Discontinued Operations

3 Months Ended

Apr. 28, 2012

3. DISCONTINUED OPERATIONS

The Company did not have any operations which were discontinued during the first quarter of fiscal 2012 or fiscal 2011. The loss from discontinued operations for the first quarter of fiscal 2012 and fiscal 2011 primarily consists of the costs associated with the quarterly adjustments to the lease exit liabilities that were established for the stores that closed in prior years and that have leases which have not yet been exited. These lease exit costs were approximately $0.2 million for the three-month period ended April 28, 2012 and $0.3 million for the three-month period ended April 30, 2011.

The recognition of the costs associated with closing the stores requires the Company to make judgments and estimates regarding the nature, timing, and costs, including estimated lease exit costs net of estimated sublease income, employee severance and various other costs related to the closure of stores. Additional charges or recoveries related to the planned disposition of stores may be incurred as a result of changes to management's current estimates and assumptions. The timing of future transactions and charges related to these store closures are subject to significant uncertainty, including the variability in future vacancy periods, and sublease income or negotiations with landlords regarding buy-out payments on leases.

Results from discontinued operations were as follows:


	Three Months Ended
	April 28, 2012			April 30, 2011
(In thousands)
Store sales	$	—		$	—
Costs and expenses:
Operating and administrative expenses		27			27
Lease exit costs, net of estimated sublease income		176			304

Loss from discontinued operations, net of tax	$	(203	)	$	(331	)

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

COST PLUS INC/CA/ 10-Q