564 | -3,944 | 5,046 | 13,879 | -31,753 | 22,920 | ||||||||||||||||
Payroll related costs | 2,717 | 1,445 | -2,156 | 3,428 | 4,938 | -3,087 | 1,577 | ||||||||||||||||
Other | 568 | 459 | -251 | 360 | 1,159 | -968 | 169 | ||||||||||||||||
$ | 17,912 | $ | 8,872 | $ | -15,447 | $ | 24,487 | $ | 33,739 | $ | -41,568 | $ | 32,316 | ||||||||||
Schedule Of Adjustments To Fair Value Of Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||
The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the fiscal years ended March 1, 2014 and March 2, 2013 (in thousands): | |||||||||||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 3, 2013 | February 26, 2012 | |||||||||||||||||||||
through | through | ||||||||||||||||||||||
March 1, 2014 | March 2, 2013 | ||||||||||||||||||||||
Adjust real estate to estimated net realizable value | $ | 53,685 | $ | 16,688 | |||||||||||||||||||
Adjust other assets to estimated net realizable value | - | -2,891 | |||||||||||||||||||||
Adjust estimated lease settlement costs to net realizable value | 4,574 | 11,922 | |||||||||||||||||||||
Adjust liability to restore properties | - | 311 | |||||||||||||||||||||
Adjust obligation to former majority shareholder | - | -19,566 | |||||||||||||||||||||
Adjust obligation to customers | - | 4,601 | |||||||||||||||||||||
Adjust pension liability | 1,024 | 1,860 | |||||||||||||||||||||
Adjust other claims to net realizable value | 228 | -572 | |||||||||||||||||||||
$ | 59,511 | $ | 12,353 | ||||||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Mar. 01, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
The composition of the Company’s deferred tax assets and liabilities is as follows: | ||||||||
Fiscal Year Ended | ||||||||
March 1, 2014 | March 2, 2013 | |||||||
(in thousands) | ||||||||
Deferred tax assets: | ||||||||
Pension costs | $ | 2,759 | $ | 4,004 | ||||
Reserves not currently deductible for tax purposes | 66 | 69 | ||||||
Net operating loss carry forwards | 79,145 | 70,746 | ||||||
Depreciation | 3,490 | 13,124 | ||||||
AMT credit | 3,182 | 3,182 | ||||||
Accrued expenses | 110 | 4,086 | ||||||
Other | 82 | 81 | ||||||
Wind-down expenses | 3,954 | 8,752 | ||||||
Air right | 3,703 | 3,641 | ||||||
Lease claim | 13,934 | 14,439 | ||||||
Store closing cost | - | 2,650 | ||||||
Total deferred tax assets | $ | 110,425 | $ | 124,774 | ||||
Valuation Allowance | -59,868 | -83,676 | ||||||
Deferred tax asset after valuation allowance | $ | 50,557 | $ | 41,098 | ||||
Deferred tax liabilities: | ||||||||
Intangibles | $ | -156 | $ | -356 | ||||
Write up of owned real estate | -50,401 | -40,742 | ||||||
Total deferred tax liabilities | $ | -50,557 | $ | -41,098 | ||||
Net deferred tax assets | $ | - | $ | - | ||||
PENSION_AND_PROFIT_SHARING_PLA1
PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended | |||||||||
Mar. 01, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | |||||||||
Presented below is financial information relating to this plan for the fiscal years indicated: | ||||||||||
March 1, 2014 | March 2, 2013 | |||||||||
(in thousands) | ||||||||||
CHANGE IN BENEFIT OBLIGATION: | ||||||||||
Net benefit obligation - beginning of period | $ | 11,514 | $ | 11,217 | ||||||
Interest cost | 611 | 556 | ||||||||
Actuarial return (loss) | 456 | -821 | ||||||||
Gross benefits received | 615 | 562 | ||||||||
Net benefit obligation - end of period | $ | 13,196 | $ | 11,514 | ||||||
CHANGE IN PLAN ASSETS: | ||||||||||
Fair value of plan assets - beginning of period | $ | 8,737 | $ | 8,094 | ||||||
