Note 15 - Subsequent Events
 6 Months Ended
Nov. 29, 2016
Notes to Financial Statements  
Subsequent Events [Text Block]
15
. Subsequent Events
 
As previously discussed in Note
6
to the Condensed Consolidated Financial Statements, we did not attain as of
November
29,
2016
the minimum fixed charge coverage ratio as required under the terms of the Senior Credit Facility and our mortgage loan
obligations. We obtained waivers of this covenant violation through
January
31,
2017
from the lenders of the Senior Credit Facility and our mortgage loan obligations on
December
31,
2016
and
December
30,
2016,
respectively. Among other things, the waivers under Senior Credit Facility and mortgage loan obligations restrict   our ability to make certain acquisitions and investments, and reduces the amount we
may
borrow pursuant to the revolving loan commitment under the Senior Credit Facility from
$50.0
million (including a
$25.0
million sublimit for standby letters of credit), to
$16.1
million through
January
31,
2017.
 
As of the date of this filing, we are in discussions with our lenders to amend the Senior Credit Facility and mortgage loan obligations. These amendments are anticipated to include adjustments to bot
h the maximum leverage and minimum fixed charge coverage ratios. There are no assurances that our lenders will provide any future waivers of covenant violations or agree to these, or any future, amendments of our Senior Credit Facility and mortgage loan obligations.
 
As previously mentioned in Note
7
to the Condensed Consolidated Financial Statements,
we had a liability for future lease obligations of
$24.7
million as of
November
29,
2016.
Since then and through the date of this filing, we settled
nine
  of these leases for
$3.2
  million, which approximated the amount of our accrual for those leases at
November
29,
2016.