Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2016 | Sep. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | --01-28 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 19,727,618 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 132,128 | $ 143,434 | $ 274,308 | $ 289,374 |
License fees from leased departments | 1,769 | 1,986 | 3,997 | 4,419 |
Cost of sales | (76,839) | (82,593) | (159,231) | (165,998) |
Gross profit | 57,058 | 62,827 | 119,074 | 127,795 |
Selling, general and administrative expenses | (65,255) | (64,819) | (129,142) | (128,137) |
Loss from operations | (8,197) | (1,992) | (10,068) | (342) |
Interest expense, net | (880) | (1,038) | (1,665) | (2,074) |
Loss on extinguishment of debt | (2,014) | (2,014) | ||
Loss before taxes | (9,077) | (5,044) | (11,733) | (4,430) |
Income tax benefit | 2,995 | 2,013 | 4,031 | 1,773 |
Net loss | $ (6,082) | $ (3,031) | $ (7,702) | $ (2,657) |
Basic loss per share | $ (0.31) | $ (0.16) | $ (0.40) | $ (0.14) |
Diluted loss per share | $ (0.31) | $ (0.16) | $ (0.40) | $ (0.14) |
Basic weighted average shares outstanding | 19,459,062 | 19,395,818 | 19,444,014 | 19,380,839 |
Diluted weighted average shares outstanding | 19,459,062 | 19,395,818 | 19,444,014 | 19,380,839 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 9,426 | $ 6,969 | $ 9,946 |
Accounts receivable | 4,368 | 3,896 | 3,608 |
Landlord receivable | 5,751 | 3,805 | 2,561 |
Income taxes receivable | 1,344 | 2,746 | 11,001 |
Merchandise inventories | 110,472 | 106,566 | 118,889 |
Deferred income taxes | 4,965 | 5,077 | 2,896 |
Prepaid expenses and other current assets | 9,470 | 8,096 | 9,985 |
Total current assets | 145,796 | 137,155 | 158,886 |
PROPERTY AND EQUIPMENT, net | 92,421 | 86,375 | 86,955 |
INTANGIBLE ASSETS, net | 1,820 | 1,820 | 1,820 |
OTHER ASSETS, net | 3,711 | 3,822 | 3,563 |
TOTAL ASSETS | 243,748 | 229,172 | 251,224 |
CURRENT LIABILITIES: | |||
Accounts payable | 73,387 | 66,393 | 79,436 |
Accrued expenses | 29,990 | 30,151 | 27,235 |
Current portion of long-term debt, net | 36,921 | 18,390 | 31,711 |
Total current liabilities | 140,298 | 114,934 | 138,382 |
NONCURRENT LIABILITIES: | |||
Long-term debt, less current portion, net | 26,484 | 27,345 | 28,145 |
Deferred rent | 36,582 | 33,522 | 31,640 |
Deferred income taxes | 12,720 | 18,130 | 16,318 |
Other liabilities | 318 | 347 | 237 |
Total noncurrent liabilities | 76,104 | 79,344 | 76,340 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of July 30, 2016, January 30, 2016 and August 1, 2015 | |||
Common stock - $0.001 par value, 50,000,000 shares authorized, 20,138,526 issued and 19,729,893 outstanding at July 30, 2016; 20,090,881 issued and 19,682,248 outstanding as of January 30, 2016; 20,133,581 issued and 19,724,948 outstanding as of August 1, 2015 | 20 | 20 | 20 |
Additional paid-in capital | 54,711 | 54,601 | 54,542 |
Accumulated deficit | (27,385) | (19,727) | (18,060) |
Total stockholders' equity | 27,346 | 34,894 | 36,502 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 243,748 | $ 229,172 | $ 251,224 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
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 | 20,138,526 | 20,090,881 | 20,133,581 |
Common stock, shares outstanding | 19,729,893 | 19,682,248 | 19,724,948 |
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 Jan. 31, 2015 | $ 38,487 | $ 20 | $ 53,870 | $ (15,403) |
BALANCE, shares at Jan. 31, 2015 | 19,576,623 | |||
Share-based compensation expense, 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 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 | ||
BALANCE at Jan. 30, 2016 | $ 34,894 | $ 20 | 54,601 | (19,727) |
BALANCE, shares at Jan. 30, 2016 | 19,682,248 | 19,682,248 | ||
Share-based compensation expense, net of forfeitures | $ 302 | 302 | ||
Issuance of restricted stock, net of forfeitures, shares | 47,645 | |||
Forfeiture of dividends payable on unvested restricted stock | 44 | 44 | ||
Deferred tax asset shortfall related to share-based compensation expense | (192) | (192) | ||
Net loss | (7,702) | (7,702) | ||
BALANCE at Jul. 30, 2016 | $ 27,346 | $ 20 | $ 54,711 | $ (27,385) |
BALANCE, shares at Jul. 30, 2016 | 19,729,893 | 19,729,893 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (7,702) | $ (2,657) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 8,807 | 8,083 |
Write-off of deferred financing fees related to extinguishment of debt | 1,722 | |
Deferred tax valuation allowance | 545 | |
Share-based compensation expense, net of forfeitures | 302 | 640 |
Amortization of deferred financing fees | 132 | 355 |
Loss on retirement / sale of property and equipment | 101 | 23 |
Deferred tax asset shortfall related to share-based compensation expense | (192) | |
Deferred income taxes | (5,843) | 681 |
Net changes in operating assets and liabilities: | ||
Accounts, landlord and income taxes receivable | (1,016) | (3,156) |
Merchandise inventories | (3,906) | (24,419) |
Prepaid expenses and other current assets | (1,373) | (1,450) |
Other assets | 111 | 80 |
Accounts payable | 6,994 | 15,087 |
Deferred rent | 3,060 | (3,741) |
Accrued expenses and other liabilities | (1,002) | (2,109) |
Net cash used in operating activities | (982) | (10,861) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (17,895) | (8,038) |
Proceeds from sale-leaseback transactions | 3,752 | 2,412 |
Cash received on sale of property and equipment | 44 | |
Proceeds from insurance settlement | 21 | |
