Hampshire 10-Q 24 Mar 16 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 26, 2015	Mar. 01, 2016
Entity Registrant Name	HAMPSHIRE GROUP LTD
Entity Central Index Key	887,150
Trading Symbol	hamp
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		8,795,530
Document Type	10-Q
Document Period End Date	Sep. 26, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Sep. 26, 2015	Dec. 31, 2014
Preferred Stock [Member]
Stockholders’ deficit:
Preferred stock, value	$ 0	$ 0
Series A Junior Participating Preferred Stock [Member]
Stockholders’ deficit:
Preferred stock, value	0	0
Cash and cash equivalents	1,441,000	1,758,000
Accounts receivable, net of allowances of $2,607 and $2,924 as of September 26, 2015 and December 31, 2014, respectively	15,402,000	11,649,000
Other receivables	2,442,000	368,000
Inventories, net	13,558,000	8,107,000
Other current assets	2,023,000	2,373,000
Assets of discontinued operations	120,000	17,095,000
Total current assets	34,986,000	41,350,000
Fixed assets, net	938,000	827,000
Goodwill	420,000	420,000
Intangible assets, net	1,148,000	1,234,000
Other assets	375,000	465,000
Total assets	37,867,000	44,296,000
Credit facility borrowings and notes payable	21,821,000	16,114,000
Accounts payable	10,888,000	11,700,000
Accrued expenses and other liabilities	3,987,000	6,143,000
Liabilities of discontinued operations	2,000	1,038,000
Total current liabilities	36,698,000	34,995,000
Long-term debt	2,415,000	3,000,000
Other long-term liabilities	5,686,000	11,568,000
Total liabilities	$ 44,799,000	$ 49,563,000
Commitments and contingencies (Note 7)
Common stock, $0.10 par value, 13,333,333 shares authorized; 9,496,350 and 9,249,902 shares issued as of September 26, 2015 and December 31, 2014, respectively	$ 950,000	$ 925,000
Additional paid-in capital	43,104,000	42,663,000
Deficit	(45,519,000)	(43,388,000)
Treasury stock, 753,356 shares at cost as of September 26, 2015 and December 31, 2014	(5,467,000)	(5,467,000)
Total stockholders’ deficit	(6,932,000)	(5,267,000)
Total liabilities and stockholders’ deficit	$ 37,867,000	$ 44,296,000

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 31, 2014
Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Allowance for doubtful accounts receivable	$ 2,607	$ 2,924
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	13,333,333	13,333,333
Common stock, shares issued (in shares)	9,496,350	9,249,902
Treasury stock, shares (in shares)	753,356	753,356

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Net sales	$ 18,608	$ 20,836	$ 43,428	$ 30,555
Cost of goods sold	14,709	14,957	33,093	22,621
Gross profit	3,899	5,879	10,335	7,934
Selling, general and administrative expenses	$ 5,191	$ 5,225	14,690	$ 14,400
Lease litigation settlement			5,284
(Gain) loss on lease obligations		$ (8)	(10,590)	$ 74
Income (loss) from operations	$ (1,292)	662	951	(6,540)
Other income (expense):
Interest expense	(304)	(345)	(965)	(827)
Other, net	140	86	484	107
Income (loss) from continuing operations before income taxes	(1,456)	403	470	(7,260)
Income tax provision	(79)	(345)	14	(205)
Income (loss) from continuing operations	(1,377)	748	456	(7,055)
Loss from discontinued operations, net of taxes (Notes 8 and 9)	(228)	(440)	(2,587)	(1,510)
Net income (loss)	$ (1,605)	$ 308	$ (2,131)	$ (8,565)
Basic income (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ (0.16)	$ 0.09	$ 0.05	$ (0.83)
Loss from discontinued operations, net of taxes (in dollars per share)	(0.02)	(0.05)	(0.30)	(0.18)
Net income (loss) (in dollars per share)	(0.18)	0.04	(0.25)	(1.01)
Diluted income (loss)per share:
Income (loss) from continuing operations (in dollars per share)	(0.16)	0.08	0.05	(0.83)
Loss from discontinued operations, net of taxes (in dollars per share)	(0.02)	(0.05)	(0.30)	(0.18)
Net income (loss) (in dollars per share)	$ (0.18)	$ 0.03	$ (0.25)	$ (1.01)
Weighted-average number of common shares outstanding:
Basic (in shares)	8,736	8,486	8,610	8,475
B Diluted (in shares)	8,736	9,878	8,610	8,475

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statement of Stockholders' Deficit - 9 months ended Sep. 26, 2015 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2014	9,249,902			753,356
Balance at Dec. 31, 2014	$ 925,000	$ 42,663,000	$ (43,388,000)	$ (5,467,000)	$ (5,267,000)
Net loss			$ (2,131,000)		(2,131,000)
Stock-based compensation		$ 370,000			370,000
Issuance of common stock to directors in lieu of cash (in shares)	246,448
Issuance of common stock to directors in lieu of cash	$ 25,000	71,000			96,000
Balance (in shares) at Sep. 26, 2015	9,496,350			753,356
Balance at Sep. 26, 2015	$ 950,000	$ 43,104,000	$ (45,519,000)	$ (5,467,000)	$ (6,932,000)

