Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 01, 2015 | Aug. 26, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 1, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GMAN | |
Entity Registrant Name | Gordmans Stores, Inc. | |
Entity Central Index Key | 1,490,636 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,726,448 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 143,434 | $ 141,039 | $ 289,374 | $ 284,061 |
License fees from leased departments | 1,986 | 1,942 | 4,419 | 4,161 |
Cost of sales | (82,593) | (83,251) | (165,998) | (165,118) |
Gross profit | 62,827 | 59,730 | 127,795 | 123,104 |
Selling, general and administrative expenses | (64,819) | (63,494) | (128,137) | (126,852) |
Loss from operations | (1,992) | (3,764) | (342) | (3,748) |
Interest expense, net | (1,038) | (1,341) | (2,074) | (2,538) |
Loss on extinguishment of debt | (2,014) | (2,014) | ||
Loss before taxes | (5,044) | (5,105) | (4,430) | (6,286) |
Income tax benefit | 2,013 | 1,916 | 1,773 | 2,365 |
Net loss | $ (3,031) | $ (3,189) | $ (2,657) | $ (3,921) |
Basic loss per share | $ (0.16) | $ (0.16) | $ (0.14) | $ (0.20) |
Diluted loss per share | $ (0.16) | $ (0.16) | $ (0.14) | $ (0.20) |
Basic weighted average shares outstanding | 19,395,818 | 19,360,394 | 19,380,839 | 19,356,156 |
Diluted weighted average shares outstanding | 19,395,818 | 19,360,394 | 19,380,839 | 19,356,156 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 9,946 | $ 7,634 | $ 11,052 |
Accounts receivable | 3,608 | 3,930 | 3,292 |
Landlord receivable | 2,561 | 1,559 | 4,294 |
Income taxes receivable | 11,001 | 8,525 | 6,348 |
Merchandise inventories | 118,889 | 94,470 | 96,077 |
Deferred income taxes | 2,896 | 2,895 | 2,786 |
Prepaid expenses and other current assets | 9,985 | 8,535 | 9,172 |
Total current assets | 158,886 | 127,548 | 133,021 |
PROPERTY AND EQUIPMENT, net | 86,955 | 91,601 | 85,700 |
INTANGIBLE ASSETS, net | 1,820 | 1,820 | 1,863 |
OTHER ASSETS, net | 4,827 | 5,908 | 5,882 |
TOTAL ASSETS | 252,488 | 226,877 | 226,466 |
CURRENT LIABILITIES: | |||
Accounts payable | 79,436 | 64,349 | 67,373 |
Accrued expenses | 27,235 | 31,353 | 28,781 |
Current portion of long-term debt | 32,229 | 12,463 | 6,463 |
Total current liabilities | 138,900 | 108,165 | 102,617 |
NONCURRENT LIABILITIES: | |||
Long-term debt, less current portion | 28,891 | 28,827 | 43,875 |
Deferred rent | 31,640 | 35,381 | 32,143 |
Deferred income taxes | 16,318 | 15,636 | 9,832 |
Other liabilities | 237 | 381 | 373 |
Total noncurrent liabilities | $ 77,086 | $ 80,225 | $ 86,223 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of August 1, 2015, January 31, 2015 and August 2, 2014 | |||
Common stock - $0.001 par value, 50,000,000 shares authorized, 20,133,581 issued and 19,724,948 outstanding at August 1, 2015; 19,985,526 issued and 19,576,623 outstanding as of January 31, 2015; 19,960,156 issued and 19,554,905 outstanding as of August 1, 2014 | $ 20 | $ 20 | $ 20 |
Additional paid-in capital | 54,542 | 53,870 | 53,454 |
Accumulated deficit | (18,060) | (15,403) | (15,848) |
Total stockholders' equity | 36,502 | 38,487 | 37,626 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 252,488 | $ 226,877 | $ 226,466 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,133,581 | 19,985,526 | 19,960,156 |
Common stock, shares outstanding | 19,724,948 | 19,576,623 | 19,554,905 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
BALANCE at Feb. 01, 2014 | $ 41,805 | $ 19 | $ 53,795 | $ (12,009) |
BALANCE, shares at Feb. 01, 2014 | 19,420,444 | |||
Share-based compensation expense (benefit), net of forfeitures | (155) | (155) | ||
Deferred tax asset shortfall related to share-based compensation expense | (182) | (182) | ||
Issuance of restricted stock, net of forfeitures | 1 | $ 1 | ||
Issuance of restricted stock, net of forfeitures, shares | 135,300 | |||
Repurchase of common stock | (4) | (4) | ||
Repurchase of common stock, shares | (839) | |||
Forfeiture of dividends payable on unvested restricted stock | 82 | 82 | ||
Net Income (Loss) | (3,921) | (3,921) | ||
BALANCE at Aug. 02, 2014 | $ 37,626 | $ 20 | 53,454 | (15,848) |
BALANCE, shares at Aug. 02, 2014 | 19,554,905 | 19,554,905 | ||
BALANCE at Jan. 31, 2015 | $ 38,487 | $ 20 | 53,870 | (15,403) |
BALANCE, shares at Jan. 31, 2015 | 19,576,623 | 19,576,623 | ||
Share-based compensation expense (benefit), net of forfeitures | $ 640 | 640 | ||
Issuance of restricted stock, net of forfeitures, shares | 142,500 | |||
Exercise of stock options | 31 | 31 | ||
Exercise of stock options, shares | 5,825 | |||
Tax benefit on stock options exercised | 1 | 1 | ||
Net Income (Loss) | (2,657) | (2,657) | ||
BALANCE at Aug. 01, 2015 | $ 36,502 | $ 20 | $ 54,542 | $ (18,060) |
BALANCE, shares at Aug. 01, 2015 | 19,724,948 | 19,724,948 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,657) | $ (3,921) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 8,083 | 6,013 |
Write-off of deferred financing fees related to extinguishment of debt | 1,722 | |
Amortization of deferred financing fees | 355 | 280 |
Loss on retirement / sale of property and equipment | 23 | 85 |
Deferred income taxes | 681 | 127 |
Share-based compensation expense (benefit), net of forfeitures | 640 | (155) |
Net changes in operating assets and liabilities: | ||
Accounts, landlord and income taxes receivable | (3,156) | (2,654) |
Merchandise inventories | (24,419) | (1,366) |
Prepaid expenses and other current assets | (1,450) | (811) |
Other assets | 80 | 87 |
Accounts payable | 15,087 | 24,812 |
Deferred rent | (3,741) | 552 |
Accrued expenses and other liabilities | (2,109) | 4,928 |
Net cash provided by (used in) operating activities | (10,861) | 27,977 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (8,038) | (31,277) |
Proceeds from sale-leaseback transactions | 2,412 | 11,033 |
Proceeds from insurance settlement | 21 | |
Net cash used in investing activities | (5,605) | (20,244) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on revolving line of credit | 111,850 | 91,850 |