Net cash used in investing activities | (14,099) | (5,605) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on revolving line of credit | 116,500 | 111,850 |
Repayments on revolving line of credit | (98,038) | (92,502) |
Proceeds from secured term loan | 30,000 | |
Payment of long-term debt | (924) | (29,518) |
Payment of debt issuance costs | (783) | |
Payment penalty on early extinguishment of debt | (292) | |
Dividends paid | (8) | |
Proceeds from the exercise of stock options | 31 | |
Net cash provided by financing activities | 17,538 | 18,778 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,457 | 2,312 |
CASH AND CASH EQUIVALENTS, Beginning of period | 6,969 | 7,634 |
CASH AND CASH EQUIVALENTS, End of period | $ 9,426 | $ 9,946 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 30, 2016 | |
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 Recently Issued Accounting Pronouncements Extinguishments of Liabilities In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation Adoption of New Accounting Principle Simplifying the Presentation of Debt Issuance Costs January 30, 2016 August 1, 2015 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Other assets $ 4,902 $ (1,080 ) $ 3,822 $ 4,827 $ (1,264 ) $ 3,563 Total assets 230,252 (1,080 ) 229,172 252,488 (1,264 ) 251,224 Current portion of long-term debt 18,850 (460 ) 18,390 32,229 (518 ) 31,711 Total current liabilities 115,394 (460 ) 114,934 138,900 (518 ) 138,382 Long-term debt, less current portion 27,965 (620 ) 27,345 28,891 (746 ) 28,145 Total noncurrent liabilities 79,964 (620 ) 79,344 77,086 (746 ) 76,340 Total liabilities and stockholders’ equity 230,252 (1,080 ) 229,172 252,488 (1,264 ) 251,224 |
Description of the Business
Description of the Business | 6 Months Ended |
Jul. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | B. DESCRIPTION OF THE BUSINESS Gordmans Stores, Inc. operated 103 everyday value price department stores under the trade name “Gordmans” located in 22 states as of July 30, 2016. 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. We also operate an eCommerce site which provides a broad selection of merchandise in a convenient, user-friendly digital platform. 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 two new stores and closed one existing store during the twenty-six weeks ended July 30, 2016 and opened four new stores during the twenty-six weeks ended August 1, 2015. The following table reflects the percentage of revenues by major merchandising category: 13 Weeks 2016 13 Weeks 26 Weeks 2016 26 Weeks Apparel 58.4 % 59.1 % 57.7 % 58.5 % Home Fashions 25.9 25.4 26.4 25.6 Accessories (including fragrances) 15.7 15.5 15.9 15.9 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | C. PROPERTY AND EQUIPMENT Property and equipment consist of the following: July 30, January 30, August 1, Leasehold improvements $ 14,538 $ 14,034 $ 12,624 Furniture, fixtures and equipment 91,343 89,481 86,641 Computer software 29,076 28,606 26,957 Capitalized leases 1,091 2,402 2,402 Construction in progress 16,173 4,320 2,659 152,221 138,843 131,283 Less accumulated depreciation and amortization (59,800 ) (52,468 ) (44,328 ) $ 92,421 $ 86,375 $ 86,955 |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jul. 30, 2016 | |
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 extended 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 $35.5 million of borrowings outstanding under the revolving line of credit facility as of July 30, 2016, 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 $17.0 million and $30.4 million of borrowings outstanding under the revolving line of credit facility as of January 30, 2016 and August 1, 2015, respectively. Average borrowings during the twenty-six week periods ended July 30, 2016 and August 1, 2015, were $26.5 million and $17.1 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 which includes up to $3.0 million of unrestricted cash. The Company had $34.6 million, $56.3 million and $42.5 million available to borrow at July 30, 2016, January 30, 2016 and August 1, 2015, respectively. Borrowings under this facility totaling $8.0 million bore interest at a rate of 4.25% under the base rate option and $27.5 million bore interest at rates between 2.23% and 2.40% under the LIBOR option at July 30, 2016. Borrowings under this facility bore interest at a rate of 4.25% under the base rate option January 30, 2016. The Company had outstanding letters of credit included in the borrowing base totaling approximately $9.9 million, $6.7 million and $7.1 million as of July 30, 2016, January 30, 2016 and August 1, 2015, respectively. An unused line fee is payable quarterly in an amount equal to 0.25% per annum 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 July 30, 2016, January 30, 2016 and August 1, 2015. 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. 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. 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 with all acquisitions not to exceed $10.0 million in the aggregate. 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 $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 as no event of default exists, projected excess availability for the next twelve months is greater than $35.0 million and 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 July 30, 2016, the Company was in compliance with all of its debt covenants. Long-term Debt July 30, 2016 January 30, August 1, Revolving line of credit facility $ 35,462 $ 17,000 $ 30,382 Term loan 28,320 29,160 30,000 Capital lease obligations 571 655 738 Total long-term debt 64,353 46,815 61,120 Less unamortized debt issuance costs (948 ) (1,080 ) (1,264 ) Total long-term debt, net 63,405 45,735 59,856 Less current portion of long-term debt, net (36,921 ) (18,390 ) (31,711 ) Long-term debt, less current portion, net $ 26,484 $ 27,345 $ 28,145 At July 30, 2016, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: Remainder of 2016 $ 926 2017 1,856 2018 1,863 2019 1,806 2020 57,902 Total long-term debt $ 64,353 The Company had $35.5 million of borrowings outstanding under the revolving line of credit facility as of July 30, 2016, 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 $17.0 million and $30.4 million of borrowings outstanding under the revolving line of credit facility as of January 30, 2016 and August 1, 2015, respectively. Financial Instruments |