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014
Cash flows from operating activities:
Net loss	$ (2,131,000)	$ (8,565,000)
Less: Loss from discontinued operations, net of taxes	2,587,000	1,510,000
Income (Loss) from Continuing Operations Attributable to Parent	456,000	(7,055,000)
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) continuing operating activities:
Depreciation and amortization	537,000	$ 885,000
Lease litigation settlement	5,284,000
(Gain) loss on lease obligations	(10,590,000)	$ 74,000
Stock-based compensation	370,000	894,000
Deferred income taxes	$ 9,000	(335,000)
Loss on the sale of fixed assets		1,000
Changes in operating assets and liabilities:
Receivables, net	$ (3,505,000)	(11,353,000)
Inventories, net	(5,451,000)	(7,788,000)
Other assets	289,000	3,051,000
Liabilities	2,034,000	7,108,000
Net cash provided by (used in) continuing operating activities	(10,567,000)	(14,518,000)
Net cash provided by (used in) operating activities of discontinued operations	3,267,000	1,934,000
Net cash provided by (used in) operating activities	(7,300,000)	(12,584,000)
Cash flows from investing activities:
Capital expenditures	$ (311,000)	(406,000)
Acquisition of business		$ (300,000)
Proceeds from the sale of Rio	$ 4,600,000
Proceeds from the disposal of fixed assets		$ 1,000
Net cash provided by (used in) investing activities of continuing operations	$ 4,289,000	(705,000)
Net cash provided by (used in) investing activities of discontinued operations	(13,000)	(266,000)
Net cash provided by (used in) investing activities	4,276,000	(971,000)
Cash flows from financing activities:
Proceeds (payments) of the line of credit, net	2,595,000	$ 12,960,000
Other notes payable, net	112,000
Net cash provided by (used in) financing activities	2,707,000	$ 12,960,000
Net increase (decrease) in cash and cash equivalents	(317,000)	(595,000)
Cash and cash equivalents at beginning of period	1,758,000	1,385,000
Cash and cash equivalents at end of period	1,441,000	790,000
Supplemental disclosures of cash flow information:
Issuance of common stock to directors in lieu of cash	96,000	$ 105,000
Lease settlement notes	$ 6,581,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Liquidity and Financing	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 – Basis of Presentation and Liquidity and Financing The accompanying unaudited condensed consolidated financial statements of Hampshire Group, Limited and its subsidiaries (the “Company” or “Hampshire”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the requirements of the United States Securities and Exchange Commission (the “SEC”) for interim reporting under Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. (the “2014 Annual Report”). The information included herein is not necessarily indicative of the annual results that may be expected for the year ending December 31, 2015, but does reflect all adjustments (which are of a normal and recurring nature) considered, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make accounting estimates based on assumptions, judgments or projections of future results of operations and cash flows. Actual results could differ materially from these estimates under different assumptions or conditions. In addition, the Company’s revenues are subject to the seasonality of the apparel industry, which may result in fluctuations in financial results for interim periods. The accompanying condensed consolidated financial statements were prepared under the assumption that the Company will continue to operate as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. Management’s Liquidity and Financing Plan The Company is in default under its credit facility and entered into a forbearance agreement and amendment to the credit facility on November 30, 2015, which among other things, changed the maturity date of the credit facility to February 29, 2016. The Company has received a term sheet for a credit facility from a new lender and is negotiating the definitive agreements with the new lender. On March 8, 2016, the Company and the existing lenders entered into an extension of the forbearance date and maturity date to April 4, 2016, subject to an earlier date in the discretion of the lenders in the event that the lenders receive notice that the new credit facility will not be completed as currently contemplated. There can be no assurance that the new credit facility will be completed in a timely manner, or at all, or that the existing lenders will give further extensions of the forbearance and maturity dates beyond April 4, 2016. See Note 5 – Credit Agreement The Company incurred losses from continuing operations of $28.8 million, $12.8 million, $9.3 million, $16.8 million and $8.6 million, in the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. As of September 26, 2015, the Company had a negative net worth or stockholders’ deficit of $6.9 million. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. Management’s plans in regard to these matters are described below. Beginning in the Spring of 2015, the Company initiated plans to realign its resources with its operations. Hampshire substantially altered its operations by reducing costs and cash outflows, consolidating operations and raising funds: ● On June 18, 2015, the Company entered into an Amendment of Lease dated as of June 1, 2015 for its New York Lease. The revised agreement provides for a payment structure that will reduce the Company’s cash payments, as compared to the previous agreement, by approximately $16.4 million over the next eight years through the termination of the lease. See Note 7 – Commitments and Contingencies – New York Office Lease; ● On April 27, 2015, the Company announced that it had entered into an agreement with Sole Asset Holdings, Inc. to terminate a license agreement, effective February 28, 2015. See Note 8 – Related Party Transactions – License Agreement and Termination Agreement with Sole Asset Holdings, Inc. doing business as “Gramicci”; ● On September 15, 2015, Company completed the sale of the stock of Rio for $6.0 million and caused Rio to assume approximately $3.2 million in certain liabilities. See Note 8 – Related Party Transactions – Rio Sale. These, along with other actions, reduced the footprint of the Company’s operations as well as the number of full time employees, which totaled over 700 at December 31, 2014 and decreased to 64 at December 31, 2015. Management continues to explore opportunities to match its operations with its business prospects. There are no assurances that actions to date will allow the Company to operate profitably and it may have to further “right size” operations. The Company has had discussions with potential lenders and investors about its capital requirements: ● The Company has spoken with potential lenders to replace the current credit facility. Several parties met with management and reviewed certain information about the Company, but there can be no assurances that new financing will be available in sufficient amounts, or on acceptable terms, or at all; and, ● The Company also approached potential investors about a possible debt and/or equity investment in the Company. An equity investment could cause substantial dilution to existing stockholders or an “overhang” that may also adversely affect the market price of the Company’s common stock. There can be no assurances that any investment will be in sufficient amounts, or on acceptable terms, or at all. Sale of Rio Garment S.A. Pursuant to the terms of a Stock Purchase Agreement, dated as of April 10, 2015, as amended (the “Rio Agreement”), on September 15, 2015, the Company sold all the shares of stock of its wholly-owned subsidiary, Rio Garment S.A. (“Rio”), to Rio Asset Holdco, LLC and Rio Asset Holdings, LLC. In accordance with GAAP, the unaudited condensed consolidated financial statements of Rio are reflected as discontinued operations for the periods presented herein. For accounting and financial reporting purposes, the sale of Rio was deemed to have occurred effective as of the close of business on April 10, 2015 to the fullest extent permitted by applicable law. For additional information see Note 8 – Related Party Transactions – Rio Sale Note 9 – Discontinued Operations Recent Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued an amendment to ASU 2014-09 , which defers the effective date by one year to December 15, 2017, for annual reporting periods, including interim reporting periods within those periods, beginning after that date. Early adoption is permitted, but not before the original effective date of December 15, 2016. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method by which the standard will be adopted or whether it will adopt the standard for 2017 or 2018. In June 2014, FASB issued ASU No. 2014-12, Compensation – Stock Compensation In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Interest – Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“

Note 2 - Inventories, Net

Note 2 - Inventories, Net	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 2 – Inventories , Net Inventories, net as of September 26, 2015 and December 31, 2014 consisted of the following: (In thousands) September 26, 2015 December 31, 2014 Finished goods $ 13,481 $ 7,912 Raw materials and supplies 77 195 Inventories, net $ 13,558 $ 8,107

Note 3 - Goodwill and Intangibl

Note 3 - Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 3 – Goodwill and Intangible Assets , Net The Company’s goodwill and intangible assets are related to the 2014 James Campbell acquisition. Intangible Assets, Net Intangible assets as of September 26, 2015 and December 31, 2014 consisted of the following: September 26, 2015 December 31, 2014 (In thousands) James Campbell Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 230 $ (36 ) $ 194 $ 230 $ (19 ) $ 211 Trade name 1,100 (146 ) 954 1,100 (77 ) 1,023 Intangible assets $ 1,330 $ (182 ) $ 1,148 $ 1,330 $ (96 ) $ 1,234 Intangible asset amortization expense for continuing operations was approximately $29,000 for the three months ended September 26, 2015 and September 27, 2014. Intangible asset amortization expense for continuing operations was approximately $86,000 and $67,000 for the nine months ended September 26, 2015 and September 27, 2014, respectively. Annual intangible amortization expense for the year ending December 31, 2015 and in each of the following four years is estimated to be $115,000.

