FHC (FRAN) 10-Q 28 Jul 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 02, 2020	Jul. 17, 2020
Cover page
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 2, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Francesca's Holdings CORP
Entity Central Index Key	0001399935
Current Fiscal Year End Date	--01-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Trading Symbol	FRAN
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,032,869
Entity Emerging Growth Company	false
Entity Small Business	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		May 02, 2020	Feb. 01, 2020	May 04, 2019
Current assets:
Cash and cash equivalents		$ 14,324	$ 17,839	$ 17,462
Accounts receivable		24,037	3,743	7,581
Inventories		34,768	31,636	32,201
Prepaid expenses and other current assets		3,729	12,325	11,137
Total current assets		76,858	65,543	68,381
Operating lease right-of-use assets, net		196,226	208,503	230,881
Property and equipment, net		47,302	51,469	66,881
Other assets, net		2,825	3,093	4,201
TOTAL ASSETS		323,211	328,608	370,344
Current liabilities:
Accounts payable		20,639	10,823	20,428
Accrued liabilities		8,741	12,410	13,290
Current portion of long-term debt		14,041	8,936	0
Current portion of operating lease liabilities		53,734	48,691	50,097
Total current liabilities		97,155	80,860	83,815
Operating lease liabilities		194,502	200,938	215,335
Long-term debt, net		0	0	10,000
Other liabilities		159	284	49
Total liabilities		291,816	282,082	309,199
Commitments and contingencies
Stockholders' equity:
Common stock - $0.01 par value, 80.0 million shares authorized; 4.0 million, 4.0 million and 3.9 million shares issued at May 2, 2020, February 1, 2020, and May 4, 2019, respectively	[1]	40	40	39
Additional paid-in capital	[1]	113,312	113,101	112,850
Retained earnings		78,064	93,406	108,277
Treasury stock, at cost - 0.9 million shares at each of May 2, 2020, February 1, 2020 and May 4, 2019.		(160,021)	(160,021)	(160,021)
Total stockholders' equity		31,395	46,526	61,145
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 323,211	$ 328,608	$ 370,344
[1]	Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1 - Summary of Significant Accounting Policies for further information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions		May 02, 2020	Feb. 01, 2020	May 04, 2019
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	[1]	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	[1]	80	80	80
Common stock, shares issued	[1]	4	4	3.9
Treasury stock, shares	[1]	0.9	0.9	0.9
[1]	Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1, Summary of Significant Accounting Policies, for further information.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		May 02, 2020	May 04, 2019
Consolidated Statements of Operations
Net sales		$ 43,753	$ 87,125
Cost of goods sold and occupancy costs		46,624	56,798
Gross (loss) profit		(2,871)	30,327
Selling, general and administrative expenses		24,951	39,994
Asset impairment charges		7,472	0
Loss from operations		(35,294)	(9,667)
Interest expense		429	173
Other income		(59)	(113)
Loss before income tax (benefit) expense		(35,664)	(9,727)
Income tax (benefit) expense		(20,322)	422
Net loss		$ (15,342)	$ (10,149)
Loss per common share	[1]	$ (5.25)	$ (3.50)
Weighted average basic and diluted shares	[1]	2,920	2,901
[1]	Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1 - Summary of Significant Accounting Policies for further information.

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands		Common Stock Outstanding	Common Stock	[1]	Additional Paid-in Capital	[1]	Retained Earnings	Treasury Stock, at cost	Total
Balance at Feb. 02, 2019			$ 39		$ 113,121		$ 120,251	$ (160,021)	$ 73,390
Balance (in shares) at Feb. 02, 2019	[1]	2,972
Cumulative effect adjustment on adoption of new accounting standard			0		0		(1,825)	0	(1,825)
Net loss			0		0		(10,149)	0	(10,149)
Stock-based compensation			0		(271)		0	0	(271)
Restricted stocks forfeited			0		0		0	0	0
Restricted stocks forfeited (in shares)	[1]	(14)
Balance at May. 04, 2019			39		112,850		108,277	(160,021)	61,145
Balance (in shares) at May. 04, 2019	[1]	2,958
Balance at Feb. 01, 2020			40		113,101		93,406	(160,021)	46,526
Balance (in shares) at Feb. 01, 2020	[1]	3,036
Net loss			0		0		(15,342)	0	(15,342)
Stock-based compensation			0		211		0	0	211
Shares withheld related to net settlement of equity awards			0		0		0	0
Shares withheld related to net settlement of equity awards (in shares)	[1]	(2)
Balance at May. 02, 2020			$ 40		$ 113,312		$ 78,064	$ (160,021)	$ 31,395
Balance (in shares) at May. 02, 2020	[1]	3,034
[1]	Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1 - Summary of Significant Accounting Policies for further information.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Cash Flows Used in Operating Activities:
Net loss	$ (15,342)	$ (10,149)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	4,767	5,785
Operating lease right-of-use asset amortization	11,105	11,594
Stock-based compensation expense	86	(222)
Loss on sale of assets	0	102
Asset impairment charges	7,472	0
Changes in operating assets and liabilities:
Accounts receivable	(10,737)	8,728
Inventories	(3,132)	(1,723)
Prepaid expenses and other assets	(1,037)	(818)
Accounts payable	9,490	(2,423)
Accrued liabilities	(3,670)	1,957
Operating lease liabilities	(7,036)	(12,856)
Net cash used in operating activities	(8,034)	(25)
Cash Flows Used in Investing Activities:
Purchases of property and equipment	(481)	(2,616)
Net cash used in investing activities	(481)	(2,616)
Cash Flows Used in Financing Activities:
Proceeds from borrowings under revolving credit facility	5,000	5,000
Repayment of borrowings under the revolving credit facility	0	(5,000)
Net cash provided by financing activities	5,000	0
Net decrease in cash and cash equivalents	(3,515)	(2,641)
Cash and cash equivalents, beginning of year	17,839	20,103
Cash and cash equivalents, end of period	14,324	17,462
Supplemental Disclosures of Cash Flow Information:
Cash paid (received) for income taxes	0	(8,669)
Interest paid	$ 279	$ 111