Repayments on revolving line of credit | (92,502) | (93,762) |
Proceeds from secured term loan | 30,000 | |
Payment of long-term debt | (29,518) | (487) |
Payment of debt issuance costs | (783) | (4) |
Payment penalty on early extinguishment of debt | (292) | |
Dividends paid | (8) | (37) |
Proceeds from the exercise of stock options | 31 | |
Net cash provided by (used in) financing activities | 18,778 | (2,440) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,312 | 5,293 |
CASH AND CASH EQUIVALENTS, Beginning of period | 7,634 | 5,759 |
CASH AND CASH EQUIVALENTS, End of period | $ 9,946 | $ 11,052 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 01, 2015 | |
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 Summary of Significant Accounting Policies |
Description of the Business
Description of the Business | 6 Months Ended |
Aug. 01, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | B. DESCRIPTION OF THE BUSINESS Gordmans Stores, Inc. operated 101 everyday value price department stores under the trade name “Gordmans” located in 22 states as of August 1, 2015. Gordmans offers a wide merchandise assortment including apparel and footwear for men, women and children, accessories, fragrances 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 opened four new stores during the twenty-six week period ended August 1, 2015 and opened five new stores, relocated an existing store and closed two existing stores during the twenty-six week period ended August 2, 2014. The following table reflects the percentage of revenues by major merchandising category: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Apparel 59.1 % 60.9 % 58.5 % 59.0 % Home Fashions 25.4 24.3 25.6 25.4 Accessories (including fragrances) 15.5 14.8 15.9 15.6 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Property and Equipment
Property and Equipment | 6 Months Ended |
Aug. 01, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | C. PROPERTY AND EQUIPMENT Property and equipment consist of the following: August 1, January 31, August 2, Leasehold improvements $ 12,624 $ 12,098 $ 10,870 Furniture, fixtures and equipment 86,641 81,199 73,522 Computer software 26,957 24,496 22,635 Capitalized leases 2,402 2,402 1,740 Construction in progress 2,659 7,731 6,569 131,283 127,926 115,336 Less accumulated depreciation and amortization (44,328 ) (36,325 ) (29,636 ) $ 86,955 $ 91,601 $ 85,700 |
Debt Obligations
Debt Obligations | 6 Months Ended |
Aug. 01, 2015 | |
Debt Disclosure [Abstract] | |
Debt Obligations | D. DEBT OBLIGATIONS Revolving Line of Credit Facility The June 29, 2015 amendment established a $30.0 million secured term loan facility provided by Wells Fargo, Pathlight Capital LLC and Gordon Brothers Finance Company, as discussed below. The amendment changed the 1% early termination fee applicable to the revolving line of credit facility such that the fee is payable if the facility is terminated prior to November 14, 2016 and extends the maturity date of the revolving line of credit facility from August 27, 2018 to June 28, 2020. The amendment also eliminated the seasonal borrowing periods during which periods the applicable interest rate increased by 75 basis points and advance rates under the borrowing base were increased by 5.0%, amended the minimum excess availability covenant, and amended certain negative and affirmative covenant requirements. The Company had $30.4 million of borrowings outstanding under the revolving line of credit facility as of August 1, 2015, which is included in the current portion of long-term debt as the Company intends to repay the outstanding borrowings within the next twelve months. The Company had $11.0 million and $5.3 million of borrowings outstanding under the revolving line of credit facility as of January 31, 2015 and August 2, 2014, respectively. Average borrowings during the twenty-six week periods ended August 1, 2015 and August 2, 2014, were $17.1 million $9.0 million, respectively. Borrowings under this facility bear interest at various rates, with two rate options at the discretion of management as follows: (1) for base rate advances, borrowings bear interest at the prime rate plus 1.00% when average excess availability is less than or equal to $40.0 million and the prime rate plus 0.75% when average excess availability is greater than $40.0 million, and (2) for LIBOR rate advances, borrowings bear interest at the LIBOR rate plus 2.00% when average excess availability is less than or equal to $40.0 million and the LIBOR rate plus 1.75% when average excess availability is greater than $40.0 million. The Company is required to maintain minimum excess availability under the revolving line of credit facility of at least $20.0 million, the calculation of which now includes up to $3.0 million of unrestricted cash. The Company had $42.5 million, $44.1 million and $69.4 million available to borrow at August 1, 2015, January 31, 2015 and August 2, 2014, respectively. Borrowings under this facility bore interest at a rate of 4.00% under the base rate option at August 1, 2015, and 3.75% at January 31, 2015 and August 2, 2014. The Company had outstanding letters of credit included in the borrowing base totaling approximately $7.1 million, $7.0 million and $1.2 million as of August 1, 2015, January 31, 2015 and August 2, 2014, respectively. An unused line fee is payable quarterly in an amount equal to 0.25% of the sum of the average daily unused revolver amount during the immediately preceding month plus the average daily balance of the letter of credit usage during the immediately preceding month. An administrative agent fee is also payable 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. The revolving line of credit facility has a first lien on all collateral other than term loan priority collateral, as defined in the June 29, 2015 amendment, and a second lien on the term loan priority collateral, as defined in the June 29, 2015 amendment. Term Loan Facility – The new secured