Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 30, 2021 | Dec. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | JILL | |
Entity Registrant Name | J.Jill, Inc. | |
Entity Central Index Key | 0001687932 | |
Current Fiscal Year End Date | --01-29 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38026 | |
Entity Tax Identification Number | 45-1459825 | |
Entity Address, Address Line One | 4 Batterymarch Park | |
Entity Address, City or Town | Quincy | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02169 | |
City Area Code | 617 | |
Local Phone Number | 376-4300 | |
Entity Common Stock, Shares Outstanding | 9,988,031 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Current assets: | ||
Cash | $ 17,473 | $ 4,407 |
Accounts receivable | 8,073 | 7,793 |
Inventories, net | 56,902 | 58,034 |
Prepaid expenses and other current assets | 43,675 | 43,035 |
Total current assets | 126,123 | 113,269 |
Property and equipment, net | 60,047 | 73,906 |
Intangible assets, net | 82,777 | 88,976 |
Goodwill | 59,697 | 59,697 |
Operating lease assets, net | 137,386 | 161,135 |
Other assets | 140 | 199 |
Total assets | 466,170 | 497,182 |
Current liabilities: | ||
Accounts payable | 54,238 | 56,263 |
Accrued expenses and other current liabilities | 51,851 | 43,854 |
Current portion of long-term debt | 6,999 | 2,799 |
Current portion of operating lease liabilities | 33,254 | 37,967 |
Borrowings under revolving credit facility | 11,146 | |
Total current liabilities | 146,342 | 152,029 |
Long-term debt, net of discount and current portion | 196,771 | 225,401 |
Long-term debt, net of discount - related party | 4,908 | 3,311 |
Deferred income taxes | 14,114 | 13,835 |
Operating lease liabilities, net of current portion | 151,468 | 179,022 |
Warrants - related party (Note 8) | 15,997 | |
Derivative liability (Note 8) | 2,436 | |
Other liabilities | 1,434 | 2,049 |
Total liabilities | 515,037 | 594,080 |
Commitments and contingencies (see Note 11) | ||
Shareholders’ Deficit | ||
Common stock, par value $0.01 per share; 50,000,000 shares authorized; 9,987,999 and 9,631,633 shares issued and outstanding at October 30, 2021 and January 30, 2021, respectively | 100 | 97 |
Additional paid-in capital | 209,109 | 129,363 |
Accumulated deficit | (258,076) | (226,358) |
Total shareholders’ deficit | (48,867) | (96,898) |
Total liabilities and shareholders’ deficit | $ 466,170 | $ 497,182 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 30, 2021 | Jan. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 9,987,999 | 9,631,633 |
Common stock, shares outstanding | 9,987,999 | 9,631,633 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 151,731 | $ 117,224 | $ 440,053 | $ 300,829 |
Costs of goods sold (exclusive of depreciation and amortization) | 47,196 | 48,225 | 138,339 | 126,645 |
Gross profit | 104,535 | 68,999 | 301,714 | 174,184 |
Selling, general and administrative expenses | 85,531 | 92,184 | 250,516 | 257,829 |
Impairment of long-lived assets | 906 | 0 | 27,493 | |
Impairment of goodwill | 17,900 | 0 | 17,900 | |
Impairment of intangible assets | 6,620 | |||
Operating income (loss) | 19,004 | (24,091) | 51,198 | (135,658) |
Fair value adjustment of derivative | 1,628 | 2,775 | 1,628 | |
Fair value adjustment of warrants - related party | 56,984 | |||
Interest expense, net | 4,567 | 4,753 | 13,130 | 13,640 |
Interest expense, net - related party | 607 | 1,597 | ||
Income (loss) before provision (benefit) for income taxes | 13,830 | (30,472) | (23,288) | (150,926) |
Income tax provision (benefit) | 2,592 | (7,313) | 8,430 | (38,464) |
Net income (loss) and total comprehensive income (loss) | $ 11,238 | $ (23,159) | $ (31,718) | $ (112,462) |
Net income (loss) per common share: | ||||
Basic | $ 0.81 | $ (2.52) | $ (2.65) | $ (12.49) |
Diluted | $ 0.79 | $ (2.52) | $ (2.65) | $ (12.49) |
Weighted average common shares: | ||||
Basic | 13,798,130 | 9,177,350 | 11,971,405 | 9,004,321 |
Diluted | 14,174,218 | 9,177,350 | 11,971,405 | 9,004,321 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Feb. 01, 2020 | $ 38,565 | $ 89 | $ 125,430 | $ (86,954) |
Beginning balance, shares at Feb. 01, 2020 | 8,857,625 | |||
Vesting of restricted stock units | $ 1 | (1) | ||
Vesting of restricted stock units, shares | 138,202 | |||
Surrender of shares to pay withholding taxes | (137) | (137) | ||
Surrender of shares to pay withholding taxes, shares | (40,987) | |||
Equity-based compensation | 676 | 676 | ||
Net income (loss) | (70,269) | (70,269) | ||
Ending balance at May. 02, 2020 | (31,165) | $ 90 | 125,968 | (157,223) |
