Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | 14-May-15 | Aug. 31, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Feb-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TPHS | ||
Entity Common Stock, Shares Outstanding | 20,121,619 | ||
Entity Registrant Name | Trinity Place Holdings Inc. | ||
Entity Central Index Key | 724742 | ||
Current Fiscal Year End Date | -26 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $97,710,000 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (Going Concern Basis Of Accounting [Member], USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Going Concern Basis Of Accounting [Member] | |
ASSETS | |
Real estate, net | $31,121 |
Cash and cash equivalents | 23,870 |
Restricted cash | 21,578 |
Receivables | 90 |
Prepaid expenses and other assets, net | 2,276 |
Total assets | 78,935 |
LIABILITIES | |
Accounts payable and accrued expenses | 10,241 |
Other liabilities, primarily lease settlement liabilites | 16,427 |
Obligation to former majority shareholder | 7,066 |
Loan payable | 40,000 |
Total liabilities | 73,734 |
Commitments and Contingencies | |
SHAREHOLDERS' EQUITY | |
Common stock, $0.01 par value, 80,000 shares authorized; 24,473 issued; and 20,016 outstanding | 245 |
Preferred Stock, 40,000 shares authorized; zero shares issued and outstanding | 0 |
Additional paid-in capital | 45,375 |
Treasury stock (4,457 shares) | -47,166 |
Accumulated other comprehensive loss | -1,476 |
Retained earnings | 8,223 |
Total shareholders' equity | 5,201 |
Total liabilities and shareholders' equity | $78,935 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (Going Concern Basis Of Accounting [Member], USD $) | Feb. 28, 2015 |
Going Concern Basis Of Accounting [Member] | |
Common Stock, Par or Stated Value Per Share | $0.01 |
Common Stock, Shares Authorized | 80,000,000 |
Common Stock, Shares, Issued | 24,473,000 |
Common Stock, Shares, Outstanding | 20,016,000 |
Preferred Stock, Shares Authorized | 40,000,000 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Treasury Stock, Shares | 4,457,000 |
CONSOLIDATED_STATEMENTS_OF_NET
CONSOLIDATED STATEMENTS OF NET ASSETS (Liquidation Basis of Accounting [Member], USD $) | Feb. 09, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | ||
Liquidation Basis of Accounting [Member] | ||
ASSETS | ||
Real estate | $158,000 | $157,660 |
Cash and cash equivalents | 24,496 | 9,663 |
Restricted cash | 21,578 | 5,600 |
Receivables | 5 | 209 |
Other assets | 1,165 | 2,246 |
Total assets | 205,244 | 175,378 |
LIABILITIES | ||
Accounts payable and accrued expenses | 11,234 | 24,596 |
Accrued liquidation costs | 1,272 | 17,912 |
Other liabilities, primarily lease settlement liabilities | 16,427 | 37,322 |
Obligation to former majority shareholder | 7,066 | 7,066 |
Loan payable | 40,000 | 0 |
Total liabilities | 75,999 | 86,896 |
Net assets (liquidation basis) available to common shareholders | $129,245 | $88,482 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 1 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 |
Operating Expenses | |
Interest expense, net | $40 |
Income tax provision | -2 |
Going Concern Basis Of Accounting [Member] | |
Revenues | |
Rental income | 33 |
Expense reimbursements | 10 |
Total Revenues | 43 |
Operating Expenses | |
Property operating expenses | 14 |
Real estate taxes | 12 |
General and administrative | 181 |
Professional Fees | 121 |
Depreciation and amortization | 35 |
Total operating expenses | 363 |
Operating loss | -320 |
Interest expense, net | 40 |
Loss before income tax provision | -360 |
Income tax provision | -2 |
Net loss | ($362) |
Loss per share - basic and diluted | ($0.02) |
Weighted average number of shares - basic and diluted | 20,016 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 09, 2015 | Mar. 01, 2014 |
Liquidation Basis of Accounting [Member] | ||
Net Assets (liquidation basis) available to common shareholders | $88,482 | $24,799 |
Adjustment to fair value of assets and liabilities | 35,922 | 59,511 |
Adjustment to accrued costs of liquidation | 4,841 | -8,872 |
Sale of common stock, net | 13,044 | |
Subtotal | 40,763 | 63,683 |
Net Assets (liquidation basis) available to common shareholders | 129,245 | 88,482 |
Going Concern Basis Of Accounting [Member] | ||
Adjustments relating to the change from the liquidation basis of accounting to the going concern basis of accounting: | ||
Adjustment of real estate and other assets from fair value to historical cost | -122,769 | |
Adjustments to catch up depreciation, amortization and other charges | -4,559 | |
Reversal of previously accrued liquidation costs net of accrued liabilities | 3,368 | |
Net adjustments relating to the change from the liquidation basis of accounting to the going concern basis of accounting | -123,960 | |
Shareholders' equity - February 10, 2015 (going concern basis) | $5,285 |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Going Concern Basis Of Accounting [Member], USD $) | Going Concern Basis Of Accounting [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | USD ($) | Going Concern Basis Of Accounting [Member] | Going Concern Basis Of Accounting [Member] | Going Concern Basis Of Accounting [Member] | Going Concern Basis Of Accounting [Member] | Going Concern Basis Of Accounting [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Feb. 09, 2015 | $5,285 | $245 | ($47,166) | $45,097 | $8,585 | ($1,476) |
Balance (in shares) at Feb. 09, 2015 | 24,473 | -4,457 | ||||
Net loss | -362 | 0 | 0 | 0 | -362 | 0 |
Stock based compensation expense | 278 | 0 | 0 | 278 | 0 | 0 |
Balance at Feb. 28, 2015 | $5,201 | $245 | ($47,166) | $45,375 | $8,223 | ($1,476) |
Balance (in shares) at Feb. 28, 2015 | 24,473 | -4,457 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Going Concern Basis Of Accounting [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
Going Concern Basis Of Accounting [Member] | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss | ($362) |
Adjustments to reconcile net loss to net cash used in operating activities | |
Depreciation and amortization | 35 |
Stock based compensation expense | 278 |
Decrease (increase) in operating assets: | |
Receivables | 9 |
Prepaid expenses and other current assets | -6 |
Decrease in operating liabilities: | |
Accounts payable and accrued expenses | -69 |
Net cash used in operating activities | -115 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
Additions to real estate | -511 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -626 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 24,496 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $23,870 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Feb. 28, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION |
General Business Plan | |
Trinity Place Holdings Inc. (the “Company”) is a real estate holding, investment and asset management company. Its business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Its principal asset is a property located at 28-42 Trinity Place in Lower Manhattan, referred to as the Trinity Place Property. The Company also owns three other commercial real estate assets and controls a variety of intellectual property assets focused on the consumer sector. | |
As described in greater detail below, the predecessor to the Company is Syms Corp. (“Syms”). Syms and 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 the Company, with Trinity Place Holdings Inc. as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Exchange Act. Following a General Unsecured Claim Satisfaction and payment of the subsequent Majority Shareholder payment, as discussed in more detail below, the Company will have satisfied its remaining obligations under the Plan and will no longer operate under the terms and restrictions of the Plan. | |
Since the effective date of the Plan, the Company’s business plan has been focused on the monetization of its commercial real estate properties, including the sale or development of the Trinity Place Property, and the payment of approved claims, all in accordance with the Plan and as described in greater detail below. | |
Throughout this period, the Company undertook a review of various strategic, developmental and other value-enhancing alternatives for certain of its commercial real estate properties, including the Trinity Place Property, and retained advisors, including architects, construction experts and attorneys to assist it in its evaluation and review of cost estimates and monetization strategies. The Company has also explored and continues to explore monetizing its intellectual property assets, including its rights to the Filene’s Basement® trademark and the Stanley Blacker® brand, and the intellectual property associated with the Running of the Brides® event and An Educated Consumer is Our Best Customer® slogan. | |
During the period from the effective date of the Plan through the fiscal year ended February 28, 2015, the Company sold 13 of its properties and the Secaucus condominium. | |
Change in Basis of Accounting | |
In response to the Chapter 11 filing the Company adopted the liquidation basis of accounting effective October 30, 2011. 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. | |
In light of its available cash resources, the estimated range of outstanding payments on unresolved claims, and its ability to operate as a going concern, the Company began reporting under the going concern basis of accounting on February 10, 2015. | |
The Company’s accounting basis reverted 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, this change in accounting basis resulted in a decrease in the reporting basis of the respective assets and liabilities. | |
Amended and Restated Certificate of Incorporation | |
On February 12, 2015, the Company filed an Amended and Restated Certificate of Incorporation (the “Charter Amendment”) with the Secretary of State of the State of Delaware which became effective on that date. The Charter Amendment increased the total number of authorized shares of capital stock of the Company to 120,000,000, composed of 79,999,997 shares of common stock, two (2) shares of preferred stock, one (1) share of special stock and 40,000,000 shares of a new class of blank-check preferred stock; added a new Article Fourteenth (the “Protective Amendment”); and clarifies that the prohibition on distributions to holders of common stock while the Series B preferred stock is outstanding does not restrict the Company from making dividends or distributions solely in the form of common stock or rights to acquire common stock, or rights declared or paid to any class of capital stock. | |