Leases
Leases | 6 Months Ended |
Jul. 30, 2016 | |
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, generally with one or more five year renewal periods. Certain retail store leases contain provisions for additional rent based on varying percentages of net sales. Leases for the distribution centers and corporate headquarters have base lease terms of 15 to 20 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 July 30, 2016 are as follows: Operating Capital Remainder of 2016 $ 28,843 $ 96 2017 57,508 192 2018 53,517 192 2019 48,659 126 2020 42,739 — 2021 and thereafter 123,317 — Total minimum lease payments $ 354,583 606 Less: capital lease amount representing interest (35 ) Present value of minimum lease payments 571 Less: current maturities of capital lease obligations (173 ) Noncurrent maturities of capital lease obligations $ 398 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 30, 2016 | |
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 July 30, 2016, an aggregate of 4,573,086 shares of the Company’s common stock were reserved under the 2010 Plan, subject to adjustments for stock splits and other actions affecting the Company’s common stock. There were 1,124,950 shares of common stock available for future grants under the 2010 Plan as of July 30, 2016. Restricted Stock Number Weighted Average Non-vested, January 30, 2016 254,230 $ 5.91 Granted 108,350 1.73 Forfeited (60,705 ) 7.15 Vested (49,750 ) 5.14 Non-vested, July 30, 2016 252,125 $ 3.97 Restricted stock vests at varying rates of 20% per year over five years, 25% per year over four years or 33 1 3 Performance Shares On June 7, 2016, the Board of Directors granted 108,800 performance shares to be awarded in the form of common stock to officers and other associates of the Company if certain market condition criteria is achieved. If the Company’s total shareholder return is at the high end of the pre-determined retail peer competitor index, the maximum amount of shares available to be issued pursuant to this award is 217,600 performance shares or 200% of the 108,800 performance shares approved on June 7, 2016. The actual number of performance shares that will ultimately vest is based on the actual percentile ranking of the Company’s total shareholder return compared to the peer performance at the end of fiscal year 2018. 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 July 30, 2016 are illustrated in the following table: 26 Weeks Risk-free interest rate 0.9 % Dividend yield 0.0 % Expected volatility 57.7 % The Monte Carlo valuation assumed 109.3% and 159.9% of the performance shares granted in fiscal years 2016 and 2015, respectively, would be awarded at the end of fiscal years 2018 and 2017 based upon the Company’s estimated total shareholder return relative to peer performance. Unrecognized compensation expense on the performance shares was $0.6 million at July 30, 2016, which is expected to be recognized over a weighted average period of 1.7 years. A summary of performance share activity during the twenty-six weeks ended July 30, 2016 is set forth in the table below: Number Non-vested, January 30, 2016 89,600 Granted 108,800 Forfeited (12,400 ) Non-vested, July 30, 2016 186,000 Stock Options Number Weighted Weighted Aggregate (1) Outstanding, January 30, 2016 1,698,538 $ 6.90 Granted 704,500 1.75 Forfeited (350,475 ) 9.10 Outstanding, July 30, 2016 2,052,563 4.96 8.4 $ — Exercisable, July 30, 2016 590,092 8.57 6.8 — (1) The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of July 30, 2016 and the option strike price. The stock price at July 30, 2016 was $1.20, which was below the weighted average exercise price for options exercisable at July 30, 2016. No stock options were exercised during the twenty-six weeks ended July 30, 2016. The Company received $31 thousand of proceeds from the exercise of stock options during the twenty-six weeks ended August 1, 2015. The aggregate intrinsic value of stock options exercised during the twenty-six weeks ended August 1, 2015 was $10 thousand. The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the twenty-six weeks ended July 30, 2016 are illustrated in the following table: 26 Weeks Risk-free interest rate 1.4 to 1.6 % Dividend yield 0.0 to 2.0 % Expected volatility 46.0 % Expected life (years) 6.25 Weighted average fair value of options granted $ 0.80 Stock options have ten-year contractual terms and vest at 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 July 30, 2016 were subject to performance or market-based vesting conditions. As of July 30, 2016, the unrecognized compensation expense on stock options was $1.6 million, which is expected to be recognized over a weighted average period of 1.7 years. Share-based compensation expense was $0.2 million and $0.4 million for the thirteen week periods ended July 30, 2016 and August 1, 2015, respectively. For the twenty-six week periods ended July 30, 2016 and August 1, 2015, share-based compensation expense was $0.3 million and $0.6 million, respectively. For the twenty-six week period ended July 30, 2016, the company recorded a share-based compensation benefit of $0.2 million related to the forfeitures of unvested share-based awards. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jul. 30, 2016 | |