Ending balance, shares at May. 02, 2020 | 8,954,840 | |||
Beginning balance at Feb. 01, 2020 | 38,565 | $ 89 | 125,430 | (86,954) |
Beginning balance, shares at Feb. 01, 2020 | 8,857,625 | |||
Net income (loss) | (112,462) | |||
Ending balance at Oct. 31, 2020 | (70,480) | $ 96 | 128,840 | (199,416) |
Ending balance, shares at Oct. 31, 2020 | 9,619,976 | |||
Beginning balance at May. 02, 2020 | (31,165) | $ 90 | 125,968 | (157,223) |
Beginning balance, shares at May. 02, 2020 | 8,954,840 | |||
Vesting of restricted stock units, shares | 7,961 | |||
Surrender of shares to pay withholding taxes | (13) | (13) | ||
Surrender of shares to pay withholding taxes, shares | (2,327) | |||
Equity-based compensation | 615 | 615 | ||
Net income (loss) | (19,034) | (19,034) | ||
Ending balance at Aug. 01, 2020 | (49,597) | $ 90 | 126,570 | (176,257) |
Ending balance, shares at Aug. 01, 2020 | 8,960,474 | |||
Vesting of restricted stock units | (13) | (13) | ||
Vesting of restricted stock units, shares | 4,875 | |||
Surrender of shares to pay withholding taxes | 9 | 9 | ||
Surrender of shares to pay withholding taxes, shares | (1,428) | |||
Equity-based compensation | 323 | 323 | ||
Net income (loss) | (23,159) | (23,159) | ||
Ending balance at Oct. 31, 2020 | (70,480) | $ 96 | 128,840 | (199,416) |
Ending balance, shares at Oct. 31, 2020 | 9,619,976 | |||
Forfeiture of restricted stock awards, shares | (662) | |||
Participating lender equity consideration | 1,957 | $ 6 | 1,951 | |
Participating lender equity consideration, shares | 656,717 | |||
Beginning balance at Jan. 30, 2021 | $ (96,898) | $ 97 | 129,363 | (226,358) |
Beginning balance, shares at Jan. 30, 2021 | 9,631,633 | 9,631,633 | ||
Vesting of restricted stock units | $ 1 | (1) | ||
Vesting of restricted stock units, shares | 111,248 | |||
Surrender of shares to pay withholding taxes | $ (271) | (271) | ||
Surrender of shares to pay withholding taxes, shares | (31,171) | |||
Equity-based compensation | 443 | 443 | ||
Net income (loss) | (18,308) | (18,308) | ||
Ending balance at May. 01, 2021 | (115,034) | $ 98 | 129,534 | (244,666) |
Ending balance, shares at May. 01, 2021 | 9,711,710 | |||
Beginning balance at Jan. 30, 2021 | $ (96,898) | $ 97 | 129,363 | (226,358) |
Beginning balance, shares at Jan. 30, 2021 | 9,631,633 | 9,631,633 | ||
Reclass of warrants to equity (See Note 8) | $ 78,193 | |||
Net income (loss) | (31,718) | |||
Ending balance at Oct. 30, 2021 | $ (48,867) | $ 100 | 209,109 | (258,076) |
Ending balance, shares at Oct. 30, 2021 | 9,987,999 | 9,987,999 | ||
Beginning balance at May. 01, 2021 | $ (115,034) | $ 98 | 129,534 | (244,666) |
Beginning balance, shares at May. 01, 2021 | 9,711,710 | |||
Vesting of restricted stock units, shares | 1,075 | |||
Surrender of shares to pay withholding taxes | (19) | (19) | ||
Surrender of shares to pay withholding taxes, shares | (318) | |||
Withholding tax on net share settlement of equity-based compensation plans | (7) | (7) | ||
Equity-based compensation | 649 | 649 | ||
Shares issued to Priming lenders (See Note 8) | 5,212 | $ 2 | 5,210 | |
Shares issued to Priming lenders, shares | 272,097 | |||
Reclass of warrants to equity (See Note 8) | 72,981 | 72,981 | ||
Net income (loss) | (24,648) | (24,648) | ||
Ending balance at Jul. 31, 2021 | (60,866) | $ 100 | 208,348 | (269,314) |
Ending balance, shares at Jul. 31, 2021 | 9,984,564 | |||
Vesting of restricted stock units, shares | 4,864 | |||
Surrender of shares to pay withholding taxes, shares | (1,429) | |||
Withholding tax on net share settlement of equity-based compensation plans | (28) | (28) | ||
Equity-based compensation | 789 | 789 | ||
Net income (loss) | 11,238 | 11,238 | ||
Ending balance at Oct. 30, 2021 | $ (48,867) | $ 100 | $ 209,109 | $ (258,076) |
Ending balance, shares at Oct. 30, 2021 | 9,987,999 | 9,987,999 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Statement Of Cash Flows [Abstract] | ||
Net loss | $ (31,718) | $ (112,462) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Depreciation and amortization | 22,093 | 25,663 |
Impairment of goodwill and intangible assets | 24,520 | |
Impairment of long-lived assets | 0 | 27,493 |
Adjustment for exited retail stores | (1,181) | (958) |
Loss on disposal of fixed assets | 887 | 376 |
Noncash interest expense, net | 3,567 | 1,350 |
Noncash change in fair value of derivative | 2,775 | 1,628 |
Noncash change in fair value of warrants - related party | 56,984 | |
Equity-based compensation | 1,881 | 1,614 |
Deferred rent incentives | (860) | (136) |
