Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Note)

v2.4.1.9
Discontinued Operations (Note)
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS
In May 2012 and July 2012, substantially all of the assets and certain liabilities of Smith+Noble, a Cornerstone brand specializing in window treatments, and The Territory Ahead, a Cornerstone brand specializing in casual apparel for men and women, were sold for $5.5 million and $1.1 million, respectively. The results of operations for Smith+Noble and The Territory Ahead are presented separately as “Loss from discontinued operations, net of tax” in the consolidated statements of operations for all periods presented, and the cash flows are presented separately as discontinued operations in the consolidated statements of cash flows for all periods presented. Cornerstone recorded pre-tax losses of $6.0 million on the sales, including related impairment charges, in the second quarter of 2012, which is included in “Loss from discontinued operations, net of tax” in the accompanying consolidated statements of operations.

The following table reflects the results of Smith+Noble and The Territory Ahead that are reported as discontinued operations for all periods presented (in thousands):

 
 Year Ended December 31,
 
2014
 
2013
 
2012
Net sales
$
—

 
$
—

 
$
40,154

Loss from discontinued operations (including loss on sale of $6.0 million recognized in the second quarter of 2012)
$
—

 
$
—

 
$
(9,370
)
Income tax benefit
—

 
—

 
3,548

Loss from discontinued operations, net of tax
$
—

 
$
—

 
$
(5,822
)