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 2016 13 Weeks 26 Weeks 26 Weeks 2015 Basic weighted average shares outstanding 19,459,062 19,395,818 19,444,014 19,380,839 Dilutive effect of share-based awards — — — — Diluted weighted average shares outstanding 19,459,062 19,395,818 19,444,014 19,380,839 The anti-dilutive effect of 1,777,706 and 1,576,983 stock options has been excluded from diluted weighted average shares outstanding for the thirteen and twenty-six week period ended July 30, 2016, respectively. 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jul. 30, 2016 | |
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 2016 13 Weeks 26 Weeks 2016 26 Weeks Non-cash investing and financing activities: Purchases of property and equipment in accrued expenses at the end of the period $ 3,293 $ 1,733 $ 3,293 $ 1,733 Sales of property and equipment pursuant to sale-leaseback accounting 2,044 2,900 2,044 7,868 Dividends payable forfeited on unvested restricted stock — — 44 — Deferred financing fees in accrued expenses at the end of the period — 132 — 132 Other cash flow information: Cash paid for interest, net 759 444 1,475 1,335 Cash (received) / paid for income taxes, net — (18 ) 64 21 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 |
Jul. 30, 2016 | |
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 $14 thousand and $5 thousand during the thirteen week periods ended July 30, 2016 and August 1, 2015 and $34 thousand and $21 thousand during the twenty-six week periods ended July 30, 2016 and August 1, 2015, respectively. Additionally, the Company purchased merchandise inventories of $0.4 million and $0.7 million in the normal course of business from merchandise vendors which are Sun Capital affiliates during the thirteen week periods ended July 30, 2016 and August 1, 2015, and $0.8 million and $1.0 million during the twenty-six week periods ended July 30, 2016 and August 1, 2015, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | J. SUBSEQUENT EVENTS On September 2, 2016, the Borrower entered into the Ninth Amendment to Loan, Guaranty and Security Agreement with Wells Fargo. The amendment increases the borrowing availability under its revolving line of credit facility from $80.0 million to $100.0 million. In connection with the revolving line of credit facility increase, the Company’s borrowing base term loan reserve calculation now includes a minimum term loan reserve of $5.0 million. The Company’s requirement to maintain minimum excess availability under the revolving line of credit facility of at least $20.0 million, which includes up to $3.0 million of unrestricted cash, remains unchanged. |
Basis of Presentation and Sum17
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Extinguishments of Liabilities In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation |
Adoption of New Accounting Principle | Adoption of New Accounting Principle Simplifying the Presentation of Debt Issuance Costs January 30, 2016 August 1, 2015 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Other assets $ 4,902 $ (1,080 ) $ 3,822 $ 4,827 $ (1,264 ) $ 3,563 Total assets 230,252 (1,080 ) 229,172 252,488 (1,264 ) 251,224 Current portion of long-term debt 18,850 (460 ) 18,390 32,229 (518 ) 31,711 Total current liabilities 115,394 (460 ) 114,934 138,900 (518 ) 138,382 Long-term debt, less current portion 27,965 (620 ) 27,345 28,891 (746 ) 28,145 Total noncurrent liabilities 79,964 (620 ) 79,344 77,086 (746 ) 76,340 Total liabilities and stockholders’ equity 230,252 (1,080 ) 229,172 252,488 (1,264 ) 251,224 |
Basis of Presentation and Sum18
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Effect of New Guidance on Amounts Previously Reported in Condensed Consolidated Balance Sheets | The following table summarizes the effects of this new guidance on amounts previously reported in our condensed consolidated balance sheets at the periods ended: January 30, 2016 August 1, 2015 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Other assets $ 4,902 $ (1,080 ) $ 3,822 $ 4,827 $ (1,264 ) $ 3,563 Total assets 230,252 (1,080 ) 229,172 252,488 (1,264 ) 251,224 Current portion of long-term debt 18,850 (460 ) 18,390 32,229 (518 ) 31,711 Total current liabilities 115,394 (460 ) 114,934 138,900 (518 ) 138,382 Long-term debt, less current portion 27,965 (620 ) 27,345 28,891 (746 ) 28,145 Total noncurrent liabilities 79,964 (620 ) 79,344 77,086 (746 ) 76,340 Total liabilities and stockholders’ equity 230,252 (1,080 ) 229,172 252,488 (1,264 ) 251,224 |
Description of the Business (Ta
Description of the Business (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