term loan facility matures on the same date as the revolving line of credit facility and has principal payments of $0.4 million due on a quarterly basis beginning in October 2015 through the maturity date, with the remaining principal due on the maturity date of June 28, 2020. The Company may repay at any time all or a portion of the outstanding principal amount of the new secured term loan facility, subject to a prepayment premium equal to 3.0% in the first year, 1.5% in the second year, 0.5% in the third year and 0.0% thereafter. The term loan facility carries an interest rate equal to the LIBOR rate plus 6.25% with a floor of 1.0%. The interest rate on the new secured term loan facility was 7.25% at August 1, 2015 which compares to the Cerberus senior term loan interest rate of 9.5% at January 31, 2015 and August 2, 2014. The secured term loan facility includes a borrowing base in addition to the revolving loan borrowing base. The secured term loan facility is secured by the same collateral as the revolving line of credit facility but has a priority lien on real estate, fixtures, equipment, intellectual property and books, records, permits, licenses, insurance and proceeds thereof and a second lien on the revolving priority collateral, as defined in the June 29, 2015 amendment. The Cerberus senior term loan had 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 Cerberus senior term loan was 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. In connection with the extinguishment of the Cerberus senior term loan, the Company wrote off deferred financing fees of $1.7 million and paid a prepayment penalty of $0.3 million, which was equal to 1.0% of the outstanding principal balance at the time of the loan extinguishment. These expenses are recorded as loss on extinguishment of debt in the condensed consolidated statement of operations during the second quarter of fiscal year 2015. Among other provisions, the Company’s debt agreement with Wells Fargo 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 our $30.0 million senior term loan and, subject to certain conditions, indebtedness not to exceed $10.0 million in the aggregate in connection with all acquisitions occurring after February 20, 2009. Our 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 $0.5 million 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, (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 and (vi) dividends so long no event of default exists, projected excess availability for the next twelve months is greater than $35.0 million 30% of the loan cap and the fixed charge coverage ratio is greater than 1.0 to 1.0 on a historical and projected basis. The agreement also includes a negative covenant that restricts subsidiaries of the Company from making any loans to the Company. Should the Company default on scheduled repayment of the secured term loan facility, Wells Fargo may make any outstanding obligations under the agreement immediately due and payable. As of August 1, 2015, the Company was in compliance with all of its debt covenants. Long-term Debt August 1, January 31, August 2, Revolving line of credit facility $ 30,382 $ 11,034 $ 5,338 Term loan 30,000 29,437 45,000 Capital lease obligations 738 819 — Total long-term debt 61,120 41,290 50,338 Less current portion of long-term debt (32,229 ) (12,463 ) (6,463 ) Long-term debt, less current portion $ 28,891 $ 28,827 $ 43,875 At August 1, 2015, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: Remainder of 2015 $ 908 2016 1,849 2017 1,856 2018 1,863 2019 1,822 2020 52,822 Total long-term debt $ 61,120 Financial Instruments |
Leases
Leases | 6 Months Ended |
Aug. 01, 2015 | |
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 distribution center and the corporate headquarters have base lease terms of 15 years with multiple renewal periods. In 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, by year, under operating leases and future obligations under non-cancelable leases, by year, as of August 1, 2015 are as follows: Operating Capital Remainder of 2015 $ 28,289 $ 79 2016 53,428 192 2017 50,027 192 2018 45,131 192 2019 40,311 143 2020 135,749 — Total minimum lease payments $ 352,935 798 Less: capital lease amount representing interest (60 ) Present value of minimum lease payments 738 Less: current maturities of capital lease obligations (167 ) Noncurrent maturities of capital lease obligations $ 571 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Aug. 01, 2015 | |
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, performance awards, 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 August 1, 2015, 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. There were 1,305,880 shares of common stock available for future grants under the 2010 Plan at August 1, 2015. Restricted Stock Number Weighted Average Non-vested, January 31, 2015 209,770 $ 6.21 Granted 142,500 5.77 Forfeited (4,850 ) 4.96 Vested (41,625 ) 4.76 Non-vested, August 1, 2015 305,795 $ 6.22 Restricted stock vests at varying rates of 20% per year over five years, 25% per year over four years or 33% per year over three years, as applicable. Unrecognized compensation expense on the restricted stock was $1.7 million at August 1, 2015, which is expected to be recognized over a period of 2.0 years. Performance Shares The Company used the Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the Company in applying the Monte Carlo valuation model for option grants during the twenty-six weeks ended August 1, 2015 are illustrated in the following table: 26 Weeks Ended Risk-free interest rate 0.9 % Dividend yield 0.0 % Expected volatility 51.0 % The Monte Carlo valuation also estimated the number of performance shares that would be awarded which is reflected in the fair value on the grant date. The Monte Carlo valuation assumed 159.9% of the performance shares granted on June 4, 2015 would be awarded at the end of fiscal year 2017 based upon the estimated Company’s total shareholder return relative to