Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.8.0.1
Subsequent Events
12 Months Ended
Oct. 29, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Financing Program
On January 8, 2018, the Company executed a commitment letter on a new accounts receivable securitization arrangement and we expect to close on such securitization shortly which will improve our debt maturity profile, providing additional runway to execute our turnaround plan.

On January 11, 2018, the Company entered into Amendment No. 10 to the PNC Financing Program, which gives us the option to extend the termination date of the program from January 31, 2018 to March 2, 2018, and amends the financial covenant requiring the Company to meet the minimum earnings before interest and taxes levels for fiscal quarter ended October 29, 2017. All other material terms and conditions remain substantially unchanged, including interest rates.
Tax Cuts and Jobs Act

On December 22, 2017, the Tax Cuts and Jobs Act ("The Act"), was signed into law by President Trump. The Act includes a number of provisions, including the lowering of the U.S. corporate tax rate from 35 percent to 21 percent, effective January 1, 2018 and the establishment of a territorial-style system for taxing foreign-source income of domestic multinational corporations.  The Company is in the process of quantifying the tax impacts of The Act.  As a result of The Act, the Company expects there will be one-time adjustments for the re-measurement of deferred tax assets (liabilities) and the deemed repatriation tax on the unremitted foreign earnings and profits. Given the Company's valuation allowance, the Company does not expect the adjustment to materially impact the Company’s income tax provision or balance sheet. The Company is in the process of quantifying the impact of the Act and will record any adjustments in accordance with the guidance provided in SAB118.