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 2016 13 Weeks 26 Weeks 2016 26 Weeks Apparel 58.4 % 59.1 % 57.7 % 58.5 % Home Fashions 25.9 25.4 26.4 25.6 Accessories (including fragrances) 15.7 15.5 15.9 15.9 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: July 30, January 30, August 1, Leasehold improvements $ 14,538 $ 14,034 $ 12,624 Furniture, fixtures and equipment 91,343 89,481 86,641 Computer software 29,076 28,606 26,957 Capitalized leases 1,091 2,402 2,402 Construction in progress 16,173 4,320 2,659 152,221 138,843 131,283 Less accumulated depreciation and amortization (59,800 ) (52,468 ) (44,328 ) $ 92,421 $ 86,375 $ 86,955 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt July 30, 2016 January 30, August 1, Revolving line of credit facility $ 35,462 $ 17,000 $ 30,382 Term loan 28,320 29,160 30,000 Capital lease obligations 571 655 738 Total long-term debt 64,353 46,815 61,120 Less unamortized debt issuance costs (948 ) (1,080 ) (1,264 ) Total long-term debt, net 63,405 45,735 59,856 Less current portion of long-term debt, net (36,921 ) (18,390 ) (31,711 ) Long-term debt, less current portion, net $ 26,484 $ 27,345 $ 28,145 |
Annual Maturities of Long-term Debt | At July 30, 2016, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: Remainder of 2016 $ 926 2017 1,856 2018 1,863 2019 1,806 2020 57,902 Total long-term debt $ 64,353 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Leases [Abstract] | |
Future Minimum Lease Payments by Year Under Operating Leases and Future Obligations Under Non-cancelable Capital Leases by Year | Future minimum lease payments, by year, under operating leases and future obligations under non-cancelable leases, by year, as of July 30, 2016 are as follows: Operating Capital Remainder of 2016 $ 28,843 $ 96 2017 57,508 192 2018 53,517 192 2019 48,659 126 2020 42,739 — 2021 and thereafter 123,317 — Total minimum lease payments $ 354,583 606 Less: capital lease amount representing interest (35 ) Present value of minimum lease payments 571 Less: current maturities of capital lease obligations (173 ) Noncurrent maturities of capital lease obligations $ 398 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Summary of Restricted Stock Activity | A summary of restricted stock activity during the twenty-six weeks ended July 30, 2016 is set forth in the table below: Number Weighted Average Non-vested, January 30, 2016 254,230 $ 5.91 Granted 108,350 1.73 Forfeited (60,705 ) 7.15 Vested (49,750 ) 5.14 Non-vested, July 30, 2016 252,125 $ 3.97 |
Summary of Performance Share Activity | A summary of performance share activity during the twenty-six weeks ended July 30, 2016 is set forth in the table below: Number Non-vested, January 30, 2016 89,600 Granted 108,800 Forfeited (12,400 ) Non-vested, July 30, 2016 186,000 |
Summary of Stock Option Activity | A summary of stock option activity during the twenty-six weeks ended July 30, 2016 is set forth in the table below: Number Weighted Weighted Aggregate (1) Outstanding, January 30, 2016 1,698,538 $ 6.90 Granted 704,500 1.75 Forfeited (350,475 ) 9.10 Outstanding, July 30, 2016 2,052,563 4.96 8.4 $ — Exercisable, July 30, 2016 590,092 8.57 6.8 — (1) The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of July 30, 2016 and the option strike price. The stock price at July 30, 2016 was $1.20, which was below the weighted average exercise price for options exercisable at July 30, 2016. |
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 July 30, 2016 are illustrated in the following table: 26 Weeks Risk-free interest rate 1.4 to 1.6 % Dividend yield 0.0 to 2.0 % Expected volatility 46.0 % Expected life (years) 6.25 Weighted average fair value of options granted $ 0.80 |
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 July 30, 2016 are illustrated in the following table: 26 Weeks Risk-free interest rate 0.9 % Dividend yield 0.0 % Expected volatility 57.7 % |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
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 2016 13 Weeks 26 Weeks 26 Weeks 2015 Basic weighted average shares outstanding 19,459,062 19,395,818 19,444,014 19,380,839 Dilutive effect of share-based awards — — — — Diluted weighted average shares outstanding 19,459,062 19,395,818 19,444,014 19,380,839 |
Supplemental Cash Flow Inform25
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
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 2016 13 Weeks 26 Weeks 2016 26 Weeks Non-cash investing and financing activities: Purchases of property and equipment in accrued expenses at the end of the period $ 3,293 $ 1,733 $ 3,293 $ 1,733 Sales of property and equipment pursuant to sale-leaseback accounting 2,044 2,900 2,044 7,868 Dividends payable forfeited on unvested restricted stock — — 44 — Deferred financing fees in accrued expenses at the end of the period — 132 — 132 Other cash flow information: Cash paid for interest, net 759 444 1,475 1,335 Cash (received) / paid for income taxes, net — (18 ) 64 21 |
Basis of Presentation and Sum26
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Effect of New Guidance on Amounts Previously Reported in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Other assets | $ 3,711 | $ 3,822 | $ 3,563 |
Total assets | 243,748 | 229,172 | 251,224 |
Current portion of long-term debt | 36,921 | 18,390 | 31,711 |
Total current liabilities | 140,298 | 114,934 | 138,382 |
Long-term debt, less current portion | 26,484 | 27,345 | 28,145 |
Total noncurrent liabilities | 76,104 | 79,344 | 76,340 |
Total liabilities and stockholders' equity | $ 243,748 | 229,172 | 251,224 |
As Reported [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Other assets | 4,902 | 4,827 | |
Total assets | 230,252 | 252,488 | |
Current portion of long-term debt | 18,850 | 32,229 | |
Total current liabilities | 115,394 | 138,900 | |
