Subsequent Events |
6 Months Ended |
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Nov. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
SUBSEQUENT EVENTS
On January 13, 2016, the Company, through its wholly-owned subsidiaries, Bauer Hockey, Inc. and Bauer Hockey Corp., acquired substantially all of the assets and assumed certain liabilities of Easton Hockey Holdings, Inc. (the “Easton Hockey Acquisition”), a manufacturer and distributor of hockey equipment, pursuant to an asset purchase agreement among Bauer Hockey, Inc., Bauer Hockey Corp., Easton Hockey Holdings, Inc., Easton Hockey, Inc. and Easton Sports Canada, Inc. The acquisition provides the Company with intellectual property that will strengthen its research and development portfolio and ensures that the Company will have full ownership and control of the Easton brand in all sports other than cycling and archery. The Company will pay approximately $12,000 in cash over a period of 10 months and will finance the acquisition through additional borrowings on its asset-based revolving loan.
Due to the limited time since the closing of the Easton Hockey Acquisition, the valuation activities and related acquisition accounting are incomplete at this time. The Company currently expects to record a gain on bargain purchase due to the excess fair value of assets and liabilities acquired over the purchase price in the third fiscal quarter of the fiscal year.
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