Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Nov. 29, 2014 | Jan. 13, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 29-Nov-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Trinity Place Holdings Inc. | |
Entity Central Index Key | 724742 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | TPHS | |
Entity Common Stock, Shares Outstanding | 20,016,428 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 |
Net Assets (liquidation basis) available to common shareholders | $86,607 | $87,785 | $88,482 |
Adjustment to fair value of assets and liabilities | 61 | -53 | -23 |
Adjustment to accrued costs of liquidation | 896 | -1,125 | -674 |
Subtotal | 957 | -1,178 | -697 |
Net Assets (liquidation basis) available to common shareholders | $87,564 | $86,607 | $87,785 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF NET ASSETS (USD $) | Nov. 29, 2014 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $8,152 | $9,663 |
Restricted cash | 8,472 | 5,600 |
Receivables | 33 | 209 |
Other assets | 1,117 | 2,246 |
Real estate, including air rights | 123,000 | 157,660 |
TOTAL ASSETS | 140,774 | 175,378 |
LIABILITIES | ||
Accounts payable | 1,550 | 6,578 |
Accrued expenses | 9,807 | 18,018 |
Accrued liquidation costs | 9,878 | 17,912 |
Other liabilities, primarily lease settlement costs | 24,909 | 37,322 |
Obligation to former majority shareholder | 7,066 | 7,066 |
TOTAL LIABILITIES | 53,210 | 86,896 |
Net assets (liquidation basis) available to common shareholders | $87,564 | $88,482 |
The_Company
The Company | 9 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
The Company | Note 1 – The Company | |||||||||||
As further described below, the predecessor to Trinity Place Holdings Inc. (“Trinity” or the “Company”), Syms Corp. (“Syms”), together with its subsidiaries (the “Debtors”), filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (“Bankruptcy Code” or “Chapter 11”) in the United States Bankruptcy Court for the District of Delaware (the “Court”) on November 2, 2011. On August 30, 2012, the Court entered an order confirming the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and its Subsidiaries (the “Plan”). On September 14, 2012, the Plan became effective and the Debtors consummated their reorganization under Chapter 11 through a series of transactions contemplated by the Plan and emerged from bankruptcy. As part of those transactions, reorganized Syms merged with and into Trinity, with Trinity as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). | ||||||||||||
Unless otherwise noted, references to the “Company”, “we” and “our” relate to Syms prior to the merger and to Trinity following the merger. The Company’s fiscal year ends on the Saturday closest to the last day of February each year. | ||||||||||||
Overview | ||||||||||||
Trinity owns commercial real estate and a variety of intellectual property assets focused on the consumer sector. Trinity’s business plan includes the monetization of commercial real estate properties and a condominium which it owned as of September 14, 2012, the effective date of the Plan, and the sale or development of 28-42 Trinity Place in Lower Manhattan, referred to as the Trinity Place Property. As described below, the Company has sold a number of its properties since the effective date of the Plan and is undertaking a review of various strategic, developmental and other value-enhancing alternatives for certain of its remaining commercial real estate properties, including the Trinity Place Property. As of November 29, 2014 the Company owned (and continues to own as of January 13, 2015) four properties. | ||||||||||||
Sold Properties | ||||||||||||
Certain information about the properties of the Company that have been sold as of November 29, 2014, including the net proceeds generated by the sold properties, net of brokerage commissions and sales costs, are set forth below: | ||||||||||||
Property Location | Type of Property | Building Size | Net Proceeds | Date of Sale | ||||||||
(estimated | ($ 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 | ||||||||
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 | ||||||||
Berwyn, PA | Short term property | 69,000 | 3 | April, 2014 | ||||||||
Secaucus, NJ | Short term property | 340,000 | 28 | May, 2014 | ||||||||
Williamsville, NY | Short term property | 102,000 | 2.4 | September, 2014 | ||||||||
Total | 1,189,000 | $ | 83.7 | |||||||||
Owned Properties | ||||||||||||
Certain information about the Company’s owned properties is set forth below: | ||||||||||||
Property Location | Building Size | |||||||||||
(estimated | ||||||||||||
square feet) | ||||||||||||
West Palm Beach, FL | 112,000 | |||||||||||
Westbury, NY | 92,000 | |||||||||||
Paramus, NJ | 77,000 | |||||||||||
New York, NY (Trinity Place Property) | 57,000 | * | ||||||||||
Total Square Feet | 338,000 | |||||||||||
*The Trinity Place Property consists of a vacant 6-story commercial building of approximately 57,000 square feet, yielding approximately 174,000 square feet of zoning floor area as-of-right. The Company also has ownership of approximately 60,000 square feet of development rights from adjacent tax lots, one of which is owned in fee by the Company which is improved with a 4-story landmark building which cannot be demolished. | ||||||||||||
The Company is undertaking a review of various strategic, developmental and other value-enhancing alternatives for certain of its commercial real estate properties, including the Trinity Place Property. To date, no specific course of action has been determined. 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. There remains a range of estimated values that may be realized for the Company’s properties. | ||||||||||||
The Company is also exploring the licensing of its intellectual property assets, including its rights to the Filene’s Basement trademark, the Stanley Blacker and Maine Bay brands, and the intellectual property associated with the Running of the Brides event and An Educated Consumer is Our Best Customer slogan. | ||||||||||||
The Company expects to continue evaluating the best way in which to monetize its remaining assets for the benefit of stockholders and creditors. | ||||||||||||
Brokerage Agreements | ||||||||||||
