But as of today at month end, roughly 82% of our total salon portfolio was open for business including both franchise and company-owned salons.
Excluding the salons in California that are temporarily closed due to state mandate, 90% of our franchise salons and about 88% of our company-owned salons, representing approximately 90% of the company's portfolio, have reopened.
It's important to consider that despite constantly changing external conditions, Regis has been around for almost 100 years now.
Given the impact of the pandemic, we now expect to be substantially complete with the refranchising effort on or before the end of fiscal year 2021.
In June, we took further action to eliminate administrative costs and personnel, with an expected annualized savings of $6 million.
On a full-year basis, our G&A expense was approximately $45.3 million lower than last year primarily due to the transition of company-operated salons to franchise, salon closures and furloughs resulting from the COVID-19 pandemic among other factors.
As additional insight, we estimate we lost roughly $105 million of revenue in the fourth quarter due to the COVID pandemic.
We are pleased that as of today, approximately 82% of our salons are open across the entire portfolio.
Excluding California salons, nearly 90% of our salons are opened.
We also reported that our operating loss was $69 million during the quarter.
Additionally, the company recognized a $23 million noncash long-lived asset impairment primarily related to its lease assets during the quarter.
Fourth-quarter consolidated adjusted EBITDA loss of $34 million was $73 million or 186% unfavorable to the same period last year and was driven primarily by the decrease in the gain associated with the sale of company-owned salons of $27 million and the planned elimination of the EBITDA that had been generated in the prior-year period from the net 1,448 company-owned salons that have been sold and converted to the franchise portfolio over the past 12 months.
We executed workforce reductions in January and June resulting in nearly $25 million of annualized savings.
On a year-to-date basis, consolidated adjusted EBITDA of $20 million was $103 million or 84% unfavorable versus the same period last year.
The change includes a $20 million decrease in the gain excluding noncash goodwill derecognition related to the year-to-date sale and conversion of 1,475 company-owned salons to the franchise portfolio.
Excluding the impact of the gain, fourth-quarter year-to-date adjusted EBITDA was a loss of $30 million which was $82 million unfavorable year over year.
And like the fourth-quarter results, this unfavorable variance was also largely driven by the elimination of the EBITDA related to the sold and transferred company-owned salons over the past 12 months and the COVID-19 pandemic.
Fourth-quarter franchise royalties and fees of $7 million decreased $19 million or 72% versus the same quarter last year.
Product sales to franchisees decreased $5 million year over year to $7 million.
Franchise same-store sales were unfavorable 20% due to a decline in traffic as customers learned to navigate the pandemic.
Fourth-quarter franchise EBITDA of $1 million declined approximately $9 million year over year driven by reduced royalties and product sales due to the government-mandated salon closures in response to the COVID-19 pandemic partially offset by a decline in G&A.
Year-to-date franchise adjusted EBITDA of $38 million was flat, decreasing by less than $1 million or 2% year over year.
Fourth-quarter revenue decreased $195 million or 93% versus prior year to $15 million.
COVID-19 was the primary driver along with the year-over-year decrease of approximately 1,476 company-owned salons over the past 12 months which can be bucketed into three main categories.
First, the conversion of 1,475 company-owned salons to our asset-light franchise platform over the course of the past 12 months, of which 112 were sold during the fourth quarter.
Second, the closure of approximately 250 company-owned salons over the course of the last 12 months, most of which were underperforming salons that we closed at lease expiration and are not essential to our future strategy.
And third, these net company-owned salon reductions were partially offset by 234 salons that were bought back from franchisees over the last year and 15 new company-owned organic salon openings during the last 12 months which we expect to transition to our franchise portfolio in the months ahead.
Fourth-quarter company-owned salon segment adjusted EBITDA decreased $44 million year over year to a loss of $22 million.
Consistent with the total company consolidated results, the unfavorable year-over-year variance was driven primarily by COVID-19 and the elimination of the adjusted EBITDA that had been generated in the prior-year periods from the company-owned salons that were sold and converted into the franchise platform over the past 12 months.
On a year-to-date basis, company-owned salon consolidated adjusted EBITDA loss of $7 million was $95 million unfavorable versus the same period last year.
The unfavorable year-over-year variance is driven by the elimination of the adjusted EBITDA related to the sold and transferred salons over the past 12 months and COVID-19.
Fourth-quarter adjusted EBITDA loss of $14 million increased $20 million and is driven primarily by the $27 million decline in net gain excluding noncash goodwill derecognition in the prior year from the sale of and conversion of company-owned salons partially offset by the net impact of management initiatives to eliminate non-core non-essential G&A expense.
Vendition cash proceeds during the fourth quarter declined approximately $36 million or approximately $33,000 per salon compared to $49,000 per salon in the third quarter of fiscal '20.
Our liquidity position as of June 3 was $210 million.
This includes $96.5 million of available revolver capacity and $114 million of cash.
This compares to a liquidity position of $241.5 million as of March 31, a reduction of $31 million or approximately $10 million per month.

Summary:
Given the impact of the pandemic, we now expect to be substantially complete with the refranchising effort on or before the end of fiscal year 2021.