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 02, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Nature of Business Francesca’s Holdings Corporation is a holding company incorporated in 2007 under the laws of the State of Delaware whose business operations are conducted through its subsidiaries. Unless the context otherwise requires, the “Company,” refers to Francesca’s Holdings Corporation and its consolidated subsidiaries. The Company operates a nationwide-chain of boutiques providing its customers with a unique, fun and personalized shopping experience. The merchandise assortment the Company offers is a diverse and balanced mix of apparel, jewelry, accessories and gifts at attractive values. The Company aims to offer a differentiated shopping experience and quality, on-trend merchandise at a compelling value, across a wide variety of geographic markets and shopping venues. At May 2, 2020, the Company operated 703 boutiques, which are located in 47 states throughout the United States and the District of Columbia, and also served its customers though www.francescas.com, its ecommerce website. On July 1, 2019, the Company effected a 12-to-1 stock split (the “Reverse Stock Split”), reducing the number of shares of common stock outstanding on that date from 35.4 million (which excludes 1.4 million of restricted stock awards granted to members of the Company's Board of Directors prior to the Reverse Stock Split but issued after the Reverse Stock Split) to 3.1 million shares. Additionally, the number of shares of common stock subject to outstanding stock options, restricted stock awards and restricted stock units, the exercise price of outstanding stock options, and the number of shares reserved for future issuance pursuant to the Company’s equity compensation plans were adjusted proportionately in connection with the Reverse Stock Split. The number of authorized shares of common stock under the Company’s Amended and Restated Certificate of Incorporation and the par value per share of the Company’s common stock were unchanged. All historical share and per share amounts presented herein have been adjusted retrospectively to reflect these changes. Going Concern As previously disclosed, the COVID-19 pandemic resulted in the temporary closure of all of the Company’s 703 boutiques beginning on March 25, 2020. On April 30, 2020, the Company started to reopen its boutiques in locations where local shutdown orders have been lifted. As of July 17, 2020, a total of 674 boutiques have reopened although the majority of them are operating at reduced capacity and hours in accordance with local regulations. This reflects the re-closure of 22 boutiques in California as of the same date. In conjunction with such boutique reopenings, a significant number of furloughed corporate and boutique employees have been recalled and the base salary reductions in place for the Company’s senior leadership team were lifted. The Company plans to continue to reopen boutiques and recall furloughed employees as local mandates are lifted. All boutiques will strictly adhere to then current Centers for Disease Control and Prevention (“CDC”) recommendations and local regulations to protect the health and safety of its sales associates and customers and all reopened boutiques have adopted a mandatory mask requirement for associates and customers, irrespective of CDC and local authority guidelines. Additionally, as of July 17, 2020, there continues to be an overall disruption in the Company’s supply chain and operations as its vendors return to normal operations and the Company’s ecommerce and distribution facility are operating at reduced capacity due to social distancing measures that have been put in place. As a result, the Company’s revenues, results of operations and cash flows continue to be materially adversely impacted which raises substantial doubt about the Company’s ability to continue as a going concern. Management continues to take aggressive and prudent actions to drive sales and monetize existing inventory, reduce expenses and manage cash flows, including making limited payments of accounts payables, deferred rent payments for the Company’s leased locations for the months April, May and June 2020 and limiting new inventory purchases to preserve cash on hand. The Company made payments on its past due payables making its merchandise and non-merchandise vendor accounts payable substantially current as of July 17, 2020 and resumed payment of its lease obligations for all its locations for July 2020. Additionally, subsequent to May 2, 2020, the Company repaid $2.0 million of its outstanding borrowings under the Amended ABL Credit Agreement (defined in Note 7, Credit Facilities) bringing the combined outstanding borrowings to $12.1 million, net of $0.9 million debt issuance costs, and $0.5 million in combined borrowing base availability under its Credit Facilities as of July 17, 2020. The Company also expects to receive an income tax refund of $10.7 million related to certain provisions under the Corona Aid, Relief and Economic Security Act (“CARES Act”). This refund is required to be used to repay any then outstanding borrowings under the Company’s Amended ABL Credit Agreement in accordance with the certain letter agreement entered into between the Company and the Amended ABL Credit Agreement lenders on May 1, 2020. See Note 6, Income Taxes, Note 7, Credit Facilities, and Note 10, Subsequent Events, for additional information. The Company could experience other potential impacts as a result of the COVID-19 pandemic, including, but not limited to, charges from potential adjustments to the carrying amount of its inventory and long-lived asset impairment charges. Actual results may differ materially from the Company’s current estimates as the scope of the COVID-19 pandemic evolves, depending largely, though not exclusively, on the duration of the disruption to its business. The Company’s unaudited consolidated financial statement as of May 2, 2020 were prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations, changes in equity, and cash flows at the dates and for the periods presented. The financial information as of February 1, 2020 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended February 1, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on May 1, 2020. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes as of and for the fiscal year ended February 1, 2020 included in the Company’s Annual Report on Form 10-K. Due to seasonal variations in the Company’s business, interim results are not necessarily indicative of results that may be expected for any other interim period or for a full year. Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and all its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Fiscal Year The Company maintains its accounts on a 52- or 53-week year ending on the Saturday closest to January 31st. Fiscal years 2020 and 2019 each include 52 weeks of operations. The fiscal quarters ended May 2, Management Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, net of estimated sales returns, and expenses during the reporting periods. Actual results could differ materially from those estimates. Reclassification The non-cash amortization of operating lease right-of-use (“ROU”) assets of $11.6 million in the thirteen weeks ended May 4, 2019 has been presented separately in the statement of cash flows to conform to the current period presentation. This reclassification does not materially impact the consolidated financial statements for the prior period presented. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use-Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the provisions of this guidance on February 2, 2020 and such adoption did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” The ASU intends to enhance and simplify aspects of the income tax accounting guidance in ASC 740, “Income Taxes” as part of the FASB's simplification initiative. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020 with early adoption permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. Since the original issuance of ASU 2016-13, the FASB has issued several amendments and updates to this guidance. This new guidance is effective for public companies, except for smaller reporting companies, for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For smaller reporting companies, such as the Company, this new guidance will be effective for fiscal year beginning after December 15, 2022, and interim periods within those fiscal year. Early adoption is permitted. The guidance is to be adopted using the modified retrospective approach. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Revenues