The Company has engaged commercial real estate brokers to coordinate or assist with the sale, rental and/or development of its remaining properties. While terms may vary, the agreements generally provide for commissions ranging from 1% to 3.5% in the case of sales, and 1.5% to 5% of the base rent on the primary term in the case of rentals, payable only upon closing of a sale transaction or execution of a lease agreement, as applicable. | ||||||||||||
Competition | ||||||||||||
The markets in which the Company’s properties are located are inherently competitive. In some of these markets, principally the smaller markets, the Company expects there may be more limited buyer or tenant prospects for the Company’s property, while larger markets may in general offer more attractive supply and demand characteristics to the Company. | ||||||||||||
Competitive factors with respect to the Company’s Trinity Place Property may have a more material effect on the Company as it is the Company’s most valuable real estate asset. Various municipal entities are making and have indicated an intent to continue to make significant investments in the immediate vicinity of the Trinity Place Property in order to continue to support the growth of the neighborhood as a vibrant 24/7 community to work, visit and live. Several privately funded commercial and residential developments are being built or are proposed to take advantage of the increasing desirability of the neighborhood. The impact of these changing supply and demand characteristics is uncertain, and they could positively or negatively impact the Company’s evolving plan to maximize the value of its Trinity Place Property. | ||||||||||||
Company History | ||||||||||||
Prior to filing for bankruptcy, Syms and its wholly-owned subsidiary, Filene’s Basement, LLC (“Filene’s,” “Filene’s, LLC” or “Filene’s Basement”), collectively owned and operated a chain of 46 “off-price” retail stores. | ||||||||||||
Chapter 11 Cases | ||||||||||||
Syms and its subsidiaries filed voluntary petitions for reorganization relief under Chapter 11 in the Court on the petition date and were operating as debtors-in-possession through September 14, 2012, at which time the Plan became effective and reorganized Syms merged with and into Trinity. During the Chapter 11 cases, the Debtors sold their inventory and much of their furniture, fixtures and equipment, ceased retail operations at all of their stores and vacated all their leased retail store and distribution center locations. | ||||||||||||
As of the petition date, the Debtors were lessees under 35 commercial real estate leases. On December 16, 2011, the Court entered an order that approved the Debtors’ proposed procedures for the marketing and disposition of their leases. The lease marketing process resulted in the sale of the Debtors’ interest in, or consensual termination of, certain of the Debtors’ leases. The Debtors rejected several other leases effective as of December 31, 2011. Under the Bankruptcy Code, when a debtor rejects a real estate lease, the rejection is considered a breach that gives rise to a claim for damages resulting from the breach of the lease, which claims are subject to certain caps and limitations imposed by the Bankruptcy Code. | ||||||||||||
Chapter 11 Plan | ||||||||||||
On August 30, 2012, the Court entered an order confirming the Plan, and the Plan became effective on September 14, 2012. Upon the effective date of the Plan and pursuant to its terms, Syms and its subsidiaries were reorganized and, subject to the obligations under the Plan, discharged of all claims. To effect the reorganization, Syms was reincorporated in Delaware by way of a merger with and into Trinity. As a result of the merger, each share of Syms was converted into one share of Trinity. Under the Plan, Trinity will attempt to monetize its real estate assets over time in a manner intended to maximize their value for the benefit of creditors and shareholders, as further described below. Under the Plan, Syms creditors holding Allowed Claims (as defined in the Plan) are entitled to payment of those claims in full. The Plan also provides for Filene’s, LLC creditors to receive recoveries from the monetization of certain of Trinity’s assets. Filene’s, LLC Class 4A General Unsecured (Short-Term) creditors holding Allowed Claims are entitled to payment in full and Filene’s, LLC Class 5A (Long-Term) creditors holding Allowed Claims are entitled to a recovery of 75% on their claims. | ||||||||||||
Claims Payment Process | ||||||||||||
The Company is in the process of reconciling, objecting to and resolving various claims associated with the discharge of liabilities pursuant to the Plan. During the period from the effective date of the Plan through March 2, 2013, the Company’s first fiscal year-end following emergence from Chapter 11, the Company paid approximately $26.2 million to holders of Allowed Claims as defined in and in accordance with the Plan. During the fiscal year ended March 1, 2014, the Company made additional cash payments to holders of Allowed Claims, together with other payments required under the Plan, including to the former Majority Shareholder, in an aggregate amount of approximately $33.7 million. The Company made payments of an additional $22.5 million through the thirty-nine weeks ended November 29, 2014 and subsequently an additional $7.5 million through December 31, 2014, representing total payments of approximately $89.9 million since emergence. | ||||||||||||
The Company expects to pay additional Syms and Filene’s Class 3 Convenience Claims, Syms Class 4 General Unsecured Claims and Filene’s Class 4 General Unsecured (Short-Term Claims), and Filene’s Class 5 (General Unsecured (Long Term) Claims) out of Net Proceeds (as defined in the Plan) as they become Allowed Claims in accordance with the terms of the Plan. As of January 13, 2015, based on the reconciliation work to date and the payments made as described above, the Company believes that the remaining estimated aggregate allowed amount of creditor claims, together with the net amount due to the former Majority Shareholder, is between $37 million and $39 million. Because holders of Allowed Filene’s, LLC Class 5A (General Unsecured (Long-Term) Claims) (as defined in the Plan) are entitled to a 75% recovery, the remaining estimated aggregate amount of cash distributions to creditors, the former Majority Shareholder and the multiemployer pension plan (payable through 2019) under the Plan is estimated between $32 million and $35 million. | ||||||||||||