The Protective Amendment is intended to help preserve certain tax benefits primarily associated with the Company’s NOLs. The Protective Amendment generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.75% stockholder, or that would result in the increase or decrease in stock ownership by a person or group of persons that is an existing 4.75% stockholder. Any direct or indirect transfer attempted in violation of the Protective Amendment will be void. The transfer restrictions under the Protective Amendment will not apply to a transfer of shares if the transferor or the transferee obtains the prior written approval of the Board. Any person who desires to effect an otherwise prohibited transaction may, prior to the date of the proposed transaction, submit a request in writing that the Board review and authorize the transaction, following the procedures set forth in the Protective Amendment. | |
The Charter Amendment was adopted in accordance with Section 303 of the General Corporation Law of the State of Delaware and authorized by order of the Bankruptcy Court entered in response to the motion of the Company made on December 31, 2014. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||
Going Concern Basis of Accounting | |||||||||||||||||||||||
a. | Accounting Period - Fiscal 2014 ended on February 28, 2015 and fiscal 2013 ended on March 1, 2014. The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal years ended February 28, 2015 and March 1, 2014 were comprised of 52 weeks. | ||||||||||||||||||||||
b. | Principles of Consolidation - The financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||||
c. | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. | ||||||||||||||||||||||
d. | Reportable Segments - As of February 28, 2015, the Company primarily operated in one reportable segment, commercial real estate. | ||||||||||||||||||||||
e. | Concentrations of Credit Risk – The Company’s consolidated financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has substantially all of its cash and cash equivalents in banks. Such cash balances at times exceed federally-insured limits. The Company has not experienced any losses in such accounts. | ||||||||||||||||||||||
f. | Real Estate - Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacements of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. Depreciation and amortization are determined using the straight-line method over useful lives ranging from 15 to 39 years. | ||||||||||||||||||||||
g. | Real Estate Under Development - The Company capitalizes certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. | ||||||||||||||||||||||
h. | Valuation of Long-Lived Assets – The Company periodically reviews long-lived assets for impairment whenever changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company considers relevant cash flow, management’s strategic plans and significant decreases in the market value of the asset and other available information in assessing whether the carrying value of the assets can be recovered. When such events occur, the Company compares the carrying amount of the assets to the undiscounted expected future cash flows from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. No impairments were recorded during the period from February 10, 2015 to February 28, 2015. | ||||||||||||||||||||||
i. | Trademarks and Customer Lists – Trademarks and customer lists are stated at cost, less accumulated amortization. Amortization is determined using the straight-line method over useful lives of 10 years. | ||||||||||||||||||||||
j. | Fair Value Measurement - The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. | ||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |||||||||||||||||||||||
Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. | |||||||||||||||||||||||
Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||||||||||||||
Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||||
Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |||||||||||||||||||||||
k. | Cash and Cash Equivalents- Cash and cash equivalents include securities with original maturities of three months or less. | ||||||||||||||||||||||
l. | Restricted Cash - Restricted cash represents reserves used to pay operating expenses and claims payments as required under the Plan, as well as required under the loan payable (see Note 10, Loan Payable) in the amount of 9% of the outstanding loan. | ||||||||||||||||||||||
m. | Revenue Recognition and Accounts Receivable - Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. | ||||||||||||||||||||||
The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. | |||||||||||||||||||||||
n. | Leases - Leases which transfer substantially all of the benefits and risks of ownership of property are classified as capital leases. Assets and liabilities are recorded at amounts equal to the present value of the minimum lease payments at the beginning of the lease term. Interest expense relating to the lease liabilities is recorded to affect constant rates of interest over the terms of the leases. Leases which do not transfer substantially all of the benefits and risks of ownership of property are classified as operating leases, and the related rentals are charged to expense on the straight-line method. | ||||||||||||||||||||||
o. | Stock-Based Compensation - The Company has granted stock-based compensation, which is described below in Note 12. The Company accounts for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. | ||||||||||||||||||||||
p. | Income Taxes – The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | ||||||||||||||||||||||
ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of February 28, 2015 and March 1, 2014, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of February 28, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. | |||||||||||||||||||||||
q. | Earnings Per Share Information - The Company presents both basic and diluted earnings (loss) per share. Basic earnings (loss) per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Restricted stock was excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the periods presented. | ||||||||||||||||||||||
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. | Accounting Period - Fiscal 2014 ended on February 28, 2015 and fiscal 2013 ended on March 1, 2014. The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal years ended February 28, 2015 and March 1, 2014 were comprised of 52 weeks. | ||||||||||||||||||||||
b. | 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. | ||||||||||||||||||||||
c. | 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. | ||||||||||||||||||||||
d. | 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. | ||||||||||||||||||||||
e. | 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 February 9, 2015 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 February 9, 2015 are approximately $195.0 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 $89.5 million was recorded through February 9, 2015. | |||||||||||||||||||||||
f. | Use of Estimates – 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. | ||||||||||||||||||||||
g. | Other Assets – Other assets include trademark license intangibles, with a balance of $0.9 million as of February 9, 2015 and March 1, 2014, and security deposits with a balance of $0.1 million and $1.3 million as of February 9, 2015 and March 1, 2014, respectively. | ||||||||||||||||||||||
h. | Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less. | ||||||||||||||||||||||
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 through February 9, 2015 are as follows (in thousands): | |||||||||||||||||||||||
Liquidation Period | |||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||
February 9, | Adjustments | March 1, | Adjustments | March 2, | |||||||||||||||||||
Estimated Costs of Liquidation | 2015 | to Reserves | Payments | 2014 | to Reserves | Payments | 2013 | ||||||||||||||||
Real estate related carrying costs | $ | 259 | $ | -5,119 | $ | -5,583 | $ | 10,961 | $ | 4,404 | $ | -9,096 | $ | 15,653 | |||||||||
Professional fees | 641 | 958 | -3,983 | 3,666 | 2,564 | -3,944 | 5,046 | ||||||||||||||||
Payroll related costs | 372 | -227 | -2,118 | 2,717 | 1,445 | -2,156 | 3,428 | ||||||||||||||||
Other | - | -453 | -115 | 568 | 459 | -251 | 360 | ||||||||||||||||
$ | 1,272 | $ | -4,841 | $ | -11,799 | $ | 17,912 | $ | 8,872 | $ | -15,447 | $ | 24,487 | ||||||||||
The assumptions underlying the estimated accrued costs of liquidation of $1.3 million as of February 9, 2015 contemplated 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 which concluded on February 9, 2015. | |||||||||||||||||||||||
The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the period from March 2, 2014 through February 9, 2015: | |||||||||||||||||||||||
Adjustments to decrease the reserve for real estate related carrying costs of approximately $5.1 million were recorded during the period ended February 9, 2015. The adjustments were mainly the result of reversing the estimated selling expenses and operating expenses for the remaining four properties accrued through the historical anticipated liquidation period of July 2015, as well as the expenses related to the sale of the Secaucus Lease. | |||||||||||||||||||||||
Adjustments to increase the reserve for professional fees of approximately $1.0 million were recorded during the period from March 2, 2014 through February 9, 2015. The majority of the increase reflects the increased costs resulting from the complexities of litigation related to the bankruptcy cases. | |||||||||||||||||||||||
Adjustments to decrease the reserve for payroll and related liquidation expenses of approximately $0.2 million were primarily the result of the reversal of estimated future payroll costs through the historical anticipated liquidation period of July 2015. | |||||||||||||||||||||||
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 were 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 assumed that two of the Company’s properties would be sold or monetized by May 2014 and the remaining five of its properties, including the Trinity Place Property, would 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 litigation related to the bankruptcy case. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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 period from March 2, 2014 through February 9, 2015 and the fiscal year ended March 1, 2014 (in thousands): | |||||||||||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 2, 2014 | March 3, 2013 | |||||||||||||||||||||
through | through | ||||||||||||||||||||||
February 9, | March 1, 2014 | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||
Adjust real estate to estimated net realizable value | $ | 35,025 | $ | 53,685 | |||||||||||||||||||
Adjust estimated lease settlement liabilities to net realizable value | 451 | 4,574 | |||||||||||||||||||||
Adjust pension liability | -1,208 | 1,024 | |||||||||||||||||||||
Adjust other claims to net realizable value | 1,654 | 228 | |||||||||||||||||||||
$ | 35,922 | $ | 59,511 | ||||||||||||||||||||
The following discussion explains the adjustments to the fair value of assets and liabilities under the liquidation basis of accounting as recorded during the period from March 2, 2014 through February 9, 2015: | |||||||||||||||||||||||