Revenues	3 Months Ended
	May 02, 2020
Revenues
Revenues	2. Revenues The Company disaggregates net sales into the following major merchandise departments. Thirteen Weeks Ended May 2, 2020 May 4, 2019 (in thousands) Apparel $ 22,084 $ 41,824 Jewelry 10,690 23,878 Accessories 6,651 13,640 Gifts 3,731 7,843 Others (1) 597 (60) $ 43,753 $ 87,125 (1) Includes gift card breakage income, shipping revenue and change in return reserve. Contract liability The Company recognizes a contract liability related to its gift cards. The Company accounts for the sale of gift cards as a liability at the time a gift card is sold. The liability is relieved and revenue is recognized upon redemption of the gift card. The Company’s gift cards do not have an expiration date. Income from gift card breakage is estimated based on historical redemption patterns and recognized over the historical redemption period. Liability for unredeemed gift cards totaled $3.6 million, $4.1 million and $4.7 million as of May 2, 2020, February 1, 2020 and May 4, 2019, respectively. Unredeemed gift cards at the end of the prior fiscal year recognized in revenues during the thirteen weeks ended May 2, 2020 and May 4, 2019 totaled $0.9 million and $1.8 million, respectively.

Loss Per Share

Loss Per Share	3 Months Ended
	May 02, 2020
Loss Per Share
Loss Per Share	3. Loss Per Share Loss per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted loss per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of restricted stock and stock option grants using the treasury stock method. The following table summarizes the potential dilution that could occur if stock options to acquire common stock were exercised or if the restricted stock grants were fully vested and reconciles the weighted-average common shares outstanding used in the computation of basic and diluted loss per share. Thirteen Weeks Ended May 2, 2020 May 4, 2019 (in thousands, except per share data) Numerator: Net loss $ (15,342) $ (10,149) Denominator: Weighted-average common shares outstanding - basic (1) 2,920 2,901 Restricted stocks and stock options (1) — — Weighted-average common shares outstanding - diluted (1) 2,920 2,901 Loss per common share (1) $ (5.25) $ (3.50) (1) Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1, Summary of Significant Accounting Policies, for further information. Potentially issuable shares under the Company’s stock-based compensation plans which amounted to 0.3 million and 0.1

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 02, 2020
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount reflected in the consolidated balance sheets of financial assets and liabilities, which includes cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximated their fair values due to the short term nature of these financial assets and liabilities. The carrying amount of the Company’s debt approximates its fair value due to the short-term nature of its debt.

Impairment Charges

Impairment Charges	3 Months Ended
	May 02, 2020
Impairment Charges
Impairment Charges	5. Impairment Charges The COVID-19 pandemic has also resulted in lower than expected sales and profitability for each of the Company’s boutiques as a result of the temporary boutique closures which indicates that its long-lived assets may be impaired. In determining whether an impairment has occurred, the Company considered both qualitative and quantitative factors. The quantitative analysis involves estimating the undiscounted future cash flows of the boutique long-lived assets and comparing such cash flows against the carrying value of the boutique’s assets. If the carrying value of the boutique’s assets is greater than the sum of the undiscounted future cash flows, an impairment charge is recognized for the difference between the carrying value of the boutique’s assets and its fair value. The fair value of the asset group is generally determined using discounted future cash flows or a market participant’s ability to generate economic benefits using the asset in its highest and best use, whichever is appropriate. The discounted future cash flows are determined based on such boutique’s historical experience, current sales trends, market conditions and other relevant factors deemed material, and discounted using a rate commensurate with the risk. The inputs used in the determination of discounted future cash flows are considered as Level 3 inputs in the fair value hierarchy, which require a significant degree of judgment and are based on the Company’s own assumptions. Based on the results of such assessment, the Company recorded non-cash asset impairment charges of $7.5 million in the thirteen weeks ended May 2, 2020. Of the total amount, $6.8 million was related to the write-down of operating lease ROU assets for 107 underperforming boutiques and $0.7 million was related to the write-down of property and equipment for 41 underperforming boutiques. The Company did not record non-cash asset impairment charges in the thirteen weeks ended May 4, 2019.

Income Taxes

Income Taxes	3 Months Ended
	May 02, 2020
Income Taxes
Income Taxes	6. Income Taxes The provision for income tax (benefit) expense is based on the Company’s current estimate of the annual effective tax rate. The effective income tax rates for the thirteen weeks ended May 2, 2020 and May 4, 2019 were 57.0% and 4.3%, respectively. The change in the effective income tax rate in the thirteen weeks ended May 2, 2020 versus the comparable prior year period was primarily due to the $9.6 million of federal and state net operating loss that the Company may carry back to prior years under the CARES Act and is included in other assets in the accompanying unaudited consolidated balance sheet. In addition, the Company filed an income tax refund for $10.7 million with the IRS in April 2020 related to net operating loss for fiscal year 2018 that may be carried back to prior years also under the CARES Act and is included in accounts receivable in the accompanying unaudited consolidated balance sheet. This refund is required to be used to repay any then outstanding borrowings under the Amended ABL Credit Agreement in accordance with that certain letter agreement entered into between the Company and the Amended ABL Credit Agreement lenders on May 1, 2020. See Note 7, Credit Facilities, for additional information. The Company continues to provide a full valuation allowance on its net deferred tax assets as of May 2, 2020. The effective income tax expense rate for the thirteen weeks ended May 4, 2019 included the impact of non-cash charge of $2.1 million associated with the valuation allowance provided on the Company’s net deferred tax assets. As of May 2, 2020 and May 4, 2019, the Company had $21.2 million and $1.5 million, respectively of income tax receivable.