Long-term debt, less current portion | 27,965 | 28,891 | |
Total noncurrent liabilities | 79,964 | 77,086 | |
Total liabilities and stockholders' equity | 230,252 | 252,488 | |
Adjustment [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Other assets | (1,080) | (1,264) | |
Total assets | (1,080) | (1,264) | |
Current portion of long-term debt | (460) | (518) | |
Total current liabilities | (460) | (518) | |
Long-term debt, less current portion | (620) | (746) | |
Total noncurrent liabilities | (620) | (746) | |
Total liabilities and stockholders' equity | $ (1,080) | $ (1,264) |
Description of the Business - A
Description of the Business - Additional Information (Detail) | 6 Months Ended | |
Jul. 30, 2016StateStoreSegment | Aug. 01, 2015Store | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of everyday value price department stores | 103 | |
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 | 2 | 4 |
Number of stores closed | 1 |
Description of the Business - P
Description of the Business - Percentage of Revenues by Major Merchandising Category (Detail) - Revenues [Member] - Product Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Product Information [Line Items] | ||||
Percentage of revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Apparel [Member] | ||||
Product Information [Line Items] | ||||
Percentage of revenues | 58.40% | 59.10% | 57.70% | 58.50% |
Home Fashions [Member] | ||||
Product Information [Line Items] | ||||
Percentage of revenues | 25.90% | 25.40% | 26.40% | 25.60% |
Accessories (Including Fragrances) [Member] | ||||
Product Information [Line Items] | ||||
Percentage of revenues | 15.70% | 15.50% | 15.90% | 15.90% |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 152,221 | $ 138,843 | $ 131,283 |
Less accumulated depreciation and amortization | (59,800) | (52,468) | (44,328) |
Property and equipment, Net | 92,421 | 86,375 | 86,955 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 14,538 | 14,034 | 12,624 |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 91,343 | 89,481 | 86,641 |
Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 29,076 | 28,606 | 26,957 |
Capitalized Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 1,091 | 2,402 | 2,402 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $ 16,173 | $ 4,320 | $ 2,659 |
Debt Obligations - Revolving Li
Debt Obligations - Revolving Line of Credit Facility - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 | |
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% | ||
Revolving Line of Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving line of credit facility, maximum borrowing capacity | $ 80,000,000 | ||
Revolving line of credit facility, expiration date | Jun. 28, 2020 | ||
Additional revolving line of credit facility | $ 20,000,000 | ||
Average borrowings during the period | 26,500,000 | $ 17,100,000 | |
Borrowings outstanding under revolving line of credit facility | $ 35,500,000 | 30,400,000 | $ 17,000,000 |
Interest rate description | (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. | ||
Threshold amount of excess availability in order to determine interest rate | $ 40,000,000 | ||
Minimum amount of excess availability of borrowing to be maintained | 20,000,000 | ||
Availability under revolving line of credit facility | $ 34,600,000 | 42,500,000 | $ 56,300,000 |
Line of credit facility, interest rate | 4.25% | ||
Unused line fee | 0.25% | ||
Revolving Line of Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding under revolving line of credit facility | $ 9,900,000 | $ 7,100,000 | $ 6,700,000 |
Revolving Line of Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
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] | |||
Debt Instrument [Line Items] | |||
Availability under revolving line of credit facility | $ 27,500,000 | ||
Line of credit facility, interest rate | 4.25% | ||
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% | ||
Revolving Line of Credit Facility [Member] | LIBOR Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 2.23% | ||
Revolving Line of Credit Facility [Member] | LIBOR Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 2.40% | ||
Revolving Line of Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Availability under revolving line of credit facility | $ 8,000,000 | ||
Line of credit facility, interest rate | 4.25% |
Debt Obligations - Term Loan Fa
Debt Obligations - Term Loan Facility - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 | |
Debt Instrument [Line Items] | |||
Proceeds from secured term loan facility | $ 30,000,000 | ||
Write-off of deferred financing fees related to extinguishment of debt | $ 1,722,000 | ||
Projected excess availability | $ 35,000,000 | ||
Percentage of loan cap | 30.00% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Fixed charge coverage ratio | 1 | ||
Cerberus Senior Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Write-off of deferred financing fees related to extinguishment of debt | $ 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 | ||
Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Senior term loan amount | $ 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 interest rate | 6.25% | ||
Interest rate floor | 1.00% | ||
Effective interest rate during period for loan | 7.25% | 7.25% | 7.25% |
Term Loan Facility [Member] | First Year [Member] | |||
Debt Instrument [Line Items] | |||
Term loan, prepayment premium | 3.00% | ||
Term Loan Facility [Member] | Second Year [Member] | |||
Debt Instrument [Line Items] | |||