Real Estate - The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $35.0 million primarily from an increase in value of the Trinity Place Property. The revised estimates were based on market comparables as well as internally prepared analyses. Based on management’s assessment, an estimated net realizable value of real estate of $158.0 million has been recorded at February 9, 2015. See Note 3 - Real Estate for a discussion on valuation methodology. | |||||||||||||||||||||||
Lease Settlement Liabilities – Lease settlement liabilities have decreased by $0.5 million due to adjustments and cash settlements with the Company’s former landlords. These reductions were mainly the result of the Company’s continued efforts to reconcile and settle its remaining lease claims. | |||||||||||||||||||||||
Pension Liability – This $1.2 million increase in the pension liability represents an increase in the unfunded pension liability of the Syms sponsored defined benefit plan primarily as a result of a change in the mortality and interest rates, partially offset by improved performance of the plan’s assets. | |||||||||||||||||||||||
Other Claims – This represents a decrease in of $1.7 million of various claims pursuant to the final Plan document based on settlement 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 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 Liabilities – Lease settlement liabilities 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. | |||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||
During February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810 “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. ASU No. 2015-02 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |||||||||||||||||||||||
During April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-08 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted for the year ended February 28, 2016. | |||||||||||||||||||||||
REAL_ESTATE_NET
REAL ESTATE, NET | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
REAL ESTATE | NOTE 3 – REAL ESTATE, NET | ||||||||||||
As of February 28, 2015, real estate, net consists of the following: | |||||||||||||
February 28, 2015 | |||||||||||||
(in thousands) | |||||||||||||
Real estate under development | $ | 26,906 | |||||||||||
Buildings and building improvements | 3,580 | ||||||||||||
Land | 2,452 | ||||||||||||
32,938 | |||||||||||||
Less: accumulated depreciation | 1,817 | ||||||||||||
$ | 31,121 | ||||||||||||
Liquidation Basis | |||||||||||||
The estimated net realizable value of owned real estate, including land, building, building improvements and air rights, amounted to $158.0 million and $157.7 million as of February 9, 2015 and March 1, 2014, respectively. While $158.0 million represents management’s best estimate of the net realizable value of the Company’s real estate properties at the time of finalizing the accompanying consolidated statement of net assets, the amount ultimately realized in the monetization of the real estate could materially differ from this estimate. | |||||||||||||
Sold Properties | |||||||||||||
Fiscal 2014 | |||||||||||||
Certain information about the properties of the Company that have been sold during fiscal 2014, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below: | |||||||||||||
Property Location | Type of Property | Building Size | Net Proceeds | Date of Sale | |||||||||
(estimated | ($ in millions) | ||||||||||||
square feet) | |||||||||||||
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 | 511,000 | $ | 33.4 | ||||||||||
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 Size | Net Proceeds | Date of Sale | |||||||||
(estimated | ($ 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 | ||||||||||
PREPAID_EXPENSES_AND_OTHER_ASS
PREPAID EXPENSES AND OTHER ASSETS, NET | 12 Months Ended | ||||
Feb. 28, 2015 | |||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
PREPAID EXPENSES AND OTHER ASSETS, NET | NOTE 4 – PREPAID EXPENSES AND OTHER ASSETS, NET | ||||
Prepaid expenses and other assets, net include the following at February 28, 2015: | |||||
February 28, 2015 | |||||
(in thousands) | |||||
Trademarks and customer lists | $ | 2,090 | |||
Loan closing costs | 695 | ||||
Prepaid expenses | 628 | ||||
Security deposits | 99 | ||||
3,512 | |||||
Less: accumulated amortization | 1,236 | ||||
$ | 2,276 | ||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
INCOME TAXES | NOTE 5 - INCOME TAXES | |||||||
The provision for income taxes is as follows: | ||||||||
Period from | ||||||||
February 10, 2015 | ||||||||
through February | ||||||||
28, 2015 | ||||||||
(in thousands) | ||||||||
Current: | ||||||||
Federal | $ | - | ||||||
State | 2 | |||||||
$ | 2 | |||||||
Deferred: | ||||||||
Federal | $ | - | ||||||
State | - | |||||||
$ | - | |||||||
Provision for income taxes | $ | 2 | ||||||
The following is a reconciliation of income taxes computed as the U.S. Federal statuary rate to the provision for income taxes: | ||||||||
Statuary Federal income tax rate | 35 | % | ||||||
State taxes | -0.4 | % | ||||||
Permanent differences | -20.1 | % | ||||||
Change of valuation allowance | -15 | % | ||||||
Effective income tax rate | -0.5 | % | ||||||
The composition of the Company’s deferred tax assets and liabilities is as follows: | ||||||||
Fiscal Year Ended | ||||||||
February 28, 2015 | March 1, 2014 | |||||||
(in thousands) | ||||||||
Deferred tax assets: | ||||||||
Pension costs | $ | 2,244 | $ | 2,759 | ||||
Reserves not currently deductible for tax purposes | - | 66 | ||||||
Stock-based compensation expense | 182 | - | ||||||
Net operating loss carry forwards | 75,421 | 79,145 | ||||||
Depreciation (Including Air Right) | 2,413 | 7,193 | ||||||
AMT Credit | 3,181 | 3,182 | ||||||
Accrued expenses | 49 | 110 | ||||||
Other | 46 | 82 | ||||||
Wind-down expenses | - | 3,954 | ||||||
Lease claim | 6,095 | 13,934 | ||||||
Total deferred tax assets | $ | 89,631 | $ | 110,425 | ||||
Valuation allowance | -89,483 | -59,868 | ||||||
Deferred tax asset after valuation allowance | $ | 148 | $ | 50,557 | ||||
Deferred tax liabilities: | ||||||||
Intangibles | $ | -139 | $ | -156 | ||||
Write up of owned real estate | - | -50,401 | ||||||
Other | -9 | - | ||||||
Total deferred tax liabilities | $ | -148 | $ | -50,557 | ||||
Net deferred tax assets | $ | - | $ | - | ||||
Current deferred tax assets | $ | - | $ | - | ||||
Long term deferred tax assets | - | - | ||||||
Total deferred tax assets | $ | - | $ | - | ||||
At February 28, 2015, the Company had state net operating loss carry forwards of approximately $151.7 million. These net operating losses expire between 2029 and 2034. The Company also had the New York State prior net operation loss conversion (“PNOLC”) subtraction pool of approximately $1.9 million. The conversion to the PNOLC under the New York State corporate tax reform does not have any material tax impact. The Company also had Federal net operating loss carry forwards of approximately $195.0. These net operating losses will expire in years through fiscal 2034. | ||||||||
Based on management assessment, it is more likely than not that the entire deferred tax assets will not be realized by future taxable income or tax planning strategy. Accordingly a valuation allowance of approximately $59.9 million was recorded as of March 1, 2014. The valuation allowance was increased by approximately $29.6 million to approximately $89.5 million. The increase during the going concern period is approximately $0.2 million. | ||||||||
RENTAL_REVENUES
RENTAL REVENUES | 12 Months Ended | ||||
Feb. 28, 2015 | |||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | |||||
RENTAL REVENUES | NOTE 6 – RENTAL REVENUES | ||||
The Company’s properties are leased to various national and local companies under leases expiring through 2016. As of February 28, 2015, 15 tenants leased approximately 25.2% of the space at the West Palm Beach property and one tenant leased approximately 5.2% of the space at the Paramus property. One tenant accounted for approximately 24% of the rental revenues for the period from February 10, 2015 to February 28, 2015. | |||||
Future minimum rentals under noncancellable terms of tenants’ operating leases as of February 28, 2015 are as follows (in thousands): | |||||
Year ended: | Future | ||||
Minimum | |||||
Rentals | |||||
27-Feb-16 | $ | 387 | |||
4-Mar-17 | 113 | ||||
$ | 500 | ||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 7 – FAIR VALUE MEASUREMENTS |
The fair value of the Company’s financial instruments are determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted process in active markets for identical assets or liabilities (Level 1), quoted process for similar instruments in active markets or quoted process for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). | |
The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, other liabilities approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair value of the loan payable approximated the carrying value as it is a variable-rate instrument. | |
On an annual recurring basis, the Company is required to use fair value measures when measuring plan assets of the Company's pension plans. As the Company elected to adopt the measurement date provisions of ASC 715, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans," as of March 4, 2007, the Company was required to determine the fair value of the Company's pension plan assets as of February 28, 2015. The fair value of pension plan assets was $10.4 million at February 28, 2015. These assets are valued in active liquid markets. | |
PENSION_AND_PROFIT_SHARING_PLA
PENSION AND PROFIT SHARING PLANS | 12 Months Ended | |||||||||
Feb. 28, 2015 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||
PENSION AND PROFIT SHARING PLANS | NOTE 8 – 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 February 28, 2015 and March 1, 2014, the Company had a recorded liability of $2.9 million and $3.5 million, respectively, which is included in accounts payable and accrued expenses on the accompanying consolidated balance sheet and consolidated statement of net assets, respectively. This liability 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 $4.0 million and $5.3 million which is reflected in accrued expenses as of February 28, 2015 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 $3.0 million to the multiemployer plans from September 17, 2012 through February 28, 2015 of which $0.7 million and $1.3 million were funded during the fiscal year ended February 28, 2015 to the Syms sponsored plan and to the multiemployer plans, respectively. | ||||||||||
Presented below is financial information relating to this plan for the fiscal years indicated: | ||||||||||
February 28, 2015 | March 1, 2014 | |||||||||
(in thousands) | ||||||||||
CHANGE IN BENEFIT OBLIGATION: | ||||||||||