Note 4 - Loss on Lease Obligati

Note 4 - Loss on Lease Obligations	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Loss On Lease Obligations [Text Block]	Note 4 – Loss on Lease Obligations In 2011, the Company completely vacated two of the five floors leased of its corporate office space located at 114 West 41 st The New York Office lease was amended effective June 1, 2015 and the vacated floors were surrendered to the Landlord in exchange for, among other things, a surrender fee and changes to the rent schedule, resulting in the reversal of the New York Office loss on lease obligations in the quarter ended June 27, 2015. For additional information about the New York Office lease see Note 7 – Commitments and Contingencies – New York Office Lease Loss on lease adjustments Three Months Ended September 26 , 201 5 Nine Months Ended September 26 , 201 5 (In thousands) New York Office Other Total New York Office Other Total Beginning of period $ — $ 29 $ 29 $ 10,765 $ 130 $ 10,895 Loss on lease adjustments — — — (9,595 ) (87 ) (9,682 ) Interest accretion — — — 276 8 284 Payments, net of sublease rentals received — (6 ) (6 ) (1,446 ) (28 ) (1,474 ) End of period $ — $ 23 $ 23 $ — $ 23 $ 23 8 As of September 26, 2015 and December 31, 2014, total loss on lease obligation liabilities (including other office leases separate from the New York Office lease) of approximately $11,000 and $3.8 million, respectively, are included in Accrued expenses and other liabilities Other long-term liabilities

Note 5 - Credit Agreement

Note 5 - Credit Agreement	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 – Credit Agreement On September 26, 2013, the Company and its subsidiaries, Hampshire Brands, Rio, Hampshire International, LLC and Scott James, LLC (collectively, the “Subsidiaries” and with the Company, the “Borrowers”), entered into a Credit Agreement (the “Credit Agreement”) and related agreements with Salus Capital Partners, LLC and Salus CLO 2012-1, Ltd. (collectively, the “Lender”) providing for: (i) a $27.0 million revolving credit facility (which includes up to $15.0 million for letters of credit), subject to borrowing base limitations and (ii) a $3.0 million term loan. As reported in Note 8 – Related Party Transactions – Rio Sale The Company currently is in default under the Credit Agreement. On November 30, 2015, the Borrowers and Lender entered into a Forbearance Agreement and Fifth Amendment to Credit Agreement under which, among other items, (i) the maturity date of the loans was changed to February 29, 2016 and (ii) the Lender agreed to forbear from exercising its rights with respect to certain specified defaults. The Company is seeking a replacement credit facility and is also considering raising additional financing through the sale of equity or debt. The Company has received a term sheet for a credit facility from a new lender and is negotiating the definitive agreements with the new lender. On March 8, 2016, the Company and the Lender entered into an extension of the forbearance date and maturity date to April 4, 2016, subject to an earlier date in the discretion of the Lender in the event that the Lender receives notice that the new credit facility will not be completed as currently contemplated. There can be no assurance that the new credit facility will be completed in a timely manner, or at all, or that the Lender will give further extensions of the forbearance and maturity dates beyond April 4, 2016. For additional information, see Note 1 – Basis of Presentation and Liquidity and Financing Information regarding the credit facility and related matters is presented in the Company’s 2014 Annual Report in Item 1A. Risk Factors, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources Note 1 – Organization, Liquidity and Financing, and Audit Committee Investigation Note 10 – Credit Facility Available borrowings under the revolving credit facility are limited to a borrowing base, generally consisting of specified percentages of inventory and trade receivables, less the total of availability reserves established under the Credit Agreement. Loans under the Credit Agreement are secured by a security interest in substantially all of the assets of the Borrowers, including a pledge of the stock of the Subsidiaries. All of the Borrowers are jointly and severally liable for all borrowings under the Credit Agreement. The Credit Agreement will expire, and all outstanding loans will become due and payable, on April 4, 2016, subject to an earlier date as noted above.. Loans under the Credit Agreement bear interest at the prime rate of interest published from time to time by www.bankrate.com plus 4.50%, provided, however, that the applicable annual interest rate on all loans will not be lower than 8.0%. In the event of a default under the Credit Agreement, the loans will bear interest at the applicable rate plus an additional 3%. Interest is payable monthly in arrears. As of September 26, 2015, the interest rate on both the term loan and the outstanding borrowings on the revolving credit facility was 8.0%. Additional fees are payable under the Credit Agreement, including a letter of credit issuance fee, an unused line fee, a collateral monitoring fee and an early termination fee. No principal payments are required under the term loan. All remaining principal and accrued interest is payable on the termination of the Credit Agreement. The Borrowers are also required to use the net cash proceeds of certain asset sales, insurance proceeds, sales of equity securities or incurrence of debt to prepay the loan. The Credit Agreement includes various representations, warranties, affirmative and negative covenants, events of default, remedies and other provisions customary for a transaction of this nature. The Credit Agreement initially also contained covenants regarding average availability and minimum EBITDA levels. As of September 26, 2015, the Company had outstanding borrowings of $3.0 million on the term loan and approximately $18.6 million on the revolving credit facility and no outstanding letters of credit under the Credit Agreement. Availability under the Credit Agreement at September 30, 2015 was approximately $0.2 million. As of September 26, 2015 and December 31, 2014, the fair value of the term loan was approximately $3.0 million and was determined by discounting the cash flows using the current interest rate (8.0%) on the loan (Level 3).