Employer contributions | 868 | 685 | ||||||||
Gross benefits paid | -615 | -562 | ||||||||
Actual return on plan assets | 858 | 520 | ||||||||
Fair value of plan assets - end of period | $ | 9,848 | $ | 8,737 | ||||||
Funded Status at end of year | $ | -3,348 | $ | -2,777 | ||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||
March 1, 2014 | March 2, 2013 | |||||||||
(in thousands) | ||||||||||
COMPONENTS OF NET PERIODIC COST: | ||||||||||
Interest cost | $ | 611 | $ | 556 | ||||||
Loss of assets | -858 | -520 | ||||||||
Amortization of loss | 597 | 204 | ||||||||
Net periodic cost | $ | 350 | $ | 240 | ||||||
WEIGHTED-AVERAGE ASSUMPTION USED: | ||||||||||
Discount rate | 5 | % | 5 | % | ||||||
Rate of compensation increase | 0 | % | 0 | % | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||
As of March 1, 2014 the benefits expected to be paid in the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands): | ||||||||||
Year | Amount | |||||||||
2014 | $ | 630 | ||||||||
2015 | 364 | |||||||||
2016 | 498 | |||||||||
2017 | 327 | |||||||||
2018 | 828 | |||||||||
2019-2023 | 3,282 | |||||||||
Schedule Of Level One Defined Benefit Plan Assets Roll Forward [Table Text Block] | ' | |||||||||
The fair values and asset allocation of the Company’s plan assets as of March 1, 2014 and the target allocation for fiscal 2014, by asset category, are presented in the following table (in thousands). All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy). | ||||||||||
% of Plan | ||||||||||
Asset Category | Asset Allocation | Fair Value | Assets | |||||||
(in thousands) | ||||||||||
Cash and equivalents | 0% to 10% | $ | 295 | 3 | % | |||||
Equity Securities | 30% to 50% | 4,333 | 44 | % | ||||||
Fixed Income Securities | 35% to 55% | 4,333 | 44 | % | ||||||
Alternative Investments | 5% to 25% | 887 | 9 | % | ||||||
Total | $ | 9,848 | 100 | % | ||||||
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended | |||||||
Mar. 01, 2014 | ||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||
The following table summarizes stock option activity during fiscal 2012 as there was no stock option activity during fiscal 2013: | ||||||||
Year Ended | ||||||||
March 2, 2013 | ||||||||
Options | Weighted | |||||||
Average | ||||||||
Exercise Price | ||||||||
per Share | ||||||||
(in thousands, except pre | ||||||||
share amounts) | ||||||||
Outstanding - beginning of year | 98 | $ | 15.01 | |||||
Exercised | - | - | ||||||
Cancelled | -98 | -15.01 | ||||||
Outstanding - end of year | - | $ | - | |||||
Options exercisable at year end | - | $ | - | |||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||
The Company’s restricted stock activity is as follows: | ||||||||
Year Ended March 1, 2014 | ||||||||
Number of | Weighted | |||||||
Shares | Average Fair | |||||||
Value | ||||||||
at Grant Date | ||||||||
Non-vested at beginning of period | - | - | ||||||
Granted RSUs | 326,000 | $ | 5.35 | |||||
Vested | -250,000 | $ | 5 | |||||
Non-vested at end of period | 76,000 | $ | 6.49 | |||||
DISPOSITIONS_OF_ASSETS_Tables
DISPOSITIONS OF ASSETS (Tables) (Fiscal 2012 and 2013 [Member]) | 12 Months Ended | |||||||||||
Mar. 01, 2014 | ||||||||||||
Fiscal 2012 and 2013 [Member] | ' | |||||||||||
Schedule Of Disposition Of Assets | ' | |||||||||||
Fiscal 2013 | ||||||||||||
Certain information about the properties of the Company that have been sold during fiscal 2013, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below: | ||||||||||||