Term loan, prepayment premium | 1.50% | ||
Term Loan Facility [Member] | Third Year [Member] | |||
Debt Instrument [Line Items] | |||
Term loan, prepayment premium | 0.50% | ||
Term Loan Facility [Member] | Thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Term loan, prepayment premium | 0.00% | ||
Revolving Line of Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Repurchases of stock of employees | $ 500,000 | ||
Senior Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured term loan fair value | 30,000,000 | ||
Maximum Indebtedness | $ 10,000,000 |
Debt Obligations - Long-Term De
Debt Obligations - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 64,353 | $ 46,815 | $ 61,120 |
Less unamortized debt issuance costs | (948) | (1,080) | (1,264) |
Total long-term debt, net | 63,405 | 45,735 | 59,856 |
Total long-term debt, net | 63,405 | 45,735 | 59,856 |
Less current portion of long-term debt, net | (36,921) | (18,390) | (31,711) |
Long-term debt, less current portion, net | 26,484 | 27,345 | 28,145 |
Revolving Line of Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 35,462 | 17,000 | 30,382 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 28,320 | 29,160 | 30,000 |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 571 | $ 655 | $ 738 |
Debt Obligations - Annual Matur
Debt Obligations - Annual Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract] | |||
Remainder of 2016 | $ 926 | ||
2,017 | 1,856 | ||
2,018 | 1,863 | ||
2,019 | 1,806 | ||
2,020 | 57,902 | ||
Total long-term debt | $ 64,353 | $ 46,815 | $ 61,120 |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jul. 30, 2016 | 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 | |
Computer Equipment [Member] | ||
Operating Leased Assets [Line Items] | ||
Capital leases, term | 5 years | |
Minimum [Member] | Second Primary Distribution Center and New Corporate Headquarters [Member] | ||
Operating Leased Assets [Line Items] | ||
Base lease term | 15 years | |
Maximum [Member] | Second Primary Distribution Center and New Corporate Headquarters [Member] | ||
Operating Leased Assets [Line Items] | ||
Base lease term | 20 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments by Year Under Operating Leases and Future Obligations Under Non-cancelable Capital Leases by Year (Detail) $ in Thousands | Jul. 30, 2016USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2016 | $ 28,843 |
Operating Leases, 2017 | 57,508 |
Operating Leases, 2018 | 53,517 |
Operating Leases, 2019 | 48,659 |
Operating Leases, 2020 | 42,739 |
Operating Leases, 2021 and thereafter | 123,317 |
Operating Leases, Total minimum lease payments | 354,583 |
Capital Leases, Remainder of 2016 | 96 |
Capital Leases, 2017 | 192 |
Capital Leases, 2018 | 192 |
Capital Leases, 2019 | 126 |
Capital Leases, 2020 | 0 |
Capital Leases, 2021 and thereafter | 0 |
Capital Leases, Total minimum lease payments | 606 |
Less: capital lease amount representing interest | (35) |
Present value of minimum lease payments | 571 |
Present value of minimum lease payments | 571 |
Less: current maturities of capital lease obligations | (173) |
Noncurrent maturities of capital lease obligations | $ 398 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) | Jun. 07, 2016 | Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from the exercise of stock options | $ 31,000 | ||||
Exercise of stock options | 31,000 | ||||
Share based compensation expenses due to employee separation | $ 200,000 | ||||
Employee Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average period of recognition of unrecognized compensation expense | 1 year 8 months 12 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 | $ 1,600,000 | $ 1,600,000 | |||
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 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | 800,000 | $ 800,000 | |||
Weighted average period of recognition of unrecognized compensation expense | 1 year 9 months 18 days | ||||
Common stock shares granted | 108,350 | ||||
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 | 33.33% | ||||
Vesting period | 3 years | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum potential shares available to be issued pursuant to the plan, Percentage of shares authorized | 200.00% | 200.00% | |||
Common stock shares granted | 108,800 | 108,800 | |||
Maximum potential shares available to be issued pursuant to the plan | 217,600 | ||||
Unvested Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expenses | $ 200,000 | $ 400,000 | $ 300,000 | $ 600,000 | |
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 | |||
Common stock available for future grants | 1,124,950 | 1,124,950 | |||
2017 [Member] | 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% | ||||
2018 [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 600,000 | $ 600,000 | |||
Weighted average period of recognition of unrecognized compensation expense | 1 year 8 months 12 days | ||||
2018 [Member] | 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 | 109.30% |
Share Based Compensation - Summ
Share Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Jul. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, January 30, 2016, Number of shares | shares | 254,230 |
Granted, Number of Shares | shares | 108,350 |
Forfeited, Number of shares | shares | (60,705) |
Vested, Number of shares | shares | (49,750) |
Non-vested, July 30, 2016, Number of Shares | shares | 252,125 |
