IPT » Topics » Impairment of Long-Lived Assets

These excerpts taken from the IPT 10-K filed Mar 23, 2009.

Impairment of Long-Lived Assets

 

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we perform a review of each store for impairment indicators whenever events and changes in circumstances suggest that the carrying amounts may not be recoverable from estimated future store cash flows.  Our review considers store operating results, future sales growth and cash flows.  The conclusion regarding impairment may differ from current estimates if underlying assumptions or business strategies change.  On November 4, 2006, we closed our store in East Providence, Rhode Island due to underperforming sales.  As a result of this closing, we recorded a charge of approximately $140,000 related to remaining lease payments and other closing costs during the year ended December 30, 2006. The term of the lease expired on August 31, 2007.  At December 29, 2007, the accrual had been reduced to zero. We closed two stores in early January 2008, at the end of their lease terms.  No impairment charges were required for these stores, as the assets related to them have been fully amortized, except for immaterial amounts, and no liability existed for future lease costs. We are not aware of any impairment indicators for any of our remaining stores at December 27, 2008.

 

Impairment of Long-Lived Assets

 

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we perform a review of each store for impairment indicators whenever events and changes in circumstances suggest that the carrying amounts may not be recoverable from estimated future store cash flows.  Our review considers store operating results, future sales growth and cash flows.  The conclusion regarding impairment may differ from current estimates if underlying assumptions or business strategies change.  On November 4, 2006, we closed our store in East Providence, Rhode Island due to underperforming sales.  As a result of this closing, we recorded a charge of approximately $140,000 related to remaining lease payments and other closing costs during the year ended December 30, 2006. The term of the lease expired on August 31, 2007.  At December 29, 2007, the accrual had been reduced to zero. We closed two stores in early January 2008, at the end of their lease terms.  No impairment charges were required for these stores, as the assets related to them have been fully amortized, except for immaterial amounts, and no liability existed for future lease costs. We are not aware of any impairment indicators for any of our remaining stores at December 27, 2008.

 

Impairment of Long-Lived Assets

 

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we perform a review of each store for impairment indicators whenever events and changes in circumstances suggest that the carrying amounts may not be recoverable from estimated future store cash flows.  Our review considers store operating results, future sales growth and cash flows.  The conclusion regarding impairment may differ from current estimates if underlying assumptions or business strategies change.  On November 4, 2006, we closed our store in East Providence, Rhode Island due to underperforming sales.  As a result of this closing, we recorded a charge of approximately $140,000 related to remaining lease payments and other closing costs during the year ended December 30, 2006. The term of the lease expired on August 31, 2007.  At December 29, 2007, the accrual had been reduced to zero. We closed two stores in early January 2008, at the end of their lease terms.  No impairment charges were required for these stores, as the assets related to them have been fully amortized, except for immaterial amounts, and no liability existed for future lease costs. We are not aware of any impairment indicators for any of our remaining stores at December 27, 2008.

 

Impairment
of Long-Lived Assets



 



In accordance with SFAS No. 144,
Accounting for the Impairment or Disposal of
Long-Lived Assets
, we perform a review of each store for impairment
indicators whenever events and changes in circumstances suggest that the
carrying amounts may not be recoverable from estimated future store cash
flows.  Our review considers store
operating results, future sales growth and cash flows.  The conclusion regarding impairment may
differ from current estimates if underlying assumptions or business strategies
change.  On November 4, 2006, we
closed our store in East Providence, Rhode Island due to underperforming
sales.  As a result of this closing, we
recorded a charge of approximately $140,000 related to remaining lease payments
and other closing costs during the year ended December 30, 2006. The term
of the lease expired on August 31, 2007. 
At December 29, 2007, the accrual had been reduced to zero. We
closed two stores in early January 2008, at the end of their lease
terms.  No impairment charges were
required for these stores, as the assets related to them have been fully
amortized, except for immaterial amounts, and no liability existed for future
lease costs. We are not aware of any impairment indicators for any of our
remaining stores at December 27, 2008.



 



Impairment
of Long-Lived Assets



 



In accordance with SFAS No. 144,
Accounting for the Impairment or Disposal of
Long-Lived Assets
, we perform a review of each store for impairment
indicators whenever events and changes in circumstances suggest that the
carrying amounts may not be recoverable from estimated future store cash
flows.  Our review considers store
operating results, future sales growth and cash flows.  The conclusion regarding impairment may
differ from current estimates if underlying assumptions or business strategies
change.  On November 4, 2006, we
closed our store in East Providence, Rhode Island due to underperforming
sales.  As a result of this closing, we
recorded a charge of approximately $140,000 related to remaining lease payments
and other closing costs during the year ended December 30, 2006. The term
of the lease expired on August 31, 2007. 
At December 29, 2007, the accrual had been reduced to zero. We
closed two stores in early January 2008, at the end of their lease
terms.  No impairment charges were
required for these stores, as the assets related to them have been fully
amortized, except for immaterial amounts, and no liability existed for future
lease costs. We are not aware of any impairment indicators for any of our
remaining stores at December 27, 2008.