Deferred income taxes | (58) | (14,210) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (280) | 2,840 |
Inventories | 1,132 | 5,015 |
Prepaid expenses and other current assets | (641) | (19,313) |
Accounts payable | (2,288) | 19,562 |
Accrued expenses | 7,833 | 15,848 |
Operating lease assets and liabilities | (6,754) | 1,437 |
Other noncurrent assets and liabilities | 51 | (631) |
Net cash provided by (used in) operating activities | 53,423 | (20,364) |
Investing activities: | ||
Purchases of property and equipment | (2,488) | (3,037) |
Net cash used in investing activities | (2,488) | (3,037) |
Financing activities: | ||
Borrowings under revolving credit facility | 62,226 | 33,000 |
Repayments of revolving credit facility | (73,372) | (33,000) |
Borrowings under subordinated facility, net of issuance costs | 14,560 | |
Lender fees for priming loans | (1,235) | |
Repayments on debt | (26,399) | (2,099) |
Surrender of shares to pay withholding taxes | (324) | (155) |
Net cash (used in) provided by financing activities | (37,869) | 11,071 |
Net change in cash | 13,066 | (12,330) |
Cash: | ||
Beginning of Period | 4,407 | 21,527 |
End of Period | 17,473 | $ 9,197 |
Noncash financing activity: | ||
Reclass of warrants to equity (See Note 8) | $ 78,193 |
Description of Business
Description of Business | 9 Months Ended |
Oct. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business J.Jill, Inc., “J.Jill” or the “Company”, is a premier omnichannel retailer and nationally recognized women’s apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, thoughtful and inspired style that reflects the confidence of remarkable women who live life with joy, passion and purpose. J.Jill offers a guiding customer experience through 260 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Our interim condensed consolidated financial statements are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”) Prior year shares and per share amounts on the condensed consolidated statements of operations and comprehensive income and condensed consolidated statements of shareholders’ equity have been restated to reflect the reverse stock split on November 9, 2020. Going Concern In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements - Going Concern”, we are required to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of the financial statements. As discussed in our 2020 Annual Report, during Fiscal Year 2020 our revenues, results of operations, cash flows and financing arrangements were materially adversely impacted by the COVID-19 pandemic, and, accordingly; we concluded at the time that our liquidity and capital may not be sufficient to finance our continued operations for at least the next 12 months. Although during the first two quarters of Fiscal Year 2021, economic conditions significantly improved, COVID-19 restrictions were reduced, and we continued to take substantial actions to improve our liquidity and financial performance, we maintained this conclusion due to remaining risks and uncertainties relating to the future impacts of COVID-19 (see our quarterly reports for the first and second quarters of Fiscal Year 2021). However, as discussed below we have now concluded that substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of the financial statements has been alleviated. In response to the impacts of COVID-19, we immediately took actions to improve our liquidity, capital resources and financial flexibility by restructuring our debt effective September 30, 2020, with an extended maturity and revised covenants (see Note 10 to our consolidated financial statements included in our 2020 Annual Report). Since the debt restructuring, the Company has been in compliance with all debt covenants, made all scheduled principal repayments including a $25.0 million voluntary repayment on August 27, 2021, and effectively converted $78.2 million of debt to equity. Our primary sources of liquidity and capital resources are cash generated from operating activities and availability under our ABL Facility, which has a maturity of May 8, 2023. As of October 30, 2021, we had $17.5 million in cash and $35.6 million of total availability under our ABL Facility, we exceeded the $15.0 million liquidity covenant by $46.2 million, and our projections indicate continued compliance with the liquidity and other covenants. Additionally, we have filed our federal income tax return for Fiscal Year 2020 and expect to receive a refund in excess of $25.0 million, however, the timing and amount of such refund