The Plan and the Company’s certificate of incorporation provide that if the holders of Allowed Filene’s Class 4 (General Unsecured (Short-Term) Claims) and Class 5 (General Unsecured (Long-Term) Claims), as defined in the Plan, are not paid their full distributions under the Plan by October 1, 2014 (the “Creditor Payment Date”), then, subject to the extension of the Creditor Payment Date to April 1, 2015 under certain circumstances, the director designated by the holder of the Series A preferred stock (the “Series A Director”) will be entitled to direct the sale process for any remaining “Near-Term Properties” or “Medium-Term Properties,” each as defined in the Plan, pursuant to a commercially reasonable process consistent with maximizing the value of those properties. | ||||||||||||
The payments through September 30, 2014 constituted the full distributions payable to the holders of the Allowed Syms and Filene’s Class 3 (Convenience Claims) Creditors and the Allowed Syms General Unsecured and Filene’s General Unsecured (Short-Term) Creditors in Syms and Filene’s Class 4, respectively, the Syms Class 5 Union Pension Plan, and the Filene’s Class 5 (General Unsecured (Long Term) Claims), all as defined in the Plan. As a result, the Series A Director did not acquire control of the sale process of the Company’s remaining unsold “Near-Term Properties” and “Medium-Term Properties,” as defined in the Plan. Additionally, at a meeting of the Board of Directors of the Company held on September 24, 2014, the Creditor Payment Date was extended to April 1, 2015 in accordance with the terms of the Company’s certificate of incorporation and the Plan. | ||||||||||||
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 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 Plan and the Company’s certificate of incorporation also provide that if there has not been a General Unsecured Claim Satisfaction, as defined in the Plan, by October 1, 2016, then the size of the Board of Directors shall automatically increase to nine members, seven of which are to be elected by the holder of the Series A preferred stock. If a General Unsecured Claim Satisfaction has occurred but the required payments to the former Majority Shareholder have not been made in full by October 16, 2016, then the size of the Board of Directors will automatically be adjusted to four members, three of whom would be elected by the former Majority Shareholder. In each case, the Board of Directors will remain controlled by the holder of the Series A preferred stock or the former Majority Shareholder, as applicable, until the required payments are made. | ||||||||||||
Rights Offering and Redemption of Former Majority Shareholder | ||||||||||||
In connection with the Plan, Syms entered into an Equity Commitment Agreement, (the “ECA”), among (i) Syms, (ii) Marcy Syms, (iii) the Laura Merns Living Trust, (iv) the Marcy Syms Revocable Living Trust (together with Marcy Syms and the Laura Merns Living Trust, the “former Majority Shareholder”) and (v) certain members of the Official Committee of Syms Equity Security Holders and their affiliates, referred to as the Backstop Parties. The ECA provided that, pursuant to and upon the effective date of the Plan, the former Majority Shareholder would sell all of its shares of Syms common stock to Syms at a price of $2.49 per share. Accordingly, 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. Payment for the shares will be made to the former Majority Shareholder in accordance with the Plan as the Company’s real estate assets are monetized. The net amount due to the former Majority Shareholder was initially $17.8 million and was included as a liability on the Company’s Consolidated Statement of Net Assets as of March 2, 2013. On October 1, 2013, the Company met its Plan obligation to pay the former Majority Shareholder $10.7 million of that amount and has a remaining obligation to former Majority Shareholder on the Company’s Consolidated Statements of Net Assets as of November 29, 2014 and March 1, 2014 of $7.1 million, which is included in the estimated remaining distributions to creditors. | ||||||||||||
Under the terms of the Plan, the Company is restricted from making any distributions, dividends or redemptions on its common stock until after the former Majority Shareholder payments are made in full. The certificate of incorporation of the Company provides for a share of Series B preferred stock owned by the former Majority Shareholder and entitling the former 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 that and conditional upon the General Unsecured Claim Satisfaction having occurred. | ||||||||||||
In connection with the ECA and pursuant to the Plan, Syms conducted a rights offering in which it offered to sell to all existing shareholders, other than the former Majority Shareholder, who qualified as “accredited investors” within the meaning of Regulation D under the Securities Act of 1933 as amended (the “Securities Act”), the right to purchase their pro rata portion of 10,040,160 new shares of the Company’s common stock (the “Rights Offering”). | ||||||||||||
The foregoing descriptions of certain transactions, payments and other matters contemplated by the Plan are summaries only and do not purport to be complete and are qualified in all respects by the actual provisions of the Plan and related documents. | ||||||||||||
Operating Reserves | ||||||||||||