Credit Facilities

Credit Facilities	3 Months Ended
	May 02, 2020
Credit Facilities
Credit Facilities	7. Credit Facilities The Company’s credit facilities and outstanding borrowings consisted of the following: May 2, 2020 February 1, 2020 May 4, 2019 (in thousands) Asset based revolving credit facility $ 5,000 $ — $ 10,000 Term loan 10,000 10,000 — Unamortized debt issuance costs (959) (1,064) — Total long-term debt, net 14,041 8,936 — Less: Current portion of long-term debt (14,041) (8,936) — Total long-term debt, net of current portion $ — $ — $ 10,000 Asset Based Revolving Credit Facility On May 25, 2018, Francesca’s Holdings Corporation (the “Holdings”), as guarantor, certain of its subsidiaries, as borrowers (the “Borrowers”), and certain of its subsidiaries as guarantors (together with Holdings, and the Borrowers, the “Loan Parties”), entered into an asset based revolving credit agreement (the “ABL Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. The ABL Credit Agreement provided for Aggregate Revolving Commitments (as defined in the ABL Credit Agreement) of $50.0 million (including up to $10.0 million for letters of credit) and was scheduled to mature on May 25, 2023. On August 13, 2019, concurrent with entering into the Term Loan Credit Agreement (described below), the Borrowers entered into the first amendment to ABL Credit Agreement (the "First Amendment to ABL Credit Agreement"), which amends the Company's existing ABL Credit Agreement (the ABL Credit Agreement, as amended by the First Amendment to ABL Credit Agreement, the "Amended ABL Credit Agreement"). The Amended ABL Credit Agreement provided for Aggregate Revolving Commitments (as defined in the Amended ABL Credit Agreement) of $40.0 million and matures on the earlier of (a) May 23, 2023 and (b) the date that is 90 days prior to any scheduled maturity of the Term Loan . Although the maturity of borrowings under the Amended ABL Credit Agreement is currently beyond 12 months from the balance sheet, the Company classified the outstanding amount as current liability in the consolidated balance sheet as of May 2, 2020 due to uncertainties concerning the Company's future liquidity and on-going covenant compliance under the Amended ABL Credit Agreement as a result of the impact of the COVID-19 pandemic on the Company's business. The inclusion of a going concern qualification in the report of the Company's independent registered public accountant on its audited financial statements for the fiscal year ended February 1, 2020 and the Company's non-payment of rent at its leased locations for the months of April, May and June 2020 resulted in a violation of certain covenants under its Amended ABL Credit Agreement and Term Loan Credit Agreement. On May 1, 2020, the Company entered into a letter agreement (the "First JPM Letter Agreement") in connection with its Amended ABL Credit Agreement and a letter agreement (the "First Tiger Letter Agreement") in connection with its Term Loan Credit Agreement , in each case, to obtain a waiver from its lenders of any default or event of default arising from its failure to (i) deliver annual audited consolidated financial statements for the fiscal year ended February 1, 2020 without a "going concern" or a like qualification or exception and (ii) pay rent on leased locations for the months of April, May, and June, 2020. The First JPM Letter Agreement and the First Tiger Letter Agreement contain certain conditions and covenants, including that, in the case of the First JPM Letter Agreement, the Company is required to use the entire $10.7 million income tax refund requested under the CARES Act to repay any then outstanding borrowings under the Amended ABL Credit Agreement and providing that no loans will be made under the ABL Credit Agreement unless the Company's aggregate amount of cash and cash equivalents is less than $3.0 million. If the Company is unable to meet its financial covenants or if there is an event of default under either the Amended ABL Credit Agreement or Term Loan Credit Agreement, the Company's lenders could instruct the administrative agent under such credit facilities to exercise available remedies including, declaring the principal of and accrued interest on all outstanding indebtedness due and payable immediately and terminating all remaining commitments and obligations under the credit facilities. Although the lenders under the Company's credit facilities may waive the defaults or forebear the exercise of remedies, they are not obligated to do so. Failure to obtain such a waiver would have a material adverse effect on the Company's liquidity, financial condition and results of operations and may result in filing a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring plan. As of May 2, 2020, the Company had $3.1 million of combined borrowing base availability under the Amended ABL Credit Agreement and the Term Loan Credit Agreement, subject to compliance with the covenants under the ABL Credit Agreement and First JPM Letter Agreement, including that no loans will be made under the ABL Credit Agreement unless the Company's aggregate amount of cash and cash equivalents is less than $3.0 million. For the thirteen weeks ended May 2, 2020 and May 4, 2019, the average effective interest rate for borrowings under the Amended ABL Credit Agreement were 2.75% and 4.36%, respectively. See Note 10, Subsequent Events, for information regarding the Company’s entry in to the Second JPM Letter Agreement (as defined in Note 10, Subsequent Events). Term Loan Credit Agreement On August 13, 2019, the Loan Parties, entered into the Term Loan Credit Agreement (“Term Loan Credit Agreement”) with Tiger Finance, LLC, as administrative agent and the lenders party thereto. The Term Loan Credit Agreement provides for an aggregate term loan of $10.0 million and matures on August 13, 2022. Although the maturity of the Term Loan Credit Agreement is beyond 12 months from the balance sheet, the Company classified the outstanding amount as current liability in the consolidated balance sheet as of May 2, 2020 due to uncertainties concerning the Company’s future liquidity and on-going covenant compliance as a result of the impact of the COVID-19 pandemic on the Company’s business. On May 1, 2020, the Company entered into the First JPM Letter Agreement, in connection with its Amended ABL Credit Agreement, and the First Tiger Letter Agreement. See “Asset Based Revolving Credit Facility” above for additional information. As of May 2, 2020, the Company had $3.1 million of combined borrowing base availability under the Amended ABL Credit Agreement and the Term Loan Credit Agreement, subject to compliance with the covenants under the Term Loan Credit Agreement, ABL Credit Agreement, First Tiger Letter Agreement and First JPM Letter Agreement, including that no loans will be made under the ABL Credit Agreement unless the Company’s aggregate amount of cash and cash equivalents is less than $3.0 million. For the thirteen weeks ended May 2, 2020, the average effective interest rate for borrowings under the Term Loan Credit Agreement was 10.0%. See Note 10, Subsequent Events, for information regarding the Company’s entry in to the Second Tiger Letter Agreement (as defined in Note 10, Subsequent Events).