is not known with certainty at this time. We also took significant actions to reduce expenses and maximize cash on hand. We closed certain stores and successfully renegotiated terms on the majority of the remaining store fleet. We reduced the volume of inventory purchases and the number and frequency of new product floorsets which resulted in overhead, marketing, and shipping and handling cost savings. We also reduced capital spend in the business to focus on critical maintenance and strategic technical investments. As a result of these actions and improved economic conditions, the Company’s operating results, cash flows and liquidity continue to improve. Therefore, considering the improved general economic conditions, and our improved operating results, cash flows, liquidity (including Cash, Debt and Equity), and projections into the foreseeable future, we have concluded that substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of the financial statements has been alleviated. In accordance with FASB standards, this conclusion will be re-evaluated each quarter. If COVID-19 impacts should worsen and cause us to materially miss our projections, the Company would take additional actions to maintain its liquidity position and preserve cash flow, including but not limited to further cost reductions, payment term renegotiations, and flexing sales to the Direct channel if needed to compensate any impact on stores. Cost of Goods Sold Cost of goods sold (“COGS”) consist of all costs of sold merchandise (net of purchase discounts and vendor allowances). These costs include: • Direct costs of purchased merchandise; • Adjustments to the carrying value of inventory related to realizability and shrinkage; and • Inbound freight to our distribution center. Our COGS and Gross margin may not be comparable to other entities. Some entities, like us, exclude costs related to shipping products to their customers, as well as costs of their distribution network, buying function, store occupancy costs and depreciation and amortization expenses from COGS and include them in Selling, general and administrative expenses, whereas other entities include these costs in their COGS. Selling, General and Administrative Expenses Selling, general and administrative expenses consist of: • Payroll and payroll-related expenses; • Store Occupancy expenses related to stores, distribution center and our headquarters location, including utilities; • Depreciation of property and equipment and amortization of intangibles; • Advertising expenses: print, digital and social media advertising and catalog production and distribution; • Information technology and communication costs; • Freight associated with shipping products to customers; • Insurance costs; and • Consulting and professional fees. Out-of-Period Item During the second quarter of Fiscal Year 2021, the Company recorded an adjustment to correct prior period overstatements of inventory and understatements of COGS totaling $1.5 million ($1.1 million after taxes). The errors were primarily caused by an overstatement of inventory transferred from certain locations. Management evaluated the impacts of the out-of-period adjustment to correct the errors for the thirty-nine weeks ended October 30, 2021 and for prior periods, both individually and in the aggregate, and concluded that the adjustment was not material to the Company’s consolidated annual or interim financial statements for all impacted periods. The adjustment had no impact on the thirteen weeks ended October 30, 2021. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes”. The pronouncement is effective for a public company’s annual reporting periods beginning after December 15, 2020, and interim periods within those annual periods. As an emerging growth company, the Company has elected to adopt the pronouncement following the effective date for private companies beginning with annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact that this standard will have on the condensed consolidated financial statements. The Company plans to adopt the pronouncement during the fiscal year ending January 28, 2023. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform”, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. The guidance is currently effective and may be applied prospectively at any point through December 31, 2022. The Company is assessing what impact this guidance will have on the Company’s condensed consolidated financial statements . |
Revenues
Revenues | 9 Months Ended |