Under the Plan, the Company’s corporate budget is composed of certain operating reserves to fund working capital and the Company’s operations. Pursuant to the Plan, these reserves were initially funded from the proceeds realized by the Company from the sale of assets, settlements or any other sources in the first year following the Plan’s effective date on September 14, 2012. For the two year period from September 14, 2012 through September 13, 2014, the amounts to be funded and used in these reserves were set under the Plan as follows: (i) a corporate overhead reserve of $5.0 million in the aggregate, (ii) a $3.8 million pension fund reserve (of which $2.0 million is to fund the minimum annual payments due under the Syms pension plan and $1.8 million is to fund the minimum quarterly payments due to Local 1102 for the allowed amount of the claims for pension withdrawal liability), (iii) a carry cost/repair/tenant improvement reserve of $9.0 million in the aggregate, and (iv) a reserve for carry costs of the Trinity Place Property of $3.0 million in the aggregate. Subsequent to September 14, 2014, additional amounts are to be funded to those four reserves plus a discretionary reserve and an emergency fund reserve of $0.5 million each. | ||||||||||||
The Company’s $5 million corporate overhead reserve initially contemplated by the Plan was depleted prior to the end of the two-year period following the Plan effective date, primarily due to greater than expected professional fees. In January 2014, the holder of the Company’s Series A Preferred Stock, which has the sole authority to approve an increase in the operating reserves, consented to an increase in 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 available cash will count toward and be reimbursed from the increased corporate overhead reserve following receipt of net cash proceeds from future property sales. | ||||||||||||
Under the Plan, the consent of the holder of the Series A preferred stock is required for an increase in the aggregate cap for any reserve and the use of funds in a reserve for expenses designated to be paid from another reserve, except that, (i) by a majority vote of the Board of Directors, amounts in the corporate overhead reserve may be reallocated to the carry cost/repair/tenant improvement reserve and (ii) by a majority vote of the Board of Directors, and with the consent of the “Independent Director,” as described in the Plan, amounts in the corporate overhead reserve may be reallocated to the Trinity Place Property carry reserve (see Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources, for additional discussion). | ||||||||||||
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |||||||||||||
Nov. 29, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||
Basis of Presentation | Note 2 – Basis of Presentation | |||||||||||||
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. | ||||||||||||||
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 | |||||||||||||
November 29, | Adjustments | March 1, | ||||||||||||
Estimated Costs of Liquidation | 2014 | to Reserves | Payments | 2014 | ||||||||||
Real estate related carrying costs | $ | 4,658 | $ | -1,800 | $ | -4,503 | $ | 10,961 | ||||||
Professional fees | 3,546 | $ | 2,724 | $ | -2,844 | 3,666 | ||||||||
Payroll related costs | 1,594 | $ | 352 | $ | -1,475 | 2,717 | ||||||||
Other | 80 | $ | -373 | $ | -115 | 568 | ||||||||
$ | 9,878 | $ | 903 | $ | -8,937 | $ | 17,912 | |||||||
The assumptions underlying the estimated accrued costs of liquidation of $9.9 million as of November 29, 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 is currently anticipated to conclude by July 2015. | ||||||||||||||
The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the thirty-nine week period ended November 29, 2014: | ||||||||||||||
Adjustments to decrease the reserve for real estate related carrying costs of approximately $1.8 million were recorded during the thirty-nine weeks ended November 29, 2014. The adjustments were mainly the result of estimated selling expenses for the Trinity Place Property and the actual selling expenses related to the sale of the Secaucus Lease. | ||||||||||||||
Adjustments to increase the reserve for professional fees of approximately $2.7 million were recorded during the thirty-nine week period ended November 29, 2014. The majority of the increase reflects the increased costs resulting from the complexities of litigation related to the bankruptcy cases. | ||||||||||||||
Adjustments to 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 thirty-nine week period ended November 29, 2014 (in thousands): | ||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 2, 2014 | |||||||||||||
through | ||||||||||||||
November 29, 2014 | ||||||||||||||
Adjust real estate to estimated net realizable value | $ | 25 | ||||||||||||
Adjust other claims to net realizable value | -40 | |||||||||||||
$ | -15 | |||||||||||||
The following discussion explains the adjustments to the fair value of assets and liabilities under the liquidation basis of accounting as recorded during the thirty-nine weeks ended November 29, 2014: | ||||||||||||||
During the thirty-nine weeks ended November 29, 2014, there was an increase of approximately $14,000 related to other claims payouts as the Company continues its reconciliation of claims as well as an additional $26,000 of costs related to the sale of common stock in the prior fiscal year. | ||||||||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Nov. 29, 2014 | |
New Accounting Pronouncements and Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | Note 3 – New Accounting Pronouncements |
There are no proposed or recently issued accounting standards that are expected to have a material impact on the Company. | |
Financial_Position
Financial Position | 9 Months Ended |
Nov. 29, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Position | Note 4 – Financial Position |
As of November 29, 2014, the Company had total cash of $16.6 million, of which approximately $8.1 million was cash and cash equivalents and approximately $8.5 million was restricted cash. As of March 1, 2014, the Company had total cash of $15.3 million, of which approximately $9.7 million was cash and cash equivalents and approximately $5.6 million was restricted cash. The change in total cash during the period was primarily from the payment of Allowed Claims in accordance with the terms of the Plan, professional fees related to the Chapter 11 cases, the sales of properties, and the daily operations of the Company. | |
