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Note 9 - Restructuring charges
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Jul. 03, 2011
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| Restructuring and Related Activities Disclosure [Text Block] |
During
the first quarter of 2011 the Company began executing its
2011 Plan to streamline operations in response to reductions
in forecasted revenues. The Company recorded
restructuring charges of $364, consisting of severance costs
of $205 at the Mexico facility and $159 at the Markham
facility. The Company reduced staff levels by approximately
120 full-time equivalents (FTEs) in Mexico and 40 FTEs in
Canada. In the second quarter of 2011 the Company continued
its 2011 Plan and recorded additional restructuring charges
of $1,743, consisting of severance costs of $408 at the
Mexico facility, $427 at the Markham facility and $908 in the
Corporate office. Staff levels were reduced by approximately
an additional 120 FTEs in Mexico and 70 FTEs in
Canada.
The
following table details the change in restructuring accrual
for the six months ended July 3, 2011, relating to the 2011
Plan:
Remaining
accrued amounts relating to the 2011 Plan consist of
severance payments of $57 in Mexico and $1,142 in Canada that
are expected to be paid out by the end of fiscal 2012 through
a drawdown on the revolving credit facilities.
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