Note 6 - Income Taxes

Note 6 - Income Taxes	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 6 – Income Taxes The Company’s income tax benefit for the quarter ended September 26, 2015 was comprised primarily of the recognition of tax benefits associated with the expiration of certain statutes of limitations, partially offset by foreign income taxes and interest on unrecognized tax benefits. The Company’s provision for income taxes for the nine months ended September 26, 2015 was comprised primarily of foreign income taxes and interest on unrecognized tax benefits, partially offset by the recognition of tax benefits associated with the expiration of certain statutes of limitations . The Company’s income tax benefit for the three and nine month periods ended September 27, 2014 was comprised primarily of reductions in foreign income tax withholdings, partially offset by interest and penalties on unrecognized tax benefits. As of September 26, 2015, unrecognized tax benefits of approximately $2.5 million, including approximately $1.6 million of accrued interest and penalties are included in Other long-term liabilities The Company maintains a full valuation allowance on all of the net deferred tax assets due to the significant negative evidence with regard to future realization of these net deferred tax assets as of September 26, 2015 and December 31, 2014. Excluding the valuation allowances on net deferred tax assets, in the third quarter of 2015, the Company would have recognized a tax benefit from continuing operations of approximately $0.6 million, or an effective tax rate of 42.4%, due to losses incurred in the three months ended September 26, 2015. Excluding the valuation allowances on net deferred tax assets, in the third quarter of 2014, the Company would have recognized a negligible tax expense from continuing operations, or an effective tax rate of 9.9%, due to income generated in the three months ended September 27, 2014. Excluding the valuation allowances on net deferred tax assets, in the nine months ended September 26, 2015, the Company would have recognized tax expense from continuing operations of approximately $0.4 million, or an effective tax rate of 79.6%, due to income generated in the nine months ended September 26, 2015. Excluding the valuation allowances on net deferred tax assets, in the nine months ended September 27, 2014, the Company would have recognized a tax benefit from continuing operations of approximately $2.4 million, or an effective tax rate of 33.1%, due to losses incurred in the nine months ended September 27, 2014. The effective tax rates vary from the statutory rates due primarily to changes in unrecognized tax benefits, changes in valuation allowances, foreign income taxes and nondeductible expenses.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 7 – Commitments and Contingencies New York Office Lease In July 2007, the Company entered into a lease (the “New York Lease”) for the New York Office. As previously reported, the Company had been in litigation over the New York Lease with the landlord and/or the court appointed receiver for the property since 2011 over claims by the Company that the landlord failed to complete certain agreed upon capital improvements to the common areas of the New York Office, which would result in reduced rent, and claims by the receiver for unpaid rent. On June 18, 2015, the Company entered into an Amendment of Lease dated as of June 1, 2015 (the “Lease Amendment”) with Klaus Kretschmann, not individually but as Court-Approved Receiver for 114 West 41st Street, New York, New York a/k/a 119 West 40th Street, New York (“Landlord”). The Lease Amendment amended the lease agreement for the Company’s New York City offices to, among other things: ● provide for the surrender to the Landlord of four floors no longer needed by the Company in exchange for a surrender fee of $3.15 million payable in various installments through 2020 and evidenced by a promissory note (the “Surrender Note”); ● make certain changes to the rent schedule; ● provide for the payment by the Company of $1.64 million in rent arrearages in various installments through 2016; and, ● provide for the discontinuance and settlement of litigation and appeals between the parties related to the New York Lease . In connection with the Lease Amendment, the Company executed and delivered to the Landlord the Surrender Note dated as of April 1, 2015 in the principal amount of $3.15 million. The Surrender Note provides for principal repayment as follows: (a) thirty-six (36) equal installments of $55,555.56 on the first day of each month from January 1, 2017 through and including December 1, 2019; (b) $500,000.00 on or before July 1, 2020; and (c) $650,000 on or before October 1, 2020. The Surrender Note does not bear interest, except that upon and during the continuance of an event of default, as defined, unpaid principal bears interest at an annual rate of 10%. Events of default include the failure to make any payment of principal or interest when due, breach of a representation or covenant, breach of the lease agreement for the New York Office or the bankruptcy, insolvency or similar event with respect to the Company. The Landlord may accelerate the payment of all amounts due under the Surrender Note upon and during the continuance of an event of default. The Company recorded $5.3 million in charges related to the present value of the surrender fee payments as well as for certain changes made to the rent schedule, which is reflected in Lease settlement litigation (Gain) loss on lease obligations As of September 26, 2015, approximately $1.2 million is included in Accrued expenses and other liabilities, Long-term debt Other long-term liabilitie Note 4 – Loss on Lease Obligations Matters Related to scott james As previously reported, the Company sold its scott james business in June 2013. In May 2015, the Company and the purchasers entered into a settlement agreement releasing all claims and dismissing litigation that ensued after the sale. Information regarding scott james is presented in the Company’s 2014 Annual Report in Item 8. Financial Statements and Supplementary Data, Note 1 2 – Commitments and Contingencies – Legal Items – Matters Related to scott james Note 9 – Discontinued Operations Other The Company is from time to time involved in other litigation incidental to the conduct of its business, none of which is expected to be material to its business, financial condition or operations.