Net benefit obligation - beginning of period | $ | 13,196 | $ | 11,514 | ||||||
Interest cost | 642 | 611 | ||||||||
Actuarial loss | 123 | 1,686 | ||||||||
Gross benefits paid | -628 | -615 | ||||||||
Net benefit obligation - end of period | $ | 13,333 | $ | 13,196 | ||||||
CHANGE IN PLAN ASSETS: | ||||||||||
Fair value of plan assets - beginning of period | $ | 9,848 | $ | 8,737 | ||||||
Employer contributions | 655 | 868 | ||||||||
Gross benefits paid | -628 | -615 | ||||||||
Actual return on plan assets | 548 | 858 | ||||||||
Fair value of plan assets - end of period | $ | 10,423 | $ | 9,848 | ||||||
Funded status at end of year | $ | -2,910 | $ | -3,348 | ||||||
The pension expense includes the following components: | ||||||||||
February 28, 2015 | March 1, 2014 | |||||||||
(in thousands) | ||||||||||
COMPONENTS OF NET PERIODIC COST: | ||||||||||
Interest cost | $ | 642 | $ | 611 | ||||||
Loss of assets | -548 | -858 | ||||||||
Amortization of loss | 144 | 597 | ||||||||
Net periodic cost | $ | 238 | $ | 350 | ||||||
WEIGHTED-AVERAGE ASSUMPTION USED: | ||||||||||
Discount rate | 5 | % | 5 | % | ||||||
Rate of compensation increase | 0 | % | 0 | % | ||||||
The expected long-term rate of return on plan assets was 8.0% for all years. | ||||||||||
As of February 28, 2015 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 | |||||||||
2016 | $ | 955 | ||||||||
2017 | 812 | |||||||||
2018 | 1,144 | |||||||||
2019 | 948 | |||||||||
2020 | 871 | |||||||||
2021-2025 | 3,491 | |||||||||
The fair values and asset allocation of the Company’s plan assets as of February 28, 2015 and the target allocation for fiscal 2015, 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% | $ | 353 | 3 | % | |||||
Equity securities | 30% to 50% | 4,480 | 43 | % | ||||||
Fixed income securities | 35% to 55% | 4,676 | 45 | % | ||||||
Alternative investments | 5% to 25% | 914 | 9 | % | ||||||
Total | $ | 10,423 | 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 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 $4.0 million and $5.3 million which is reflected in accrued expenses as of February 28, 2015 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. | ||||||||||
b. | 401(k) Plan – During fiscal 2014, the Company maintains a 401(k) plan for all employees. Employees are able to contribute a percentage of their salary to the plan subject to statutory limits. Approximately $37,000 in contributions were made by the Company to this plan in fiscal 2014 and zero contributions were made in fiscal 2013. | |||||||||
COMMITMENTS
COMMITMENTS | 12 Months Ended | ||
Feb. 28, 2015 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
COMMITMENTS | NOTE 9 – 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 February 28, 2015 and March 1, 2014 total approximately $16.4 million and $37.3 million, respectively, and are reported in other liabilities on the consolidated statement of net assets. | ||
The Corporate office located at 717 Fifth Avenue, New York, New York has a remaining lease liability of $0.8 million payable through September 2017. The rent expense for this operating lease was approximately $10,000 during the 19 days ending February 28, 2015. | |||
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 (Basis of Presentation), 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. | |||
LOAN_PAYABLE
LOAN PAYABLE | 12 Months Ended |
Feb. 28, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
LOAN PAYABLE | NOTE 10 – LOAN PAYABLE |
On February 9, 2015, TPHGreenwich Owner LLC (“TPH Borrower”), a newly formed special purpose entity and wholly-owned subsidiary of the Company entered into a Loan Agreement with Sterling National Bank, a national banking association, as lender and administrative agent (“Agent”) and Israel Discount Bank of New York, as lender, pursuant to which the lenders agreed to extend credit to TPH Borrower in the amount of $40 million, subject to increase pursuant to incremental loan facilities up to $50 million (the “Loan”), subject to satisfaction of certain conditions. The Loan matures on February 8, 2017, subject to extension until August 8, 2017 under certain circumstances. | |
The Loan bears interest at a rate per annum equal to the greater of the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the “Contract Rate”) or 4.5% and requires interest only payment through maturity. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Borrower does not maintain funds in its deposit accounts with Agent sufficient to make payments then due under the Loan documents. TPH Borrower can prepay the Loan at any time, in whole or in part, without premium or penalty. The Company incurred approximately $40,000 of interest expense during the period from February 10, 2015 to February 28, 2015, net of approximately $65,000 of capitalized interest related to the real estate under development. | |
The collateral for the Loan is TPH Borrower’s fee interest in the Trinity Place Property and the related air rights, which is the subject of a mortgage in favor of the Agent. TPH Borrower also entered into an environmental compliance and indemnification undertaking. | |
The Loan Agreement requires TPH Borrower to comply with various affirmative and negative covenants including restrictions on debt, liens, business activities, distributions and dividends, disposition of assets and transactions with affiliates. TPH Borrower will establish blocked accounts with the initial lenders, and pledge the funds maintained in such accounts, in the amount of 9% of the outstanding Loans. The Loan Agreement also provides for certain events of default. | |
The Company entered into a Nonrecourse Carve-Out Guaranty pursuant to which the Company agreed to guarantee certain items, including losses arising from fraud, intentional harm to the Property, or misapplication of loan, insurance or condemnation proceeds, a voluntary bankruptcy filing by TPH Borrower, and the payment by TPH Borrower of maintenance costs, insurance premiums and real estate taxes. | |
The Loan was authorized by order of the Court entered in response to the motion of the Company made on December 31, 2014. | |
PREFERRED_STOCK
PREFERRED STOCK | 12 Months Ended |
Feb. 28, 2015 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 11 – PREFERRED STOCK |
The Company is authorized to issue two shares of preferred stock, one share of special stock and 40,000,000 shares of blank-check preferred stock. The share of Series A preferred stock was issued to a trustee acting for the benefit of the Company’s creditors. The share of Series B preferred stock was issued to the former Majority Shareholder. The share of 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 | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
STOCK BASED COMPENSATION | NOTE 12 – STOCK-BASED COMPENSATION | |||||||||||||
Restricted Stock Units | ||||||||||||||
During fiscal 2014 and fiscal 2013, the Company granted an aggregate of 1,202,380 and 326,000 Restricted Stock Units (“RSUs”), respectively, to certain employees and executives. The Company generally 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 December 31, 2017, subject to the recipient’s continued employment or service through each applicable vesting date. The Company uses the fair-market value of the Company’s Common Stock on the date the award is approved. | ||||||||||||||
The Company recognized compensation expense in the consolidated statement of operations related to stock-based compensation for the period from February 10, 2015 to February 28, 2015 in the amount of $0.1 million which was net of $0.2 million that was capitalized as part of real estate under development. | ||||||||||||||
The Company’s RSU activity is as follows: | ||||||||||||||
Year Ended February 28, 2015 | Year Ended March 1, 2014 | |||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||
Shares | Average Fair | Shares | Average Fair | |||||||||||
Value at Grant | Value at | |||||||||||||
Date | Grant Date | |||||||||||||
Non-vested at beginning of period | 76,000 | $ | 6.49 | - | $ | 0 | ||||||||
Granted RSUs | 1,202,380 | $ | 6.48 | 326,000 | $ | 5.35 | ||||||||
Vested | -25,417 | $ | 6.49 | -250,000 | $ | 5 | ||||||||
Forfeited | -8,500 | $ | 6.75 | - | $ | 0 | ||||||||
Non-vested at end of period | 1,244,463 | $ | 6.48 | 76,000 | $ | 6.49 | ||||||||
As of February 28, 2015, the unrecognized compensation expense related to non-vested RSUs is approximately $4.7 million which is expected to be recognized through December 31, 2017, the current end of the vesting periods. | ||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 28, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13 – 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 Company’s certificate of incorporation provides for a share of Series B preferred stock, 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 February 28, 2015 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 Balance Sheet as of February 28, 2015 and Consolidated Statements of net assets as of February 9, 2015 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 February 28, 2015 and March 1, 2014. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Feb. 28, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 14 – SUBSEQUENT EVENT |
Stock-Based Compensation | |
Subsequent to February 28, 2015, the Company withheld payroll taxes related to RSUs in excess of the minimum statutory requirements for certain executives. In accordance with ASC 718, “Compensation-Stock Compensation”, this may result in the recognition of a liability and additional non-cash expense during the year ended February 27, 2016. The Company is in the process of determining the effect that this may have on its financial position at February 27, 2016 and results of operations for the year then ended. | |
Payment of Claims | |
In accordance with the Plan, the Company made additional payments through May 14, 2015 that constituted the full distributions payable to the then presently Allowed Claims (as defined in the Plan) to the holders of Syms Class 5 Union Pension Plan claims and Filene’s Class 5A, as defined in the Plan, in an aggregate amount of approximately $12.7 million, of which payments were made from the Company’s restricted cash balance as reported for the fiscal year ended February 28, 2015. | |
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | Schedule III - Consolidated Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||||
Intital Cost | Amounts at which Carried at February 28, 2015 | ||||||||||||||||||||||||||||||||||
Property Description | Encumbrances | Land | Air | Building & | Cost | Land | Air | Building & | Total | Accumulated | Date of Acquistion | ||||||||||||||||||||||||
Rights | Improvements | Captialized | Rights | Improvements | Depreciation | (A) / Construction | |||||||||||||||||||||||||||||
-1 | Subsequnt to | -1 | (C) | ||||||||||||||||||||||||||||||||
Acquistion | |||||||||||||||||||||||||||||||||||