Leases

Leases	3 Months Ended
	May 02, 2020
Leases
Leases	8. Leases The Company leases boutiques, its distribution center and office space, and certain boutique and corporate office equipment under operating leases expiring in various years through the fiscal year ending 2030. Certain of the leases provide that the Company may cancel the lease, with penalties as defined in the lease, if the Company’s boutique sales at that location fall below an established level. Certain leases provide for additional rent payments to be made when sales exceed a base amount. Certain operating leases provide for renewal options for periods from three to five years at the market rate at the time of renewal. As discussed in Note 1, Summary of Significant Accounting Policies – Going Concern, the Company deferred its lease payments for April, May and June 2020 on all of its leased locations in order to preserve its liquidity. The Company has been negotiating with its landlords to secure rent abatements and / or deferrals and, as of July 17, 2020, those discussions are substantially complete. These lease abatements and deferments will be accounted for as if no changes to the lease contracts were made as allowed by the Staff Q&A issued by the FASB in April 2020. The following table presents information regarding the Company's leases for the periods presented. Thirteen Weeks Ended May 2, 2020 May 4, 2019 (in thousands) Components of operating lease costs Operating lease costs $ 14,749 $ 15,149 Variable lease cost 267 224 $ 15,016 $ 15,373 As of May 2, 2020 and May 4, 2019, the weighted average remaining operating lease term was 6.0 years and the weighted average discount rate for operating leases was 6.0% and 5.6%, respectively. Cash paid for operating leases included in the measurement of lease liabilities, including interest, totaled $10.7 million and $16.1 million for the thirteen weeks ended May 2, 2020 and May 4, 2019, respectively. As of May 2, 2020, the maturities of lease liabilities were as follows: Thirteen Weeks Ended May 2, 2020 (in thousands) Maturities of lease liabilities Remainder of 2020 $ 52,922 2021 56,401 2022 48,938 2023 42,207 2024 35,030 Thereafter 58,165 Total lease payments 293,663 Less: Interest 45,427 Present value of lease liabilities $ 248,236 Operating lease liabilities include amounts due from landlords in tenant improvement allowances. As of May 2, 2020, the minimum rental commitments for additional operating lease contracts that have not yet commenced was $5.4 million while its lease terms were within the range of 5 to 10 years.

Contingencies

Contingencies	3 Months Ended
	May 02, 2020
Contingencies
Contingencies	9. Contingencies On January 27, 2017, a purported collective action lawsuit entitled Meghan Magee, et al. v. Francesca’s Holdings Corp., et al. was filed in the United States District Court for the District of New Jersey, Camden Vicinage against the Company for alleged violations of federal and state wage and hour laws. After substitution of a named plaintiff, the lawsuit is now captioned, Danielle Prulello, et al. v. Francesca’s Holding Corp., et al. On November 6, 2018, the court conditionally certified the collective action. The Company believes that the allegations contained in the lawsuit are without merit and intends to vigorously defend itself against all claims asserted therein. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time and, as such, the Company has not recorded an accrual for any possible loss. The Company, from time to time, is subject to various claims and legal proceedings, including employment claims, wage and hour claims, intellectual property claims, contractual and commercial disputes and other matters that arise in the ordinary course of business. While the outcome of any such claim cannot be predicted with certainty, the Company does not believe that the outcome of these matters will have a material adverse effect on the Company’s business, results of operations or financial condition.

