IT'SUGAR Bankruptcy (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Business Acquisition [Line Items] |
|
| Summary Of Summary Of Purchase Price allocation |
|
|
|
|
|
|
|
|
Cash |
|
$ |
557 |
Trade accounts receivable |
|
|
10,244 |
Trade inventory |
|
|
12,133 |
Property and equipment |
|
|
1,007 |
Identifiable intangible assets (1) |
|
|
21,795 |
Operating lease asset (2) |
|
|
3,919 |
Other assets |
|
|
650 |
Total assets acquired |
|
|
50,305 |
Accounts payable |
|
|
(5,619) |
Other liabilities |
|
|
(3,524) |
Operating lease liability |
|
|
(2,213) |
Total liabilities assumed |
|
|
(11,356) |
Fair value of identifiable net assets |
|
|
38,949 |
Goodwill |
|
|
4,140 |
Purchase consideration |
|
|
43,089 |
Less: cash acquired |
|
|
(557) |
Less: consideration payable |
|
|
(194) |
Cash paid for acquisition less cash acquired |
|
$ |
42,338 |
(1)Identifiable intangible assets were comprised of $2.9 million, $18.7 million, and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are being amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships.
(2)Includes an intangible asset of $1.7 million related to below market rents associated with the lease for a distribution facility that is expected to be recognized over the lease term of approximately seven years.
|
| Schedule Of Trade Sales And Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30,
|
|
For the Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
|
2020 |
Trade sales |
|
$ |
28,274 |
|
|
12,197 |
|
|
34,296 |
|
|
31,794 |
Income (loss) from continuing operations before income taxes |
|
$ |
1,784 |
|
|
(4,671) |
|
|
2,601 |
|
|
(41,182) |
|
| Pro Forma Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma |
|
Pro Forma |
|
|
For the Three Months Ended
September 30,
|
|
For the Nine months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
|
2020 |
Trade sales |
|
$ |
67,453 |
|
|
35,842 |
|
|
199,590 |
|
|
98,716 |
Income (loss) from continuing operations before income taxes |
|
$ |
27,693 |
|
|
(6,981) |
|
|
45,496 |
|
|
(52,230) |
Income (loss) from continuing operations |
|
$ |
20,818 |
|
|
(5,519) |
|
|
34,244 |
|
|
(41,274) |
Net income (loss) income attributable to shareholders |
|
$ |
20,500 |
|
|
(5,018) |
|
|
33,404 |
|
|
(36,421) |
|
| IT'SUGAR, LLC [Member] |
|
| Business Acquisition [Line Items] |
|
| Summary Of Summary Of Purchase Price allocation |
|
|
|
|
|
|
|
|
Cash |
|
$ |
6,909 |
Trade accounts receivable |
|
|
601 |
Trade inventory |
|
|
5,337 |
Property and equipment |
|
|
19,298 |
Identifiable intangible assets (1) |
|
|
9,670 |
Operating lease assets (2) |
|
|
56,107 |
Other assets |
|
|
3,338 |
Total assets acquired |
|
|
101,260 |
Accounts payable |
|
|
(2,419) |
Accrued expenses |
|
|
(8,390) |
Other liabilities |
|
|
(124) |
Operating lease liabilities |
|
|
(64,829) |
Notes payable and other borrowings (4) |
|
|
(10,054) |
Total liabilities assumed |
|
|
(85,816) |
Fair value of identifiable net assets |
|
|
15,444 |
Fair value of net assets acquired |
|
|
28,590 |
Fair value of redeemable noncontrolling interest |
|
|
936 |
Fair value of IT'SUGAR |
|
|
29,526 |
Goodwill |
|
$ |
14,082 |
|
|
|
|
Gain on the consolidation of IT'SUGAR (3) |
|
$ |
15,890 |
(1)Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years.
(2)Includes a net intangible liability of $8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years.
(3)The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value.
(4)Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date.
|