Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 128

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 128
---
 2025, there is no expected credit loss related to the collectability of this note receivable as it was paid in full on February 28, 2025,  (fourth quarter of fiscal 2025) in accordance with the terms of the agreement. 

8. Assets Held for SaleIn connection with the closure of our mattress fabrics manufacturing facility located in Quebec, Canada, (see Note 10 of the consolidated financial statements for further details regarding our Fiscal 2025 Restructuring Plan), we had assets held for sale totaling $2.2 million that are presented separately on the January 26, 2025, consolidated balance sheet, and are no longer being depreciated. During the third quarter of fiscal 2025, we determined that the carrying value of the assets classified as held for sale were less than or equal to their fair value.  The fair value used in this determination was based on quoted market prices and from third party buyer sales offers which are either directly or indirectly observable, and therefore we believe this information is classified as Level 2 within the fair value hierarchy (see Note 12 for further explanation of the fair value hierarchy). 

9. Accrued ExpensesA summary of accrued expenses follows: 

        (dollars in thousands)
         
        January 26, 2025

        January 28, 2024

        April 28, 2024

        Compensation, commissions and related benefits
         
        $
        2,318

        $
        3,771

        $
        4,204

        Other accrued expenses

        3,761

        3,529

        2,522

        $
        6,079

        $
        7,300

        $
        6,726

10. Restructuring Activities   Mattress Fabrics Segment, Upholstery Fabrics Segment, and Unallocated Corporate Fiscal 2025 Restructuring PlanOn April 29, 2024 (first quarter of fiscal 2025), our board of directors made a decision to (1) consolidate the company's North American mattress fabrics operations, including a gradual discontinuation of operations and sale of the company's manufacturing facility located in Quebec, Canada; (2) move a portion of the knitting and finishing capacity from the company's manufacturing facility located in Quebec, Canada to the company's manufacturing facility located in Stokesdale, North Carolina; (3) transition the mattress fabrics segment's weaving operation to a