Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratios of earnings to fixed charges for the periods presented (in thousands, except ratio):
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| Twenty-six |
| Fiscal years ended |
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| July 28, |
| July 30, |
| January 28, |
| January 29, |
| January 30, |
| January 31, |
| February 2, |
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EARNINGS: |
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Pre-tax (loss) income from continuing operations |
| $ | (84,891 | ) | $ | (69,899 | ) | $ | (14,147 | ) | $ | 22,847 |
| $ | (12,086 | ) | $ | (106,837 | ) | $ | 17,507 |
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Fixed charges |
| 56,673 |
| 69,989 |
| 128,448 |
| 142,004 |
| 129,901 |
| 128,864 |
| 138,424 |
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Amortization of capitalized interest |
| 163 |
| 157 |
| 314 |
| 275 |
| 217 |
| 163 |
| 144 |
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Capitalized interest |
| (115 | ) | (96 | ) | (193 | ) | (381 | ) | (196 | ) | (410 | ) | (257 | ) | |||||||
Total Earnings |
| $ | (28,170 | ) | $ | 151 |
| $ | 114,422 |
| $ | 164,745 |
| $ | 117,836 |
| $ | 21,780 |
| $ | 155,818 |
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FIXED CHARGES: |
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Interest costs (1) |
| $ | 38,142 |
| $ | 45,608 |
| $ | 84,739 |
| $ | 103,320 |
| $ | 93,412 |
| $ | 94,031 |
| $ | 104,235 |
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Amortization of debt expense and discount on indebtedness (2) |
| 4,421 |
| 10,005 |
| 14,917 |
| 9,362 |
| 5,592 |
| 4,226 |
| 4,187 |
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Estimate of interest component of rental expense (3) |
| 14,110 |
| 14,376 |
| 28,792 |
| 29,322 |
| 30,897 |
| 30,607 |
| 30,002 |
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Total Fixed Charges |
| $ | 56,673 |
| $ | 69,989 |
| $ | 128,448 |
| $ | 142,004 |
| $ | 129,901 |
| $ | 128,864 |
| $ | 138,424 |
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RATIO OF EARNINGS TO FIXED CHARGES (4) |
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| 1.16x |
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| — |
| 1.13x |
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(1) | Represents interest expensed or capitalized and payments to extinguish certain indebtedness. |
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(2) | Includes the write-off of capitalized fees in conjunction with the extinguishment of certain indebtedness. |
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(3) | One-third of rental expense was determined to be a reasonable approximation of the estimate of interest component of rental expense. |
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(4) | In order to achieve a ratio of 1.00, additional income before taxes of $84,843 and $69,838 would be required for the twenty-six weeks ended July 28, 2012 and July 30, 2011, respectively, and $14,026, $12,065 and $107,084 would be required for fiscal years ended January 28, 2012, January 30, 2010 and January 31, 2009, respectively. |