The Company has estimated claims liabilities recorded in its consolidated financial statements of approximately $39.7 million and $62.1 million at November 29, 2014 and March 1, 2014, respectively. The claims liability includes the obligation to former Majority Shareholder of approximately $7.1 million at November 29, 2014 and March 1, 2014 (see Note 9 - Related Party Transactions), and a liability for the multi-employer pension plan of approximately $4.2 million and $5.3 million at November 29, 2014 and March 1, 2014, respectively, which is payable in quarterly distributions of $0.2 million until completely paid (see Note 6 - Pension Plan). | |
For a discussion of the Company’s payment of claims and the extension of the creditor payment date, see the discussion in the Claims Payment Process section in Note 1. | |
The Company believes that it would be able to fund its operations through net cash proceeds generated 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 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 year 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, among other things, 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 will have the cash necessary to satisfy its required claims distributions and operating activities as contemplated by the plan. On December 31, 2014, the Company filed a motion (the “Motion”) with the Court to approve, among other things, a proposed loan facility. For more information on the Motion, see Note 10 - Subsequent Events as well as the Current Report Form 8-K filed by the Company on December 31, 2014, which attaches a copy of the Motion, including the proposed loan facility and charter amendment, as Exhibit 10.1 thereto. | |
Other_Assets
Other Assets | 9 Months Ended |
Nov. 29, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 5 – Other Assets |
Other assets include trademark license intangibles, with a balance of $0.9 million as of November 29, 2014 and March 1, 2014, and security deposits with a balance of $0.2 million and $1.3 million as of November 29, 2014 and March 1, 2014, respectively. | |
Pension_Plan
Pension Plan | 9 Months Ended |
Nov. 29, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan | Note 6 – 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 November 29, 2014 and March 1, 2014, the Company had a recorded liability of $2.8 million and $3.5 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 would take over the plan. On February 27, 2012, Syms 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, Syms elected not to terminate the plan in a distress termination and formally notified the PBGC of this decision. The Company will maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; provided, however, that the Company may terminate the Syms pension plan from and after January 1, 2017. In the event that the Company terminates the Syms pension plan, the Company intends that any such termination shall be a standard termination. 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. | |
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 the Employee Retirement Income Security Act of 1974. Consequently, the Company is subject to the payment of a withdrawal liability to these pension funds. The Company had a recorded liability of $4.2 million and $5.3 million which is reflected in accrued expenses as of November 29, 2014 and March 1, 2014, respectively, and is included as part of the net claims distribution. The Company is required to make quarterly distributions in the amount of $0.2 million until this liability is completely paid to the multiemployer plan. | |
In accordance with minimum funding requirements and court ordered allowed claims distributions, the Company paid approximately $2.4 million to the Syms sponsored plan and approximately $2.8 million to the multiemployer plans from September 17, 2012 through November 29, 2014 of which $0.7 million and $1.2 million were funded during the thirty-nine weeks ended November 29, 2014 to the Syms sponsored plan and to the multiemployer plans, respectively. | |
Contingencies
Contingencies | 9 Months Ended |
Nov. 29, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 7 – Contingencies |
The Company is a party to routine litigation incidental to its former 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. Based on advice of counsel and available information and taking into account accruals where they have been established, management currently believes that any liabilities ultimately resulting from this routine litigation will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position or net assets (liquidation basis). | |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 29, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes |
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 net operating loss carry forwards (“NOLs”). Accordingly, it is not appropriate to record a separate deferred tax asset on the same NOLs. 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 values of the Company’s real estate during the fiscal year ended March 1, 2014 and decreased by $1.4 million during the thirty-nine weeks ended November 29, 2014 to $58.5 million. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Nov. 29, 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 former 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 November 29, 2014 and March 1, 2014, the value of these premiums was recorded as an offset against the payment due under the Plan to the former Majority Shareholder on account of the redemption of the former Majority Shareholder’s shares of Syms common stock. 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 former Majority Shareholder recorded on its Consolidated Statements of Net Assets as of November 29, 2014 and 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 November 29, 2014 and March 1, 2014. | |
Subsequent_Events
Subsequent Events | 9 Months Ended | ||
Nov. 29, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events | Note 10 – Subsequent Events | ||
Payment of Claims | |||
In accordance with the Plan, the Company made additional payments through December 31, 2014 that constituted the full distributions payable to the then presently Allowed Claims (as defined in the Plan) to the holders of Syms Class 2B and Filene’s Class 4, as defined in the Plan, in an aggregate amount of approximately $7.5 million, of which payments were made from the Company’s restricted cash balance as reported for the fiscal period ended November 29, 2014. | |||