Property Location | Type of Property | Building | Net Proceeds | Date of Sale | ||||||||
Size | ($ in millions) | |||||||||||
(square feet) | ||||||||||||
Southfield, MI | Short term property | 60,000 | $ | 2.5 | April, 2013 | |||||||
Marietta, GA | Short term property | 77,000 | $ | 2.9 | July, 2013 | |||||||
Ft. Lauderdale, FL | Short term property | 55,000 | $ | 1.9 | August, 2013 | |||||||
Elmsford, NY | Medium term property | 59,000 | $ | 22 | August, 2013 | |||||||
Cherry Hill, NJ | Short term property | 150,000 | $ | 4.5 | September, 2013 | |||||||
Addison, IL | Short term property | 68,000 | $ | 1.9 | December, 2013 | |||||||
Norcross, GA | Short term property | 69,000 | $ | 1.1 | February, 2014 | |||||||
Total | 538,000 | $ | 36.8 | |||||||||
Fiscal 2012 | ||||||||||||
Certain information about the properties of the Company that have been sold during fiscal 2012, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below: | ||||||||||||
Property Location | Type of Property | Building | Net Proceeds | Date of Sale | ||||||||
Size | ($ in millions) | |||||||||||
(square feet) | ||||||||||||
Miami, FL | Short term property | 53,000 | $ | 4.1 | September, 2012 | |||||||
Houston, TX | Short term property | 42,000 | $ | 3.6 | November, 2012 | |||||||
Fairfield, CT | Short term property | 43,000 | $ | 5.5 | December, 2012 | |||||||
Secaucus, NJ (Condo) | Short term property | 2,000 | $ | 0.3 | January, 2013 | |||||||
Total | 140,000 | $ | 13.5 | |||||||||
SUBSEQUENT_EVENT_Tables
SUBSEQUENT EVENT (Tables) (Subsequent Event [Member]) | 12 Months Ended | ||||||||||
Mar. 01, 2014 | |||||||||||
Subsequent Event [Member] | ' | ||||||||||
Schedule Of Disposition Of Assets | ' | ||||||||||
Certain information about the properties of the Company that have been sold subsequent to March 1, 2014, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, and are set forth below and the value recorded in the financial statements as of March 1, 2014 is consistent with the amount realized from these subsequent transactions: | |||||||||||
Property Location | Type of Property | Building | Net Proceeds | Date of Sale | |||||||
Size | ($ in millions) | ||||||||||
(square feet) | |||||||||||
Berwyn, PA | Short term property | 69,000 | $ | 3 | April, 2014 | ||||||
Secaucus, NJ (1) | Short term property | 340,000 | $ | 28 | May, 2014 | ||||||
Total | 409,000 | $ | 31 | ||||||||
(1) On May 20, 2014, the Company closed on the sale of the Secaucus Lease to ASG. See Item 3, Legal Proceedings, for additional information. | |||||||||||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Estimated Costs of Liquidation, Opening Balance | $24,487 | $32,316 |
Estimated Costs of Liquidation, Adjustments to Reserves | 8,872 | 33,739 |
Estimated Costs of Liquidation, Payments | -15,447 | -41,568 |
Estimated Costs of Liquidation, Ending Balance | 17,912 | 24,487 |
Real Estate Related Carrying Costs [Member] | ' | ' |
Estimated Costs of Liquidation, Opening Balance | 15,653 | 7,650 |
Estimated Costs of Liquidation, Adjustments to Reserves | 4,404 | 13,763 |
Estimated Costs of Liquidation, Payments | -9,096 | -5,760 |
Estimated Costs of Liquidation, Ending Balance | 10,961 | 15,653 |
Professional Fees Expenses [Member] | ' | ' |
Estimated Costs of Liquidation, Opening Balance | 5,046 | 22,920 |
Estimated Costs of Liquidation, Adjustments to Reserves | 2,564 | 13,879 |
Estimated Costs of Liquidation, Payments | -3,944 | -31,753 |
Estimated Costs of Liquidation, Ending Balance | 3,666 | 5,046 |
Payroll Related Costs [Member] | ' | ' |