Subsequent Events

Subsequent Events	3 Months Ended
	May 02, 2020
Subsequent Events
Subsequent Events	10. Subsequent Events COVID-19 Update As previously disclosed, the COVID-19 pandemic resulted in the temporary closure of all of the Company’s 703 boutiques beginning on March 25, 2020. On April 30, 2020, the Company started to reopen its boutiques in locations where local shutdown orders have been lifted. As of July 17, 2020, a total of 674 boutiques have reopened although the majority of them are operating at reduced capacity and hours in accordance with local regulations. This reflects the re-closure of 22 boutiques in California as of the same date. In conjunction with such boutique reopenings, a significant number of furloughed corporate and boutique employees have been recalled and the base salary reductions in place for the Company’s senior leadership team were lifted. The Company plans to continue to reopen boutiques and recall furloughed employees as local mandates are lifted. All boutiques will strictly adhere to then current CDC recommendations and local regulations to protect the health and safety of its sales associates and customers and all reopened boutiques have adopted a mandatory mask requirement for associates and customers, irrespective of CDC and local authority guidelines. Additionally, as of July 17, 2020, there continues to be an overall disruption in the Company’s supply chain and operations as its vendors return to normal operations and the Company’s ecommerce and distribution facility are operating at reduced capacity due to social distancing measures that have been put in place. As a result, the Company’s revenues, results of operations and cash flows continue to be materially adversely impacted, which raises substantial doubt about its ability to continue as a going concern. Management continues to take aggressive and prudent actions to drive sales and monetize existing inventory, reduce expenses and manage cash flows, including making limited payments of accounts payables, deferred rent payments for its leased locations for the months of April, May and June 2020, and limiting inventory payments to preserve cash on hand. The Company made payments on its past due payables making its merchandise and non-merchandise vendor accounts payable substantially current as of July 17, 2020 and resumed payment of its leased obligations for all its locations for July 2020. Additionally, subsequent to May 2, 2020, the Company repaid $2.0 million of its outstanding borrowings under the Amended ABL Credit Agreement bringing the combined outstanding borrowings to $12.1 million, net of $0.9 million debt issuance costs, and $0.5 million in combined borrowing base availability under its Credit Facilities as of July 17, 2020. The Company also expects to receive an income tax refund of $10.7 million related to certain provisions under the CARES Act. This refund is required to be used to repay any then outstanding borrowings under the Amended ABL Credit Agreement in accordance with the First JPM Letter Agreement entered into between the Company and the Amended ABL Credit Agreement lenders. See Note 1, Summary of Significant Accounting Policies – Going Concern, Note 6, Income Taxes, and Note 7, Credit Facilities, for additional information. There is significant uncertainty around the disruptions related to the COVID-19 pandemic and its impact on the global economy. While the Company’s results of operations have been significantly impacted and it anticipates future results will continue to be adversely impacted, the full extent to which the COVID-19 pandemic impacts the Company’s future results will depend on future developments, which are highly uncertain and cannot be predicted with certainty, including new information which may emerge concerning the severity of the COVID-19 pandemic in the United States, actions taken to contain it or treat its impact, any possible resurgence of COVID-19 that may occur after the initial outbreak subsides, and how quickly and to what extent normal economic and operating conditions can resume. Credit Facilities Letter Agreements As a result of the delayed filing of this Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2020, on June 25, 2020, the Borrowers entered into a letter agreement (the “Second JPM Letter Agreement”) in connection with its Amended ABL Credit Agreement to amend the Amended ABL Credit Agreement to grant the Borrowers a 45 day extension to deliver quarterly consolidated financial statements for the fiscal quarter ended May 2, 2020 and waive any Default (as defined in the Amended ABL Credit Agreement) arising from the failure of the Borrowers to timely deliver quarterly consolidated financial statements for the fiscal quarter ended May 2, 2020. Additionally, the Second JPM Letter Agreement also amends the Amended ABL Credit Agreement to lower the minimum amount of Liquidity (as defined in the Amended ABL Credit Agreement) that triggers a Dominion Period (as defined in the Amended ABL Credit Agreement) from $15.0 million to $10.0 million and remove the requirement that unrestricted cash and cash equivalents not exceed 80% of total Liquidity, in each case, for a period of 60 days after the date of the Second JPM Letter Agreement. Additionally, in connection with the delayed filing of this Form 10-Q, on June 25, 2020, the Borrowers entered into a letter agreement in connection with its Term Loan Credit Agreement (the “Second Tiger Letter Agreement”) with similar terms to the Second JPM Letter Agreement discussed above. Lease Negotiations As of July 17, 2020, the Company has substantially completed negotiations with all of its landlords to abate or defer lease payments for the months of April, May and June 2020. While deferred payments have a minimal impact on GAAP straight-line lease expense, they are expected to have a positive impact on the Company’s cash flow in fiscal year 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 02, 2020
Summary of Significant Accounting Policies
Going Concern	Going Concern As previously disclosed, the COVID-19 pandemic resulted in the temporary closure of all of the Company’s 703 boutiques beginning on March 25, 2020. On April 30, 2020, the Company started to reopen its boutiques in locations where local shutdown orders have been lifted. As of July 17, 2020, a total of 674 boutiques have reopened although the majority of them are operating at reduced capacity and hours in accordance with local regulations. This reflects the re-closure of 22 boutiques in California as of the same date. In conjunction with such boutique reopenings, a significant number of furloughed corporate and boutique employees have been recalled and the base salary reductions in place for the Company’s senior leadership team were lifted. The Company plans to continue to reopen boutiques and recall furloughed employees as local mandates are lifted. All boutiques will strictly adhere to then current Centers for Disease Control and Prevention (“CDC”) recommendations and local regulations to protect the health and safety of its sales associates and customers and all reopened boutiques have adopted a mandatory mask requirement for associates and customers, irrespective of CDC and local authority guidelines. Additionally, as of July 17, 2020, there continues to be an overall disruption in the Company’s supply chain and operations as its vendors return to normal operations and the Company’s ecommerce and distribution facility are operating at reduced capacity due to social distancing measures that have been put in place. As a result, the Company’s revenues, results of operations and cash flows continue to be materially adversely impacted which raises substantial doubt about the Company’s ability to continue as a going concern. Management continues to take aggressive and prudent actions to drive sales and monetize existing inventory, reduce expenses and manage cash flows, including making limited payments of accounts payables, deferred rent payments for the Company’s leased locations for the months April, May and June 2020 and limiting new inventory purchases to preserve cash on hand. The Company made payments on its past due payables making its merchandise and non-merchandise vendor accounts payable substantially current as of July 17, 2020 and resumed payment of its lease obligations for all its locations for July 2020. Additionally, subsequent to May 2, 2020, the Company repaid $2.0 million of its outstanding borrowings under the Amended ABL Credit Agreement (defined in Note 7, Credit Facilities) bringing the combined outstanding borrowings to $12.1 million, net of $0.9 million debt issuance costs, and $0.5 million in combined borrowing base availability under its Credit Facilities as of July 17, 2020. The Company also expects to receive an income tax refund of $10.7 million related to certain provisions under the Corona Aid, Relief and Economic Security Act (“CARES Act”). This refund is required to be used to repay any then outstanding borrowings under the Company’s Amended ABL Credit Agreement in accordance with the certain letter agreement entered into between the Company and the Amended ABL Credit Agreement lenders on May 1, 2020. See Note 6, Income Taxes, Note 7, Credit Facilities, and Note 10, Subsequent Events, for additional information. The Company could experience other potential impacts as a result of the COVID-19 pandemic, including, but not limited to, charges from potential adjustments to the carrying amount of its inventory and long-lived asset impairment charges. Actual results may differ materially from the Company’s current estimates as the scope of the COVID-19 pandemic evolves, depending largely, though not exclusively, on the duration of the disruption to its business. The Company’s unaudited consolidated financial statement as of May 2, 2020 were prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations, changes in equity, and cash flows at the dates and for the periods presented. The financial information as of February 1, 2020 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended February 1, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on May 1, 2020. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes as of and for the fiscal year ended February 1, 2020 included in the Company’s Annual Report on Form 10-K. Due to seasonal variations in the Company’s business, interim results are not necessarily indicative of results that may be expected for any other interim period or for a full year.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and all its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Fiscal Year	Fiscal Year The Company maintains its accounts on a 52- or 53-week year ending on the Saturday closest to January 31st. Fiscal years 2020 and 2019 each include 52 weeks of operations. The fiscal quarters ended May 2,
Management Estimates and Assumptions	Management Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, net of estimated sales returns, and expenses during the reporting periods. Actual results could differ materially from those estimates.
Reclassification	Reclassification The non-cash amortization of operating lease right-of-use (“ROU”) assets of $11.6 million in the thirteen weeks ended May 4, 2019 has been presented separately in the statement of cash flows to conform to the current period presentation. This reclassification does not materially impact the consolidated financial statements for the prior period presented.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use-Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the provisions of this guidance on February 2, 2020 and such adoption did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” The ASU intends to enhance and simplify aspects of the income tax accounting guidance in ASC 740, “Income Taxes” as part of the FASB's simplification initiative. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020 with early adoption permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. Since the original issuance of ASU 2016-13, the FASB has issued several amendments and updates to this guidance. This new guidance is effective for public companies, except for smaller reporting companies, for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For smaller reporting companies, such as the Company, this new guidance will be effective for fiscal year beginning after December 15, 2022, and interim periods within those fiscal year. Early adoption is permitted. The guidance is to be adopted using the modified retrospective approach. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.
Loss Per Share	Loss per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted loss per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of restricted stock and stock option grants using the treasury stock method. The following table summarizes the potential dilution that could occur if stock options to acquire common stock were exercised or if the restricted stock grants were fully vested and reconciles the weighted-average common shares outstanding used in the computation of basic and diluted loss per share.
Impairment Charges	The quantitative analysis involves estimating the undiscounted future cash flows of the boutique long-lived assets and comparing such cash flows against the carrying value of the boutique’s assets. If the carrying value of the boutique’s assets is greater than the sum of the undiscounted future cash flows, an impairment charge is recognized for the difference between the carrying value of the boutique’s assets and its fair value. The fair value of the asset group is generally determined using discounted future cash flows or a market participant’s ability to generate economic benefits using the asset in its highest and best use, whichever is appropriate. The discounted future cash flows are determined based on such boutique’s historical experience, current sales trends, market conditions and other relevant factors deemed material, and discounted using a rate commensurate with the risk. The inputs used in the determination of discounted future cash flows are considered as Level 3 inputs in the fair value hierarchy, which require a significant degree of judgment and are based on the Company’s own assumptions.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	May 02, 2020
Revenues
Schedule of disaggregated net sales into the major merchandise departments	The Company disaggregates net sales into the following major merchandise departments. Thirteen Weeks Ended May 2, 2020 May 4, 2019 (in thousands) Apparel $ 22,084 $ 41,824 Jewelry 10,690 23,878 Accessories 6,651 13,640 Gifts 3,731 7,843 Others (1) 597 (60) $ 43,753 $ 87,125 (1) Includes gift card breakage income, shipping revenue and change in return reserve.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	May 02, 2020
Loss Per Share
Schedule of Loss per share	The following table summarizes the potential dilution that could occur if stock options to acquire common stock were exercised or if the restricted stock grants were fully vested and reconciles the weighted-average common shares outstanding used in the computation of basic and diluted loss per share. Thirteen Weeks Ended May 2, 2020 May 4, 2019 (in thousands, except per share data) Numerator: Net loss $ (15,342) $ (10,149) Denominator: Weighted-average common shares outstanding - basic (1) 2,920 2,901 Restricted stocks and stock options (1) — — Weighted-average common shares outstanding - diluted (1) 2,920 2,901 Loss per common share (1) $ (5.25) $ (3.50) (1) Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1, Summary of Significant Accounting Policies, for further information.