Motion filed with Bankruptcy Court | |||
On December 31, 2014, the Company filed a motion (the “Motion”) with the Court seeking the following from the Court: | |||
· | authority to enter into a $40 million loan facility, with the option if certain conditions are met, to add additional term loans not to exceed $10 million to be provided by Sterling National Bank and Israel Discount Bank of New York and secured by the Trinity Place Property; | ||
· | authority to develop, sell or otherwise transfer the Syms Owned Real Estate in whole or in part (as such term is defined in the Plan), including the Trinity Place Property, pursuant to the Plan and Findings of Fact, Conclusions of Law and Order Confirming the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries (the “Confirmation Order”); | ||
· | authority to amend the certificate of incorporation of the Company to preserve the NOLs by virtue of certain restrictions on transfers of stock and stock ownership that may otherwise result in limitations on the NOLs; | ||
· | confirmation that no mortgage recording, transfer, or similar taxes that may otherwise be incurred due to the transfer of any interest in Syms Owned Real Estate shall be due pursuant to section 1146 of Chapter 11 of the United States Code and the Confirmation Order. | ||
The hearing on the Motion is scheduled for January 21, 2015. For more information on the Motion, see the Current Report on Form 8-K filed by the Company on December 31, 2014, which attaches a copy of the Motion, including the proposed loan facility and charter amendment, as Exhibit 10.1 thereto. | |||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | |||||||||||||
Nov. 29, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||
Liquidation Basis of Accounting | 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. | ||||||||||||||
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 | |||||||||||||
November 29, | Adjustments | March 1, | ||||||||||||
Estimated Costs of Liquidation | 2014 | to Reserves | Payments | 2014 | ||||||||||
Real estate related carrying costs | $ | 4,658 | $ | -1,800 | $ | -4,503 | $ | 10,961 | ||||||
Professional fees | 3,546 | $ | 2,724 | $ | -2,844 | 3,666 | ||||||||
Payroll related costs | 1,594 | $ | 352 | $ | -1,475 | 2,717 | ||||||||
Other | 80 | $ | -373 | $ | -115 | 568 | ||||||||
$ | 9,878 | $ | 903 | $ | -8,937 | $ | 17,912 | |||||||
The assumptions underlying the estimated accrued costs of liquidation of $9.9 million as of November 29, 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 is currently anticipated to conclude by July 2015. | ||||||||||||||
The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the thirty-nine week period ended November 29, 2014: | ||||||||||||||
Adjustments to decrease the reserve for real estate related carrying costs of approximately $1.8 million were recorded during the thirty-nine weeks ended November 29, 2014. The adjustments were mainly the result of estimated selling expenses for the Trinity Place Property and the actual selling expenses related to the sale of the Secaucus Lease. | ||||||||||||||
Adjustments to increase the reserve for professional fees of approximately $2.7 million were recorded during the thirty-nine week period ended November 29, 2014. The majority of the increase reflects the increased costs resulting from the complexities of litigation related to the bankruptcy cases. | ||||||||||||||
Adjustments to Fair Value of Assets and Liabilities | Adjustments to 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 thirty-nine week period ended November 29, 2014 (in thousands): | ||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 2, 2014 | |||||||||||||
through | ||||||||||||||
November 29, 2014 | ||||||||||||||
Adjust real estate to estimated net realizable value | $ | 25 | ||||||||||||
Adjust other claims to net realizable value | -40 | |||||||||||||
$ | -15 | |||||||||||||
The following discussion explains the adjustments to the fair value of assets and liabilities under the liquidation basis of accounting as recorded during the thirty-nine weeks ended November 29, 2014: | ||||||||||||||
During the thirty-nine weeks ended November 29, 2014, there was an increase of approximately $14,000 related to other claims payouts as the Company continues its reconciliation of claims as well as an additional $26,000 of costs related to the sale of common stock in the prior fiscal year. | ||||||||||||||
The_Company_Tables
The Company (Tables) | 9 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Schedule Of Sold Properties | Certain information about the properties of the Company that have been sold as of November 29, 2014, including the net proceeds generated by the sold properties, net of brokerage commissions and sales costs, are set forth below: | |||||||||||
Property Location | Type of Property | Building Size | Net Proceeds | Date of Sale | ||||||||
(estimated | ($ 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 | ||||||||
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 | ||||||||
Berwyn, PA | Short term property | 69,000 | 3 | April, 2014 | ||||||||
Secaucus, NJ | Short term property | 340,000 | 28 | May, 2014 | ||||||||
Williamsville, NY | Short term property | 102,000 | 2.4 | September, 2014 | ||||||||
Total | 1,189,000 | $ | 83.7 | |||||||||
Company owned properties | Owned Properties | |||||||||||
Certain information about the Company’s owned properties is set forth below: | ||||||||||||
Property Location | Building Size | |||||||||||
(estimated | ||||||||||||
square feet) | ||||||||||||
West Palm Beach, FL | 112,000 | |||||||||||
Westbury, NY | 92,000 | |||||||||||
Paramus, NJ | 77,000 | |||||||||||
New York, NY (Trinity Place Property) | 57,000 | * | ||||||||||
Total Square Feet | 338,000 | |||||||||||
*The Trinity Place Property consists of a vacant 6-story commercial building of approximately 57,000 square feet, yielding approximately 174,000 square feet of zoning floor area as-of-right. The Company also has ownership of approximately 60,000 square feet of development rights from adjacent tax lots, one of which is owned in fee by the Company which is improved with a 4-story landmark building which cannot be demolished. | ||||||||||||