Non-vested, January 30, 2016, Weighted Average Grant Date Fair Value | $ / shares | $ 5.91 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 1.73 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 7.15 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 5.14 |
Non-vested, July 30, 2016, Weighted Average Grant Date Fair Value | $ / shares | $ 3.97 |
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 |
Jul. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.90% |
Dividend yield | 0.00% |
Expected volatility | 57.70% |
Share Based Compensation - Su39
Share Based Compensation - Summary of Performance Share Activity (Detail) - Performance Shares [Member] - shares | Jun. 07, 2016 | Jul. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested, January 30, 2016, Number of shares | 89,600 | |
Granted, Number of Shares | 108,800 | 108,800 |
Forfeited, Number of shares | (12,400) | |
Non-vested, July 30, 2016, Number of Shares | 186,000 |
Share Based Compensation - Su40
Share Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Options [Member] | 6 Months Ended |
Jul. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, January 30, 2016, Number of Stock Options | shares | 1,698,538 |
Granted, Number of Stock Options | shares | 704,500 |
Forfeited, Number of Stock Options | shares | (350,475) |
Outstanding, July 30, 2016, Number of Stock Options | shares | 2,052,563 |
Exercisable, July 30, 2016, Number of Stock Options | shares | 590,092 |
Outstanding, January 30, 2016, Weighted Average Exercise Price | $ / shares | $ 6.90 |
Granted, Weighted Average Exercise Price | $ / shares | 1.75 |
Forfeited, Weighted Average Exercise Price | $ / shares | 9.10 |
Outstanding, July 30, 2016, Weighted Average Exercise Price | $ / shares | 4.96 |
Exercisable, July 30, 2016, Weighted Average Exercise Price | $ / shares | $ 8.57 |
Outstanding, April 30, 2016, Weighted Average Remaining Contractual Term (Years) | 8 years 4 months 24 days |
Exercisable, April 30, 2016, Weighted Average Remaining Contractual Term (Years) | 6 years 9 months 18 days |
Outstanding, July 30, 2016, Aggregate Intrinsic Value | $ | $ 0 |
Exercisable, July 30, 2016, Aggregate Intrinsic Value | $ | $ 0 |
Share Based Compensation - Su41
Share Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Jul. 30, 2016$ / shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock price | $ 1.20 |
Share Based Compensation - We42
Share Based Compensation - Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants (Detail) - Black-Scholes Valuation Model [Member] - Employee Stock Options [Member] | 6 Months Ended |
Jul. 30, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, minimum | 1.40% |
Risk-free interest rate, maximum | 1.60% |
Dividend yield, minimum | 0.00% |
Dividend yield, maximum | 2.00% |
Expected volatility | 46.00% |
Expected life (years) | 6 years 3 months |
Weighted average fair value of options granted | $ 0.80 |
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 | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding | 19,459,062 | 19,395,818 | 19,444,014 | 19,380,839 |
Dilutive effect of share-based awards | 0 | 0 | 0 | 0 |
Diluted weighted average shares outstanding | 19,459,062 | 19,395,818 | 19,444,014 | 19,380,839 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock options excluded from diluted weighted average shares outstanding | 1,777,706 | 1,758,717 | 1,576,983 | 1,479,947 |
Supplemental Cash Flow Inform45
Supplemental Cash Flow Information - Non-Cash Investing Activities and Other Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Non-cash investing and financing activities: | ||||
Purchases of property and equipment in accrued expenses at the end of the period | $ 3,293 | $ 1,733 | $ 3,293 | $ 1,733 |
Sales of property and equipment pursuant to sale-leaseback accounting | 2,044 | 2,900 | 2,044 | 7,868 |
Dividends payable forfeited on unvested restricted stock | 44 | |||
Deferred financing fees in accrued expenses at the end of the period | 132 | 132 | ||
Other cash flow information: | ||||
Cash paid for interest, net | $ 759 | 444 | 1,475 | 1,335 |
Cash (received) / paid for income taxes, net | $ (18) | $ 64 | $ 21 |
Related Party Disclosure - Addi
Related Party Disclosure - Additional Information (Detail) - Sun Capital Management [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 26 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | Aug. 01, 2015 | Jul. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Purchase merchandise inventories | $ 400 | $ 700 | $ 1,000 | $ 800 |
Service Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related parties transaction expenses | $ 14 | $ 5 | $ 21 | $ 34 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Revolving Line of Credit Facility [Member] - USD ($) | Sep. 02, 2016 | Jul. 30, 2016 |
Subsequent Event [Line Items] | ||
Revolving line of credit facility, maximum borrowing capacity | $ 80,000,000 | |
Minimum amount of excess availability of borrowing to be maintained | 20,000,000 | |
Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Unrestricted cash included in excess availability limit threshold | $ 3,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Revolving line of credit facility, minimum term loan reserve | $ 5,000,000 | |
Minimum amount of excess availability of borrowing to be maintained | 20,000,000 | |
Subsequent Event [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Unrestricted cash included in excess availability limit threshold | 3,000,000 | |
Ninth Amendment [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Revolving line of credit facility, maximum borrowing capacity | $ 100,000,000 |