peer performance. The Company’s average stock price was $5.86 on the date of the grant. Accordingly, stock compensation expense of $0.9 million, excluding forfeitures will be recognized over the vesting period of these performance share awards. Unrecognized compensation expense on the restricted stock was $0.9 million at August 1, 2015, which is expected to be recognized over a period of 2.5 years. Stock Options Number Weighted Weighted Aggregate (1) Outstanding, January 31, 2015 1,326,143 $ 7.50 Granted 623,500 5.85 Exercised (5,825 ) 5.22 Forfeited (45,265 ) 6.45 Outstanding, August 1, 2015 1,898,553 7.00 8.5 $ — Exercisable, August 1, 2015 433,354 10.19 6.9 — Vested or expected to vest as of August 1, 2015 1,691,752 6.98 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 August 1, 2015 and the option strike price. The stock price at August 1, 2015 was $5.51, which was below the weighted average exercise price for options exercisable at August 1, 2015. The Company received $31 thousand of proceeds from the exercise of stock options during the twenty-six weeks ended August 1, 2015, which is reflected as a financing cash inflow in the condensed consolidated statement of cash flows. The aggregate intrinsic value of stock options exercised during the twenty-six weeks ended August 1, 2015 was $10 thousand. There were no stock option exercises during the twenty-six weeks ended August 2, 2014. The Company used the Black-Scholes option valuation model to estimate fair value of the options. This model requires an estimate of the volatility of the Company’s share price. While the Company’s shares or options have not been publicly traded for a period equal to the option term, the Company determined that it was not practical to use the expected volatility of its share price as the sole estimate of volatility. As the Company matures as a public company, the Company accounts for equity share options based on a value calculated using a mix of the historical volatility of the Company’s share price and the historical volatility of an appropriate industry sector index. 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. The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the twenty-six weeks ended August 1, 2015 are illustrated in the following table: 26 Weeks Ended Risk-free interest rate 1.8% - 2.0 % Dividend yield 2.0 % Expected volatility 39.0% - 40.0 % Expected life (years) 6.25 Weighted average fair value of options granted $ 1.91 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 August 1, 2015 were subject to performance or market-based vesting conditions. As of August 1, 2015, the unrecognized compensation expense on stock options was $2.4 million, which is expected to be recognized over a weighted average period of 2.3 years. Share-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. For the thirteen week periods ended August 1, 2015 and August 2, 2014, share-based compensation expense was $0.4 million and $0.1 million, respectively. Share-based compensation expense was $0.6 million for the twenty-six period ended August 1, 2015. For the twenty-six week period ended August 2, 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 twenty-six weeks ended August 2, 2014 was $0.3 million. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Aug. 01, 2015 | |
Earnings Per Share [Abstract] | |
Loss Per Share | G. LOSS PER SHARE The following is a reconciliation of the outstanding shares utilized in the computation of the loss per share: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Basic weighted average shares outstanding 19,395,818 19,360,394 19,380,839 19,356,156 Dilutive effect of share-based awards — — — — Diluted weighted average shares outstanding 19,395,818 19,360,394 19,380,839 19,356,156 The anti-dilutive effect of 1,758,717 and 1,479,947 stock options has been excluded from diluted weighted average shares outstanding for the thirteen and twenty-six week period ended August 1, 2015, respectively. The anti-dilutive effect of 1,043,159 and 972,647 stock options has been excluded from diluted weighted average shares outstanding for the thirteen and twenty-six weeks ended August 2, 2014, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Aug. 01, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | H. SUPPLEMENTAL CASH FLOW INFORMATION The following table sets forth non-cash investing activities and other cash flow information: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Non-cash investing and financing activities: Purchases of property and equipment in accrued expenses at the end of the period $ 1,733 $ 1,041 $ 1,733 $ 1,041 Sales of property and equipment pursuant to sale-leaseback 2,900 4,947 7,868 8,749 Dividends payable forfeited on unvested restricted stock — 14 — 82 Deferred financing fees in accrued expenses at the end of the period 132 — 132 — Other cash flow information: Cash paid for interest, net 444 1,190 1,335 2,308 Cash (received) / paid for income taxes, net (18 ) 87 21 87 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 | 6 Months Ended |
Aug. 01, 2015 | |
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 the 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. Sun Capital was reimbursed $5 thousand and $33 thousand during the thirteen week periods ended August 1, 2015 and August 2, 2014 and $21 thousand and $0.3 million during the twenty-six week periods ended August 1, 2015 and August 2, 2014, respectively. Expenses incurred during the twenty-six week period ended August 2, 2014 include reimbursement payments to Sun Capital for third party professional consulting services related to the search for a chief executive officer following the retirement of our former chief executive officer during the first quarter of fiscal 2014. Additionally, the Company purchased merchandise inventories of $0.7 million and $0.5 million in the normal course of business from merchandise vendors which are Sun Capital affiliates during the thirteen week periods ended August 1, 2015 and August 2, 2014, and $1.0 million and $0.9 million during the twenty-six week periods ended August 1, 2015 and August 2, 2014, respectively. |