Trinity Place Property | $ | 40,000 | $ | 5,500 | $ | 9,134 | $ | 14,872 | $ | 3,193 | $ | 5,500 | $ | 9,134 | $ | 3,843 | $ | 18,477 | $ | - | 1990 | ||||||||||||||
Paramus, NJ | - | 908 | - | - | 5,167 | 908 | - | 770 | 1,678 | - | 1980 (A) / 1984 (C) | ||||||||||||||||||||||||
Westbury, NY | - | 4,895 | - | - | 11,578 | 4,920 | - | 1,831 | 6,751 | - | 1988 (A)/1989 (A) / 1989 (C) | ||||||||||||||||||||||||
West Palm Beach, FL | - | 2,452 | - | 3,136 | 444 | 2,452 | - | 3,580 | 6,032 | -1,817 | 2001 | ||||||||||||||||||||||||
$ | 40,000 | $ | 13,755 | $ | 9,134 | $ | 18,008 | $ | 20,382 | $ | 13,780 | $ | 9,134 | $ | 10,024 | $ | 32,938 | $ | -1,817 | ||||||||||||||||
-1 | Depreciation on buildings and improvements reflected in the consolidated statement of operations is calculated on the straight-line basis over estimated useful lives of 15 to 39 years. | ||||||||||||||||||||||||||||||||||
-2 | (a) Reconciliation of Real Estate Properties: | ||||||||||||||||||||||||||||||||||
The following table reconciles the activity for the real estate properties from February 10, 2015 to February 28, 2015: | |||||||||||||||||||||||||||||||||||
Balance at February 10, 2015 | $ | 32,427 | |||||||||||||||||||||||||||||||||
Additions | 511 | ||||||||||||||||||||||||||||||||||
Balance at February 28, 2015 | $ | 32,938 | |||||||||||||||||||||||||||||||||
(b) Reconciliation of Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||
The following table reconciles the accumulated depreciation from February 10, 2015 to February 28, 2015: | |||||||||||||||||||||||||||||||||||
Balance at February 10, 2015 | $ | 1,811 | |||||||||||||||||||||||||||||||||
Depreciation related to real estate | 6 | ||||||||||||||||||||||||||||||||||
Balance at February 28, 2015 | $ | 1,817 | |||||||||||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Estimated Costs of Liquidation | 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 through February 9, 2015 are as follows (in thousands): | |||||||||||||||||||||||
Liquidation Period | |||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||
February 9, | Adjustments | March 1, | Adjustments | March 2, | |||||||||||||||||||
Estimated Costs of Liquidation | 2015 | to Reserves | Payments | 2014 | to Reserves | Payments | 2013 | ||||||||||||||||
Real estate related carrying costs | $ | 259 | $ | -5,119 | $ | -5,583 | $ | 10,961 | $ | 4,404 | $ | -9,096 | $ | 15,653 | |||||||||
Professional fees | 641 | 958 | -3,983 | 3,666 | 2,564 | -3,944 | 5,046 | ||||||||||||||||
Payroll related costs | 372 | -227 | -2,118 | 2,717 | 1,445 | -2,156 | 3,428 | ||||||||||||||||
Other | - | -453 | -115 | 568 | 459 | -251 | 360 | ||||||||||||||||
$ | 1,272 | $ | -4,841 | $ | -11,799 | $ | 17,912 | $ | 8,872 | $ | -15,447 | $ | 24,487 | ||||||||||
The assumptions underlying the estimated accrued costs of liquidation of $1.3 million as of February 9, 2015 contemplated 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 which concluded on February 9, 2015. | |||||||||||||||||||||||
The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the period from March 2, 2014 through February 9, 2015: | |||||||||||||||||||||||
Adjustments to decrease the reserve for real estate related carrying costs of approximately $5.1 million were recorded during the period ended February 9, 2015. The adjustments were mainly the result of reversing the estimated selling expenses and operating expenses for the remaining four properties accrued through the historical anticipated liquidation period of July 2015, as well as the expenses related to the sale of the Secaucus Lease. | |||||||||||||||||||||||
Adjustments to increase the reserve for professional fees of approximately $1.0 million were recorded during the period from March 2, 2014 through February 9, 2015. The majority of the increase reflects the increased costs resulting from the complexities of litigation related to the bankruptcy cases. | |||||||||||||||||||||||
Adjustments to decrease the reserve for payroll and related liquidation expenses of approximately $0.2 million were primarily the result of the reversal of estimated future payroll costs through the historical anticipated liquidation period of July 2015. | |||||||||||||||||||||||
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 were 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 assumed that two of the Company’s properties would be sold or monetized by May 2014 and the remaining five of its properties, including the Trinity Place Property, would 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 litigation related to the bankruptcy case. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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 period from March 2, 2014 through February 9, 2015 and the fiscal year ended March 1, 2014 (in thousands): | |||||||||||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 2, 2014 | March 3, 2013 | |||||||||||||||||||||
through | through | ||||||||||||||||||||||
February 9, | March 1, 2014 | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||
Adjust real estate to estimated net realizable value | $ | 35,025 | $ | 53,685 | |||||||||||||||||||
Adjust estimated lease settlement liabilities to net realizable value | 451 | 4,574 | |||||||||||||||||||||
Adjust pension liability | -1,208 | 1,024 | |||||||||||||||||||||
Adjust other claims to net realizable value | 1,654 | 228 | |||||||||||||||||||||
$ | 35,922 | $ | 59,511 | ||||||||||||||||||||
The following discussion explains the adjustments to the fair value of assets and liabilities under the liquidation basis of accounting as recorded during the period from March 2, 2014 through February 9, 2015: | |||||||||||||||||||||||
Real Estate - The net realizable value of real estate assets was adjusted upward in the aggregate by approximately $35.0 million primarily from an increase in value of the Trinity Place Property. The revised estimates were based on market comparables as well as internally prepared analyses. Based on management’s assessment, an estimated net realizable value of real estate of $158.0 million has been recorded at February 9, 2015. See Note 3 - Real Estate for a discussion on valuation methodology. | |||||||||||||||||||||||
Lease Settlement Liabilities – Lease settlement liabilities have decreased by $0.5 million due to adjustments and cash settlements with the Company’s former landlords. These reductions were mainly the result of the Company’s continued efforts to reconcile and settle its remaining lease claims. | |||||||||||||||||||||||
Pension Liability – This $1.2 million increase in the pension liability represents an increase in the unfunded pension liability of the Syms sponsored defined benefit plan primarily as a result of a change in the mortality and interest rates, partially offset by improved performance of the plan’s assets. | |||||||||||||||||||||||
Other Claims – This represents a decrease in of $1.7 million of various claims pursuant to the final Plan document based on settlement 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 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 Liabilities – Lease settlement liabilities 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. | |||||||||||||||||||||||
New Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||||
During February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810 “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. ASU No. 2015-02 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||||||||
During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |||||||||||||||||||||||
During April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-08 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted for the year ended February 28, 2016. | |||||||||||||||||||||||
Going Concern Basis Of Accounting [Member] | |||||||||||||||||||||||
Accounting Period | a. | Accounting Period - Fiscal 2014 ended on February 28, 2015 and fiscal 2013 ended on March 1, 2014. The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal years ended February 28, 2015 and March 1, 2014 were comprised of 52 weeks. | |||||||||||||||||||||
Principles of Consolidation | b. | Principles of Consolidation - The financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||
Use of Estimates | c. | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. | |||||||||||||||||||||
Reportable Segments | d. | Reportable Segments - As of February 28, 2015, the Company primarily operated in one reportable segment, commercial real estate. | |||||||||||||||||||||
Concentrations of Credit Risk | e. | Concentrations of Credit Risk – The Company’s consolidated financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has substantially all of its cash and cash equivalents in banks. Such cash balances at times exceed federally-insured limits. The Company has not experienced any losses in such accounts. | |||||||||||||||||||||
Real Estate | f. | Real Estate - Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacements of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. Depreciation and amortization are determined using the straight-line method over useful lives ranging from 15 to 39 years | |||||||||||||||||||||
Real Estate Under Development | g. | Real Estate Under Development - The Company capitalizes certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. | |||||||||||||||||||||
Valuation of Long-Lived Assets | h. | Valuation of Long-Lived Assets – The Company periodically reviews long-lived assets for impairment whenever changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company considers relevant cash flow, management’s strategic plans and significant decreases in the market value of the asset and other available information in assessing whether the carrying value of the assets can be recovered. When such events occur, the Company compares the carrying amount of the assets to the undiscounted expected future cash flows from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. No impairments were recorded during the period from February 10, 2015 to February 28, 2015. | |||||||||||||||||||||
Trademarks and Customer Lists | i. | Trademarks and Customer Lists – Trademarks and customer lists are stated at cost, less accumulated amortization. Amortization is determined using the straight-line method over useful lives of 10 years. | |||||||||||||||||||||
Fair Value Measurement | j. | Fair Value Measurement - The Company determines fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. | |||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |||||||||||||||||||||||
Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. | |||||||||||||||||||||||
Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||||||||||||||
Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||||
Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |||||||||||||||||||||||
Income Taxes | p. | Income Taxes – The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | |||||||||||||||||||||
ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of February 28, 2015 and March 1, 2014, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of February 28, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. | |||||||||||||||||||||||
Cash and Cash Equivalents | k. | Cash and Cash Equivalents- Cash and cash equivalents include securities with original maturities of three months or less. | |||||||||||||||||||||
Restricted Cash | l. | Restricted Cash - Restricted cash represents reserves used to pay operating expenses and claims payments as required under the Plan, as well as required under the loan payable (see Note 10, Loan Payable) in the amount of 9% of the outstanding loan. | |||||||||||||||||||||
Revenue Recognition | m. | Revenue Recognition and Accounts Receivable - Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. | |||||||||||||||||||||
The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. | |||||||||||||||||||||||
Leases | n. | Leases - Leases which transfer substantially all of the benefits and risks of ownership of property are classified as capital leases. Assets and liabilities are recorded at amounts equal to the present value of the minimum lease payments at the beginning of the lease term. Interest expense relating to the lease liabilities is recorded to affect constant rates of interest over the terms of the leases. Leases which do not transfer substantially all of the benefits and risks of ownership of property are classified as operating leases, and the related rentals are charged to expense on the straight-line method. | |||||||||||||||||||||
Stock-Based Compensation | o. | Stock-Based Compensation - The Company has granted stock-based compensation, which is described below in Note 12. The Company accounts for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. | |||||||||||||||||||||
Earnings Per Share Information | q. | Earnings Per Share Information - The Company presents both basic and diluted earnings (loss) per share. Basic earnings (loss) per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Restricted stock was included in the computation of diluted earnings (loss) per share and stock option awards were excluded from the computation of diluted earnings (loss) per share because the option awards would have been antidilutive for the periods presented. | |||||||||||||||||||||
Liquidation Basis of Accounting [Member] | |||||||||||||||||||||||
Accounting Period | a. | Accounting Period - Fiscal 2014 ended on February 28, 2015 and fiscal 2013 ended on March 1, 2014. The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal years ended February 28, 2015 and March 1, 2014 were comprised of 52 weeks. | |||||||||||||||||||||
Accrued Liquidation Costs | b. | 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 | c. | 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. | |||||||||||||||||||||
Use of Estimates | f. | Use of Estimates – 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. | |||||||||||||||||||||
Valuation of Long-Lived Assets | d. | 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 | e. | 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 February 9, 2015 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 February 9, 2015 are approximately $195.0 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 $89.5 million was recorded through February 9, 2015. | |||||||||||||||||||||||
Cash and Cash Equivalents | h. | Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less. | |||||||||||||||||||||
Other Assets | g. | Other Assets – Other assets include trademark license intangibles, with a balance of $0.9 million as of February 9, 2015 and March 1, 2014, and security deposits with a balance of $0.1 million and $1.3 million as of February 9, 2015 and March 1, 2014, respectively. | |||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Accounting Policies [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 through February 9, 2015 are as follows (in thousands): | ||||||||||||||||||||||
Liquidation Period | |||||||||||||||||||||||
Balance | Balance | Balance | |||||||||||||||||||||
February 9, | Adjustments | March 1, | Adjustments | March 2, | |||||||||||||||||||
Estimated Costs of Liquidation | 2015 | to Reserves | Payments | 2014 | to Reserves | Payments | 2013 | ||||||||||||||||
Real estate related carrying costs | $ | 259 | $ | -5,119 | $ | -5,583 | $ | 10,961 | $ | 4,404 | $ | -9,096 | $ | 15,653 | |||||||||
Professional fees | 641 | 958 | -3,983 | 3,666 | 2,564 | -3,944 | 5,046 | ||||||||||||||||
Payroll related costs | 372 | -227 | -2,118 | 2,717 | 1,445 | -2,156 | 3,428 | ||||||||||||||||
Other | - | -453 | -115 | 568 | 459 | -251 | 360 | ||||||||||||||||
$ | 1,272 | $ | -4,841 | $ | -11,799 | $ | 17,912 | $ | 8,872 | $ | -15,447 | $ | 24,487 | ||||||||||
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 period from March 2, 2014 through February 9, 2015 and the fiscal year ended March 1, 2014 (in thousands): | ||||||||||||||||||||||
Adjustments of Assets and Liabilities to Net Realizable Value | March 2, 2014 | March 3, 2013 | |||||||||||||||||||||
through | through | ||||||||||||||||||||||
February 9, | March 1, 2014 | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||
Adjust real estate to estimated net realizable value | $ | 35,025 | $ | 53,685 | |||||||||||||||||||
Adjust estimated lease settlement liabilities to net realizable value | 451 | 4,574 | |||||||||||||||||||||
Adjust pension liability | -1,208 | 1,024 | |||||||||||||||||||||
Adjust other claims to net realizable value | 1,654 | 228 | |||||||||||||||||||||
$ | 35,922 | $ | 59,511 | ||||||||||||||||||||
REAL_ESTATE_NET_Tables
REAL ESTATE, NET (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Schedule of Real Estate Properties [Table Text Block] | As of February 28, 2015, real estate, net consists of the following: | ||||||||||||
February 28, 2015 | |||||||||||||
(in thousands) | |||||||||||||
Real estate under development | $ | 26,906 | |||||||||||
Buildings and building improvements | 3,580 | ||||||||||||
Land | 2,452 | ||||||||||||
32,938 | |||||||||||||
Less: accumulated depreciation | 1,817 | ||||||||||||
$ | 31,121 | ||||||||||||
Schedule Of Disposition Of Assets [Table Text Block] | Fiscal 2014 | ||||||||||||
Certain information about the properties of the Company that have been sold during fiscal 2014, 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 Size | Net Proceeds | Date of Sale | |||||||||
(estimated | ($ in millions) | ||||||||||||
square feet) | |||||||||||||
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 | 511,000 | $ | 33.4 | ||||||||||
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 Size | Net Proceeds | Date of Sale | |||||||||
(estimated | ($ 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 | ||||||||||
PREPAID_EXPENSES_AND_OTHER_ASS1
PREPAID EXPENSES AND OTHER ASSETS, NET (Tables) | 12 Months Ended | ||||
Feb. 28, 2015 | |||||
Prepaid Expense and Other Assets [Abstract] | |||||
Schedule Of Prepaid Expense And Other Assets [Table Text Block] | Prepaid expenses and other assets, net include the following at February 28, 2015: | ||||
February 28, 2015 | |||||
(in thousands) | |||||
Trademarks and customer lists | $ | 2,090 | |||
Loan closing costs | 695 | ||||
Prepaid expenses | 628 | ||||
Security deposits | 99 | ||||
3,512 | |||||
Less: accumulated amortization | 1,236 | ||||
$ | 2,276 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes is as follows: | |||||||
Period from | ||||||||
February 10, 2015 | ||||||||
through February | ||||||||
28, 2015 | ||||||||
(in thousands) | ||||||||
Current: | ||||||||
Federal | $ | - | ||||||
State | 2 | |||||||
$ | 2 | |||||||
Deferred: | ||||||||
Federal | $ | - | ||||||
State | - | |||||||
$ | - | |||||||
Provision for income taxes | $ | 2 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of income taxes computed as the U.S. Federal statuary rate to the provision for income taxes: | |||||||
Statuary Federal income tax rate | 35 | % | ||||||
State taxes | -0.4 | % | ||||||
Permanent differences | -20.1 | % | ||||||
Change of valuation allowance | -15 | % | ||||||
Effective income tax rate | -0.5 | % | ||||||
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 | ||||||||
February 28, 2015 | March 1, 2014 | |||||||
(in thousands) | ||||||||
Deferred tax assets: | ||||||||
Pension costs | $ | 2,244 | $ | 2,759 | ||||
Reserves not currently deductible for tax purposes | - | 66 | ||||||
Stock-based compensation expense | 182 | - | ||||||
Net operating loss carry forwards | 75,421 | 79,145 | ||||||
Depreciation (Including Air Right) | 2,413 | 7,193 | ||||||
AMT Credit | 3,181 | 3,182 | ||||||
Accrued expenses | 49 | 110 | ||||||
Other | 46 | 82 | ||||||
Wind-down expenses | - | 3,954 | ||||||
Lease claim | 6,095 | 13,934 | ||||||
Total deferred tax assets | $ | 89,631 | $ | 110,425 | ||||
Valuation allowance | -89,483 | -59,868 | ||||||
Deferred tax asset after valuation allowance | $ | 148 | $ | 50,557 | ||||
Deferred tax liabilities: | ||||||||
Intangibles | $ | -139 | $ | -156 | ||||
Write up of owned real estate | - | -50,401 | ||||||
Other | -9 | - | ||||||
Total deferred tax liabilities | $ | -148 | $ | -50,557 | ||||
Net deferred tax assets | $ | - | $ | - | ||||
Current deferred tax assets | $ | - | $ | - | ||||
Long term deferred tax assets | - | - | ||||||
Total deferred tax assets | $ | - | $ | - | ||||
RENTAL_REVENUES_Tables
RENTAL REVENUES (Tables) | 12 Months Ended | ||||
Feb. 28, 2015 | |||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rentals under noncancellable terms of tenants’ operating leases as of February 28, 2015 are as follows (in thousands): | ||||
Year ended: | Future | ||||
Minimum | |||||
Rentals | |||||
27-Feb-16 | $ | 387 | |||
4-Mar-17 | 113 | ||||
$ | 500 | ||||
PENSION_AND_PROFIT_SHARING_PLA1
PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended | |||||||||
Feb. 28, 2015 | ||||||||||
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: | |||||||||
February 28, 2015 | March 1, 2014 | |||||||||
(in thousands) | ||||||||||
CHANGE IN BENEFIT OBLIGATION: | ||||||||||
Net benefit obligation - beginning of period | $ | 13,196 | $ | 11,514 | ||||||
Interest cost | 642 | 611 | ||||||||
Actuarial loss | 123 | 1,686 | ||||||||
Gross benefits paid | -628 | -615 | ||||||||
Net benefit obligation - end of period | $ | 13,333 | $ | 13,196 | ||||||
CHANGE IN PLAN ASSETS: | ||||||||||
Fair value of plan assets - beginning of period | $ | 9,848 | $ | 8,737 | ||||||
Employer contributions | 655 | 868 | ||||||||
Gross benefits paid | -628 | -615 | ||||||||
Actual return on plan assets | 548 | 858 | ||||||||
Fair value of plan assets - end of period | $ | 10,423 | $ | 9,848 | ||||||
Funded status at end of year | $ | -2,910 | $ | -3,348 | ||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The pension expense includes the following components: | |||||||||
February 28, 2015 | March 1, 2014 | |||||||||
(in thousands) | ||||||||||
COMPONENTS OF NET PERIODIC COST: | ||||||||||
Interest cost | $ | 642 | $ | 611 | ||||||
Loss of assets | -548 | -858 | ||||||||
Amortization of loss | 144 | 597 | ||||||||
Net periodic cost | $ | 238 | $ | 350 | ||||||
WEIGHTED-AVERAGE ASSUMPTION USED: | ||||||||||
Discount rate | 5 | % | 5 | % | ||||||
Rate of compensation increase | 0 | % | 0 | % | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | As of February 28, 2015 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 | |||||||||
2016 | $ | 955 | ||||||||
2017 | 812 | |||||||||
2018 | 1,144 | |||||||||
2019 | 948 | |||||||||
2020 | 871 | |||||||||
2021-2025 | 3,491 | |||||||||
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 February 28, 2015 and the target allocation for fiscal 2015, 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% | $ | 353 | 3 | % | |||||
Equity securities | 30% to 50% | 4,480 | 43 | % | ||||||
Fixed income securities | 35% to 55% | 4,676 | 45 | % | ||||||
Alternative investments | 5% to 25% | 914 | 9 | % | ||||||
Total | $ | 10,423 | 100 | % | ||||||
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ||||||||||||||
The Company’s RSU activity is as follows: | ||||||||||||||
Year Ended February 28, 2015 | Year Ended March 1, 2014 | |||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||
Shares | Average Fair | Shares | Average Fair | |||||||||||
Value at Grant | Value at | |||||||||||||
Date | Grant Date | |||||||||||||
Non-vested at beginning of period | 76,000 | $ | 6.49 | - | $ | 0 | ||||||||
Granted RSUs | 1,202,380 | $ | 6.48 | 326,000 | $ | 5.35 | ||||||||
Vested | -25,417 | $ | 6.49 | -250,000 | $ | 5 | ||||||||
Forfeited | -8,500 | $ | 6.75 | - | $ | 0 | ||||||||
Non-vested at end of period | 1,244,463 | $ | 6.48 | 76,000 | $ | 6.49 | ||||||||
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details Textual) | 12 Months Ended | |
Feb. 28, 2015 | Feb. 12, 2015 | |
Amended and Restated Certificate of Incorporation Description | The Protective Amendment is intended to help preserve certain tax benefits primarily associated with the Company’s NOLs. The Protective Amendment generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.75% stockholder, or that would result in the increase or decrease in stock ownership by a person or group of persons that is an existing 4.75% stockholder. | |
blank-check [Member] | ||
Preferred Stock, Shares Authorized | 40,000,000 | |
Charter Amendment [Member] | ||
Common Stock, Shares Authorized | 79,999,997 | |
Capital Units, Authorized | 120,000,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 09, 2015 | Mar. 01, 2014 |
Estimated Costs of Liquidation, Opening Balance | $17,912 | $24,487 |
Estimated Costs of Liquidation, Adjustments to Reserves | -4,841 | 8,872 |
Estimated Costs of Liquidation, Payments | -11,799 | -15,447 |
Estimated Costs of Liquidation, Ending Balance | 1,272 | 17,912 |
Real Estate Related Carrying Costs [Member] | ||
Estimated Costs of Liquidation, Opening Balance | 10,961 | 15,653 |
Estimated Costs of Liquidation, Adjustments to Reserves | -5,119 | 4,404 |
Estimated Costs of Liquidation, Payments | -5,583 | -9,096 |
Estimated Costs of Liquidation, Ending Balance | 259 | 10,961 |
Professional Fees Expenses [Member] | ||
Estimated Costs of Liquidation, Opening Balance | 3,666 | 5,046 |
Estimated Costs of Liquidation, Adjustments to Reserves | 958 | 2,564 |
Estimated Costs of Liquidation, Payments | -3,983 | -3,944 |
Estimated Costs of Liquidation, Ending Balance | 641 | 3,666 |
Payroll Related Costs [Member] | ||
Estimated Costs of Liquidation, Opening Balance | 2,717 | 3,428 |
Estimated Costs of Liquidation, Adjustments to Reserves | -227 | 1,445 |
Estimated Costs of Liquidation, Payments | -2,118 | -2,156 |
Estimated Costs of Liquidation, Ending Balance | 372 | 2,717 |
Other Credit Derivatives [Member] | ||
Estimated Costs of Liquidation, Opening Balance | 568 | 360 |
Estimated Costs of Liquidation, Adjustments to Reserves | -453 | 459 |
Estimated Costs of Liquidation, Payments | -115 | -251 |
Estimated Costs of Liquidation, Ending Balance | $0 | $568 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 09, 2015 | Mar. 01, 2014 |
Adjust real estate to estimated net realizable value | $35,025 | $53,685 |
Adjust estimated lease settlement liabilities to net realizable value | 451 | 4,574 |
Adjust pension liability | -1,208 | 1,024 |
Adjust other claims to net realizable value | 1,654 | 228 |
Adjustments of Assets and Liabilities to Net Realizable Value | $35,922 | $59,511 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 28, 2015 | Feb. 09, 2015 | Mar. 01, 2014 | Mar. 01, 2013 | |
Accrued cost of liquidation | $1,300,000 | $17,900,000 | ||
Adjustment To Increase Reserve For Real Estate Costs | 4,400,000 | |||
Adjustment To Increase Reserve For Professional Fees | 1,000,000 | 2,600,000 | ||
Adjustments to decrease the reserve for payroll and related liquidation expenses | 200,000 | |||
Adjustmnets to increase reserve for payroll and related expenses | 1,500,000 | |||
Accrued liquidation costs | 1,272,000 | 17,912,000 | 24,487,000 | |
Adjust real estate to estimated net realizable value | 35,025,000 | 53,685,000 | ||
Real Estate Net Realizable Value Achieved Amount | 158,000,000 | 157,700,000 | ||
Adjust estimated lease settlement costs to net realizable value | 451,000 | 4,574,000 | ||
Legal Liability to customers derecognized | 4,600,000 | |||
Deferred Tax Assets, Valuation Allowance | 89,483,000 | 89,500,000 | 59,868,000 | |
Finite-Lived Trademarks, Gross | 2,090,000 | 900,000 | 900,000 | |
Security Deposit | 99,000 | 100,000 | 1,300,000 | |
Percentage Of Loan Outstanding | 9.00% | |||
Adjustment To Decrease Reserve For Real Estate Carrying Cost | 5,100,000 | |||
Increase (Decrease) in Pension Plan Obligations | 1,200,000 | |||
Liquidation Basis of Accounting [Member] | ||||
Accrued Liquidation Expenses | -1,272,000 | -17,912,000 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 195,000,000 | |||
Real Estate Related Carrying Costs [Member] | ||||
Accrued liquidation costs | 259,000 | 10,961,000 | 15,653,000 | |
Payroll Related Costs [Member] | ||||
Accrued liquidation costs | 372,000 | 2,717,000 | 3,428,000 | |
Trademarks and Customer Lists [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Landlord [Member] | ||||
Adjust estimated lease settlement costs to net realizable value | 500,000 | |||
Maximum [Member] | ||||
Useful Life of Real Estate Property | 39 years | |||
Maximum [Member] | Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 195,000,000 | |||
Minimum [Member] | ||||
Useful Life of Real Estate Property | 15 years | |||
Minimum [Member] | Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | $162,800,000 |
REAL_ESTATE_NET_Details
REAL ESTATE, NET (Details) (Going Concern Basis Of Accounting [Member], USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Real Estate Investment Property, at Cost | $32,938 |
Less: accumulated depreciation | 1,817 |
Real Estate Investment Property, Net | 31,121 |
Real estate under development | |
Real Estate Investment Property, at Cost | 26,906 |
Buildings and building improvements | |
Real Estate Investment Property, at Cost | 3,580 |
Land | |
Real Estate Investment Property, at Cost | $2,452 |
REAL_ESTATE_NET_Details_1
REAL ESTATE, NET (Details 1) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
sqft | sqft | |
Dispositions Of Assets [Line Items] | ||
Building Size | 511,000 | 538,000 |
Net Proceeds | $33.40 | $36.80 |
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 | |
Berwyn, PA [Member] | ||
Dispositions Of Assets [Line Items] | ||
Type of Property | Short term property | |
Building Size | 69,000 | |
Net Proceeds | 3 | |
Date of Sale | 2014-04 | |
Secaucus, NJ [Member] | ||
Dispositions Of Assets [Line Items] | ||
Type of Property | Short term property | |
Building Size | 340,000 | |
Net Proceeds | 28 | |
Date of Sale | 2014-05 | |
Williamsville, NY [Member] | ||
Dispositions Of Assets [Line Items] | ||
Type of Property | Short term property | |
Building Size | 102,000 | |
Net Proceeds | $2.40 | |
Date of Sale | 2014-09 |
REAL_ESTATE_NET_Details_Textua
REAL ESTATE, NET (Details Textual) (USD $) | Feb. 09, 2015 | Mar. 01, 2014 |
In Millions, unless otherwise specified | ||
Land, building and building improvements | $158 | $157.70 |
Reorganization Value, Net Realizable Value of Asset Dispositions | $158 |
PREPAID_EXPENSES_AND_OTHER_ASS2
PREPAID EXPENSES AND OTHER ASSETS, NET (Details) (USD $) | Feb. 28, 2015 | Feb. 09, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | |||
Trademarks and customer lists | $2,090 | $900 | $900 |
Loan closing costs | 695 | ||
Prepaid expenses | 628 | ||
Security deposits | 99 | 100 | 1,300 |
Prepaid Expense And Other Assets Gross | 3,512 | ||
Less: accumulated amortization | 1,236 | ||
Prepaid Expense and Other Assets | $2,276 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
Current: | |
Federal | $0 |
State | 2 |
Current Income Tax Expense Total | 2 |
Deferred: | |
Federal | 0 |
State | 0 |
Deferred Income Tax Expense Total | 0 |
Provision for income taxes | $2 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1 ) | 12 Months Ended |
Feb. 28, 2015 | |
Statutory Federal income tax rate | 35.00% |
State taxes | -0.40% |
Permanent differences | -20.10% |
Change in valuation allowance | -15.00% |
Effective income tax rate | -0.50% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Feb. 28, 2015 | Feb. 09, 2015 | Mar. 01, 2014 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Pension costs | $2,244 | $2,759 | |
Reserves not currently deductible for tax purposes | 0 | 66 | |
Stock-based compensation expense | 182 | 0 | |
Net operating loss carry forwards | 75,421 | 79,145 | |
Depreciation (Including Air Right) | 2,413 | 7,193 | |
AMT credit | 3,181 | 3,182 | |
Accrued expenses | 49 | 110 | |
Other | 46 | 82 | |
Wind-down expenses | 0 | 3,954 | |
Lease claim | 6,095 | 13,934 | |
Total deferred tax assets | 89,631 | 110,425 | |
Valuation allowance | -89,483 | -89,500 | -59,868 |
Deferred tax asset after valuation allowance | 148 | 50,557 | |
Deferred tax liabilities: | |||
Intangibles | -139 | -156 | |
Write up of owned real estate | 0 | -50,401 | |
Other | -9 | 0 | |
Total deferred tax liabilities | -148 | -50,557 | |
Total deferred tax assets | 0 | 0 | |
Current deferred tax assets | 0 | 0 | |
Long term deferred tax assets | 0 | 0 | |
Total deferred tax assets | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 09, 2015 | |
Valuation Allowance | $89,483,000 | $89,483,000 | $59,868,000 | $89,500,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 200,000 | 89,500,000 | 29,600,000 | |
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal | 1,900,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 151,700,000 | 151,700,000 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Operating Loss Carryforward Expiration Year | 2034 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Operating Loss Carryforward Expiration Year | 2029 | |||
Federal [Member] | ||||
Operating Loss Carryforwards | 195,000,000 | |||
Operating Loss Carryforward Expiration Year | 2034 | |||
Federal [Member] | Maximum [Member] | ||||
Operating Loss Carryforwards | 195,000,000 | |||
Federal [Member] | Minimum [Member] | ||||
Operating Loss Carryforwards | $162,800,000 |
RENTAL_REVENUES_Details
RENTAL REVENUES (Details) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
27-Feb-16 | $387 |
4-Mar-17 | 113 |
Operating Leases, Future Minimum Payments Receivable | $500 |
RENTAL_REVENUES_Details_Textua
RENTAL REVENUES (Details Textual) | 12 Months Ended |
Feb. 28, 2015 | |
Rental Revenue Percentage | 24.00% |
West Palm Beach property [Member] | |
Leased Asset Percent | 25.20% |
Number Of Tenants | 15 |
Paramus property [Member] | |
Leased Asset Percent | 5.20% |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details Textual) (USD $) | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 01, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan, Fair Value Of Plan Assets | $10,423 | $9,848 | $8,737 |
PENSION_AND_PROFIT_SHARING_PLA2
PENSION AND PROFIT SHARING PLANS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
CHANGE IN BENEFIT OBLIGATION: | ||
Net benefit obligation - beginning of period | $13,196 | $11,514 |
Interest cost | 642 | 611 |
Actuarial loss | 123 | 1,686 |
Gross benefits paid | -628 | -615 |
Net benefit obligation - end of period | 13,333 | 13,196 |
CHANGE IN PLAN ASSETS: | ||
Fair value of plan assets - beginning of period | 9,848 | 8,737 |
Employer contributions | 655 | 868 |
Gross benefits paid | -628 | -615 |
Actual return on plan assets | 548 | 858 |
Fair value of plan assets - end of period | 10,423 | 9,848 |
Funded status at end of year | ($2,910) | ($3,348) |
PENSION_AND_PROFIT_SHARING_PLA3
PENSION AND PROFIT SHARING PLANS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 |
COMPONENTS OF NET PERIODIC COST: | ||
Interest cost | $642 | $611 |
Loss of assets | -548 | -858 |
Amortization of loss | 144 | 597 |
Net periodic cost | $238 | $350 |
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 $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
2016 | $955 |
2017 | 812 |
2018 | 1,144 |
2019 | 948 |
2020 | 871 |
2021-2025 | $3,491 |
PENSION_AND_PROFIT_SHARING_PLA5
PENSION AND PROFIT SHARING PLANS (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 01, 2013 |
Fair Value | $10,423 | $9,848 | $8,737 |
Percentage of Plan Assets | 100.00% | ||
Cash and Cash Equivalents [Member] | |||
Asset Allocation Minimum | 0.00% | ||
Asset Allocation Maximum | 10.00% | ||
Fair Value | 353 | ||
Percentage of Plan Assets | 3.00% | ||
Equity Securities [Member] | |||
Asset Allocation Minimum | 30.00% | ||
Asset Allocation Maximum | 50.00% | ||
Fair Value | 4,480 | ||
Percentage of Plan Assets | 43.00% | ||
Fixed Income Securities [Member] | |||
Asset Allocation Minimum | 35.00% | ||
Asset Allocation Maximum | 55.00% | ||
Fair Value | 4,676 | ||
Percentage of Plan Assets | 45.00% | ||
Alternative Investment [Member] | |||
Asset Allocation Minimum | 5.00% | ||
Asset Allocation Maximum | 25.00% | ||
Fair Value | $914 | ||
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 | |
Feb. 27, 2012 | Feb. 28, 2015 | Mar. 01, 2014 | |
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period | $15,000,000 | $2,900,000 | $3,500,000 |
Multiemployer Plans, Withdrawal Obligation | 200,000 | ||
Multiemployer Plans, Accumulated Benefit Obligation | 4,000,000 | 5,300,000 | |
Multiemployer Plans, Minimum Contribution | 3,000,000 | ||
Syms Plan Minimum Contribution | 2,400,000 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 37,000 | ||
Syms Sponsored Plan [Member] | |||
Multiemployer Plans, Minimum Contribution | 700,000 | ||
Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans, Accumulated Benefit Obligation | 4,000,000 | 5,300,000 | |
Multiemployer Plans, Minimum Contribution | $1,300,000 | $200,000 |
COMMITMENTS_Details_Textual
COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | |
Feb. 28, 2015 | Mar. 01, 2014 | Feb. 28, 2015 | |
Operating Leases, Rent Expense | $16,400,000 | $37,300,000 | |
Fifth Avenue, New York [Member] | |||
Operating Leases, Rent Expense | 10,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | $800,000 | $800,000 |
LOAN_PAYABLE_Details_Textual
LOAN PAYABLE (Details Textual) (USD $) | 1 Months Ended | 11 Months Ended |
Feb. 28, 2015 | Feb. 09, 2015 | |
Long Term Debt Maturity Date | 8-Aug-17 | |
Interest Expense | $40,000 | |
Interest Costs Capitalized | 65,000 | |
TPH Borrower [Member] | ||
Loans Payable to Bank | 40,000,000 | |
Debt Instrument, Description of Variable Rate Basis | The Loan bears interest at a rate per annum equal to the greater of the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the Contract Rate) or 4.5% and requires interest only payment through maturity. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Borrower does not maintain funds in its deposit accounts with Agent sufficient to make payments then due under the Loan documents. | |
Percentage Of Loans | 9.00% | |
TPH Borrower [Member] | Minimum [Member] | ||
Loans Payable to Bank | 50,000,000 |
PREFERRED_STOCK_Details_Textua
PREFERRED STOCK (Details Textual) (Blank Check Preferred Stock [Member]) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Blank Check Preferred Stock [Member] | |
Preferred Stock, Shares Authorized | 40,000 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 12 Months Ended | |
Feb. 28, 2015 | Mar. 01, 2014 | |
Number of Shares, Non-vested at beginning of period | 76,000 | 0 |
Number of Shares, Granted RSUs | 1,202,380 | 326,000 |
Number of Shares, Vested | -25,417 | -250,000 |
Number of Shares, Forfeited | -8,500 | 0 |
Number of Shares, Non-vested at end of period | 1,244,463 | 76,000 |
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period | $6.49 | $0 |
Weighted Average Fair Value at Grant Date, Granted RSUs | $6.48 | $5.35 |
Weighted Average Fair Value at Grant Date, Vested | $6.49 | $5 |
Weighted Average Fair Value at Grant Date, Forfeited | $6.75 | $0 |
Weighted Average Fair Value at Grant Date, Non-vested at end of period | $6.48 | $6.49 |
STOCK_BASED_COMPENSATION_Detai1
STOCK BASED COMPENSATION (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 01, 2013 |
Allocated Share-based Compensation Expense | $0.10 | ||
Capitalized Cost To Real Estate | 0.2 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,202,380 | 326,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $4.70 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2015 | Mar. 01, 2014 | Oct. 01, 2013 |
Related Party Transaction, Amounts of Transaction | $1.80 | ||
Due to Officers or Stockholders, Current | 10.7 | ||
Due to Officers or Stockholders, Noncurrent | 7.1 | 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 |
SUBSEQUENT_EVENT_Details_Textu
SUBSEQUENT EVENT (Details Textual) (Subsequent Event [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Claims Payment | $12.70 |
Schedule_III_Consolidated_Real1
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 10, 2015 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $40,000 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,755 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 9,134 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,008 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 20,382 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,780 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 9,134 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,024 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 32,938 | 32,427 |
SEC Schedule III, Real Estate Accumulated Depreciation | -1,817 | -1,811 |
Trinity Place Property [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,000 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,500 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 9,134 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,872 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,193 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,500 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 9,134 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,843 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 18,477 | |
SEC Schedule III, Real Estate Accumulated Depreciation | 0 | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Of Acquired 1 | 1990 | |
Paramus, NJ [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 908 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,167 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 908 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 770 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 1,678 | |
SEC Schedule III, Real Estate Accumulated Depreciation | 0 | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Of Acquired 1 | 1980 | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Construction 1 | 1984 | |
Westbury, NY [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,895 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11,578 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,920 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,831 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 6,751 | |
SEC Schedule III, Real Estate Accumulated Depreciation | 0 | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Of Acquired 1 | 1988 | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Of Acquired 2 | 1989 | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Construction 1 | 1989 | |
West Palm Beach, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,452 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,136 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 444 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,452 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 0 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,580 | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 6,032 | |
SEC Schedule III, Real Estate Accumulated Depreciation | ($1,817) | |
SEC Schedule III,Real Estate And Accumulated Depreciation Date Of Acquired 1 | 2001 |
Schedule_III_Consolidated_Real2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 1) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Balance at February 10, 2015 | $32,427 |
Additions | 511 |
Balance at February 28, 2015 | $32,938 |
Schedule_III_Consolidated_Real3
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Balance at February 10, 2015 | $1,811 |
Depreciation related to real estate | 6 |
Balance at February 28, 2015 | $1,817 |
Schedule_III_Consolidated_Real4
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details Textual) | 1 Months Ended |
Feb. 28, 2015 | |
Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years |
Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years |
Buildings and Improvements [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years |
Buildings and Improvements [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years |