Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Dec. 10, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GMAN | ' |
Entity Registrant Name | 'Gordmans Stores, Inc. | ' |
Entity Central Index Key | '0001490636 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,576,623 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $146,653 | $151,333 | $430,714 | $419,536 |
License fees from leased departments | 2,284 | 2,157 | 6,445 | 5,846 |
Cost of sales | -84,525 | -86,452 | -249,643 | -240,133 |
Gross profit | 64,412 | 67,038 | 187,516 | 185,249 |
Selling, general and administrative expenses | -66,468 | -64,560 | -193,320 | -175,833 |
Income / (loss) from operations | -2,056 | 2,478 | -5,804 | 9,416 |
Interest expense, net | -1,350 | -892 | -3,888 | -1,130 |
Income / (loss) before taxes | -3,406 | 1,586 | -9,692 | 8,286 |
Income tax (expense) / benefit | 1,555 | -487 | 3,920 | -3,005 |
Net income / (loss) | ($1,851) | $1,099 | ($5,772) | $5,281 |
Basic earnings / (loss) per share | ($0.10) | $0.06 | ($0.30) | $0.27 |
Diluted earnings / (loss) per share | ($0.10) | $0.06 | ($0.30) | $0.27 |
Basic weighted average shares outstanding | 19,362,749 | 19,307,499 | 19,358,354 | 19,268,957 |
Diluted weighted average shares outstanding | 19,362,749 | 19,385,032 | 19,358,354 | 19,337,684 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash and cash equivalents | $12,417 | $5,759 | $9,307 |
Accounts receivable | 3,400 | 2,755 | 2,512 |
Landlord receivable | 2,585 | 4,716 | 5,796 |
Income taxes receivable | 4,312 | 3,809 | 5,157 |
Merchandise inventories | 150,403 | 94,711 | 149,265 |
Deferred income taxes | 2,732 | 2,815 | 2,819 |
Prepaid expenses and other current assets | 8,742 | 8,361 | 9,727 |
Total current assets | 184,591 | 122,926 | 184,583 |
PROPERTY AND EQUIPMENT, net | 89,832 | 76,393 | 66,069 |
INTANGIBLE ASSETS, net | 1,841 | 1,906 | 1,927 |
OTHER ASSETS, net | 5,975 | 5,762 | 5,477 |
TOTAL ASSETS | 282,239 | 206,987 | 258,056 |
CURRENT LIABILITIES: | ' | ' | ' |
Accounts payable | 119,549 | 42,561 | 89,516 |
Accrued expenses | 32,092 | 28,748 | 32,190 |
Current portion of long-term debt | 7,133 | 7,813 | 15,972 |
Total current liabilities | 158,774 | 79,122 | 137,678 |
NONCURRENT LIABILITIES: | ' | ' | ' |
Long-term debt, less current portion | 44,291 | 44,437 | 44,719 |
Deferred rent | 33,043 | 31,591 | 26,752 |
Deferred income taxes | 9,831 | 9,553 | 9,680 |
Other liabilities | 327 | 479 | 419 |
Total noncurrent liabilities | 87,492 | 86,060 | 81,570 |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of November 1, 2014, February 1, 2014 and November 2, 2013 | 0 | 0 | ' |
Common stock - $0.001 par value, 50,000,000 shares authorized, 19,985,256 issued and 19,576,623 outstanding as of November 1, 2014, 19,824,856 issued and 19,420,444 outstanding as of February 1, 2014, 19,824,856 issued and 19,420,444 outstanding as of November 2, 2013 | 20 | 19 | 19 |
Additional paid-in capital | 53,652 | 53,795 | 53,530 |
Accumulated deficit | -17,699 | -12,009 | -14,741 |
Total stockholders' equity | 35,973 | 41,805 | 38,808 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $282,239 | $206,987 | $258,056 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Preferred stock, par value | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,985,256 | 19,824,856 | 19,824,856 |
Common stock, shares outstanding | 19,576,623 | 19,420,444 | 19,420,444 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings / (Accumulated Deficit) [Member] |
In Thousands, except Share data | ||||
BALANCE at Feb. 02, 2013 | $102,388 | $19 | $52,461 | $49,908 |
BALANCE, shares at Feb. 02, 2013 | ' | 19,404,322 | ' | ' |
Share-based compensation expense, net of forfeitures | 985 | ' | 985 | ' |
Issuance of restricted stock, net of forfeitures, shares | ' | 8,400 | ' | ' |
Repurchase of common stock | -52 | ' | -52 | ' |
Repurchase of common stock, shares | ' | -4,632 | ' | ' |
Exercise of stock options | 136 | ' | 136 | ' |
Exercise of stock options, shares | ' | 12,354 | ' | ' |
Dividend declared | -69,930 | ' | ' | -69,930 |
Net income / (loss) | 5,281 | ' | ' | 5,281 |
BALANCE at Nov. 02, 2013 | 38,808 | 19 | 53,530 | -14,741 |
BALANCE, shares at Nov. 02, 2013 | 19,420,444 | 19,420,444 | ' | ' |
BALANCE at Feb. 01, 2014 | 41,805 | 19 | 53,795 | -12,009 |
BALANCE, shares at Feb. 01, 2014 | 19,420,444 | 19,420,444 | ' | ' |
Share-based compensation expense, net of forfeitures | 107 | ' | 107 | ' |
Deferred tax asset shortfall related to share-based compensation expense | -235 | ' | -235 | ' |
Issuance of restricted stock, net of forfeitures | 1 | 1 | ' | ' |
Issuance of restricted stock, net of forfeitures, shares | ' | 160,400 | ' | ' |
Repurchase of common stock | -15 | ' | -15 | ' |
Repurchase of common stock, shares | ' | -4,221 | ' | ' |
Forfeiture of dividends payable on unvested restricted stock | 82 | ' | ' | 82 |
Net income / (loss) | -5,772 | ' | ' | -5,772 |
BALANCE at Nov. 01, 2014 | $35,973 | $20 | $53,652 | ($17,699) |
BALANCE, shares at Nov. 01, 2014 | 19,576,623 | 19,576,623 | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' |
Dividend declared, per share | $3.60 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income / (loss) | ($5,772) | $5,281 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 9,633 | 7,118 |
Amortization of deferred financing fees | 444 | 280 |
Loss on retirement / sale of property and equipment | 346 | ' |
Deferred income taxes | 361 | 242 |
Deferred tax asset shortfall related to share-based compensation | -235 | ' |
Share-based compensation expense, net of forfeitures | 107 | 985 |
Net changes in operating assets and liabilities: | ' | ' |
Accounts, landlord and income taxes receivable | 983 | -1,329 |
Merchandise inventories | -55,692 | -71,259 |
Prepaid expenses and other current assets | -124 | -3,175 |
Other assets | -181 | -714 |
Accounts payable | 76,988 | 55,305 |
Deferred rent | 1,452 | 4,755 |
Accrued expenses and other liabilities | 6,694 | 7,177 |
Net cash provided by operating activities | 35,004 | 4,666 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -42,048 | -41,467 |
Proceeds from sale-leaseback transactions | 15,849 | 16,390 |
Cash received on sale of property and equipment | 57 | ' |
Proceeds from insurance settlement | 39 | ' |
Net cash used in investing activities | -26,103 | -25,077 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Dividends paid | -67 | -69,682 |
Borrowings on revolving line of credit | 146,600 | 23,941 |
Repayments on revolving line of credit | -148,004 | -8,250 |
Proceeds from senior term loan | ' | 45,000 |
Debt issuance costs | -476 | -2,010 |
Repurchase of common stock | -15 | -52 |
Payment of long-term debt | -281 | -189 |
Proceeds from the exercise of stock options | ' | 136 |
Net cash used in financing activities | -2,243 | -11,106 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,658 | -31,517 |
CASH AND CASH EQUIVALENTS, Beginning of period | 5,759 | 40,824 |
CASH AND CASH EQUIVALENTS, End of period | $12,417 | $9,307 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' |
A. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation – The condensed consolidated financial statements include the accounts of Gordmans Stores, Inc. (the “Company”) and its subsidiaries, Gordmans Intermediate Holding Corp., Gordmans, Inc., Gordmans Management Company, Inc., Gordmans Distribution Company, Inc. and Gordmans LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of February 1, 2014 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. | |
Summary of Significant Accounting Policies – The accounting policies followed by the Company are reflected in the notes to the consolidated financial statements for the fiscal year ended February 1, 2014, included in our fiscal year 2013 Annual Report on Form 10-K, filed with the Securities and Exchange Commission. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended February 1, 2014. Due to the seasonality of our business, the results of operations for any quarter are not necessarily indicative of the operating results for the full fiscal year. In addition, quarterly results of operations can vary based upon the timing and amount of net sales and costs associated with the opening of new stores. | |
Recently Issued Accounting Pronouncement – In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. This guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. This guidance requires disclosure in the notes to the financial statements when substantial doubt is raised about an entity’s ability to continue as a going concern. This guidance is effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted, or the fiscal year ending January 28, 2017 and interim periods thereafter for the Company. The Company does not plan to early adopt this guidance and does not expect this guidance to significantly impact the Company’s operations or financial statements. |
Description_of_the_Business
Description of the Business | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Description of the Business | ' | ||||||||||||||||
B. DESCRIPTION OF THE BUSINESS | |||||||||||||||||
Gordmans Stores, Inc. operated 98 everyday value price department stores under the trade name “Gordmans” located in 21 states as of November 1, 2014. Gordmans offers a wide assortment of name brand clothing for all ages, accessories (including fragrances), footwear and home fashions for up to 60% off department and specialty store regular prices every day in a fun, easy-to-shop environment. | |||||||||||||||||
The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that its Chief Executive Officer is the Chief Operating Decision Maker. The Company has one reportable segment. The Company’s operations include activities related to retail stores. The Company opened six new stores, relocated an existing store and closed two existing stores during the thirty-nine week period ended November 1, 2014 and opened ten new stores during the thirty-nine week period ended November 2, 2013. | |||||||||||||||||
The following table reflects the percentage of revenues by major merchandising category: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Apparel | 61.3 | % | 60.1 | % | 59.8 | % | 59.3 | % | |||||||||
Home Fashions | 24.5 | 25.5 | 25.1 | 25.3 | |||||||||||||
Accessories (including fragrances) | 14.2 | 14.4 | 15.1 | 15.4 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
C. PROPERTY AND EQUIPMENT | |||||||||||||
Property and equipment consist of the following: | |||||||||||||
November 1, | February 1, | November 2, | |||||||||||
2014 | 2014 | 2013 | |||||||||||
Leasehold improvements | $ | 11,826 | $ | 9,317 | $ | 9,180 | |||||||
Furniture, fixtures and equipment | 76,976 | 47,876 | 45,482 | ||||||||||
Computer software | 23,234 | 17,398 | 16,487 | ||||||||||
Capitalized leases | 2,354 | 1,740 | 1,740 | ||||||||||
Construction in progress | 8,524 | 25,209 | 15,627 | ||||||||||
122,914 | 101,540 | 88,516 | |||||||||||
Less accumulated depreciation and amortization | (33,082 | ) | (25,147 | ) | (22,447 | ) | |||||||
$ | 89,832 | $ | 76,393 | $ | 66,069 | ||||||||
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt Obligations | ' | ||||||||||||
D. DEBT OBLIGATIONS | |||||||||||||
Revolving Line of Credit Facility – The Company has an $80.0 million revolving line of credit facility dated February 20, 2009, as amended effective August 27, 2013, with Wells Fargo Bank, N.A. (successor in merger with Wells Fargo Retail Finance, LLC) and PNC Bank (“WF LOC”). The credit facility expires on August 27, 2018. The Company had $5.8 million of borrowings outstanding under the WF LOC as of November 1, 2014, which are included in the current portion of long-term debt at November 1, 2014 as the Company intends to repay the outstanding borrowings within the next twelve months. Average borrowings during the thirty-nine week period ended November 1, 2014 were $8.2 million while average borrowings on the WF LOC during the thirty-nine week period ended November 2, 2013 were $1.3 million. The Company had $7.3 million and $15.7 million of borrowings outstanding under the WF LOC as of February 1, 2014 and November 2, 2013, respectively. | |||||||||||||
Borrowings under this facility bear interest at various rates based on excess availability and the time of year, with two rate options at the discretion of management as follows: (1) For base rate advances, borrowings bear interest at the prime rate plus 0.75% during the non-seasonal period and the prime rate plus 1.50% during the seasonal period. When excess availability is $40.0 million or greater, borrowings for base rate advances bear interest at the prime rate plus 0.50% during the non-seasonal period and the prime rate plus 1.25% during the seasonal period; (2) For LIBOR rate advances, borrowings bear interest at the LIBOR rate plus 1.75% during the non-seasonal period and the LIBOR rate plus 2.50% during the seasonal period. When excess availability is $40.0 million or greater, borrowings for LIBOR rate advances bear interest at the LIBOR rate plus 1.50% during the non-seasonal period and the LIBOR rate plus 2.25% during the seasonal period. Borrowings available under the WF LOC may not exceed the borrowing base (consisting of specified percentages of credit card receivables and eligible inventory, less applicable reserves). The Company must maintain minimum excess availability equal to at least 10% of the borrowing base. The Company had $67.0 million, $53.8 million and $63.6 million available to borrow at November 1, 2014, February 1, 2014 and November 2, 2013, respectively. Borrowings under this facility bore an interest rate of 3.75% under the base rate option at November 1, 2014 and February 1, 2014. The Company had outstanding letters of credit included in the borrowing base totaling approximately $7.2 million, $0.8 million and $0.7 million as of November 1, 2014, February 1, 2014 and November 2, 2013, respectively. | |||||||||||||
An unused line fee is payable quarterly in an amount equal to 0.25% of the sum of the average daily unused revolving commitment plus the average daily unused letter of credit commitment. A customary fee is also payable to the administrative agent under the facility on an annual basis. | |||||||||||||
Borrowings are secured by the Company’s inventory, accounts receivable and all other personal property, except as specifically excluded in the agreement. | |||||||||||||
Among other provisions, the loan, guaranty and security agreement relating to the Company’s revolving line of credit facility contains customary affirmative and negative covenants, including a negative covenant that restricts the level and form of indebtedness entered into by the Company or its wholly owned subsidiaries. Exceptions to this covenant include borrowings under the $45.0 million Loan, Guaranty and Security Agreement by and among the Borrower, each of the other credit parties signatory thereto, and lenders party thereto and Cerberus Business Finance, LLC, as the administrative agent for the lenders (the “senior term loan”), and indebtedness not to exceed $11,000,000 in any fiscal year and $30,000,000 in the aggregate to finance the acquisition, construction or installation of equipment or fixtures at the Company’s retail store locations, distribution centers or corporate office. The revolving line of credit facility also includes a negative covenant that restricts dividends and other upstream distributions by the Company and its subsidiaries to the extent the Company does not meet minimum excess availability thresholds. Exceptions to this covenant include dividends or other upstream distributions: (i) by subsidiaries of Gordmans, Inc. to Gordmans, Inc. and its other subsidiaries, (ii) that consist of repurchases of stock of employees in an amount not to exceed $500,000 in any fiscal year, (iii) that consist of the payment of taxes on behalf of any employee, officer or director of the Company for vested restricted stock of the Company owned by such employee, officer or director, (iv) to the Company to pay federal, state and local income taxes and franchise taxes solely arising out of the consolidated operations of the Company and its subsidiaries and (v) to the Company to pay certain reasonable directors’ fees and out-of-pocket expenses, reasonable and customary indemnities to directors, officers and employees and other expenses in connection with ordinary corporate governance, overhead, legal and accounting and maintenance. The loan, guaranty and security agreement also includes a negative covenant that restricts subsidiaries of the Company from making any loans to the Company. The agreement also contains a cross default provision related to the senior term loan. Should the Company default on any of its covenants associated with the WF LOC or the senior term loan, Wells Fargo Bank, N.A. may make any outstanding amounts on the WF LOC immediately due and payable. As of November 1, 2014, the Company was in compliance with all of its debt covenants under the loan and security agreement. | |||||||||||||
Senior Term Loan – Gordmans, Inc. (the “Borrower”), a wholly owned subsidiary of the Company, entered into a $45.0 million senior term loan on August 27, 2013, as amended effective June 9, 2014, to partially fund the $69.9 million special cash dividend declared in August 2013. The senior term loan has a maturity date of August 27, 2018, with payments of $0.3 million due on a quarterly basis from October 2014 through October 2015 and payments of $0.4 million due on a quarterly basis beginning in January 2016 through the maturity date, with the remaining principal due on the maturity date. The Company may repay at any time all or a portion of the outstanding principal amount, subject to a prepayment premium equal to 2% through the first anniversary of the amendment date and 1% in the second year after the amendment date (there is no prepayment premium after the second anniversary of the amendment date). The amended agreement includes a 1% increase in the interest rate should a minimum liquidity test, which is measured based on operating performance and a minimum fixed charge coverage ratio as defined in the agreement, not be met. As of November 1, 2014, the senior term loan carries an interest rate equal to the prime rate (subject to a floor of 3.25%) plus 5.25% or the LIBOR rate (subject to a floor of 1.5%) plus 7.0%, as selected by the Company. The interest rate at November 1, 2014 was 9.5%, which includes the 1% increase related to the minimum liquidity test for the prior quarter. The interest rate at November 2, 2013 was 8.5%. | |||||||||||||
The senior term loan is secured on a second lien basis by the Company’s inventory, accounts receivable and all other personal property, except as specifically excluded in the agreement. | |||||||||||||
The senior term loan contains customary affirmative and negative covenants, including a negative covenant that restricts the level and form of indebtedness entered into by the Company or its wholly owned subsidiaries. Exceptions to this covenant include indebtedness not to exceed $7,500,000 at any time to finance the acquisition of fixed assets, including capital lease obligations, borrowings under the revolving line of credit facility and other indebtedness not to exceed $15,000,000 in any fiscal year and $30,000,000 in the aggregate to finance the acquisition, construction or installation of equipment or fixtures at the Company’s retail store locations, distribution centers or corporate office. The senior term loan also includes a negative covenant that restricts dividends and other upstream distributions by the Company and its subsidiaries. The exceptions to this covenant are substantially similar to the exceptions under the revolving line of credit facility. The senior term loan also contains financial covenants requiring the Company to maintain compliance with a minimum fixed charge coverage ratio and a maximum leverage ratio, as well as limitations on the annual amount of capital expenditures. Should the Company default on any of its covenants, the lenders may demand that the outstanding balance of the senior term loan be immediately due and payable. As of November 1, 2014, the Company was in compliance with all of its debt covenants under the senior term loan and expects to be in compliance with the covenants for measurement dates occurring within the next twelve months. | |||||||||||||
Long-term Debt– Long-term debt consists of the following: | |||||||||||||
November 1, | February 1, | November 2, | |||||||||||
2014 | 2014 | 2013 | |||||||||||
Revolving line of credit facility | $ | 5,846 | $ | 7,250 | $ | 15,691 | |||||||
Senior term loan | 44,719 | 45,000 | 45,000 | ||||||||||
Capital lease obligations | 859 | — | — | ||||||||||
Total long-term debt | 51,424 | 52,250 | 60,691 | ||||||||||
Less current portion of long-term debt | (7,133 | ) | (7,813 | ) | (15,972 | ) | |||||||
Long-term debt, less current portion | $ | 44,291 | $ | 44,437 | $ | 44,719 | |||||||
In the third quarter of fiscal 2014, the Company entered into two capital lease arrangements to finance the purchase of computer hardware and software. Payments of $7 thousand, including fixed interest at 3.75%, are due monthly through September 2019 and payments of $9 thousand, including fixed interest at 3.75%, are due monthly through September 2019. | |||||||||||||
At November 1, 2014, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | |||||||||||||
Remainder of 2014 | $ | 321 | |||||||||||
2015 | 1,429 | ||||||||||||
2016 | 1,857 | ||||||||||||
2017 | 1,865 | ||||||||||||
2018 | 45,826 | ||||||||||||
After 2018 | 126 | ||||||||||||
Total long-term debt | $ | 51,424 | |||||||||||
Financial Instruments – Based on the borrowing rates currently available to the Company for debt with similar terms and the variable interest rate of the senior term loan, the fair value of the senior term loan approximates its carrying amount of $44.7 million at November 1, 2014. Fair value approximates the carrying value of balances outstanding on the revolving line of credit facility due to both the short-term nature of these borrowings and the variable interest rates of this agreement. For all other financial instruments including cash and cash equivalents, receivables, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the short maturity of those instruments. |
Leases
Leases | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
E. LEASES | |||||||||
The Company has entered into short and long term operating lease agreements. These leases relate to retail store locations, the distribution centers and the corporate headquarters. The leases expire on various dates through the year 2029 with most of the leases containing renewal options. Leases for retail store locations typically have base lease terms of 10 years with one or more renewal periods, usually for five years. Certain retail store leases contain provisions for additional rent based on varying percentages of net sales. Leases for the second primary distribution center and the new corporate headquarters have base lease terms of 15 years. In the third quarter of fiscal 2014, the Company entered into capital lease arrangements for computer hardware and related software with a lease term of 5 years. | |||||||||
Future minimum lease payments under operating leases and future obligations under non-cancelable capital leases, by year, as of November 1, 2014 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
Remainder of 2014 | $ | 13,483 | $ | 47 | |||||
2015 | 53,958 | 192 | |||||||
2016 | 48,369 | 192 | |||||||
2017 | 45,046 | 192 | |||||||
2018 | 39,889 | 192 | |||||||
After 2018 | 164,316 | 127 | |||||||
Total minimum lease payments | $ | 365,061 | 942 | ||||||
Less: capital lease amount representing interest | (83 | ) | |||||||
Present value of minimum lease payments | 859 | ||||||||
Less: current maturities of capital lease obligations | (162 | ) | |||||||
Noncurrent maturities of capital lease obligations | $ | 697 | |||||||
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share Based Compensation | ' | ||||||||||||||||
F. SHARE BASED COMPENSATION | |||||||||||||||||
The Gordmans Stores, Inc. 2010 Omnibus Incentive Compensation Plan (the “2010 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other share-based awards. Directors, officers and other associates of the Company and its subsidiaries, as well as others performing consulting or advisory services, are eligible for grants under the 2010 Plan. As of November 1, 2014, an aggregate of 4,573,086 shares of the Company’s common stock were available under the 2010 Plan, subject to adjustments for stock splits and other actions affecting the Company’s common stock. The exercise price of an option granted under the 2010 Plan will not be less than 100% of the fair value of a share of the Company’s common stock on the date of grant, provided the exercise price of an incentive stock option granted to a person holding greater than 10% of the Company’s voting power may not be less than 110% of such fair value on such date. The term of each option may not exceed ten years or, in the case of an incentive stock option granted to a ten percent stockholder, five years. Under the 2010 Plan, in the event of a dividend or other distribution other than regular cash dividends, recapitalization, or other transactions or events affecting the Company’s common stock, the Company must equitably adjust the number of shares of common stock subject to outstanding stock options and restricted stock and must adjust the exercise price of any outstanding stock options. | |||||||||||||||||
On August 26, 2013, the Company declared a special cash dividend of $69.9 million, or $3.60 per share, of which $69.7 million was paid during the thirty-nine weeks ended November 2, 2013. The remaining $0.2 million is being paid as the non-vested restricted stock eligible to receive the dividend becomes vested. Pursuant to the anti-dilution provisions of the 2010 Plan, the Company modified the exercise price of all outstanding stock options on the dividend date by reducing the exercise price of each non-qualified stock option by the dividend per share of $3.60 and the incentive stock options by $2.82 per share. In addition, pursuant to the 2010 Plan, the Company granted 77,195 shares of additional incentive stock options on September 24, 2013 to the existing holders of the incentive stock options to maintain the same intrinsic value of the awards both before and after the dividend payment, with the additional incentive stock options adopting the same vesting schedule as the original incentive stock options awarded. The Company compared the fair value of the original stock options immediately before the modifications to the fair value of the modified stock options immediately after the modifications to the awards and, as a result, no additional share-based compensation expense is required to be recognized over the remaining vesting periods of the stock options. There were no modifications to the restricted stock awards outstanding on the dividend date. | |||||||||||||||||
There were 2,097,000 shares of common stock available for future grants under the 2010 Plan at November 1, 2014. | |||||||||||||||||
A summary of restricted stock activity during the thirty-nine weeks ended November 1, 2014 is set forth in the table below: | |||||||||||||||||
Number | Weighted Average | ||||||||||||||||
of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested, February 1, 2014 | 69,058 | $ | 15.63 | ||||||||||||||
Granted | 183,200 | 4.23 | |||||||||||||||
Repurchased | (4,221 | ) | 3.61 | ||||||||||||||
Forfeited | (22,800 | ) | 17.85 | ||||||||||||||
Vested | (15,467 | ) | 8.3 | ||||||||||||||
Non-vested, November 1, 2014 | 209,770 | $ | 6.21 | ||||||||||||||
Restricted stock vests at varying rates of 25% per year over four years or 20% per year over five years as applicable. Unrecognized compensation expense on the restricted stock was $1.1 million at November 1, 2014, which is expected to be recognized over a period of 1.9 years. The total fair value of shares vested during the thirty-nine weeks ended November 1, 2014 was $0.1 million. | |||||||||||||||||
A summary of stock option activity during the thirty-nine weeks ended November 1, 2014 is set forth in the table below: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of Stock | Average | Average | Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value (1) | ||||||||||||||
Contractual | (thousands) | ||||||||||||||||
Term | |||||||||||||||||
Outstanding, February 1, 2014 | 990,353 | $ | 11.5 | ||||||||||||||
Granted | 670,500 | 4.27 | |||||||||||||||
Forfeited | (427,070 | ) | 10.53 | ||||||||||||||
Outstanding, November 1, 2014 | 1,233,783 | 7.91 | 8.5 years | $ | — | ||||||||||||
Exercisable, November 1, 2014 | 302,296 | 12.22 | 7 | — | |||||||||||||
Vested or expected to vest at November 1, 2014 | 1,083,742 | 7.89 | 8.5 | — | |||||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of November 1, 2014 and the option strike price. The stock price at November 1, 2014 was $3.15, which was below the weighted average exercise price for options outstanding, exercisable and vested or expected to vest at November 1, 2014. | ||||||||||||||||
The Company recorded a $0.2 million reduction to additional paid-in capital during the thirty-nine weeks ended November 1, 2014 for a tax shortfall related to the forfeiture of restricted stock and stock options and vesting of restricted stock during the period as there is sufficient cumulative excess tax benefit in the Company’s additional paid in capital. The tax shortfall was the result of the tax deduction being less than the cumulative book share-based compensation expense already recognized for such awards. The Company received $0.1 million of proceeds from the exercise of stock options during the thirty-nine weeks ended November 2, 2013, which is reflected as a financing cash inflow in the condensed consolidated statement of cash flows for the thirty-nine weeks ended November 2, 2013. The aggregate intrinsic value of stock options exercised during the thirty-nine weeks ended November 2, 2013 was $35 thousand. There were no stock option exercises during the thirty-nine weeks ended November 1, 2014. | |||||||||||||||||
The Company used the Black-Scholes option valuation model to estimate fair value of the options. This model required an estimate of the volatility of the Company’s share price; however, because the Company’s shares or options were not publicly traded for a significant period of time, the Company determined that it was not practical to estimate the expected volatility of its share price. Thus, the Company accounted for equity share options based on a value calculated using the historical volatility of an appropriate industry sector index instead of the expected volatility of the entity’s share price. The historical volatility was calculated using comparisons to peers in the Company’s market sector, which was chosen due to the proximity of size and industry to the Company over the expected term of the option. | |||||||||||||||||
In determining the expense to be recorded for options, the significant assumptions utilized in applying the Black-Scholes option valuation model are the risk-free interest rate, expected term, dividend yield and expected volatility. The risk-free interest rate is the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term approximating the expected term used as the assumption in the model. The expected term of the option awards is estimated using the simplified method, or the average of the vesting period and the original contractual term, as it is not practical for the Company to use its historical experience to estimate the expected term because the Company’s shares have not been publicly traded for a significant period of time. | |||||||||||||||||
The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the thirty-nine weeks ended November 1, 2014 are illustrated in the following table: | |||||||||||||||||
39 Weeks | |||||||||||||||||
Ended | |||||||||||||||||
November 1, | |||||||||||||||||
2014 | |||||||||||||||||
Risk-free interest rate | 2.00% | ||||||||||||||||
Dividend yield | 2.00% | ||||||||||||||||
Expected volatility | 36.0% – 40.0% | ||||||||||||||||
Expected life (years) | 6.25 | ||||||||||||||||
Weighted average fair value of options granted | $1.38 | ||||||||||||||||
Stock options have ten-year contractual terms and vest at varying rates of either 20% per year over five years or 25% per year over four years as applicable. None of the stock options outstanding at November 1, 2014 were subject to performance or market-based vesting conditions. As of November 1, 2014, the unrecognized compensation expense on stock options was $1.8 million, which is expected to be recognized over a weighted average period of 2.3 years. | |||||||||||||||||
For the thirteen week periods ended November 1, 2014 and November 2, 2013, share-based compensation expense was $0.3 million and $0.3 million, respectively. For the thirty-nine week period ended November 1, 2014, the Company recorded a share-based compensation benefit of $0.5 million related to the forfeiture of unvested share-based awards granted to the Company’s former chief executive officer, who retired effective March 25, 2014, and the Company’s former chief merchandising officer, who retired effective May 28, 2014, and a $0.1 million benefit resulting from changes in the forfeiture rates used to measure share-based compensation expense based on actual historical and expected future forfeitures. The remaining share-based compensation expense for the thirty-nine weeks ended November 1, 2014 was $0.8 million. Share-based compensation expense was $1.0 million for the thirty-nine weeks ended November 2, 2013. Share-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. |
Earnings_Loss_Per_Share
Earnings / Loss Per Share | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings / Loss Per Share | ' | ||||||||||||||||
G. EARNINGS / LOSS PER SHARE | |||||||||||||||||
The following is a reconciliation of the outstanding shares utilized in the computation of earnings / loss per share: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 19,362,749 | 19,307,499 | 19,358,354 | 19,268,957 | |||||||||||||
Dilutive effect of non-vested stock and stock options | — | 77,533 | — | 68,727 | |||||||||||||
Diluted weighted average shares outstanding | 19,362,749 | 19,385,032 | 19,358,354 | 19,337,684 | |||||||||||||
The anti-dilutive effect of 1,211,044 and 1,068,039 stock options has been excluded from diluted weighted average shares outstanding for the thirteen and thirty-nine weeks ended November 1, 2014, respectively. There were 235,884 and 236,080 anti-dilutive stock options and non-vested stock excluded from diluted weighted average shares outstanding for the thirteen and thirty-nine weeks ended November 2, 2013, respectively. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||||||
H. SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||
The following table sets forth non-cash investing and financing activities and other cash flow information: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 2,558 | $ | 4,141 | $ | 2,558 | $ | 4,141 | |||||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 3,728 | 3,897 | 12,477 | 8,544 | |||||||||||||
Dividends payable forfeited on unvested restricted stock | 14 | — | 82 | — | |||||||||||||
Purchases of equipment with capital lease commitments and financing arrangements | 872 | — | 872 | — | |||||||||||||
Other cash flow information: | |||||||||||||||||
Cash paid for interest, net | 1,111 | 772 | 3,419 | 908 | |||||||||||||
Cash paid (received) for income taxes, net | (3,592 | ) | — | (3,505 | ) | 6,623 | |||||||||||
Sales of property and equipment pursuant to sale-leaseback accounting represents the amount of structural assets sold to the landlord at the completion of construction for which the Company was deemed the owner during the construction period, pursuant to sale-leaseback accounting, and for which no cash was received upon transfer of ownership. |
Related_Party_Disclosure
Related Party Disclosure | 9 Months Ended |
Nov. 01, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Disclosure | ' |
I. RELATED PARTY DISCLOSURE | |
The Company has a services agreement with Sun Capital Partners Management V, LLC (“Sun Capital Management”), an affiliate of private equity firm Sun Capital Partners, Inc. (“Sun Capital”) to (1) reimburse Sun Capital Management for out-of-pocket expenses incurred in providing consulting services to the Company and (2) provide Sun Capital Management with customary indemnification for any such services. During the thirty-nine weeks ended November 1, 2014, the Company incurred fees of $62 thousand to Sun Capital Management under the terms of the services agreement. In addition, Sun Capital was reimbursed $0.3 million by the Company during the thirty-nine week period ended November 1, 2014 primarily for professional consulting services paid by Sun Capital and provided by an unrelated third party related to the search for a new chief executive officer. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Nov. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
J. SUBSEQUENT EVENTS | |
On November 14, 2014, the Company entered into an amendment to its revolving line of credit facility with Wells Fargo Bank, N.A. The amendment, among other things, waived the restriction associated with the $15.0 million prepayment of the senior term loan, provides a 0.25% increase in the interest rate for base rate advances and LIBOR rate advances during both seasonal and non-seasonal periods and introduced a minimum liquidity test, which is measured based on operating performance and a minimum fixed charge ratio as defined in the agreement. Should the minimum liquidity test not be met, minimum excess availability must be equal to or greater than $20.0 million, otherwise, minimum excess availability must be equal to the greater of 10% of the borrowing base or $6.0 million. | |
On November 14, 2014, the Company entered into a Second Amendment (the “amendment") of its senior term loan. The amendment, among other things, removed the fixed charge coverage ratio covenant, revised the leverage ratio covenant for measurement dates occurring after the third quarter of fiscal 2014 through the maturity date and revised the minimum liquidity test to require minimum availability under the revolving line of credit facility based on a minimum fixed charge coverage ratio. On November 17, 2014, the Company paid $15.0 million of the remaining $44.7 million principal due on the senior term loan using cash from borrowings under its revolving line of credit facility. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation – The condensed consolidated financial statements include the accounts of Gordmans Stores, Inc. (the “Company”) and its subsidiaries, Gordmans Intermediate Holding Corp., Gordmans, Inc., Gordmans Management Company, Inc., Gordmans Distribution Company, Inc. and Gordmans LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of February 1, 2014 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies – The accounting policies followed by the Company are reflected in the notes to the consolidated financial statements for the fiscal year ended February 1, 2014, included in our fiscal year 2013 Annual Report on Form 10-K, filed with the Securities and Exchange Commission. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended February 1, 2014. Due to the seasonality of our business, the results of operations for any quarter are not necessarily indicative of the operating results for the full fiscal year. In addition, quarterly results of operations can vary based upon the timing and amount of net sales and costs associated with the opening of new stores. | |
Recently Issued Accounting Pronouncement | ' |
Recently Issued Accounting Pronouncement – In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. This guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. This guidance requires disclosure in the notes to the financial statements when substantial doubt is raised about an entity’s ability to continue as a going concern. This guidance is effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted, or the fiscal year ending January 28, 2017 and interim periods thereafter for the Company. The Company does not plan to early adopt this guidance and does not expect this guidance to significantly impact the Company’s operations or financial statements. |
Description_of_the_Business_Ta
Description of the Business (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Percentage of Revenues by Major Merchandising Category | ' | ||||||||||||||||
The following table reflects the percentage of revenues by major merchandising category: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Apparel | 61.3 | % | 60.1 | % | 59.8 | % | 59.3 | % | |||||||||
Home Fashions | 24.5 | 25.5 | 25.1 | 25.3 | |||||||||||||
Accessories (including fragrances) | 14.2 | 14.4 | 15.1 | 15.4 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
Property and equipment consist of the following: | |||||||||||||
November 1, | February 1, | November 2, | |||||||||||
2014 | 2014 | 2013 | |||||||||||
Leasehold improvements | $ | 11,826 | $ | 9,317 | $ | 9,180 | |||||||
Furniture, fixtures and equipment | 76,976 | 47,876 | 45,482 | ||||||||||
Computer software | 23,234 | 17,398 | 16,487 | ||||||||||
Capitalized leases | 2,354 | 1,740 | 1,740 | ||||||||||
Construction in progress | 8,524 | 25,209 | 15,627 | ||||||||||
122,914 | 101,540 | 88,516 | |||||||||||
Less accumulated depreciation and amortization | (33,082 | ) | (25,147 | ) | (22,447 | ) | |||||||
$ | 89,832 | $ | 76,393 | $ | 66,069 | ||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Annual Maturities of Long-term Debt | ' | ||||||||||||
Long-term Debt– Long-term debt consists of the following: | |||||||||||||
November 1, | February 1, | November 2, | |||||||||||
2014 | 2014 | 2013 | |||||||||||
Revolving line of credit facility | $ | 5,846 | $ | 7,250 | $ | 15,691 | |||||||
Senior term loan | 44,719 | 45,000 | 45,000 | ||||||||||
Capital lease obligations | 859 | — | — | ||||||||||
Total long-term debt | 51,424 | 52,250 | 60,691 | ||||||||||
Less current portion of long-term debt | (7,133 | ) | (7,813 | ) | (15,972 | ) | |||||||
Long-term debt, less current portion | $ | 44,291 | $ | 44,437 | $ | 44,719 | |||||||
Long-Term Debt | ' | ||||||||||||
At November 1, 2014, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | |||||||||||||
Remainder of 2014 | $ | 321 | |||||||||||
2015 | 1,429 | ||||||||||||
2016 | 1,857 | ||||||||||||
2017 | 1,865 | ||||||||||||
2018 | 45,826 | ||||||||||||
After 2018 | 126 | ||||||||||||
Total long-term debt | $ | 51,424 | |||||||||||
Leases_Tables
Leases (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Leases [Abstract] | ' | ||||||||
Future Minimum Lease Payments Under Operating Leases and Future Obligations Under Non-cancelable Capital Leases by Fiscal Year | ' | ||||||||
Future minimum lease payments under operating leases and future obligations under non-cancelable capital leases, by year, as of November 1, 2014 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
Remainder of 2014 | $ | 13,483 | $ | 47 | |||||
2015 | 53,958 | 192 | |||||||
2016 | 48,369 | 192 | |||||||
2017 | 45,046 | 192 | |||||||
2018 | 39,889 | 192 | |||||||
After 2018 | 164,316 | 127 | |||||||
Total minimum lease payments | $ | 365,061 | 942 | ||||||
Less: capital lease amount representing interest | (83 | ) | |||||||
Present value of minimum lease payments | 859 | ||||||||
Less: current maturities of capital lease obligations | (162 | ) | |||||||
Noncurrent maturities of capital lease obligations | $ | 697 | |||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
A summary of restricted stock activity during the thirty-nine weeks ended November 1, 2014 is set forth in the table below: | |||||||||||||||||
Number | Weighted Average | ||||||||||||||||
of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested, February 1, 2014 | 69,058 | $ | 15.63 | ||||||||||||||
Granted | 183,200 | 4.23 | |||||||||||||||
Repurchased | (4,221 | ) | 3.61 | ||||||||||||||
Forfeited | (22,800 | ) | 17.85 | ||||||||||||||
Vested | (15,467 | ) | 8.3 | ||||||||||||||
Non-vested, November 1, 2014 | 209,770 | $ | 6.21 | ||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity during the thirty-nine weeks ended November 1, 2014 is set forth in the table below: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of Stock | Average | Average | Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value (1) | ||||||||||||||
Contractual | (thousands) | ||||||||||||||||
Term | |||||||||||||||||
Outstanding, February 1, 2014 | 990,353 | $ | 11.5 | ||||||||||||||
Granted | 670,500 | 4.27 | |||||||||||||||
Forfeited | (427,070 | ) | 10.53 | ||||||||||||||
Outstanding, November 1, 2014 | 1,233,783 | 7.91 | 8.5 years | $ | — | ||||||||||||
Exercisable, November 1, 2014 | 302,296 | 12.22 | 7 | — | |||||||||||||
Vested or expected to vest at November 1, 2014 | 1,083,742 | 7.89 | 8.5 | — | |||||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of November 1, 2014 and the option strike price. The stock price at November 1, 2014 was $3.15, which was below the weighted average exercise price for options outstanding, exercisable and vested or expected to vest at November 1, 2014. | ||||||||||||||||
Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants | ' | ||||||||||||||||
The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the thirty-nine weeks ended November 1, 2014 are illustrated in the following table: | |||||||||||||||||
39 Weeks | |||||||||||||||||
Ended | |||||||||||||||||
November 1, | |||||||||||||||||
2014 | |||||||||||||||||
Risk-free interest rate | 2.00% | ||||||||||||||||
Dividend yield | 2.00% | ||||||||||||||||
Expected volatility | 36.0% – 40.0% | ||||||||||||||||
Expected life (years) | 6.25 | ||||||||||||||||
Weighted average fair value of options granted | $1.38 |
Earnings_Loss_Per_Share_Tables
Earnings / Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Outstanding Shares Utilized in Computation of Earnings Per Common Share | ' | ||||||||||||||||
The following is a reconciliation of the outstanding shares utilized in the computation of earnings / loss per share: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average shares outstanding | 19,362,749 | 19,307,499 | 19,358,354 | 19,268,957 | |||||||||||||
Dilutive effect of non-vested stock and stock options | — | 77,533 | — | 68,727 | |||||||||||||
Diluted weighted average shares outstanding | 19,362,749 | 19,385,032 | 19,358,354 | 19,337,684 | |||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Non-Cash Investing and Financing Activities and Other Cash Flow Information | ' | ||||||||||||||||
The following table sets forth non-cash investing and financing activities and other cash flow information: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 2,558 | $ | 4,141 | $ | 2,558 | $ | 4,141 | |||||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 3,728 | 3,897 | 12,477 | 8,544 | |||||||||||||
Dividends payable forfeited on unvested restricted stock | 14 | — | 82 | — | |||||||||||||
Purchases of equipment with capital lease commitments and financing arrangements | 872 | — | 872 | — | |||||||||||||
Other cash flow information: | |||||||||||||||||
Cash paid for interest, net | 1,111 | 772 | 3,419 | 908 | |||||||||||||
Cash paid (received) for income taxes, net | (3,592 | ) | — | (3,505 | ) | 6,623 |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 9 Months Ended | |
Nov. 01, 2014 | Nov. 02, 2013 | |
Store | Store | |
Segment | ||
State | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of everyday value price department stores | 98 | ' |
Number of states in which department stores are located | 21 | ' |
Number of reportable segments | 1 | ' |
Number of new stores opened during the period | 6 | 10 |
Number of stores closed during the period | 2 | ' |
Description_of_Business_Percen
Description of Business - Percentage of Revenues by Major Merchandising Category (Detail) (Sales Revenue, Product Line [Member], Product Concentration Risk [Member]) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Apparel [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 61.30% | 60.10% | 59.80% | 59.30% |
Home Fashions [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 24.50% | 25.50% | 25.10% | 25.30% |
Accessories (Including Fragrances) [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 14.20% | 14.40% | 15.10% | 15.40% |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, Gross | $122,914 | $101,540 | $88,516 |
Less accumulated depreciation and amortization | -33,082 | -25,147 | -22,447 |
Property and equipment, Net | 89,832 | 76,393 | 66,069 |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, Gross | 11,826 | 9,317 | 9,180 |
Furniture, Fixtures and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, Gross | 76,976 | 47,876 | 45,482 |
Computer Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, Gross | 23,234 | 17,398 | 16,487 |
Capitalized Leases [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, Gross | 2,354 | 1,740 | 1,740 |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, Gross | $8,524 | $25,209 | $15,627 |
Debt_Obligations_Revolving_Lin
Debt Obligations - Revolving Line of Credit Facility - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | |
Senior Loans [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Senior term loan amount | $45,000,000 | ' | ' |
Indebtedness, annual limit | 15,000,000 | ' | ' |
Aggregate Indebtedness, limit | 30,000,000 | ' | ' |
Senior Loans [Member] | LIBOR Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Basis spread on variable rate | 7.00% | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving line of credit facility, maximum borrowing capacity | 80,000,000 | ' | ' |
Origination date of revolving line of credit facility | 20-Feb-09 | ' | ' |
Amendment date of revolving line of credit facility | 27-Aug-13 | ' | ' |
Revolving line of credit facility, expiration date | 27-Aug-18 | ' | ' |
Borrowings outstanding under revolving line of credit facility | 5,800,000 | 15,700,000 | 7,300,000 |
Average borrowings during the period | 8,200,000 | 1,300,000 | ' |
Availability under revolving line of credit facility | 67,000,000 | 63,600,000 | 53,800,000 |
Line of credit facility Interest rate | 3.75% | ' | 3.75% |
Outstanding letters of credit included in the borrowing base | 7,200,000 | 700,000 | 800,000 |
Minimum percent of excess availability of borrowing to be maintained | 10.00% | ' | ' |
Unused line fee | 0.25% | ' | ' |
Indebtedness, annual limit | 11,000,000 | ' | ' |
Aggregate Indebtedness, limit | 30,000,000 | ' | ' |
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | LIBOR Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is less than $40.0 million and during the non-seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 1.75% | ' | ' |
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Base Rate Advances [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is less than $40.0 million and during the non-seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 0.75% | ' | ' |
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Threshold [Member] | LIBOR Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is $40.0 million or greater, and during the non-seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 1.50% | ' | ' |
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Threshold [Member] | Base Rate Advances [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is $40.0 million or greater and during the non-seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 0.50% | ' | ' |
Revolving Credit Facility [Member] | Seasonal Period [Member] | LIBOR Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is less than $40.0 million and during the seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 2.50% | ' | ' |
Revolving Credit Facility [Member] | Seasonal Period [Member] | Base Rate Advances [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is less than $40.0 million and during the seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 1.50% | ' | ' |
Revolving Credit Facility [Member] | Seasonal Period [Member] | Threshold [Member] | LIBOR Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is $40.0 million or greater, and during the seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 2.25% | ' | ' |
Revolving Credit Facility [Member] | Seasonal Period [Member] | Threshold [Member] | Base Rate Advances [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is $40.0 million or greater and during the seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' |
Basis spread on variable rate | 1.25% | ' | ' |
Revolving Credit Facility [Member] | Maximum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Repurchases of stock of employees | 500,000 | ' | ' |
Revolving Credit Facility [Member] | Minimum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Threshold amount of excess availability in order to determine interest rate | $40,000,000 | ' | ' |
Debt_Obligations_Senior_Term_L
Debt Obligations - Senior Term Loan - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
Aug. 26, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | |
Term notes payable [Member] | Financing Arrangement One [Member] | Financing Arrangement One [Member] | Financing Arrangement Two [Member] | Financing Arrangement Two [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | ||||
Arrangements | October 2014 Through October 2015 [Member] | January 2016 Through August 27, 2018 [Member] | First Year [Member] | Second Year [Member] | Thereafter [Member] | Prime Rate [Member] | LIBOR Rate [Member] | Certain Fixed Asset [Member] | ||||||||||
Senior Term Loan [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior term loan amount | ' | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior term loan issuance date | ' | ' | ' | ' | ' | ' | ' | ' | 27-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special cash dividend | 69,930,000 | ' | 69,930,000 | ' | ' | ' | ' | ' | 69,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 27-Aug-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of payments | ' | ' | ' | ' | ' | 'Monthly | ' | 'Monthly | 'Quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior term loan date of first required payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-14 | 1-Jan-16 | ' | ' | ' | ' | ' | ' |
Senior term loan periodic payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' |
Senior term loan , prepayment premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 0.00% | ' | ' | ' |
Debt instrument interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | 7.00% | ' |
Debt instrument floor rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 1.50% | ' |
Senior term loan, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness, annual limit | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 |
Aggregate Indebtedness, limit | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of capital lease arrangements | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt payments | ' | 281,000 | 189,000 | ' | 7,000 | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest | ' | ' | ' | ' | 3.75% | 3.75% | 3.75% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior term loan fair value | ' | ' | ' | ' | ' | ' | ' | ' | $44,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Obligations_LongTerm_Debt
Debt Obligations - Long-Term Debt (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | $51,424 | $52,250 | $60,691 |
Less current portion of long-term debt | -7,133 | -7,813 | -15,972 |
Long-term debt, less current portion | 44,291 | 44,437 | 44,719 |
Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 5,846 | 7,250 | 15,691 |
Senior Loans [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 44,719 | 45,000 | 45,000 |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | $859 | ' | ' |
Debt_Obligations_Annual_Maturi
Debt Obligations - Annual Maturities of Long-Term Debt (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Remainder of 2014 | $321 | ' | ' |
2015 | 1,429 | ' | ' |
2016 | 1,857 | ' | ' |
2017 | 1,865 | ' | ' |
2018 | 45,826 | ' | ' |
After 2018 | 126 | ' | ' |
Total long-term debt | $51,424 | $52,250 | $60,691 |
Leases_Additional_Information_
Leases - Additional Information (Detail) | 9 Months Ended |
Nov. 01, 2014 | |
Operating Leased Assets [Line Items] | ' |
Capital lease description | 'Company entered into capital lease arrangements for computer hardware and related software with a lease term of 5 years. |
Retail Site [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Leases expiration date | 31-Dec-29 |
Base lease term | '10 years |
Lease renewal period | '5 years |
Second Primary Distribution Center and New Corporate Headquarters [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Base lease term | '15 years |
Computer Equipment [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Capital leases, term | '5 years |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments Under Operating Leases and Future Obligations Under Non-cancelable Capital Leases by Fiscal Year (Detail) (USD $) | Nov. 01, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Operating Leases, Remainder of 2014 | $13,483 |
Operating Leases, 2015 | 53,958 |
Operating Leases, 2016 | 48,369 |
Operating Leases, 2017 | 45,046 |
Operating Leases, 2018 | 39,889 |
Operating Leases, After 2018 | 164,316 |
Operating Leases, Total minimum lease payments | 365,061 |
Capital Leases, Reminder of 2014 | 47 |
Capital Leases, 2015 | 192 |
Capital Leases, 2016 | 192 |
Capital Leases, 2017 | 192 |
Capital Leases, 2018 | 192 |
Capital Leases, After 2018 | 127 |
Capital Leases, Total minimum lease payments | 942 |
Less: capital lease amount representing interest | -83 |
Present value of minimum lease payments | 859 |
Present value of minimum lease payments | 859 |
Less: current maturities of capital lease obligations | -162 |
Noncurrent maturities of capital lease obligations | $697 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||
Mar. 25, 2014 | Aug. 26, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Sep. 24, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | |
Employee Stock Options [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non Qualified Stock Option [Member] | 2010 Omnibus Incentive Compensation Plan [Member] | 2010 Omnibus Incentive Compensation Plan [Member] | 2010 Omnibus Incentive Compensation Plan [Member] | 2010 Omnibus Incentive Compensation Plan [Member] | Unvested Stock Awards [Member] | Unvested Stock Awards [Member] | |||||
Scenario One [Member] | Scenario Two [Member] | Scenario One [Member] | Scenario Two [Member] | Employee Stock Options [Member] | Incentive Stock Option [Member] | Incentive Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate shares authorized and available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,573,086 | ' | ' | ' | ' | ' |
Exercise price of stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The exercise price of an option granted under the 2010 Plan will not be less than 100% of the fair value of a share of the Company's common stock on the date of grant, provided the exercise price of an incentive stock option granted to a person holding greater than 10% of the Company's voting power may not be less than 110% of such fair value on such date. | ' | ' | ' | ' | ' |
Maximum term of each award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '5 years | ' | ' |
Special cash dividend declared per share | ' | $3.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | ' | ' | $67,000 | $69,682,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared | ' | 69,930,000 | ' | 69,930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend unpaid | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared, per share | ' | ' | ' | $3.60 | ' | ' | ' | ' | ' | ' | ' | $3.60 | ' | ' | ' | ' | ' | ' |
Reduction in incentive distribution per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.82 | ' | ' |
Additional incentive stock options granted | ' | ' | ' | ' | 670,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,195 | ' | ' | ' |
Common stock available for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,097,000 | ' | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | ' | ' | ' | ' | ' | 25.00% | 20.00% | ' | 25.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | '4 years | '5 years | ' | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition of unrecognized compensation expense | ' | ' | ' | ' | '2 years 3 months 18 days | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset shortfall related to share-based compensation expense | ' | ' | 235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the exercise of stock options | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock options exercised | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | 136,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost for stock options | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation Expenses | ' | ' | 800,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 |
Share based compensation expenses due to employee separation | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expenses due to change in forfeiture rate | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share_Based_Compensation_Summa
Share Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested, February 1, 2014, Number of Shares | 69,058 |
Granted, Number of Shares | 183,200 |
Repurchased, Number of Shares | -4,221 |
Forfeited, Number of shares | -22,800 |
Vested, Number of Shares | -15,467 |
Non-vested, November 1, 2014, Number of Shares | 209,770 |
Non-vested, February 1, 2014, Weighted Average Grant Date Fair Value | $15.63 |
Granted, Weighted Average Grant Date Fair Value | $4.23 |
Repurchased, Weighted Average Grant Date Fair Value | $3.61 |
Forfeited, Weighted Average Grant Date Fair Value | $17.85 |
Vested, Weighted Average Grant Date Fair Value | $8.30 |
Non-vested, November 1, 2014, Weighted Average Grant Date Fair Value | $6.21 |
Share_Based_Compensation_Summa1
Share Based Compensation - Summary of Stock Option Activity (Detail) (Employee Stock Options [Member], USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Employee Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, February 1, 2014, Number of Stock Options | 990,353 |
Granted, Number of Stock Options | 670,500 |
Forfeited, Number of Stock Options | -427,070 |
Outstanding, November 1, 2014, Number of Stock Options | 1,233,783 |
Exercisable, November 1, 2014, Number of Stock Options | 302,296 |
Vested or expected to vest at November 1, 2014, Number of Stock Options | 1,083,742 |
Outstanding, February 1, 2014, Weighted Average Exercise Price | $11.50 |
Granted, Weighted Average Exercise Price | $4.27 |
Forfeited, Weighted Average Exercise Price | $10.53 |
Outstanding, November 1, 2014, Weighted Average Exercise Price | $7.91 |
Exercisable, November 1, 2014, Weighted Average Exercise Price | $12.22 |
Vested or expected to vest at November 1, 2014, Weighted Average Exercise Price | $7.89 |
Outstanding, November 1, 2014, Weighted Average Remaining Contractual Term (Years) | '8 years 6 months |
Exercisable, November 1, 2014, Weighted Average Remaining Contractual Term (Years) | '7 years |
Vested or expected to vest at November 1, 2014, Weighted Average Remaining Contractual Term (Years) | '8 years 6 months |
Outstanding, November 1, 2014, Aggregate Intrinsic Value | ' |
Exercisable, November 1, 2014, Aggregate Intrinsic Value | ' |
Vested or expected to vest at November 1, 2014, Aggregate Intrinsic Value | ' |
Share_Based_Compensation_Summa2
Share Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) (USD $) | Nov. 01, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock price | $3.15 |
Share_Based_Compensation_Weigh
Share Based Compensation - Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants (Detail) (USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Risk-free interest rate | 2.00% |
Dividend yield | 2.00% |
Expected volatility | 36.00% |
Expected volatility | 40.00% |
Expected life (years) | '6 years 3 months |
Weighted average fair value of options granted | $1.38 |
Earnings_Loss_Per_Share_Reconc
Earnings / Loss Per Share - Reconciliation of Outstanding Shares Utilized in Computation of Earnings Per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted average shares outstanding | 19,362,749 | 19,307,499 | 19,358,354 | 19,268,957 |
Dilutive effect of non-vested stock and stock options | ' | 77,533 | ' | 68,727 |
Diluted weighted average shares outstanding | 19,362,749 | 19,385,032 | 19,358,354 | 19,337,684 |
Earnings_Loss_Per_Share_Additi
Earnings / Loss Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive stock options excluded from diluted weighted average shares outstanding | 1,211,044 | 235,884 | 1,068,039 | 236,080 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Non-Cash Investing and Financing Activities and Other Cash Flow Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Non-cash investing and financing activities: | ' | ' | ' | ' |
Purchases of property and equipment in accrued expenses at the end of the period | $2,558 | $4,141 | $2,558 | $4,141 |
Sales of property and equipment pursuant to sale-leaseback accounting | 3,728 | 3,897 | 12,477 | 8,544 |
Dividends payable forfeited on unvested restricted stock | 14 | ' | 82 | ' |
Purchases of equipment with capital lease commitments and financing arrangements | 872 | ' | 872 | ' |
Other cash flow information: | ' | ' | ' | ' |
Cash paid for interest, net | 1,111 | 772 | 3,419 | 908 |
Cash paid (received) for income taxes, net | ($3,592) | ' | ($3,505) | $6,623 |
Related_Party_Disclosure_Addit
Related Party Disclosure - Additional Information (Detail) (USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Related Party Transaction [Line Items] | ' |
Reimbursement of expenses to related party | $300,000 |
Sun Capital Management [Member] | Service Agreements [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related parties transactions fees and expenses | $62,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 17, 2014 | Nov. 14, 2014 | Nov. 17, 2014 | Nov. 14, 2014 | Nov. 14, 2014 | Nov. 14, 2014 |
Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | Senior Loans [Member] | |||||||
Base Rate [Member] | LIBOR Rate [Member] | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of senior term loan | ' | ' | ' | ' | ' | ' | $15,000,000 | $15,000,000 | ' | ' | ' | ' |
Increase in interest rate | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | 0.25% | 0.25% |
Line of credit facility minimum excess availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' |
Line of credit facility percentage of maintenance of excess borrowing base | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Line of credit facility minimum excess availability if liquidity test met | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' |
Senior term loan fair value | $51,424,000 | $52,250,000 | $60,691,000 | $44,719,000 | $45,000,000 | $45,000,000 | ' | ' | $44,700,000 | ' | ' | ' |