Basis of Presentation and Sum16
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Description of the Business (Ta
Description of the Business (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of Revenues by Major Merchandising Category | The following table reflects the percentage of revenues by major merchandising category: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Apparel 59.1 % 60.9 % 58.5 % 59.0 % Home Fashions 25.4 24.3 25.6 25.4 Accessories (including fragrances) 15.5 14.8 15.9 15.6 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: August 1, January 31, August 2, Leasehold improvements $ 12,624 $ 12,098 $ 10,870 Furniture, fixtures and equipment 86,641 81,199 73,522 Computer software 26,957 24,496 22,635 Capitalized leases 2,402 2,402 1,740 Construction in progress 2,659 7,731 6,569 131,283 127,926 115,336 Less accumulated depreciation and amortization (44,328 ) (36,325 ) (29,636 ) $ 86,955 $ 91,601 $ 85,700 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt August 1, January 31, August 2, Revolving line of credit facility $ 30,382 $ 11,034 $ 5,338 Term loan 30,000 29,437 45,000 Capital lease obligations 738 819 — Total long-term debt 61,120 41,290 50,338 Less current portion of long-term debt (32,229 ) (12,463 ) (6,463 ) Long-term debt, less current portion $ 28,891 $ 28,827 $ 43,875 |
Annual Maturities of Long-term Debt | At August 1, 2015, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: Remainder of 2015 $ 908 2016 1,849 2017 1,856 2018 1,863 2019 1,822 2020 52,822 Total long-term debt $ 61,120 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Leases [Abstract] | |
Future Minimum Lease Payments by Year Under Operating Leases and Future Obligations Under Non-cancelable Leases by Year | Future minimum lease payments, by year, under operating leases and future obligations under non-cancelable leases, by year, as of August 1, 2015 are as follows: Operating Capital Remainder of 2015 $ 28,289 $ 79 2016 53,428 192 2017 50,027 192 2018 45,131 192 2019 40,311 143 2020 135,749 — Total minimum lease payments $ 352,935 798 Less: capital lease amount representing interest (60 ) Present value of minimum lease payments 738 Less: current maturities of capital lease obligations (167 ) Noncurrent maturities of capital lease obligations $ 571 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Summary of Restricted Stock Activity | A summary of restricted stock activity during the twenty-six weeks ended August 1, 2015 is set forth in the table below: Number Weighted Average Non-vested, January 31, 2015 209,770 $ 6.21 Granted 142,500 5.77 Forfeited (4,850 ) 4.96 Vested (41,625 ) 4.76 Non-vested, August 1, 2015 305,795 $ 6.22 |
Summary of Stock Option Activity | A summary of stock option activity during the twenty-six weeks ended August 1, 2015 is set forth in the table below: Number Weighted Weighted Aggregate (1) Outstanding, January 31, 2015 1,326,143 $ 7.50 Granted 623,500 5.85 Exercised (5,825 ) 5.22 Forfeited (45,265 ) 6.45 Outstanding, August 1, 2015 1,898,553 7.00 8.5 $ — Exercisable, August 1, 2015 433,354 10.19 6.9 — Vested or expected to vest as of August 1, 2015 1,691,752 6.98 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 August 1, 2015 and the option strike price. The stock price at August 1, 2015 was $5.51, which was below the weighted average exercise price for options exercisable at August 1, 2015. |
Performance Shares [Member] | Monte Carlo Valuation Model [Member] | |
Weighted Average Assumptions Used in Applying Valuation Model for Option Grants | The weighted average assumptions used by the Company in applying the Monte Carlo valuation model for option grants during the twenty-six weeks ended August 1, 2015 are illustrated in the following table: 26 Weeks Ended Risk-free interest rate 0.9 % Dividend yield 0.0 % Expected volatility 51.0 % |
Employee Stock Options [Member] | Black-Scholes Valuation Model [Member] | |
Weighted Average Assumptions Used in Applying 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 twenty-six weeks ended August 1, 2015 are illustrated in the following table: 26 Weeks Ended Risk-free interest rate 1.8% - 2.0 % Dividend yield 2.0 % Expected volatility 39.0% - 40.0 % Expected life (years) 6.25 Weighted average fair value of options granted $ 1.91 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Outstanding Shares Utilized in Computation of Loss Per Share | The following is a reconciliation of the outstanding shares utilized in the computation of the loss per share: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Basic weighted average shares outstanding 19,395,818 19,360,394 19,380,839 19,356,156 Dilutive effect of share-based awards — — — — Diluted weighted average shares outstanding 19,395,818 19,360,394 19,380,839 19,356,156 |
Supplemental Cash Flow Inform23
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-Cash Investing Activities and Other Cash Flow Information | The following table sets forth non-cash investing activities and other cash flow information: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Non-cash investing and financing activities: Purchases of property and equipment in accrued expenses at the end of the period $ 1,733 $ 1,041 $ 1,733 $ 1,041 Sales of property and equipment pursuant to sale-leaseback 2,900 4,947 7,868 8,749 Dividends payable forfeited on unvested restricted stock — 14 — 82 Deferred financing fees in accrued expenses at the end of the period 132 — 132 — Other cash flow information: Cash paid for interest, net 444 1,190 1,335 2,308 Cash (received) / paid for income taxes, net (18 ) 87 21 87 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended | |
Aug. 01, 2015StoreStateSegment | Aug. 02, 2014Store | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of everyday value price department stores | 101 | |
Number of states in which department stores are located | State | 22 | |
