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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| Thirteen weeks ended |
| Fiscal years ended |
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| May 4, |
| April 28, |
| February 2, |
| January 28, |
| January 29, |
| January 30, |
| January 31, |
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EARNINGS: |
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Pre-tax (loss) income from continuing operations |
| $ | (26,185 | ) | $ | (40,271 | ) | $ | (21,325 | ) | $ | (14,147 | ) | $ | 22,847 |
| $ | (12,086 | ) | $ | (106,837 | ) |
Fixed charges |
| 25,966 |
| 28,751 |
| 112,293 |
| 128,118 |
| 141,635 |
| 129,545 |
| 128,480 |
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Amortization of capitalized interest |
| 75 |
| 78 |
| 313 |
| 314 |
| 275 |
| 217 |
| 163 |
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Capitalized interest |
| (34 | ) | (30 | ) | (230 | ) | (193 | ) | (381 | ) | (196 | ) | (410 | ) | |||||||
Total Earnings |
| $ | (178 | ) | $ | (11,472 | ) | $ | 91,051 |
| $ | 114,092 |
| $ | 164,376 |
| $ | 117,480 |
| $ | 21,396 |
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FIXED CHARGES: |
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Interest costs (1) |
| $ | 17,733 |
| $ | 19,452 |
| $ | 77,473 |
| $ | 84,739 |
| $ | 103,320 |
| $ | 93,412 |
| $ | 94,031 |
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Amortization of debt expense and discount on indebtedness (2) |
| 1,363 |
| 2,321 |
| 6,967 |
| 14,917 |
| 9,362 |
| 5,592 |
| 4,226 |
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Estimate of interest component of rental expense (3) |
| 6,870 |
| 6,978 |
| 27,853 |
| 28,462 |
| 28,953 |
| 30,541 |
| 30,223 |
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Total Fixed Charges |
| $ | 25,966 |
| $ | 28,751 |
| $ | 112,293 |
| $ | 128,118 |
| $ | 141,635 |
| $ | 129,545 |
| $ | 128,480 |
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RATIO OF EARNINGS TO FIXED CHARGES (4) |
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| 1.16x |
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| — |
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(1) Represents interest expensed or capitalized and payments to extinguish certain indebtedness.
(2) Includes the write-off of capitalized fees in conjunction with the extinguishment of certain indebtedness.
(3) One-third of rental expense was determined to be a reasonable approximation of the estimate of interest component of rental expense.
(4) In order to achieve a ratio of 1.00, additional income before taxes of $26,144 and $40,223 would be required for the thirteen weeks ended May 4, 2013 and April 28, 2012, respectively, and $21,242, $14,026, $12,065 and $107,084 would be required for fiscal years ended February 2, 2013, January 28, 2012, January 30, 2010 and January 31, 2009, respectively.