Credit Facilities (Tables)

Credit Facilities (Tables)	3 Months Ended
	May 02, 2020
Credit Facilities
Schedule of company's credit facilities	The Company’s credit facilities and outstanding borrowings consisted of the following: May 2, 2020 February 1, 2020 May 4, 2019 (in thousands) Asset based revolving credit facility $ 5,000 $ — $ 10,000 Term loan 10,000 10,000 — Unamortized debt issuance costs (959) (1,064) — Total long-term debt, net 14,041 8,936 — Less: Current portion of long-term debt (14,041) (8,936) — Total long-term debt, net of current portion $ — $ — $ 10,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 02, 2020
Leases
Schedule of components of operating lease costs	The following table presents information regarding the Company's leases for the periods presented. Thirteen Weeks Ended May 2, 2020 May 4, 2019 (in thousands) Components of operating lease costs Operating lease costs $ 14,749 $ 15,149 Variable lease cost 267 224 $ 15,016 $ 15,373
Schedule of maturity of lease liabilities	Thirteen Weeks Ended May 2, 2020 (in thousands) Maturities of lease liabilities Remainder of 2020 $ 52,922 2021 56,401 2022 48,938 2023 42,207 2024 35,030 Thereafter 58,165 Total lease payments 293,663 Less: Interest 45,427 Present value of lease liabilities $ 248,236

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands, shares in Millions	Jul. 17, 2020USD ($)store	Jul. 01, 2019shares	Apr. 30, 2020USD ($)	Jun. 30, 2019shares	May 02, 2020USD ($)statestore	May 04, 2019USD ($)	Mar. 25, 2020store	Feb. 01, 2020USD ($)
Summary of Significant Accounting Policies [Line Items]
Year Founded					2007
Number of Boutiques in Operation | store					703
Number of States in which Entity Operates | state					47
Conversion ratio of the reverse stock split		0.083
Common Stock, Shares, Outstanding | shares		3.1		35.4
Number of boutiques temporarily closed due to Covid-19 | store							703
Income taxes receivable, Net operating loss carryback, CARES Act			$ 10,700		$ 10,700
Repayment of outstanding borrowings					0	$ 5,000
Outstanding borrowings					14,041			$ 8,936
Operating lease right-of-use asset amortization					$ 11,105	$ 11,594
Fiscal Year
Summary of Significant Accounting Policies [Line Items]
Length of Fiscal Period					364 days	364 days
Fiscal Year | Minimum
Summary of Significant Accounting Policies [Line Items]
Length of Fiscal Period					364 days
Fiscal Year | Maximum
Summary of Significant Accounting Policies [Line Items]
Length of Fiscal Period					371 days
Fiscal Quarter
Summary of Significant Accounting Policies [Line Items]
Length of Fiscal Period					91 days	91 days
Asset based revolving credit facility
Summary of Significant Accounting Policies [Line Items]
Combined borrowing base availability					$ 3,100
Term Loan
Summary of Significant Accounting Policies [Line Items]
Debt Issuance cost					$ 959			$ 1,064
Subsequent events
Summary of Significant Accounting Policies [Line Items]
Number of boutiques reopened due to COVID-19 | store	674
Number of boutiques reclosed due to COVID-19 | store	22
Income taxes receivable, Net operating loss carryback, CARES Act	$ 10,700
Outstanding borrowings	12,100
Debt Issuance cost	900
Subsequent events | Asset based revolving credit facility
Summary of Significant Accounting Policies [Line Items]
Repayment of outstanding borrowings	2,000
Combined borrowing base availability	$ 500
Restricted stock awards | Board of Directors
Summary of Significant Accounting Policies [Line Items]
Awards granted (in shares) | shares				1.4

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands		3 Months Ended
		May 02, 2020	May 04, 2019
Disaggregation of Revenue [Line Items]
Net sales		$ 43,753	$ 87,125
Apparel
Disaggregation of Revenue [Line Items]
Net sales		22,084	41,824
Jewelry
Disaggregation of Revenue [Line Items]
Net sales		10,690	23,878
Accessories
Disaggregation of Revenue [Line Items]
Net sales		6,651	13,640
Gifts
Disaggregation of Revenue [Line Items]
Net sales		3,731	7,843
Others
Disaggregation of Revenue [Line Items]
Net sales	[1]	$ 597	$ (60)
[1]	Includes gift card breakage income, shipping revenue and change in return reserve.