Number of reportable segments | Segment | 1 | |
Number of new stores opened during the period | 4 | 5 |
Number of stores closed during the period | 2 | |
Number of stores relocated during the period | 1 |
Description of Business - Perce
Description of Business - Percentage of Revenues by Major Merchandising Category (Detail) - Revenues [Member] - Product Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Product Information [Line Items] | ||||
Percentage of revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Apparel [Member] | ||||
Product Information [Line Items] | ||||
Percentage of revenues | 59.10% | 60.90% | 58.50% | 59.00% |
Home Fashions [Member] | ||||
Product Information [Line Items] | ||||
Percentage of revenues | 25.40% | 24.30% | 25.60% | 25.40% |
Accessories (Including Fragrances) [Member] | ||||
Product Information [Line Items] | ||||
Percentage of revenues | 15.50% | 14.80% | 15.90% | 15.60% |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 131,283 | $ 127,926 | $ 115,336 |
Less accumulated depreciation and amortization | (44,328) | (36,325) | (29,636) |
Property and equipment, Net | 86,955 | 91,601 | 85,700 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 12,624 | 12,098 | 10,870 |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 86,641 | 81,199 | 73,522 |
Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 26,957 | 24,496 | 22,635 |
Capitalized Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 2,402 | 2,402 | 1,740 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 2,659 | $ 7,731 | $ 6,569 |
Debt Obligations - Revolving Li
Debt Obligations - Revolving Line of Credit Facility - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Jan. 31, 2015 | |
Revolving Line of Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving line of credit facility, maximum borrowing capacity | $ 80,000,000 | ||
Origination date of revolving line of credit facility | Feb. 20, 2009 | ||
Amendment date of revolving line of credit facility | Jun. 29, 2015 | ||
Revolving line of credit facility, expiration date | Jun. 28, 2020 | ||
Additional revolving line of credit facility | $ 20,000,000 | ||
Borrowings outstanding under revolving line of credit facility | 30,400,000 | $ 5,300,000 | $ 11,000,000 |
Average borrowings during the period | $ 17,100,000 | 9,000,000 | |
Interest rate description | (1) for base rate advances, borrowings bear interest at the prime rate plus 1.00% when excess availability is less than or equal to $40.0 million and the prime rate plus 0.75% when average excess availability is greater than $40.0 million, and (2) for LIBOR rate advances, borrowings bear interest at the LIBOR rate plus 2.00% when average excess availability is less than or equal to $40.0 million and the LIBOR rate plus 1.75% when average excess availability is greater than $40.0 million. | ||
Threshold amount of excess availability in order to determine interest rate | $ 40,000,000 | ||
Availability under revolving line of credit facility | $ 42,500,000 | $ 69,400,000 | $ 44,100,000 |
Line of credit facility, interest rate | 4.00% | 3.75% | 3.75% |
Outstanding letters of credit included in the borrowing base | $ 7,100,000 | $ 1,200,000 | $ 7,000,000 |
Unused line fee | 0.25% | ||
Revolving Line of Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Minimum amount of excess availability of borrowing to be maintained | $ 20,000,000 | ||
Unrestricted cash included in excess availability limit threshold | $ 3,000,000 | ||
Revolving Line of Credit Facility [Member] | Prime Rate [Member] | Less Than or Equal to Threshold [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 1.00% | ||
Description of variable rate basis | Prime rate plus 1.00% | ||
Revolving Line of Credit Facility [Member] | Prime Rate [Member] | Above Threshold [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 0.75% | ||
Description of variable rate basis | Prime rate plus 0.75% | ||
Revolving Line of Credit Facility [Member] | LIBOR Rate [Member] | Less Than or Equal to Threshold [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 2.00% | ||
Description of variable rate basis | LIBOR rate plus 2.00% | ||
Revolving Line of Credit Facility [Member] | LIBOR Rate [Member] | Above Threshold [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 1.75% | ||
Description of variable rate basis | LIBOR rate plus 1.75% | ||
Secured Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Revolving line of credit facility, maximum borrowing capacity | $ 30,000,000 | ||
Revolving line of credit facility, expiration date | Aug. 27, 2018 | ||
Early termination fee percentage | 1.00% | ||
Line of credit extended, expiration date | Jun. 28, 2020 | ||
Basis spread on variable interest rate | 0.75% | ||
Increase in advanced rate | 5.00% |
Debt Obligations - Term Loan Fa
Debt Obligations - Term Loan Facility - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 | |
Debt Instrument [Line Items] | ||||
Proceeds from secured term loan facility | $ 30,000,000 | |||
Write off of Deferred financing fees | 1,722,000 | |||
Projected excess availability | $ 35,000,000 | $ 35,000,000 | ||
Percentage of loan cap | 30.00% | 30.00% | ||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 1 | |||
Senior Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate during period for loan | 9.50% | 9.50% | ||
Cerberus Senior Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan , prepayment premium | 1.00% | 1.00% | ||
Write off of Deferred financing fees | $ 1,700,000 | |||
Prepayment penalty | 300,000 | |||
Frequency of payments | Quarterly | |||
Cerberus Senior Term Loan [Member] | October 2014 Through October 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Periodic principal payment required | $ 300,000 | |||
Senior term loan date of first required payment | Oct. 1, 2014 | |||
Cerberus Senior Term Loan [Member] | January 2016 Through August 27, 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Periodic principal payment required | $ 400,000 | |||