Estimated Costs of Liquidation, Opening Balance | 3,428 | 1,577 |
Estimated Costs of Liquidation, Adjustments to Reserves | 1,445 | 4,938 |
Estimated Costs of Liquidation, Payments | -2,156 | -3,087 |
Estimated Costs of Liquidation, Ending Balance | 2,717 | 3,428 |
Other Credit Derivatives [Member] | ' | ' |
Estimated Costs of Liquidation, Opening Balance | 360 | 169 |
Estimated Costs of Liquidation, Adjustments to Reserves | 459 | 1,159 |
Estimated Costs of Liquidation, Payments | -251 | -968 |
Estimated Costs of Liquidation, Ending Balance | $568 | $360 |
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Adjust real estate to estimated net realizable value | $53,685 | $16,688 |
Adjust other assets to estimated net realizable value | 0 | -2,891 |
Adjust estimated lease settlement costs to net realizable value | 4,574 | 11,922 |
Adjust liability to restore properties | 0 | 311 |
Adjust obligation to former majority shareholder | 0 | -19,566 |
Adjust obligation to customers | 0 | 4,601 |
Adjust pension liability | 1,024 | 1,860 |
Adjust other claims to net realizable value | 228 | -572 |
Adjustments of Assets and Liabilities to Net Realizable Value | $59,511 | $12,353 |
BASIS_OF_PRESENTATION_Details_1
BASIS OF PRESENTATION (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 14, 2012 | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 02, 2012 | |
Accrued cost of litigation | ' | $17,900,000 | ' | ' |
Revised Estimate Change In Net Realizable Value Real Estate | ' | ' | 15,100,000 | ' |
Incremental Sale Price | ' | ' | ' | 1,600,000 |
Other assets | ' | ' | 2,900,000 | ' |
Long Term Creditors Claims Recovery Percentage | 75.00% | ' | ' | ' |
Stock Redeemed or Called During Period, Shares (in shares) | 7,857,794 | ' | ' | ' |
Share Price | $2.49 | ' | ' | ' |
Savings Realized In Liquidation Period | ' | ' | 1,800,000 | ' |
Adjustment To Increase Reserve For Professional Fees | ' | 4,400,000 | 13,800,000 | ' |
Professional Fees | ' | 2,600,000 | 13,900,000 | ' |
Adjustments to increase the reserve for payroll and related liquidation expenses | ' | 1,500,000 | 4,900,000 | ' |
Adjust real estate to estimated net realizable value | ' | 53,685,000 | 16,688,000 | ' |
Real Estate Net Realizable Value Achieved Amount | ' | 157,700,000 | 142,600,000 | ' |
Adjust estimated lease settlement costs to net realizable value | ' | 4,574,000 | 11,922,000 | ' |
Legal Liability to customers derecognized | ' | ' | 4,600,000 | ' |
Net obligation to former Majority Shareholder | ' | ' | 17,800,000 | ' |
Cash and Cash Equivalents, At Carrying Value | ' | 9,663,000 | 8,404,000 | ' |
Restricted Cash and Cash Equivalents, Current | ' | 5,600,000 | 5,050,000 | ' |
Liability for Claims and Claims Adjustment Expense, Total | ' | 62,100,000 | 102,000,000 | ' |
Obligation To Former Majority Shareholder | ' | 7,066,000 | 17,792,000 | ' |
Long Term Creditors Claims Recovery Percentage | ' | 75.00% | ' | ' |
Proceeds from Issuance or Sale of Equity, Total | ' | 13,000,000 | ' | ' |
Payments of Stock Issuance Costs | ' | 500,000 | ' | ' |
Claims Payments Including Majority Shareholder | ' | 33,700,000 | ' | ' |
Corporate Overhead [Member] | ' | ' | ' | ' |
Restructuring Reserve | ' | 5,000,000 | ' | ' |
Restructuring Reserve, Period Increase (Decrease) | ' | 11,000,000 | ' | ' |
Decrease in Restructuring Reserve | ' | 800,000 | ' | ' |
Payments for Restructuring | ' | $2,500,000 | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | Mar. 01, 2014 | Mar. 02, 2013 |