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 9 Months Ended | |||||||||||||
Nov. 29, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||
Schedule of Estimated Costs of Liquidation | 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 | |||||||||||||
November 29, | Adjustments | March 1, | ||||||||||||
Estimated Costs of Liquidation | 2014 | to Reserves | Payments | 2014 | ||||||||||
Real estate related carrying costs | $ | 4,658 | $ | -1,800 | $ | -4,503 | $ | 10,961 | ||||||
Professional fees | 3,546 | $ | 2,724 | $ | -2,844 | 3,666 | ||||||||
Payroll related costs | 1,594 | $ | 352 | $ | -1,475 | 2,717 | ||||||||
Other | 80 | $ | -373 | $ | -115 | 568 | ||||||||
$ | 9,878 | $ | 903 | $ | -8,937 | $ | 17,912 | |||||||
Schedule Of Adjustments Of Assets and Liabilities To Net Realizable Value | The following table summarizes adjustments to the fair value of assets and liabilities under the liquidation basis of accounting during the thirty-nine week period ended November 29, 2014 (in thousands): | |||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 2, 2014 | |||||||||||||
through | ||||||||||||||
November 29, 2014 | ||||||||||||||
Adjust real estate to estimated net realizable value | $ | 25 | ||||||||||||
Adjust other claims to net realizable value | -40 | |||||||||||||
$ | -15 | |||||||||||||
The_Company_Details
The Company (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 29, 2014 |
sqft | |
Building Size | 1,189,000 |
Net Proceeds | $83.70 |
Miami, FL [Member] | Short term property [Member] | |
Building Size | 53,000 |
Net Proceeds | 4.1 |
Date of Sale | 30-Sep-12 |
Houston, TX [Member] | Short term property [Member] | |
Building Size | 42,000 |
Net Proceeds | 3.6 |
Date of Sale | 30-Nov-12 |
Fairfield, CT [Member] | Short term property [Member] | |
Building Size | 43,000 |
Net Proceeds | 5.5 |
Date of Sale | 31-Dec-12 |
Secaucus, NJ Condo [Member] | Short term property [Member] | |
Building Size | 2,000 |
Net Proceeds | 0.3 |
Date of Sale | 31-Jan-13 |
Southfield MI [Member] | Short term property [Member] | |
Building Size | 60,000 |
Net Proceeds | 2.5 |
Date of Sale | 30-Apr-13 |
Marietta, GA [Member] | Short term property [Member] | |
Building Size | 77,000 |
Net Proceeds | 2.9 |
Date of Sale | 31-Jul-13 |
Ft. Lauderdale [Member] | Short term property [Member] | |
Building Size | 55,000 |
Net Proceeds | 1.9 |
Date of Sale | 31-Aug-13 |
Elmsford, NY [Member] | Medium term property [Member] | |
Building Size | 59,000 |
Net Proceeds | 22 |
Date of Sale | 31-Aug-13 |
Cherry Hill, NJ [Member] | Short term property [Member] | |
Building Size | 150,000 |
Net Proceeds | 4.5 |
Date of Sale | 30-Sep-13 |
Addison, IL [Member] | Short term property [Member] | |
Building Size | 68,000 |
Net Proceeds | 1.9 |
Date of Sale | 31-Dec-13 |
Norcross, GA [Member] | Short term property [Member] | |
Building Size | 69,000 |
Net Proceeds | 1.1 |
Date of Sale | 28-Feb-14 |
Berwyn, PA [Member] | Short term property [Member] | |
Building Size | 69,000 |
Net Proceeds | 3 |
Date of Sale | 30-Apr-14 |
Secaucus, NJ [Member] | Short term property [Member] | |
Building Size | 340,000 |
Net Proceeds | 28 |
Date of Sale | 31-May-14 |
Williamsville, NY [Member] | Short term property [Member] | |
Building Size | 102,000 |
Net Proceeds | $2.40 |
Date of Sale | 30-Sep-14 |
The_Company_Details_1
The Company (Details 1) | Nov. 29, 2014 | |
sqft | ||
Area of Land | 1,189,000 | |
West Palm Beach, FL [Member] | ||
Area of Land | 112,000 | |
Westbury, NY [Member] | ||
Area of Land | 92,000 | |
Paramus, NJ [Member] | ||
Area of Land | 77,000 | |
New York, NY Trinity Place Property [Member] | ||
Area of Land | 57,000 | [1] |
[1] | The Trinity Place Property consists of a vacant 6-story commercial building of approximately 57,000 square feet, yielding approximately 174,000 square feet of zoning floor area as-of-right. The Company also has ownership of approximately 60,000 square feet of development rights from adjacent tax lots, one of which is owned in fee by the Company which is improved with a 4-story landmark building which cannot be demolished. |
The_Company_Details_Textual
The Company (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 10 Months Ended | |||
Oct. 01, 2013 | Sep. 14, 2012 | Aug. 30, 2012 | Nov. 29, 2014 | Mar. 01, 2014 | Mar. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 14, 2014 | |
Long Term Creditors Claims Recovery Percentage | 75.00% | ||||||||
Stock Redeemed or Called During Period, Shares | 7,857,794 | ||||||||
Contractual Obligation, Total | $7,066,000 | $7,066,000 | |||||||
Payments for Repurchase of Equity, Total | 10,700,000 | ||||||||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 7,100,000 | ||||||||
Claims Payments | 22,500,000 | 33,700,000 | 26,200,000 | ||||||
Share Price | $2.49 | ||||||||
Net Obligation To Former Majority Shareholder | 17,800,000 | ||||||||
Corporate Overhead Reserve [Member] | |||||||||
Contractual Obligation, Total | 5,000,000 | ||||||||
Restructuring Reserve | 5,000,000 | ||||||||
Restructuring Reserve, Period Increase (Decrease) | 11,000,000 | ||||||||
Increase (Decrease) in Restructuring Reserve | 800,000 | ||||||||
Payments for Restructuring | 2,500,000 | ||||||||
Pension Fund Reserve [Member] | |||||||||
Restructuring Reserve | 3,800,000 | ||||||||
Pension Fund Reserve [Member] | Syms Pension Plans [Member] | |||||||||
Restructuring Reserve | 2,000,000 | ||||||||
Pension Fund Reserve [Member] | Local 1102 [Member] | |||||||||
Restructuring Reserve | 1,800,000 | ||||||||
Tenant Improvement Reserve [Member] | |||||||||
Restructuring Reserve | 9,000,000 | ||||||||
Emergency Fund Reserve [Member] | |||||||||
Restructuring Reserve | 3,000,000 | ||||||||
Maximum [Member] | |||||||||
Contractual Obligation, Total | 39,000,000 | ||||||||
Estimated Distribution Amount | 35,000,000 | ||||||||
Maximum [Member] | Brokerage Agreement [Member] | |||||||||
Brokerage Commission Sales Percentage | 3.50% | ||||||||
Brokerage Commission Rentals Percentage | 5.00% | ||||||||
Minimum [Member] | |||||||||
Contractual Obligation, Total | 37,000,000 | ||||||||