Senior term loan date of first required payment | Jan. 1, 2016 | |||
Term Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior term loan amount | $ 45,000,000 | $ 45,000,000 | ||
Special cash dividend | $ 69,900,000 | |||
Senior term loan issuance date | Aug. 27, 2013 | |||
Proceeds from secured term loan facility | $ 30,000,000 | |||
Periodic principal payment required | $ 400,000 | |||
Maturity date of term loan facility | Jun. 28, 2020 | |||
Description of variable rate basis | LIBOR rate plus 6.25% | |||
Basis spread on variable rate | 6.25% | |||
Interest rate floor | 1.00% | |||
Effective interest rate during period for loan | 7.25% | 7.25% | ||
Term Loan Facility [Member] | First Year [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan , prepayment premium | 3.00% | 3.00% | ||
Term Loan Facility [Member] | Second Year [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan , prepayment premium | 1.50% | 1.50% | ||
Term Loan Facility [Member] | Third Year [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan , prepayment premium | 0.50% | 0.50% | ||
Term Loan Facility [Member] | Thereafter [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan , prepayment premium | 0.00% | 0.00% | ||
Revolving Line of Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Repurchases of stock of employees | $ 500,000 | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior term loan fair value | $ 30,000,000 | 30,000,000 | ||
Maximum Indebtedness | $ 10,000,000 | $ 10,000,000 |
Debt Obligations - Long-Term De
Debt Obligations - Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 61,120 | $ 41,290 | $ 50,338 |
Less current portion of long-term debt | (32,229) | (12,463) | (6,463) |
Long-term debt, less current portion | 28,891 | 28,827 | 43,875 |
Revolving Line of Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 30,382 | 11,034 | 5,338 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 30,000 | 29,437 | $ 45,000 |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 738 | $ 819 |
Debt Obligations - Annual Matur
Debt Obligations - Annual Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract] | |||
Remainder of 2015 | $ 908 | ||
2,016 | 1,849 | ||
2,017 | 1,856 | ||
2,018 | 1,863 | ||
2,019 | 1,822 | ||
2,020 | 52,822 | ||
Total long-term debt | $ 61,120 | $ 41,290 | $ 50,338 |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Aug. 01, 2015 | Jan. 31, 2015 | |
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 | Dec. 31, 2029 | |
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 P
Leases - Future Minimum Lease Payments by Year Under Operating Leases and Future Obligations Under Non-cancelable Leases by Year (Detail) $ in Thousands | Aug. 01, 2015USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2015 | $ 28,289 |
Operating Leases, 2016 | 53,428 |
Operating Leases, 2017 | 50,027 |
Operating Leases, 2018 | 45,131 |
Operating Leases, 2019 | 40,311 |
Operating Leases, 2020 | 135,749 |
Operating Leases, Total minimum lease payments | 352,935 |
Capital Leases, Remainder of 2015 | 79 |
Capital Leases, 2016 | 192 |
Capital Leases, 2017 | 192 |
Capital Leases, 2018 | 192 |
Capital Leases, 2019 | 143 |
Capital Leases, 2020 | 0 |
Capital Leases, Total minimum lease payments | 798 |
Less: capital lease amount representing interest | (60) |
Present value of minimum lease payments | 738 |
Present value of minimum lease payments | 738 |
Less: current maturities of capital lease obligations | (167) |
Noncurrent maturities of capital lease obligations | $ 571 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) | Aug. 01, 2015 | Jun. 04, 2015 | Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock price | $ 5.51 | $ 5.51 | $ 5.51 | |||
Exercise of stock options | $ 31,000 | |||||
Share based compensation expenses due to employee separation | $ 500,000 | |||||
Share based compensation expenses due to change in forfeiture rate | 100,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | |||
Weighted average period of recognition of unrecognized compensation expense | 2 years | |||||
Common stock shares granted | 142,500 | |||||
Restricted Stock [Member] | Scenario One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of shares vesting annually | 20.00% | |||||
Vesting period | 5 years | |||||
Restricted Stock [Member] | Scenario Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of shares vesting annually | 25.00% | |||||
Vesting period | 4 years | |||||
Restricted Stock [Member] | Scenario Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of shares vesting annually | 33.00% | |||||
Vesting period | 3 years | |||||
Employee Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average period of recognition of unrecognized compensation expense | 2 years 3 months 18 days | |||||
Proceeds from the exercise of stock options | $ 31,000 | |||||
Aggregate intrinsic value of stock options exercised | 10,000 | |||||
Exercise of stock options | 0 | |||||
Unrecognized compensation cost for stock options | 2,400,000 | 2,400,000 | $ 2,400,000 | |||
Employee Stock Options [Member] | Scenario One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of shares vesting annually | 20.00% | |||||
Vesting period | 5 years | |||||
Employee Stock Options [Member] | Scenario Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of shares vesting annually | 25.00% | |||||
Vesting period | 4 years | |||||
Unvested Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expenses | 400,000 | $ 100,000 | $ 600,000 | $ 300,000 | ||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 900,000 | $ 900,000 | $ 900,000 | |||
Weighted average period of recognition of unrecognized compensation expense | 2 years 6 months | |||||
Common stock shares granted | 97,900 | |||||
Maximum potential shares available to be issued pursuant to the plan | 195,800 | |||||
Maximum potential shares available to be issued pursuant to the plan, Percentage of shares authorized | 200.00% | |||||
Stock price | $ 5.86 | |||||
Share based compensation expenses | $ 900,000 | |||||