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 02, 2020	May 04, 2019	Feb. 01, 2020
Revenues
Unredeemed gift card as of the prior year end recognized in revenues	$ 0.9	$ 1.8
Liability for unredeemed gift cards	$ 3.6	$ 4.7	$ 4.1

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		May 02, 2020	May 04, 2019
Numerator:
Net loss		$ (15,342)	$ (10,149)
Denominator:
Weighted-average common shares outstanding - basic	[1]	2,920	2,901
Restricted stocks and stock options	[1]	0	0
Weighted-average common shares outstanding - diluted	[1]	2,920	2,901
Per common share:
Loss per common share	[1]	$ (5.25)	$ (3.50)
[1]	Reflects the 12-to-1 reverse stock split that became effective on July 1, 2019. Refer to Note 1 - Summary of Significant Accounting Policies for further information.

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	May 02, 2020	May 04, 2019
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities Excluded from Computation of Diluted Weighted Average Common Stock Outstanding	0.3	0.1
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities Excluded from Computation of Diluted Weighted Average Common Stock Outstanding	0.1	0.1

Impairment Charges (Details)

Impairment Charges (Details) $ in Thousands	3 Months Ended
	May 02, 2020USD ($)store	May 04, 2019USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges | $	$ 7,472	$ 0
Number of boutiques stores | store	703
Boutique Property and Equipment Impaired [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges | $	$ 700
Number of boutiques stores | store	41
Boutique ROU Asset Impaired
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges | $	$ 6,800
Number of boutiques stores | store	107

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020	May 02, 2020	May 04, 2019
Income Taxes
Effective income tax rate		57.00%	4.30%
Income taxes receivable, Net operating loss carryback, CARES Act	$ 10.7	$ 10.7
Income tax benefit, operating loss carryback, CARES Act		9.6
Additional valuation allowance recognized			$ 2.1
Income tax receivable		$ 21.2	$ 1.5

Credit Facilities (Details)

Credit Facilities (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019
Long-term Debt Details
Total long-term debt, net	$ 14,041	$ 8,936
Less: Current portion of long term debt	(14,041)	(8,936)	$ 0
Total long-term debt, net of current portion	0	0	10,000
Asset based revolving credit facility
Long-term Debt Details
Asset based revolving credit facility, outstanding borrowings	5,000		$ 10,000
Term Loan
Long-term Debt Details
Term Loan, outstanding borrowings	10,000	10,000
Unamortized debt issuance costs	$ (959)	$ (1,064)

Credit Facilities - Asset Based

Credit Facilities - Asset Based Revolving Credit Facility (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020	May 02, 2020	May 04, 2019	May 01, 2020	Aug. 13, 2019
Debt Instrument [Line Items]
Income taxes receivable, Net operating loss carryback, CARES Act	$ 10.7	$ 10.7
Asset based revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		40			$ 50
Line Of Credit Availability For Letters Of Credit		10
Minimum cash on hand required before borrowings are allowed under a credit agreement				$ 3
Combined borrowing base availability		$ 3.1
Average effective interest rate		2.75%	4.36%

Credit Facilities - Term Loan C

Credit Facilities - Term Loan Credit Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	May 02, 2020	May 01, 2020	Aug. 13, 2019
Asset based revolving credit facility
Debt Instrument [Line Items]
Combined borrowing base availability	$ 3.1
Minimum cash on hand required before borrowings are allowed under a credit agreement		$ 3
Term Loan
Debt Instrument [Line Items]
Aggregate amount of loan			$ 10
Average effective interest rate	10.00%

Leases - Components of operatin

Leases - Components of operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Components of operating lease costs
Operating lease costs	$ 14,749	$ 15,149
Variable lease cost	267	224
Lease cost	$ 15,016	$ 15,373

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) $ in Thousands	May 02, 2020USD ($)
Maturities of lease liabilities
Remainder of 2020	$ 52,922
2021	56,401
2022	48,938
2023	42,207
2024	35,030
Thereafter	58,165
Total lease payments	293,663
Less: Interest	45,427
Present value of lease liabilities	$ 248,236

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 02, 2020	May 04, 2019
Lessee, Operating Lease
Lease Expiration Year	2030
Weighted-average remaining lease term - operating leases	6 years	6 years
Weighted-average discount rate - operating leases	6.00%	5.60%
Cash paid for operating leases included in the measurement of lease liabilities	$ 10.7	$ 16.1
Lessee, Operating Lease, Not yet Commenced
Lessee Operating Lease Lease Not Yet Commenced Operating Lease Payments	$ 5.4
Maximum
Lessee, Operating Lease
Lessee, Operating Lease, Renewal Term	5 years
Lessee, Operating Lease, Not yet Commenced
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	10 years
Minimum
Lessee, Operating Lease
Lessee, Operating Lease, Renewal Term	3 years
Lessee, Operating Lease, Not yet Commenced
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	5 years

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jul. 17, 2020USD ($)store	Jun. 25, 2020USD ($)	Apr. 30, 2020USD ($)	May 02, 2020USD ($)	May 04, 2019USD ($)	Jun. 24, 2020USD ($)	Mar. 25, 2020store	Feb. 01, 2020USD ($)
Subsequent Events
Number of boutiques temporarily closed due to Covid-19 | store							703
Income Taxes Receivable, Net Operating Loss Carryback, Cares Act			$ 10,700	$ 10,700
Repayment of outstanding borrowings				0	$ 5,000
Outstanding balance under the ABL Credit Agreement				14,041				$ 8,936
Asset based revolving credit facility
Subsequent Events
Combined borrowing base availability				3,100
Term Loan
Subsequent Events
Debt Issuance cost				$ 959				$ 1,064
Subsequent events
Subsequent Events
Number of boutiques reopened due to COVID-19 | store	674
Number of boutiques reclosed due to COVID-19 | store	22
Debt Issuance cost	$ 900
Income Taxes Receivable, Net Operating Loss Carryback, Cares Act	10,700
Outstanding balance under the ABL Credit Agreement	12,100
Period extension to borrowers to deliver the financial statements		45 days
Subsequent events | Asset based revolving credit facility
Subsequent Events
Combined borrowing base availability	500
Repayment of outstanding borrowings	$ 2,000
Minimum Amount of Liquidity That Triggers a Dominion Period		$ 10,000				$ 15,000
Percent of unrestricted cash to total liquidity		80.00%
Waiver period of unrestricted cash to total liquidity		60 days