Estimated Distribution Amount | 32,000,000 | ||||||||
Minimum [Member] | Brokerage Agreement [Member] | |||||||||
Brokerage Commission Sales Percentage | 1.00% | ||||||||
Brokerage Commission Rentals Percentage | 1.50% | ||||||||
Accredited Investors [Member] | |||||||||
Stock Redeemed or Called During Period, Shares | 10,040,160 | ||||||||
Subsequent Event [Member] | |||||||||
Claims Payments | 7,500,000 | 89,900,000 | |||||||
Subsequent Event [Member] | Emergency Fund Reserve [Member] | |||||||||
Restructuring Reserve | $500,000 |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 29, 2014 |
Estimated Costs of Liquidation, Balance March 1, 2014 | $17,912 |
Estimated Costs of Liquidation, Net Payments | -8,937 |
Estimated Costs of Liquidation, Adjustments to Reserves | 903 |
Estimated Costs of Liquidation, Balance November 29,2014 | 9,878 |
Real Estate Related Carrying Costs [Member] | |
Estimated Costs of Liquidation, Balance March 1, 2014 | 10,961 |
Estimated Costs of Liquidation, Net Payments | -4,503 |
Estimated Costs of Liquidation, Adjustments to Reserves | -1,800 |
Estimated Costs of Liquidation, Balance November 29,2014 | 4,658 |
Professional Fees [Member] | |
Estimated Costs of Liquidation, Balance March 1, 2014 | 3,666 |
Estimated Costs of Liquidation, Net Payments | -2,844 |
Estimated Costs of Liquidation, Adjustments to Reserves | 2,724 |
Estimated Costs of Liquidation, Balance November 29,2014 | 3,546 |
Payroll Related Costs [Member] | |
Estimated Costs of Liquidation, Balance March 1, 2014 | 2,717 |
Estimated Costs of Liquidation, Net Payments | -1,475 |
Estimated Costs of Liquidation, Adjustments to Reserves | 352 |
Estimated Costs of Liquidation, Balance November 29,2014 | 1,594 |
Other Credit Derivatives [Member] | |
Estimated Costs of Liquidation, Balance March 1, 2014 | 568 |
Estimated Costs of Liquidation, Net Payments | -115 |
Estimated Costs of Liquidation, Adjustments to Reserves | -373 |
Estimated Costs of Liquidation, Balance November 29,2014 | $80 |
Basis_of_Presentation_Details_
Basis of Presentation (Details 1) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 29, 2014 |
Adjust real estate to estimated net realizable value | $25 |
Adjust other claims to net realizable value | -40 |
Adjustments of Assets and Liabilities to Net Realizable Value | ($15) |
Basis_of_Presentation_Details_1
Basis of Presentation (Details Textual) (USD $) | 9 Months Ended |
Nov. 29, 2014 | |
Accrued cost of liquidation | $9,900,000 |
Adjustment to decrease reserve for real estate carrying costs | 1,800,000 |
Adjustment to increase reserve for Professional Fees | 2,700,000 |
Adjust Estimated Lease Settlement Costs To Net Realizable Value | 14,000 |
Proceeds from Issuance of Common Stock | $26,000 |
Financial_Position_Details_Tex
Financial Position (Details Textual) (USD $) | 12 Months Ended | 9 Months Ended | |
Mar. 02, 2013 | Nov. 29, 2014 | Mar. 01, 2014 | |
Cash | $16,600,000 | $15,300,000 | |
Cash and Cash Equivalents, At Carrying Value | 8,152,000 | 9,663,000 | |
Restricted Cash and Cash Equivalents, Current | 8,472,000 | 5,600,000 | |
Multiemployer Plans, Accumulated Benefit Obligation | 4,200,000 | 5,300,000 | |
Multiemployer Plans, Minimum Contribution | 200,000 | ||
Liability for Claims and Claims Adjustment Expense, Total | 39,700,000 | 62,100,000 | |
Obligation To Former Majority Shareholder | 7,066,000 | 7,066,000 | |
Proceeds from Issuance or Sale of Equity, Total | 13,000,000 | ||
Payments of Stock Issuance Costs | 500,000 | ||
Corporate Overhead [Member] | |||
Restructuring Reserve | 5,000,000 | ||
Restructuring Reserve, Period Increase (Decrease) | 11,000,000 | ||
Increase (Decrease) in Restructuring Reserve | 800,000 | ||
Payments for Restructuring | $2,500,000 |
Other_Assets_Details_Textual
Other Assets (Details Textual) (USD $) | Nov. 29, 2014 | Mar. 01, 2014 |
In Millions, unless otherwise specified | ||
Finite-Lived Trademarks, Net | $0.90 | $0.90 |
Security Deposit | $0.20 | $1.30 |
Pension_Plan_Details_Textual
Pension Plan (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 26 Months Ended |
In Millions, unless otherwise specified | Feb. 27, 2012 | Nov. 29, 2014 | Mar. 01, 2014 | Nov. 29, 2014 |
Defined Benefit Plan, Cost of Providing Special or Contractual Termination Benefits Recognized During Period | $15 | |||
Defined Benefit Pension Plan Minimum Funding Requirements | 2.8 | |||
Multiemployer Plans, Minimum Contribution | 0.2 | 0.2 | ||
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period | 2.8 | 3.5 | ||
Multiemployer Plans, Accumulated Benefit Obligation | 4.2 | 5.3 | 4.2 | |
Multiemployee Plan [Member] | ||||
Multiemployer Plans, Minimum Contribution | 0.7 | 0.7 | ||
Syms Sponsored Plan [Member] | ||||
Defined Benefit Pension Plan Minimum Funding Requirements | 2.4 | |||
Multiemployer Plans, Minimum Contribution | $1.20 | $1.20 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2014 | Mar. 01, 2014 | Mar. 02, 2013 |
Operating Loss Carryforwards, Valuation Allowance, Total | $58.50 | $59.90 | $83.70 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1.40 | $23.80 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Mar. 01, 2014 | Oct. 01, 2013 |
Due to Officers or Stockholders, Current | $10.70 | ||
Due to Officers or Stockholders, Noncurrent | 7.1 | 7.1 | |
Multiemployer Plan [Member] | |||
Related Party Transaction, Amounts of Transaction | 1.8 | ||
Sarbanes Oxley [Member] | Multiemployer Plan [Member] | |||
Related Party Transaction, Amounts of Transaction | 1.6 | ||
Pre Sarbanes Oxley Premiums [Member] | Multiemployer Plan [Member] | |||
Related Party Transaction, Amounts of Transaction | $0.20 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 10 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2014 | Mar. 01, 2014 | Mar. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
Claims Payments | $22.50 | $33.70 | $26.20 | ||
Subsequent Event [Member] | |||||
Claims Payments | $7.50 | $89.90 | |||
Loan Authorization Required From Court | authority to enter into a $40 million loan facility, with the option if certain conditions are met, to add additional term loans not to exceed $10 million to be provided by Sterling National Bank and Israel Discount Bank of New York and secured by the Trinity Place Property; |