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These excerpts taken from the FL 10-K filed Mar 30, 2009. 20. Repositioning and Restructuring Reserves The Company recorded charges in 1993 and in 1991 to reflect the anticipated costs to sell or close under-performing specialty and general merchandise stores in the United States and Canada. During 2007, the Company adjusted the reserve by $2 million primarily due to favorable lease terminations. The Company recorded restructuring charges in 1999 for programs to sell or liquidate eight non-core businesses. The restructuring plan also included an accelerated store-closing program in North America and Asia, corporate headcount reduction, and a distribution center shutdown. For both reserves the balance was $1 million as of January 31, 2009 and $2 million as of February 2, 2008, classified as a non current liability. 49 20. Repositioning and The 49 | |||||||||||||
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These excerpts taken from the FL 10-K filed Mar 31, 2008. 19. Repositioning and Restructuring Reserves 1999 Restructuring The Company recorded restructuring charges in 1999 for programs to sell or liquidate eight non-core businesses. The restructuring plan also included an accelerated store-closing program in North America and Asia, corporate headcount reduction and a distribution center shutdown. The dispositions of Randy River Canada, Foot Locker Outlets, Colorado, Going to the Game!, Weekend Edition and the store-closing program were essentially completed in 2000. In 2001, the Company completed the sales of The San Francisco Music Box Company and the assets related to its Burger King and Popeye’s franchises. The termination of the Maumelle distribution center lease was completed in 2002. As of February 2, 2008 and February 3, 2007 the reserve balance is $1 million. 1993 Repositioning and 1991 Restructuring The Company recorded charges in 1993 and in 1991 to reflect the anticipated costs to sell or close under-performing specialty and general merchandise stores in the United States and Canada. During 2007, the Company adjusted the reserve by $2 million primarily due to favorable lease terminations. As of February 2, 2008 and February 3, 2007, the reserve balance was $1 million and $3 million, respectively. 19. Repositioning and 1999 The 1993 Repositioning and 1991 The This excerpt taken from the FL 10-K filed Apr 2, 2007. 18 Repositioning and Restructuring Reserves 1999 Restructuring The Company recorded restructuring charges in 1999 for programs to sell or liquidate eight non-core businesses. The restructuring plan also included an accelerated store-closing program in North America and Asia, corporate headcount reduction and a distribution center shutdown. The dispositions of Randy River Canada, Foot Locker Outlets, Colorado, Going to the Game!, Weekend Edition and the store-closing program were essentially completed in 2000. In 2001, the Company completed the sales of The San Francisco Music Box Company (“SFMB”) and the assets related to its Burger King and Popeye’s franchises. The termination of the Maumelle distribution center lease was completed in 2002. In connection with the sale of SFMB, the Company remained as guarantor of a distribution center lease. During 2006 and 2004, the Company recorded charges of $1 million and $2 million, respectively, primarily related to the distribution center lease. The lease for the distribution center expires January 31, 2010. As of February 3, 2007, the Company estimates its gross contingent lease liability for the distribution center lease to be approximately $2 million, offset in part by the estimated sublease income of $1 million. The Company entered into a sublease on November 15, 2004 for a significant portion of the distribution center that will expire concurrent with the Company’s lease term. Accordingly, at February 3, 2007 the reserve balance is $1 million. 46 1993 Repositioning and 1991 Restructuring The Company recorded charges in 1993 and in 1991 to reflect the anticipated costs to sell or close under-performing specialty and general merchandise stores in the United States and Canada. As of February 3, 2007 the reserve balance is $3 million. This excerpt taken from the FL 10-K filed Mar 29, 2005. 17 Repositioning and Restructuring Reserves 1999 Restructuring The Company recorded restructuring charges in 1999
for programs to sell or liquidate eight non-core businesses. The restructuring plan also included an accelerated store-closing program in North America
and Asia, corporate headcount reduction and a distribution center shutdown. The dispositions of Randy River Canada, Foot Locker Outlets, Colorado,
Going to the Game!, Weekend Edition and the store-closing program were essentially completed in 2000. In 2001, the Company completed the sales of The
San Francisco Music Box Company (“SFMB”) and the assets related to its Burger King and Popeye’s franchises. The termination of the
Maumelle distribution center lease was completed in 2002.
In connection with the sale of SFMB, the Company
remained as an assignor or guarantor of leases of SFMB related to a distribution center and five store locations. In May 2003, SFMB filed a voluntary
petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. During July and August 2003, SFMB rejected
four of the store leases and the distribution center lease and assumed one of the store leases in the bankruptcy proceedings. During the second
quarters of 2003 and 2004, the Company recorded charges of $1 million and $2 million, respectively, primarily related to the distribution center lease.
The lease for the distribution center expires January 31, 2010, while the store leases expired on January 31, 2004. As of January 29, 2005, the Company
estimates its gross contingent lease liability for the distribution center lease to be approximately $4 million, offset in part by the estimated
sublease income of $2 million. The Company entered into a sublease on November 15, 2004 for a significant portion of the distribution center that will
expire concurrent with the Company’s lease term. In addition, the Company is considering additional sublease offers for the remaining square
footage. Accordingly, at January 29, 2005 the reserve balance is $2 million.
1993 Repositioning and 1991 Restructuring The Company recorded charges in 1993 and in 1991 to
reflect the anticipated costs to sell or close under-performing specialty and general merchandise stores in the United States and Canada. As of January
29, 2005 the reserve balance is $2 million.
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