Acrued Liquidation Expenses | $1,200,000 | ' |
Valuation Allowance | 59,868,000 | 83,676,000 |
Finite-Lived Trademarks, Gross | 900,000 | 900,000 |
Security Deposit | 1,300,000 | 1,700,000 |
Domestic Tax Authority [Member] | ' | ' |
Operating Loss Carryforwards | 193,700,000 | ' |
Domestic Tax Authority [Member] | Minimum [Member] | ' | ' |
Operating Loss Carryforwards | ' | 162,800,000 |
Domestic Tax Authority [Member] | Maximum [Member] | ' | ' |
Operating Loss Carryforwards | $193,700,000 | ' |
REAL_ESTATE_Details_Textual
REAL ESTATE (Details Textual) (USD $) | Mar. 01, 2014 | Mar. 02, 2013 |
Land, building and building improvements | $157,660,000 | $142,600,000 |
Reorganization Value, Net Realizable Value of Asset Dispositions | $157,700,000 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Mar. 01, 2014 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Pension costs | $2,759 | $4,004 |
Reserves not currently deductible for tax purposes | 66 | 69 |
Net operating loss carry forwards | 79,145 | 70,746 |
Depreciation | 3,490 | 13,124 |
AMT credit | 3,182 | 3,182 |
Accrued expenses | 110 | 4,086 |
Other | 82 | 81 |
Wind-down expenses | 3,954 | 8,752 |
Air right | 3,703 | 3,641 |
Lease claim | 13,934 | 14,439 |
Store closing cost | 0 | 2,650 |
Total deferred tax assets | 110,425 | 124,774 |
Valuation Allowance | -59,868 | -83,676 |
Deferred tax asset after valuation allowance | 50,557 | 41,098 |
Deferred tax liabilities: | ' | ' |
Intangibles | -156 | -356 |
Write up of owned real estate | -50,401 | -40,742 |
Total deferred tax liabilities | -50,557 | -41,098 |
Net deferred tax assets | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Mar. 01, 2014 | Mar. 02, 2013 | |
Valuation Allowance | $59,868,000 | $83,676,000 |
Valuation allowance reduced | 59,900,000 | 23,800,000 |
State and Local Jurisdiction [Member] | ' | ' |
Operating Loss Carryforwards | 216,200,000 | ' |
Operating Loss Carryforward Expiration Year | '2033 | ' |
Federal [Member] | ' | ' |
Operating Loss Carryforwards | $193,700,000 | ' |
Operating Loss Carryforward Expiration Year | '2033 | ' |
PENSION_AND_PROFIT_SHARING_PLA2
PENSION AND PROFIT SHARING PLANS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
CHANGE IN BENEFIT OBLIGATION: | ' | ' |
Net benefit obligation - beginning of period | $11,514 | $11,217 |
Interest cost | 611 | 556 |
Actuarial return (loss) | 456 | -821 |
Gross benefits received | 615 | 562 |
Net benefit obligation - end of period | 13,196 | 11,514 |
CHANGE IN PLAN ASSETS: | ' | ' |
Fair value of plan assets - beginning of period | 8,737 | 8,094 |
Employer contributions | 868 | 685 |
Gross benefits paid | -615 | -562 |
Actual return on plan assets | 858 | 520 |
Fair value of plan assets - end of period | 9,848 | 8,737 |
Funded Status at end of year | ($3,348) | ($2,777) |
PENSION_AND_PROFIT_SHARING_PLA3
PENSION AND PROFIT SHARING PLANS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
COMPONENTS OF NET PERIODIC COST: | ' | ' |
Interest cost | $611 | $556 |
Loss of assets | -858 | -520 |
Amortization of loss | 597 | 204 |
Net periodic cost | $350 | $240 |
WEIGHTED-AVERAGE ASSUMPTION USED: | ' | ' |
Discount rate | 5.00% | 5.00% |
Rate of compensation increase | 0.00% | 0.00% |
PENSION_AND_PROFIT_SHARING_PLA4
PENSION AND PROFIT SHARING PLANS (Details 2) (USD $) | Mar. 01, 2014 |
In Thousands, unless otherwise specified | |
2014 | $630 |
2015 | 364 |
2016 | 498 |
2017 | 327 |
2018 | 828 |
2019-2023 | $3,282 |
PENSION_AND_PROFIT_SHARING_PLA5
