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For the fifty-two weeks ended December 29, 2012, the Company recorded an impairment loss of $13.2 million representing the write-down of certain property, plant and equipment due to the closure of the Burin, Newfoundland and Danvers, MA plants. This was recognized in the consolidated statement of income, and operating segment information (note 19) , in line item “Impairment of property, plant, and equipment”. The fair value for the Danvers plant was determined by a third-party market estimate, and the fair value for the Burin plant was determined to be nil based on the outcome of recent transactions for similar assets in the same industry. The impairment loss relating to the Burin closure of $4.4 million was allocated to the Canadian reportable operating segment, and the impairment loss relating to the Danvers closure of $8.8 million was allocated to the U.S. reportable operating segment. The Company has not identified any additional indicators of impairment as at December 28, 2013. 

## NOTE 7 Assets held for sale and disposals 

In February 2013, the Company sold its 50% ownership in its joint venture with High Kan Holdings, who owned 80% of Dencan Seafoods Ltd., for $0.1 million, equal to its carrying value. 

In March 2013, the Company determined that its plant and equipment in Danvers, MA, met the criteria to be classified as assets held for sale. Accordingly, $4.5 million of the Danvers plant’s property, plant and equipment was re-classified as assets held for sale at that time. This value was subsequently adjusted to be $5.5 million, and in December 2013 the Company sold the Danvers plant and certain equipment for net proceeds of $5.0 million, resulting in a nominal loss which has been recorded in the U.S. reportable operating segment. The remaining $0.5 million consists of equipment that met the criteria to be classified as assets held for sale. 

Also in March 2013, the Company sold its subsidiary, Dalian Three Star Seafood Co. Ltd., for $3.2 million, resulting in a pre-tax net loss of $0.1 million included in business acquisition, integration and other expenses on the consolidated statement of income. This loss has been allocated to the U.S. reportable operating segment. The net assets directly related to the disposed group were classified as held for sale at December 29, 2012, as per the table below: 

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