JAS » Topics » Store Pre-Opening and Closing Costs

These excerpts taken from the JAS 10-K filed Apr 16, 2009.
Store Pre-Opening and Closing Costs
 
Store pre-opening costs are expensed as incurred and relate to the costs incurred prior to a new store opening, which includes the hiring and training costs for new employees, processing costs of initial merchandise and rental expense for the period prior to the store opening for business. See Note 4 — Store Closings for further detail.
 
The company accounts for store closing costs according to the requirements of SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities.” SFAS No. 146 requires companies to recognize costs associated with exit or disposal activities when they are incurred rather than at the date of a commitment to an exit or disposal plan. SFAS No. 146 also establishes that the liability should initially be measured and recorded at fair value. See Note 4 — Store Closings.
 
                         
    Fiscal Year-Ended  
    2009     2008     2007  
    (Dollars in millions)  
 
Store pre-opening costs
  $ 7.8     $ 3.1     $ 5.0  
Store closing costs
    4.5       5.3       6.1  
                         
    $ 12.3     $ 8.4     $ 11.1  
                         
 
Store Pre-Opening
and Closing Costs



 



Store pre-opening costs are expensed as incurred and relate to
the costs incurred prior to a new store opening, which includes
the hiring and training costs for new employees, processing
costs of initial merchandise and rental expense for the period
prior to the store opening for business. See
Note 4 — Store Closings for further detail.


 



The company accounts for store closing costs according to the
requirements of SFAS No. 146, “Accounting for
Costs Associated with Exit or Disposal Activities.”
SFAS No. 146 requires companies to recognize costs
associated with exit or disposal activities when they are
incurred rather than at the date of a commitment to an exit or
disposal plan. SFAS No. 146 also establishes that the
liability should initially be measured and recorded at fair
value. See Note 4 — Store Closings.


 


























































































































                         

 

 

Fiscal Year-Ended

 

 

 

2009

 

 

2008

 

 

2007

 

 

 

(Dollars in millions)

 
 


Store pre-opening costs


 

$

7.8

 

 

$

3.1

 

 

$

5.0

 


Store closing costs


 

 

4.5

 

 

 

5.3

 

 

 

6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

12.3

 

 

$

8.4

 

 

$

11.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 




Store Pre-Opening
and Closing Costs



 



Store pre-opening costs are expensed as incurred and relate to
the costs incurred prior to a new store opening, which includes
the hiring and training costs for new employees, processing
costs of initial merchandise and rental expense for the period
prior to the store opening for business. See
Note 4 — Store Closings for further detail.


 



The company accounts for store closing costs according to the
requirements of SFAS No. 146, “Accounting for
Costs Associated with Exit or Disposal Activities.”
SFAS No. 146 requires companies to recognize costs
associated with exit or disposal activities when they are
incurred rather than at the date of a commitment to an exit or
disposal plan. SFAS No. 146 also establishes that the
liability should initially be measured and recorded at fair
value. See Note 4 — Store Closings.


 


























































































































                         

 

 

Fiscal Year-Ended

 

 

 

2009

 

 

2008

 

 

2007

 

 

 

(Dollars in millions)

 
 


Store pre-opening costs


 

$

7.8

 

 

$

3.1

 

 

$

5.0

 


Store closing costs


 

 

4.5

 

 

 

5.3

 

 

 

6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

12.3

 

 

$

8.4

 

 

$

11.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 




These excerpts taken from the JAS 10-K filed Apr 17, 2008.
Store Pre-Opening and Closing Costs
 
Store pre-opening costs are expensed as incurred and relate to the costs incurred prior to a new store opening, which includes the hiring and training costs for new employees, processing costs of initial merchandise and rental expense for the period prior to the store opening for business. See Note 4 — Store Closings for further detail.
 
The Company accounts for store closing costs according to the requirements of SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities.” SFAS No. 146 requires companies to recognize costs associated with exit or disposal activities when they are incurred rather than at the date of a commitment to


48


 

 
Jo-Ann Stores, Inc.
 
Notes to Consolidated Financial Statements (Continued)
 
Note 1 — Significant Accounting Policies (Continued)
 
an exit or disposal plan. SFAS No. 146 also establishes that the liability should initially be measured and recorded at fair value. See Note 4 — Store Closings.
 
                         
    Fiscal Year-Ended  
    2008     2007     2006  
    (Dollars in millions)  
 
Store pre-opening costs
  $ 3.1     $ 5.0     $ 13.0  
Store closing costs
    5.3       6.1       10.4  
                         
    $ 8.4     $ 11.1     $ 23.4  
                         
 
Store Pre-Opening
and Closing Costs



 



Store pre-opening costs are expensed as incurred and relate to
the costs incurred prior to a new store opening, which includes
the hiring and training costs for new employees, processing
costs of initial merchandise and rental expense for the period
prior to the store opening for business. See
Note 4 — Store Closings for further detail.


 



The Company accounts for store closing costs according to the
requirements of SFAS No. 146, “Accounting for
Costs Associated with Exit or Disposal Activities.”
SFAS No. 146 requires companies to recognize costs
associated with exit or disposal activities when they are
incurred rather than at the date of a commitment to





48





 





 




Jo-Ann Stores,
Inc.




 




Notes to
Consolidated Financial Statements (Continued)


 




















Note 1 —


Significant
Accounting Policies (Continued)


 



an exit or disposal plan. SFAS No. 146 also
establishes that the liability should initially be measured and
recorded at fair value. See Note 4 — Store
Closings.


 


























































































































                         

 

 

Fiscal Year-Ended

 

 

 

2008

 

 

2007

 

 

2006

 

 

 

(Dollars in millions)

 
 


Store pre-opening costs


 

$

3.1

 

 

$

5.0

 

 

$

13.0

 


Store closing costs


 

 

5.3

 

 

 

6.1

 

 

 

10.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8.4

 

 

$

11.1

 

 

$

23.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 




This excerpt taken from the JAS 10-K filed Apr 19, 2007.
Store Pre-Opening and Closing Costs
 
Store pre-opening costs are expensed as incurred and relate to the costs incurred prior to a new store opening, which includes the hiring and training costs for new employees, processing costs of initial merchandise and rental expense for the period prior to the store opening for business. See Note 3 — Store Closings for further detail.
 
The Company accounts for store closing costs according to the requirements of SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities.” SFAS No. 146 requires companies to recognize costs associated with exit or disposal activities when they are incurred rather than at the date of a commitment to an exit or disposal plan. SFAS No. 146 also establishes that the liability should initially be measured and recorded at fair value. See Note 3 — Store Closings.
 
                         
    Fiscal Year-Ended  
    2007     2006     2005  
    (Dollars in millions)  
 
Store pre-opening costs
  $ 5.0     $ 13.0     $ 9.6  
Store closing costs
    6.1       10.4       8.9  
                         
    $ 11.1     $ 23.4     $ 18.5  
                         
 
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