PENSION AND PROFIT SHARING PLANS (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Feb. 25, 2012 |
Fair Value | $9,848 | $8,737 | $8,094 |
Percentage of Plan Assets | 100.00% | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Asset Allocation Minimum | 0.00% | ' | ' |
Asset Allocation Maximum | 10.00% | ' | ' |
Fair Value | 295 | ' | ' |
Percentage of Plan Assets | 3.00% | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Asset Allocation Minimum | 30.00% | ' | ' |
Asset Allocation Maximum | 50.00% | ' | ' |
Fair Value | 4,333 | ' | ' |
Percentage of Plan Assets | 44.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Asset Allocation Minimum | 35.00% | ' | ' |
Asset Allocation Maximum | 55.00% | ' | ' |
Fair Value | 4,333 | ' | ' |
Percentage of Plan Assets | 44.00% | ' | ' |
Alternative Investment [Member] | ' | ' | ' |
Asset Allocation Minimum | 5.00% | ' | ' |
Asset Allocation Maximum | 25.00% | ' | ' |
Fair Value | $887 | ' | ' |
Percentage of Plan Assets | 9.00% | ' | ' |
PENSION_AND_PROFIT_SHARING_PLA6
PENSION AND PROFIT SHARING PLANS (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 27, 2012 | Mar. 01, 2014 | Mar. 02, 2013 |
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period | $15 | $3.50 | $5.50 |
Multiemployer Plans, Withdrawal Obligation | ' | ' | 6.9 |
Multiemployer Plans, Accumulated Benefit Obligation | ' | 5.3 | 6.9 |
Syms Plan Minimum Contrbution | ' | 1.7 | ' |
Multiemployer Plans, Pension [Member] | ' | ' | ' |
Multiemployer Plans, Minimum Contribution | ' | $1.60 | ' |
COMMITMENTS_Details_Textual
COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Operating Leases, Rent Expense | $37.30 | $44.60 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 02, 2013 |
Options Outstanding - beginning of year | 98 |
Options Exercised | 0 |
Options Cancelled | -98 |
Options Outstanding - end of year | 0 |
Options exercisable at year end | 0 |
Weighted Average Exercise Price Outstanding - beginning of year | $15.01 |
Weighted Average Exercise Price Exercised | $0 |
Weighted Average Exercise Price Cancelled | ($15.01) |
Weighted Average Exercise Price Outstanding - end of year | $0 |
Weighted Average Exercise Price Options exercisable at year end | $0 |
STOCK_BASED_COMPENSATION_Detai1
STOCK BASED COMPENSATION (Details 1) (USD $) | 12 Months Ended |
Mar. 01, 2014 | |
Non-vested at beginning of period, shares | 0 |
Granted RSUs, shares | 326,000 |
Vested, shares | -250,000 |
Non-vested at end of period, shares | 76,000 |
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period | $0 |
Weighted Average Fair Value at Grant Date, Granted RSUs | $5.35 |
Weighted Average Fair Value at Grant Date, Vested | $5 |
Weighted Average Fair Value at Grant Date, Non-vested at end of period | $6.49 |
STOCK_BASED_COMPENSATION_Detai2
STOCK BASED COMPENSATION (Details Textual) (Restricted Stock Units (RSUs) [Member]) | 12 Months Ended |
Mar. 01, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 326,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 01, 2014 | Oct. 01, 2013 | Mar. 02, 2013 |
Related Party Transaction, Amounts of Transaction | $1.80 | ' | ' |
Due to Officers or Stockholders | ' | ' | 17.8 |
Due to Officers or Stockholders, Current | ' | 10.7 | ' |
Due to Officers or Stockholders, Noncurrent | 7.1 | ' | ' |
Sarbanes Oxley [Member] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | 1.6 | ' | ' |
Pre Sarbanes Oxley Premiums [Member] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $0.20 | ' | ' |
DISPOSITIONS_OF_ASSETS_Details
DISPOSITIONS OF ASSETS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Feb. 25, 2012 |
sqft | sqft | sqft | |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Building Size | 409,000 | 538,000 | 140,000 |
Net Proceeds | $31 | $36.80 | $13.50 |
Southfield, MI [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Short term property | ' |
Building Size | ' | 60,000 | ' |
Net Proceeds | ' | 2.5 | ' |
Date of Sale | ' | '2013-04 | ' |
Marietta, GA [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Short term property | ' |
Building Size | ' | 77,000 | ' |
Net Proceeds | ' | 2.9 | ' |
Date of Sale | ' | '2013-07 | ' |
Ft. Lauderdale, FL [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Short term property | ' |
Building Size | ' | 55,000 | ' |
Net Proceeds | ' | 1.9 | ' |
Date of Sale | ' | '2013-08 | ' |
Elmsford, NY [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Medium term property | ' |
Building Size | ' | 59,000 | ' |
Net Proceeds | ' | 22 | ' |
Date of Sale | ' | '2013-08 | ' |
Cherry Hill, NJ [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Short term property | ' |
Building Size | ' | 150,000 | ' |
Net Proceeds | ' | 4.5 | ' |
Date of Sale | ' | '2013-09 | ' |
Addison, IL [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Short term property | ' |
Building Size | ' | 68,000 | ' |
Net Proceeds | ' | 1.9 | ' |
Date of Sale | ' | '2013-12 | ' |
Norcross, GA [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | 'Short term property | ' |
Building Size | ' | 69,000 | ' |
Net Proceeds | ' | 1.1 | ' |
Date of Sale | ' | '2014-02 | ' |
Miami, FL [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | ' | 'Short term property |
Building Size | ' | ' | 53,000 |
Net Proceeds | ' | ' | 4.1 |
Date of Sale | ' | ' | '2012-09 |
Houston, TX [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | ' | 'Short term property |
Building Size | ' | ' | 42,000 |
Net Proceeds | ' | ' | 3.6 |
Date of Sale | ' | ' | '2012-11 |
Fairfield, CT [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | ' | 'Short term property |
Building Size | ' | ' | 43,000 |
Net Proceeds | ' | ' | 5.5 |
Date of Sale | ' | ' | '2012-12 |
Secaucus, NJ Condo [Member] | ' | ' | ' |
Dispositions Of Assets [Line Items] | ' | ' | ' |
Type of Property | ' | ' | 'Short term property |
Building Size | ' | ' | 2,000 |
Net Proceeds | ' | ' | $0.30 |
Date of Sale | ' | ' | '2013-01 |
DISPOSITIONS_OF_ASSETS_Details1
DISPOSITIONS OF ASSETS (Details Textual) (Marietta, GA [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Marietta, GA [Member] | ' |
Dispositions Of Assets [Line Items] | ' |
Final Settlement Value Received On Disposition Of Assets | $0.90 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Feb. 25, 2012 | |
sqft | sqft | sqft | ||
Subsequent Event [Line Items] | ' | ' | ' | |
Building Size | 409,000 | 538,000 | 140,000 | |
Net Proceeds | $31 | $36.80 | $13.50 | |
Berwyn, PA [Member] | ' | ' | ' | |
Subsequent Event [Line Items] | ' | ' | ' | |
Type of Property | 'Short term property | ' | ' | |
Building Size | 69,000 | ' | ' | |
Net Proceeds | 3 | ' | ' | |
Date of Sale | '2014-04 | ' | ' | |
Secaucus, NJ [Member] | ' | ' | ' | |
Subsequent Event [Line Items] | ' | ' | ' | |
Type of Property | 'Short term property | [1] | ' | ' |
Building Size | 340,000 | [1] | ' | ' |
Net Proceeds | $28 | [1] | ' | ' |
Date of Sale | '2014-05 | [1] | ' | ' |
[1] | On May 20, 2014, the Company closed on the sale of the Secaucus Lease to ASG. See Item 3, Legal Proceedings, for additional information. |