 



Impairment
of Long-Lived Assets



 



In accordance with SFAS No. 144,
Accounting for the Impairment or Disposal of
Long-Lived Assets
, we perform a review of each store for impairment
indicators whenever events and changes in circumstances suggest that the
carrying amounts may not be recoverable from estimated future store cash
flows.  Our review considers store
operating results, future sales growth and cash flows.  The conclusion regarding impairment may
differ from current estimates if underlying assumptions or business strategies
change.  On November 4, 2006, we
closed our store in East Providence, Rhode Island due to underperforming
sales.  As a result of this closing, we
recorded a charge of approximately $140,000 related to remaining lease payments
and other closing costs during the year ended December 30, 2006. The term
of the lease expired on August 31, 2007. 
At December 29, 2007, the accrual had been reduced to zero. We
closed two stores in early January 2008, at the end of their lease
terms.  No impairment charges were
required for these stores, as the assets related to them have been fully
amortized, except for immaterial amounts, and no liability existed for future
lease costs. We are not aware of any impairment indicators for any of our
remaining stores at December 27, 2008.



 



These excerpts taken from the IPT 10-K filed Mar 13, 2008.

Impairment of Long-Lived Assets

 

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we perform a review of each store for impairment indicators whenever events and changes in circumstances suggest that the carrying amounts may not be recoverable from estimated future store cash flows.  Our review considers store operating results, future sales growth and cash flows.  The conclusion regarding impairment may differ from current estimates if underlying assumptions or business strategies change.  On November 4, 2006, we closed our store in East Providence, Rhode Island due to underperforming sales.  As a result of this closing, we recorded a charge of approximately $140,000 related to remaining lease payments and other closing costs during the year ended December 30, 2006. The term of the lease expired on August 31, 2007.  At December 29, 2007, the accrual has been reduced to zero. As of December 29, 2007, we planned to close two stores in early January 2008, at the end of their lease terms.  These two stores were closed as planned. No impairment charges were required for these stores, as the assets related to them have been fully amortized, except for immaterial amounts, and no liability existed for future lease costs. We are not aware of any impairment indicators for any of our remaining stores at December 29, 2007.

 

Impairment
of Long-Lived Assets



 



In accordance with SFAS No. 144,
Accounting for the Impairment or Disposal of
Long-Lived Assets
, we perform a review of each store for impairment
indicators whenever events and changes in circumstances suggest that the
carrying amounts may not be recoverable from estimated future store cash
flows.  Our review considers store
operating results, future sales growth and cash flows.  The conclusion regarding impairment may
differ from current estimates if underlying assumptions or business strategies
change.  On November 4, 2006, we
closed our store in East Providence, Rhode Island due to underperforming
sales.  As a result of this closing, we
recorded a charge of approximately $140,000 related to remaining lease payments
and other closing costs during the year ended December 30, 2006. The term
of the lease expired on August 31, 2007. 
At December 29, 2007, the accrual has been reduced to zero. As of December 29,
2007, we planned to close two stores in early January 2008, at the end of
their lease terms.  These two stores were
closed as planned. No impairment charges were required for these stores, as the
assets related to them have been fully amortized, except for immaterial
amounts, and no liability existed for future lease costs. We are not aware of
any impairment indicators for any of our remaining stores at December 29,
2007.



 



This excerpt taken from the IPT 10-K filed Mar 19, 2007.

Impairment of Long-Lived Assets

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we perform a review of each store for impairment indicators whenever events and changes in circumstances suggest that the carrying amounts may not be recoverable from estimated future store cash flows.  Our review considers store operating results, future sales growth and cash flows.  The conclusion regarding impairment may differ from current estimates if underlying assumptions or business strategies change.  On November 4, 2006, we closed our store in East Providence, Rhode Island due to underperforming sales.  As a result of this closing, we recorded a charge of approximately $140,000 related to remaining lease payments and other closing costs.  The term of the lease is due to expire on August 31, 2007.  At December 30, 2006, approximately $76,770 remains in the accrual.  We are not aware of any impairment indicators for any of our remaining stores at December 30, 2006.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki