IT'SUGAR Bankruptcy (Tables)
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9 Months Ended |
Sep. 30, 2021 |
Business Acquisition [Line Items] |
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Summary Of Summary Of Purchase Price allocation |
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Cash |
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$ |
557 |
Trade accounts receivable |
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|
10,244 |
Trade inventory |
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|
12,133 |
Property and equipment |
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|
1,007 |
Identifiable intangible assets (1) |
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|
21,795 |
Operating lease asset (2) |
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|
3,919 |
Other assets |
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|
650 |
Total assets acquired |
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|
50,305 |
Accounts payable |
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(5,619) |
Other liabilities |
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(3,524) |
Operating lease liability |
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(2,213) |
Total liabilities assumed |
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(11,356) |
Fair value of identifiable net assets |
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|
38,949 |
Goodwill |
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|
4,140 |
Purchase consideration |
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|
43,089 |
Less: cash acquired |
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(557) |
Less: consideration payable |
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(194) |
Cash paid for acquisition less cash acquired |
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$ |
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 $1.7 million related to below market rents associated with the lease for a distribution facility that is expected to be recognized over the lease term of approximately seven years.
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Schedule Of Trade Sales And Income |
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For the Three Months Ended
September 30,
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For the Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
Trade sales |
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$ |
28,274 |
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|
12,197 |
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|
34,296 |
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|
31,794 |
Income (loss) from continuing operations before income taxes |
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$ |
1,784 |
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(4,671) |
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|
2,601 |
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(41,182) |
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Pro Forma Information |
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Pro Forma |
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Pro Forma |
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For the Three Months Ended
September 30,
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For the Nine months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
Trade sales |
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$ |
67,453 |
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|
35,842 |
|
|
199,590 |
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|
98,716 |
Income (loss) from continuing operations before income taxes |
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$ |
27,693 |
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(6,981) |
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|
45,496 |
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(52,230) |
Income (loss) from continuing operations |
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$ |
20,818 |
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(5,519) |
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34,244 |
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(41,274) |
Net income (loss) income attributable to shareholders |
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$ |
20,500 |
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(5,018) |
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33,404 |
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(36,421) |
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IT'SUGAR, LLC [Member] |
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Business Acquisition [Line Items] |
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Summary Of Summary Of Purchase Price allocation |
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Cash |
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$ |
6,909 |
Trade accounts receivable |
|
|
601 |
Trade inventory |
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|
5,337 |
Property and equipment |
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|
19,298 |
Identifiable intangible assets (1) |
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|
9,670 |
Operating lease assets (2) |
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|
56,107 |
Other assets |
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|
3,338 |
Total assets acquired |
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|
101,260 |
Accounts payable |
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|
(2,419) |
Accrued expenses |
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(8,390) |
Other liabilities |
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(124) |
Operating lease liabilities |
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(64,829) |
Notes payable and other borrowings (4) |
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(10,054) |
Total liabilities assumed |
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(85,816) |
Fair value of identifiable net assets |
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|
15,444 |
Fair value of net assets acquired |
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|
28,590 |
Fair value of redeemable noncontrolling interest |
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|
936 |
Fair value of IT'SUGAR |
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|
29,526 |
Goodwill |
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$ |
14,082 |
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Gain on the consolidation of IT'SUGAR (3) |
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$ |
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.
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