Note 8 - Related Party Transact

Note 8 - Related Party Transactions	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 8 – Related Party Transactions License Agreement and Termination Agreement with Sole Asset Holdings, Inc. doing business as “ Gramicci ” Agreement On July 1, 2014, the Company announced that it had entered into a license agreement (“License Agreement”) with Sole Asset Holdings, Inc., which does business under the name Gramicci (“Gramicci”), a California-based hiking and climbing-inspired brand owned by Mr. Paul Buxbaum, the Company’s Chief Executive Officer. Termination On April 27, 2015, the Company announced that it had entered into an agreement with Gramicci to terminate the License agreement, effective February 28, 2015 (the “Termination Agreement”). Pursuant to the Termination Agreement, the parties agreed that at the termination of the License Agreement, the Company had an outstanding payable to Gramicci of approximately $118,000. The Company agreed to pay this amount prior to March 1, 2020, subject to independent verification. Under the Termination Agreement, the Company was also responsible for: ● paying the salaries and benefits of certain Gramicci employees through March 13, 2015, which aggregated to approximately $88,800; ● paying Gramicci monthly rent of approximately $5,000 for space occupied by the Company’s James Campbell business at Gramicci’s office; ● fulfilling certain purchase orders that Company received prior to the termination effective date; and, ● assisting Gramicci (subject to Gramicci reimbursing Company for any out-of-pocket expenses) with and allowing Gramicci to collect revenue (i.e., accounts receivable) arising from or related to the License Agreement. Obligations that Gramicci is responsible for include: ● assuming all rights and obligations with respect to all current and future sales orders related to products covered by the License Agreement, effective March 1, 2015, except as otherwise noted; ● assuming all costs associated with Spring 2015 samples; and, ● using its best efforts to sell-off Fall ’14 samples and promptly remit proceeds to the Company net of out-of-pocket expenses. As part of the termination, Gramicci disclosed to the Company that Gramicci is involved in ongoing negotiations to renew third party licenses related to the trademarks at issue in the License Agreement, to enter into new third party licenses related to the trademarks at issue in the License Agreement, and/or to sell the trademarks at issue in the License Agreement. The amount of Gramicci’s net sales and income from operations included in the Company’s unaudited condensed consolidated statements of operations for the quarter ended September 26, 2015 was approximately $0.1 million and $36,000, respectively. The amount of Gramicci’s net sales and income from operations included in the Company’s unaudited condensed consolidated statements of operations for the nine months ended September 26, 2015 was approximately $1.3 million and $0.1 million, respectively. The amount of Gramicci’s net sales and loss from operations included in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 27, 2014 was approximately $1.6 million and $0.1 million, respectively. There were no royalties earned by Gramicci for the periods ended September 26, 2015 and September 27, 2014. Information regarding Gramicci is presented in the Company’s 2014 Annual Report in Item 8. Financial Statements and Supplementary Data, Note 1 3 – Related Party Transactions – License Agreement and Termination with Sole Asset Holdings, Inc. doing business as “Gramicci” Brandon Buxbaum Employment In connection with the Gramicci License Agreement, the Company hired Brandon Buxbaum, the son of Mr. Buxbaum, on July 1, 2014, as an operations manager for Gramicci at an annual salary of $100,000 plus benefits, which primarily consisted of health care insurance and paid time off. Mr. Brandon Buxbaum received salary payments of approximately $29,500 and $47,700 in the quarter ended March 28, 2015 and the year ended December 31, 2014, respectively. In connection with the termination of the Gramicci license, Mr. Brandon Buxbaum was terminated in March 2015 and received approximately $3,800 in severance. Mr. Brandon Buxbaum received no compensation from the Company after the quarter ended March 28, 2015. 12 Rio Sale Rio Acquisition In 2011, the Company acquired Rio Garment S. de R.L. by way of a merger of that entity with and into RG Merger Sub S.A., a wholly-owned subsidiary of the Company, which was subsequently renamed Rio Garment S.A. Rio is a Honduras-based apparel manufacturer, designing, sourcing and manufacturing knit tops for men, women and children, which are sold to retailers and distributors, primarily in the United States. The former Rio equity holders included: (i) Paul Buxbaum, the current Chairman of the Board, President and Chief Executive Officer of the Company, (ii) Benjamin Yogel, the current lead director of the Company and (iii) David Gren, a former executive officer of the Company. Rio Sale Pursuant to the terms of a Stock Purchase Agreement, dated as of April 10, 2015, as amended (the “Rio Agreement”), on September 15, 2015, the Company sold all the stock of Rio to Rio Asset Holdco, LLC and Rio Asset Holdings, LLC (collectively, the “Rio Buyers”), a group headed by David Gren. Mr. Gren was an executive officer of the Company until his resignation in May 2015 in connection with the sale and remains as president of Rio. Mr. Gren was the holder of approximately 11.4% of the Company’s common stock as of February 1, 2016. For financial reporting purposes, the sale of Rio will be deemed to have occurred effective as of the close of business on April 10, 2015 (the “Rio Effective Date”) to the fullest extent permitted by applicable law. Under the Rio Agreement, the Rio Buyers purchased all of the stock of Rio for $6.0 million (of which $1.0 million is payable on the first anniversary of closing), caused Rio to transfer to the Company accounts receivable in existence as of the Rio Effective Date and certain other assets of Rio totaling approximately $5.1 million and caused Rio to assume approximately $3.2 million in certain liabilities. In addition to the deferred purchase price of $1.0 million, Rio is also responsible for repayment of certain Rio expenses paid by the Company totaling approximately $381,000, of which $274,000 is payable pursuant to a promissory note of Rio and the balance of $107,000 is payable from the proceeds of certain receivables of Rio. The promissory note bears interest at a rate equal to the Company’s cost of capital from its senior lender and is payable in 12 equal monthly installments of principal, with interest, beginning on October 1, 2015. Mr. Gren and his wife guaranteed all of the obligations of Rio and the Rio Buyers under the Rio Agreement. Further, Mr. Gren pledged all of his stock of the Company to the Company to secure his obligations under the guaranty. Mr. Gren also entered into a Mutual Release Agreement with the Company, under which: ● Mr. Gren resigned as an officer and employee of the Hampshire companies effective as of May 8, 2015; ● The parties agreed to a termination of Mr. Gren’s employment agreement and the release of the Company and Hampshire International of their obligations under the employment agreement; ● The Company agreed to pay Mr. Gren a severance payment of $5,000 as well as salary, vacation and sick pay through the effective date; and ● The parties entered into mutual releases. In connection with the Mutual Release Agreement, the Company and Pure Fresh Coast LLC, a company affiliated with Mr. Gren, entered into Consulting Agreement to provide certain services with respect to Rio through the later of August 15, 2015 or the closing or termination of the Stock Purchase Agreement. The Company paid a consulting fee of $70,000 in three monthly installments that began on June 15, 2015. The Company recorded a loss on the sale of Rio of approximately $1.3 million in the condensed consolidated statement of operations in the three and nine month periods ended September 26, 2015. For additional information, see Note 9 – Discontinued Operations 13 Buxbaum Group Information regarding the Company’s agreements with Buxbaum Holdings, Inc., d/b/a Buxbaum Group (“Buxbaum Group”) related to services provided to the Company by Paul Buxbaum (the Company’s CEO) is presented in the Company’s 2014 Annual Report in Item 8. Financial Statements and Supplementary Data, Note 13 – Related Party Transactions – Buxbaum Group Agreements Agreement with GRL Capital Advisor s On March 13, 2015, the Company entered into a Services Agreement dated as of March 9, 2015 with GRL Capital Advisors (“GRL”). Pursuant to the Agreement, GRL provides the services of William Drozdowski to serve as interim chief financial officer. The services are provided for a fee of $40,000 per month plus GRL’s reasonable expenses. Mr. Drozdowski will not be entitled to any direct compensation from the Company in respect of his service as interim chief financial officer. If additional GRL personnel are engaged by the Company, they will be billed at the hourly rates set forth in the Service Agreement. Payments made to GLR in the quarter and nine months ended September 26, 2015 were approximately $104,000 and $333,000 respectively, which included approximately $24,000 and $53,000 of expense reimbursements, respectively. Accounts payable to this vendor were approximately $25,000 as of September 26, 2015. Other The Company paid zero and approximately $0.1 million for screen printing services to a vendor affiliated with David Gren for the three months ended September 26, 2015 and September 27, 2014, respectively. The Company paid approximately $1,200 and $0.2 million for screen printing services to this vendor for the nine months ended September 26, 2015 and September 27, 2014, respectively. Accounts payable to this vendor were zero and approximately $3,000 as of September 26, 2015 and December 31, 2014, respectively. The Company paid zero and approximately $4,500 to the father of Mr. Gren for factory repair and maintenance services at Rio for the nine months ended September 26, 2015 and September 27, 2014, respectively, with no accounts payable as of September 26, 2015. Mr. Gren was an executive officer of the Company until his resignation in May 2015 and was the holder of approximately 11.4% of the Company’s common stock as of February 1, 2016.

Note 9 - Discontinued Operation

Note 9 - Discontinued Operations	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 9 – Discontinued Operations Pursuant to the terms of the Rio Agreement, the Company sold all the stock of Rio to the Rio Buyers on September 15, 2015, effective as of April 10, 2015. For additional information, see Note 8 – Related Party Transactions – Rio Sale The assets and liabilities of Rio are included in Assets of discontinued operations Liabilities of discontinued operations (In thousands) 201 5 201 4 Trade and other receivables, net $ 120 $ 4,313 Inventories, net — 12,445 Other current assets — 311 Fixed assets, net and other non-current assets — 26 Total assets $ 120 $ 17,095 Accrued expenses and other liabilities $ 2 $ 917 Other non-current liabilities — 121 Total liabilities $ 2 $ 1,038 Operating results for discontinued operations, represented in the consolidated condensed statement of operations as Loss from discontinued operations, net of taxes Three Months Ended Nine Months Ended (In thousands) September 26 , 201 5 September 27 , 201 4 September 26 , 201 5 September 27 , 201 4 Net sales $ — $ 10,114 $ 7,458 $ 31,306 Loss — (440 ) (1,324 ) (1,510 ) Loss on sale of discontinued operations (228 ) — (1,263 ) — Loss from discontinued operations before income taxes (228 ) (440 ) (2,587 ) (1,510 ) Income tax provision — — — — Loss from discontinued operations, net of taxes $ (228 ) $ (440 ) $ (2,587 ) $ (1,510 ) Operating results for discontinued operations for the three and nine month periods ended September 27, 2014 included zero and $110,000 of net sales respectively, and zero and $92,000 of net income, respectively, related to scott james, which was sold on June 7, 2013. There were no operating results related to scott james for the three and nine month periods ended September 26, 2015. Cash flows related to discontinued operations have been reported separately in the condensed consolidated statements of cash flows. Information regarding the acquisition and sale of Rio is presented in the Company’s 2014 Annual Report in Item 8. Financial Statements and Supplementary Data, Note 13 – Related Part y Transactions – Acquisition and Sale of Rio Garment S. A. Note 22 – Rio Pro Forma Condensed Financial Information (Unaudited)

Note 10 - Income (Loss) Per Sha

Note 10 - Income (Loss) Per Share	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 10 – Income ( Loss ) Per Share The weighted-average number of common shares outstanding used to calculate basic and diluted net (loss) income per share from continuing operations for the three and nine month periods ended September 26, 2015 and September 27, 2014 was as follows: Three Months Ended Nine Months Ended (In thousands) September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Basic weighted-average number of common shares outstanding 8,736 8,486 8,610 8,475 Effect of potentially dilutive securities (stock options) — 1,392 — — Diluted weighted-average number of common shares outstanding 8,736 9,878 8,610 8,475 For the three months ended September 26, 2015, options to purchase approximately 1,174,100 shares were excluded from the calculation of dilutive shares because the impact would have been anti-dilutive due to the loss from continuing operations. For the nine month periods ended September 26, 2015, options to purchase approximately 1,174,100 shares were excluded from the calculation of dilutive shares as the impact would have been anti-dilutive to income from continuing operations because the exercise price of the outstanding options exceeded the average market price. For the nine months ended September 27, 2014, options to purchase approximately 1,392,400 shares were excluded from the calculation of dilutive shares because the impact would have been anti-dilutive due to the loss from continuing operations.

Note 11 - Subsequent Events

Note 11 - Subsequent Events	9 Months Ended
	Sep. 26, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11 – Subsequent Events On November 30, 2015, the Company and certain of its subsidiaries entered into a Forbearance Agreement and Fifth Amendment to Credit Agreement with Salus CLO 2012-1, Ltd. and Salus Capital Partners, LLC, under which, among other things, (i) the maturity date of the loans was changed to February 29, 2016 and (ii) the lenders agreed to forbear from exercising its rights with respect to certain specified defaults. On March 8, 2016, the Company and the lenders entered into an extension of the forbearance date and maturity date to April 4, 2016, subject to an earlier date in the discretion of the lenders in the event that the lenders receive notice that the credit facility with a new lender will not be completed as currently contemplated. See Note 1 – Basis of Presentation and Liquidity and Financing Note 5 – Credit Facility The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued. There were no other items not otherwise disclosed which would have materially impacted the Company’s unaudited condensed consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 26, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued an amendment to ASU 2014-09 , which defers the effective date by one year to December 15, 2017, for annual reporting periods, including interim reporting periods within those periods, beginning after that date. Early adoption is permitted, but not before the original effective date of December 15, 2016. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method by which the standard will be adopted or whether it will adopt the standard for 2017 or 2018. In June 2014, FASB issued ASU No. 2014-12, Compensation – Stock Compensation In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Interest – Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“

Note 2 - Inventories, Net (Tabl

Note 2 - Inventories, Net (Tables)	9 Months Ended
	Sep. 26, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(In thousands) September 26, 2015 December 31, 2014 Finished goods $ 13,481 $ 7,912 Raw materials and supplies 77 195 Inventories, net $ 13,558 $ 8,107

Note 3 - Goodwill and Intangi20

Note 3 - Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 26, 2015
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	September 26, 2015 December 31, 2014 (In thousands) James Campbell Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 230 $ (36 ) $ 194 $ 230 $ (19 ) $ 211 Trade name 1,100 (146 ) 954 1,100 (77 ) 1,023 Intangible assets $ 1,330 $ (182 ) $ 1,148 $ 1,330 $ (96 ) $ 1,234

Note 4 - Loss on Lease Obliga21

Note 4 - Loss on Lease Obligations (Tables)	9 Months Ended
	Sep. 26, 2015
Notes Tables
Schedule of Other Assets and Other Liabilities [Table Text Block]	Three Months Ended September 26 , 201 5 Nine Months Ended September 26 , 201 5 (In thousands) New York Office Other Total New York Office Other Total Beginning of period $ — $ 29 $ 29 $ 10,765 $ 130 $ 10,895 Loss on lease adjustments — — — (9,595 ) (87 ) (9,682 ) Interest accretion — — — 276 8 284 Payments, net of sublease rentals received — (6 ) (6 ) (1,446 ) (28 ) (1,474 ) End of period $ — $ 23 $ 23 $ — $ 23 $ 23

Note 9 - Discontinued Operati22

Note 9 - Discontinued Operations (Tables)	9 Months Ended
	Sep. 26, 2015
Income Statement Information [Member]
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended Nine Months Ended (In thousands) September 26 , 201 5 September 27 , 201 4 September 26 , 201 5 September 27 , 201 4 Net sales $ — $ 10,114 $ 7,458 $ 31,306 Loss — (440 ) (1,324 ) (1,510 ) Loss on sale of discontinued operations (228 ) — (1,263 ) — Loss from discontinued operations before income taxes (228 ) (440 ) (2,587 ) (1,510 ) Income tax provision — — — — Loss from discontinued operations, net of taxes $ (228 ) $ (440 ) $ (2,587 ) $ (1,510 )
Balance Sheet Information [Member]
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	(In thousands) 201 5 201 4 Trade and other receivables, net $ 120 $ 4,313 Inventories, net — 12,445 Other current assets — 311 Fixed assets, net and other non-current assets — 26 Total assets $ 120 $ 17,095 Accrued expenses and other liabilities $ 2 $ 917 Other non-current liabilities — 121 Total liabilities $ 2 $ 1,038

Note 10 - Income (Loss) Per S23

Note 10 - Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 26, 2015
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Nine Months Ended (In thousands) September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Basic weighted-average number of common shares outstanding 8,736 8,486 8,610 8,475 Effect of potentially dilutive securities (stock options) — 1,392 — — Diluted weighted-average number of common shares outstanding 8,736 9,878 8,610 8,475

Note 1 - Basis of Presentatio24

Note 1 - Basis of Presentation and Liquidity and Financing (Details Textual)	Jun. 18, 2015USD ($)	Sep. 26, 2015USD ($)	Sep. 27, 2014USD ($)	Sep. 26, 2015USD ($)	Sep. 27, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2015	Sep. 15, 2015USD ($)	Apr. 10, 2015USD ($)
New York Office [Member]
Amendment of Lease, Reduction in Cash Lease Payments Expected Over Term of Lease	$ 16,400,000
Amendment of Lease, Lease Term	8 years
Rio Buyers [Member]
Disposal Group, Including Discontinued Operation, Consideration												$ 6,000,000	$ 6,000,000
Disposal Group, Including Discontinued Operation, Liabilities Assumed by Buyer												$ 3,200,000	$ 3,200,000
Subsequent Event [Member]
Entity Number of Full Time Employees											64
Income (Loss) from Continuing Operations Attributable to Parent		$ (1,377,000)	$ 748,000	$ 456,000	$ (7,055,000)	$ (28,800,000)	$ (12,800,000)	$ (9,300,000)	$ (16,800,000)	$ (8,600,000)
Stockholders' Equity Attributable to Parent		$ (6,932,000)		$ (6,932,000)		$ (5,267,000)
Entity Number of Full Time Employees						700

Note 2 - Inventories, Net (Deta

Note 2 - Inventories, Net (Details) - USD ($)	Sep. 26, 2015	Dec. 31, 2014
Finished goods	$ 13,481,000	$ 7,912,000
Raw materials and supplies	77,000	195,000
Inventories, net	$ 13,558,000	$ 8,107,000

Note 3 - Goodwill and Intangi26

Note 3 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Finite-Lived Intangible Assets, Amortization Expense, Year Two	$ 115,000		$ 115,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	115,000		115,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	115,000		115,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	115,000		115,000
Amortization of Intangible Assets	29,000	$ 29,000	86,000	$ 67,000
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 115,000		$ 115,000

Note 3 - Intangible Assets (Det

Note 3 - Intangible Assets (Details) - James Campbell [Member] - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 31, 2014
Customer Relationships [Member]
Intangible Assets, Gross Carrying Amount	$ 230	$ 230
Intangible Assets, Accumulated Amortization	(36)	(19)
Intangible Assets, Net	194	211
Trade Names [Member]
Intangible Assets, Gross Carrying Amount	1,100	1,100
Intangible Assets, Accumulated Amortization	(146)	(77)
Intangible Assets, Net	954	1,023
Intangible Assets, Gross Carrying Amount	1,330	1,330
Intangible Assets, Accumulated Amortization	(182)	(96)
Intangible Assets, Net	$ 1,148	$ 1,234

Note 4 - Loss on Lease Obliga28

Note 4 - Loss on Lease Obligations (Details Textual)	3 Months Ended	12 Months Ended
	Sep. 26, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2011USD ($)
Vacated [Member]
Leased Floors				2
Floors Leased [Member]
Leased Floors				5
New York Office [Member]
Gain (Loss) On Lease Obligations	$ 9,600,000	$ (400,000)	$ (5,400,000)	$ (6,300,000)
Accrued Expenses and Other Liabilities [Member]
Accrued Losses on Lease Obligations	(11,000)	(3,800,000)
Other Noncurrent Liabilities [Member]
Accrued Losses on Lease Obligations	$ (12,000)	$ (7,100,000)

Note 4 - Loss on Lease Obliga29

Note 4 - Loss on Lease Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 26, 2015	Sep. 26, 2015
New York Office [Member]
Beginning of period		$ 10,765
Loss on lease adjustments		(9,595)
Interest accretion		276
Payments, net of sublease rentals received		$ (1,446)
End of period
Properties Other Than The New York Office [Member]
Beginning of period	$ 29	$ 130
Loss on lease adjustments		(87)
Interest accretion		8
Payments, net of sublease rentals received	$ (6)	(28)
End of period	23	23
Beginning of period	$ 29	10,895
Loss on lease adjustments		(9,682)
Interest accretion		284
Payments, net of sublease rentals received	$ (6)	(1,474)
End of period	$ 23	$ 23

Note 5 - Credit Agreement (Deta

Note 5 - Credit Agreement (Details Textual) - Credit Agreement [Member] - USD ($)	9 Months Ended
	Sep. 26, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 26, 2013
Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Interest Rate During Period	8.00%
Line of Credit Facility, Maximum Borrowing Capacity				$ 27,000,000
Line of Credit, Current	$ 18,600,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 200,000
Lenders [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity				15,000,000
Lenders [Member] | Term Loan [Member]
Line of Credit Facility, Interest Rate During Period	8.00%
Long-term Debt, Fair Value			$ 3,000,000
Long-term Debt				$ 3,000,000
Short-term Debt, Fair Value	$ 3,000,000
Lenders [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.50%
Lenders [Member] | Applicable Rate [Member] | Event of Default [Member]
Debt Instrument, Basis Spread on Variable Rate	3.00%
Lenders [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate During Period	8.00%
Lenders [Member]
Letters of Credit Outstanding, Amount	$ 0
Debt Instrument, Interest Rate, Effective Percentage	8.00%		8.00%
Loans Payable, Current	$ 3,000,000
Term Loan [Member] | Lenders [Member]
Debt Instrument, Periodic Payment, Principal	$ 0

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Unrecognized Tax Benefits	$ 2.5		$ 2.5
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	1.6		1.6
Unrecognized Tax Benefits, Period Increase (Decrease)			0.1
Tax Benefit Provision From Continuing Operations Excluding Valuation Allowances	$ 0.6		$ 0.4	$ 2.4
Effective Income Tax Rate Excluding the Valuation Allowances, Continuing Operations	42.40%	9.90%	79.60%	33.10%