Performance Shares [Member] | Monte Carlo Valuation Model [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Potential shares available to be issued pursuant to the plan, Percentage of shares authorized | 159.90% | |||||
Grant date | Jun. 4, 2015 | |||||
2010 Omnibus Incentive Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate shares authorized and available for grant | 4,573,086 | 4,573,086 | 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. | |||||
Common stock available for future grants | 1,305,880 | 1,305,880 | 1,305,880 | |||
2010 Omnibus Incentive Compensation Plan [Member] | Employee Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum term of each award | 10 years | |||||
2010 Omnibus Incentive Compensation Plan [Member] | Incentive Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum term of each award | 5 years |
Share Based Compensation - Summ
Share Based Compensation - Summary of Restricted Stock Activity (Detail) - 6 months ended Aug. 01, 2015 - Restricted Stock [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, January 31, 2015, Number of Shares | 209,770 |
Granted, Number of Shares | 142,500 |
Forfeited, Number of Shares | (4,850) |
Vested, Number of Shares | (41,625) |
Non-vested, August 1, 2015, Number of Shares | 305,795 |
Non-vested, January 31, 2015, Weighted Average Grant Date Fair Value | $ 6.21 |
Granted, Weighted Average Grant Date Fair Value | 5.77 |
Forfeited, Weighted Average Grant Date Fair Value | 4.96 |
Vested, Weighted Average Grant Date Fair Value | 4.76 |
Non-vested, August 1, 2015, Weighted Average Grant Date Fair Value | $ 6.22 |
Share Based Compensation - Weig
Share Based Compensation - Weighted Average Assumptions Used in Applying Monte Carlo Valuation Model for Option Grants (Detail) - Monte Carlo Valuation Model [Member] - Performance Shares [Member] | 6 Months Ended |
Aug. 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.90% |
Dividend yield | 0.00% |
Expected volatility | 51.00% |
Share Based Compensation - Su36
Share Based Compensation - Summary of Stock Option Activity (Detail) - Aug. 01, 2015 - Employee Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, January 31, 2015, Number of Stock Options | 1,326,143 |
Granted, Number of Stock Options | 623,500 |
Exercised, Number of Stock Options | (5,825) |
Forfeited, Number of Stock Options | (45,265) |
Outstanding, August 1, 2015, Number of Stock Options | 1,898,553 |
Exercisable, August 1, 2015, Number of Stock Options | 433,354 |
Vested or expected to vest as of August 1, 2015, Number of Stock Options | 1,691,752 |
Outstanding, January 31, 2015, Weighted Average Exercise Price | $ 7.50 |
Granted, Weighted Average Exercise Price | 5.85 |
Exercised, Weighted Average Exercise Price | 5.22 |
Forfeited, Weighted Average Exercise Price | 6.45 |
Outstanding, August 1, 2015, Weighted Average Exercise Price | 7 |
Exercisable, August 1, 2015, Weighted Average Exercise Price | 10.19 |
Vested or expected to vest as of August 1, 2015, Weighted Average Exercise Price | $ 6.98 |
Outstanding, August 1, 2015, Weighted Average Remaining Contractual Term (Years) | 8 years 6 months |
Exercisable, August 1, 2015, Weighted Average Remaining Contractual Term (Years) | 6 years 10 months 24 days |
Vested or expected to vest as of August 1, 2015, Weighted Average Remaining Contractual Term (Years) | 8 years 6 months |
Outstanding, August 1, 2015, Aggregate Intrinsic Value | $ 0 |
Exercisable, August 1, 2015, Aggregate Intrinsic Value | 0 |
Vested or expected to vest as of August 1, 2015, Aggregate Intrinsic Value | $ 0 |
Share Based Compensation - Su37
Share Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Aug. 01, 2015$ / shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock price | $ 5.51 |
Share Based Compensation - We38
Share Based Compensation - Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants (Detail) - 6 months ended Aug. 01, 2015 - Black-Scholes Valuation Model [Member] - Employee Stock Options [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, minimum | 1.80% |
Risk-free interest rate, maximum | 2.00% |
Dividend yield | 2.00% |
Expected volatility, minimum | 39.00% |
Expected volatility, maximum | 40.00% |
Expected life (years) | 6 years 3 months |
Weighted average fair value of options granted | $ 1.91 |
Loss Per Share - Reconciliation
Loss Per Share - Reconciliation of Outstanding Shares Utilized in Computation of Loss Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding | 19,395,818 | 19,360,394 | 19,380,839 | 19,356,156 |
Dilutive effect of share-based awards | 0 | 0 | 0 | 0 |
Diluted weighted average shares outstanding | 19,395,818 | 19,360,394 | 19,380,839 | 19,356,156 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock options excluded from diluted weighted average shares outstanding | 1,758,717 | 1,043,159 | 1,479,947 | 972,647 |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information - Non-Cash Investing Activities and Other Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Non-cash investing and financing activities: | ||||
Purchases of property and equipment in accrued expenses at the end of the period | $ 1,733 | $ 1,041 | $ 1,733 | $ 1,041 |
Sales of property and equipment pursuant to sale-leaseback accounting | 2,900 | 4,947 | 7,868 | 8,749 |
Dividends payable forfeited on unvested restricted stock | 14 | 82 | ||
Deferred financing fees in accrued expenses at the end of the period | 132 | 132 | ||
Other cash flow information: | ||||
Cash paid for interest, net | 444 | 1,190 | 1,335 | 2,308 |
Cash (received) / paid for income taxes, net | $ (18) | $ 87 | $ 21 | $ 87 |
Related Party Disclosure - Addi
Related Party Disclosure - Additional Information (Detail) - Sun Capital Management [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Related Party Transaction [Line Items] | ||||
Purchase merchandise inventories | $ 700 | $ 500 | $ 1,000 | $ 900 |
Service Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related parties transaction expenses | $ 5 | $ 33 | $ 21 | $ 300 |