Note 7 - Commitments and Cont32

Note 7 - Commitments and Contingencies (Details Textual)	Jun. 18, 2015USD ($)	Apr. 01, 2015USD ($)	Sep. 26, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2011USD ($)
Lease Surrender Note [Member] | New York Office [Member]
Surrender Fee Note, Interest Rate		0.00%
Debt Instrument, Date of First Required Payment		Jan. 1, 2017
Debt Instrument, Date of Last Installment Payment		Dec. 1, 2019
Debt Instrument, Date of First Balloon Payment		Jul. 1, 2020
Debt Instrument, Date of Last Balloon Payment		Oct. 1, 2020
Surrender Fee Note		$ 3,150,000
Number of Equal Installments		36
Installment Payments Amount		$ 55,555.56
Debt Instrument Initial Balloon Payment		500,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 650,000
Surrender Fee Note, Default Interest Rate		10.00%
New York Office [Member]
Lease Surrender Fee	$ 3,150,000
Rent Arrearages	$ 1,640,000
Gain (Loss) on Lease Obligations Related to the Present Value of Surrender Fee Payments and Changes Made to the Rent Schedule"			$ 5,300,000
Reversal of Loss on Lease Reserves			10,600,000
Gain (Loss) On Lease Obligations			9,600,000	$ (400,000)	$ (5,400,000)	$ (6,300,000)
Reversal of Deferred Rent and Related Liabilities			400,000
South Carolina Offices [Member]
Reversal of Broker's Fees			500,000
Reversal of Loss on Lease Obligations and Deferred Rent			100,000
Lease Amendment [Member]
Other Accrued Liabilities, Current			1,200,000
Long-term Debt, Excluding Current Maturities			2,400,000
Other Liabilities, Noncurrent			2,700,000
Other Accrued Liabilities, Current			3,987,000	6,143,000
Long-term Debt, Excluding Current Maturities			2,415,000	3,000,000
Other Liabilities, Noncurrent			$ 5,686,000	$ 11,568,000

Note 8 - Related Party Transa33

Note 8 - Related Party Transactions (Details Textual)	Jun. 15, 2015USD ($)	May. 08, 2015USD ($)	Apr. 27, 2015USD ($)	Apr. 10, 2015USD ($)	Mar. 13, 2015USD ($)	Jul. 01, 2014USD ($)	Mar. 28, 2015USD ($)	Sep. 26, 2015USD ($)	Mar. 28, 2015USD ($)	Sep. 27, 2014USD ($)	Sep. 26, 2015USD ($)	Sep. 26, 2015USD ($)	Sep. 27, 2014USD ($)	Dec. 31, 2014USD ($)	Feb. 01, 2016	Sep. 15, 2015USD ($)
Gramicci [Member] | Salaries and Benefits of Certain Employees Through March 13, 2015 [Member]
Related Party Transaction, Amounts of Transaction			$ 88,800
Gramicci [Member] | Monthly Rent Expense [Member]
Related Party Transaction, Amounts of Transaction			5,000
Gramicci [Member]
Royalty Revenue								$ 0		$ 0		$ 0	$ 0
Revenue, Net								100,000		1,600,000		1,300,000	1,600,000
Operating Income (Loss)								36,000		100,000		100,000	100,000
Due to Related Parties			$ 118,000
Rio Buyers [Member]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax								(1,300,000)				(1,300,000)
Disposal Group, Including Discontinued Operation, Consideration				$ 6,000,000												$ 6,000,000
Disposal Group, Including Discontinued Operation, Consideration, Amount Due One Year from Closing				1,000,000
Disposal Group, Including Discontinued Operation, Accounts Receivable				5,100,000
Disposal Group, Including Discontinued Operation, Liabilities Assumed by Buyer				3,200,000												$ 3,200,000
Disposal Group, Including Discontinued Operation, Certain Repayment Expenses				381,000
Disposal Group, Including Discontinued Operation, Certain Repayment Expenses, Promissory Note				274,000
Disposal Group, Including Discontinued Operation, Certain Repayment Expenses Payable from the Proceeds of Certain Receivables				$ 107,000
Disposal Group, Including Discontinued Operation, Note Receivable, Term of Installments				12
Buxbaum Group [Member]
Related Party Transaction, Expenses from Transactions with Related Party								112,500		112,500		337,500	337,500
David Gren [Member] | Subsequent Event [Member]
Percentage of Stock Owned by Related Party															11.40%
David Gren [Member]
Related Party Transaction, Amounts of Transaction		$ 5,000
President [Member]
General and Administrative Expense	$ 70,000
Number of Equal Installments	3
GLR [Member] | Services Agreement [Member] | Expense Reimbursements [Member]
Related Party Transaction, Amounts of Transaction								24,000				53,000
GLR [Member] | Services Agreement [Member]
Related Party Transaction, Amounts of Transaction								104,000				333,000
Related Party Transaction, Monthly Fee					$ 40,000
Accounts Payable, Related Parties								25,000			$ 25,000	25,000
Vendor Affiliated with David Gren [Member] | Screen Printing Services [Member]
Related Party Transaction, Expenses from Transactions with Related Party								0		100,000		1,200	200,000
Accounts Payable, Related Parties								0			0	0		$ 3,000
Mr. Gren's Father [Member] | Rio Factory Maintenance [Member]
Related Party Transaction, Amounts of Transaction												0	4,500
Operations Manager [Member]
Salaries, Wages and Officers' Compensation									$ 29,500		$ 0			$ 47,700
Officer Salary and Certian Employee Benefits						$ 100,000
Severance Costs							$ 3,800
Revenue, Net								18,608,000		20,836,000		43,428,000	30,555,000
Operating Income (Loss)								$ (1,292,000)		$ 662,000		$ 951,000	$ (6,540,000)

Note 9 - Discontinued Operati34

Note 9 - Discontinued Operations (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Scott James Clothing Brand and Line [Member]
Disposal Group, Including Discontinued Operation, Revenue	$ 0	$ 0	$ 0	$ 110,000
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		0		92,000
Disposal Group, Including Discontinued Operation, Revenue		10,114,000	7,458,000	31,306,000
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (228,000)	$ (440,000)	$ (2,587,000)	$ (1,510,000)

Note 9 - Assets and Liabilities

Note 9 - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 31, 2014
Trade and other receivables, net	$ 120	$ 4,313
Inventories, net		12,445
Other current assets		311
Fixed assets, net and other non-current assets		26
Total assets	$ 120	17,095
Accrued expenses and other liabilities	$ 2	917
Other non-current liabilities		121
Total liabilities	$ 2	$ 1,038

Note 9 - Operating Results for

Note 9 - Operating Results for Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Disposal Group, Including Discontinued Operation, Revenue		$ 10,114	$ 7,458	$ 31,306
Loss		$ (440)	(1,324)	$ (1,510)
Loss on sale of discontinued operations	$ (228)		(1,263)
Loss from discontinued operations before income taxes	$ (228)	$ (440)	$ (2,587)	$ (1,510)
Income tax provision
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (228)	$ (440)	$ (2,587)	$ (1,510)

Note 10 - Income (Loss) Per S37

Note 10 - Income (Loss) Per Share (Details Textual) - shares	3 Months Ended	9 Months Ended
	Sep. 26, 2015	Sep. 26, 2015	Sep. 27, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,174,100	1,174,100	1,392,400

Note 10 - Weighted Average Numb

Note 10 - Weighted Average Number of Common Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Basic (in shares)	8,736	8,486	8,610	8,475
Effect of potentially dilutive securities (stock options) (in shares)		1,392
Diluted weighted-average number of common shares outstanding (in shares)	8,736	9,878	8,610	8,475