Oct. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 3. Revenues Disaggregation of Revenue Net sales For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Retail $ 83,629 $ 42,991 $ 223,973 $ 104,388 Direct 68,102 74,233 216,080 196,441 Net revenues $ 151,731 $ 117,224 $ 440,053 $ 300,829 Contract Liabilities The Company recognizes a contract liability when it has received consideration from the customer and has a future obligation to the customer. Total contract liabilities consisted of the following (in thousands): October 30, 2021 January 30, 2021 Contract liabilities: Signing bonus $ 259 $ 365 Unredeemed gift cards 5,280 6,818 Total contract liabilities (1) $ 5,539 $ 7,183 (1) The short-term portion of the signing bonus is included in Accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. The long-term portion of the signing bonus is included in Other long-term liabilities on the Company’s condensed consolidated balance sheets. For the thirteen and thirty-nine weeks ended October 30, 2021, the Company recognized approximately $1.9 million and $6.9 million, respectively, of revenue related to gift card redemptions and breakage. For the thirteen and thirty-nine weeks ended October 31, 2020, the Company recognized approximately $1.7 million and $5.7 million, respectively, of revenue related to gift card redemptions and breakage. Revenue recognized consists of gift cards that were part of the unredeemed gift card balance at the beginning of the period as well as gift cards that were issued and earned during the period. Performance Obligations The Company has a remaining performance obligation of $0.3 million for a signing bonus related to the private label credit card agreement that is being amortized to revenue evenly through the third quarter of fiscal year ending January 27, 2024. Unredeemed gift cards also require a performance obligation for revenue to be recognized, but substantially all gift cards are redeemed in the first year of issuance. Practical Expedients and Policy Elections The Company excludes from its transaction price all amounts collected from customers for sales taxes that are remitted to taxing authorities. Shipping and handling activities that occur after control of related goods transfers to the customer are accounted for as fulfillment activities rather than assessing these activities as performance obligations. The Company does not disclose remaining performance obligations that have an expected duration of one year or less. |
Asset Impairments
Asset Impairments | 9 Months Ended |
Oct. 30, 2021 | |
Income Statement [Abstract] | |
Asset Impairments | 4. Asset Impairments Long-lived Asset Impairments The Company did not record any impairments on long-lived assets during the thirty-nine weeks ended October 30, 2021. In the first quarter of Fiscal Year 2020, the Company reduced the net carrying value of certain long-lived assets to their estimated fair value, which was determined using a discounted cash flows method. These impairment charges arose from the material adverse effect COVID-19 had on our results of operations, particularly with our store fleet. The Company incurred impairment charges of $6.7 million on leasehold improvements and $20.8 million on the right-of-use asset. During the second quarter of Fiscal Year 2020, the Company recorded a $1.3 million non-cash gain on the operating leases liabilities due to its decision to close certain retail stores. Approximately $0.9 million of the benefit related to leases that were included in the impairment on right-of-use assets recorded in the first quarter of Fiscal Year 2020; therefore, the benefit was recorded as a reduction of the previously recorded impairment. See Note 12 for additional information. Goodwill and Other Intangible Asset Impairments In the first quarter of Fiscal Year 2020, the Company temporarily closed its retail locations due to COVID-19, which had a material adverse effect on our results of operations, financial position and liquidity and led to a significant decline in our net sales for the first half of Fiscal Year 2020. The Company incurred impairment charges of $17.9 million on goodwill, $4.0 million on trade name and $2.6 million on customer relationships during the thirteen and thirty-nine weeks ended October 31, 2020. All stores were open during the thirty-nine weeks ended October 30, 2021 and the Company did not record any impairments on goodwill or other intangible assets for this period. The Company performed the impairment tests in the first quarter of Fiscal Year 2020 using the income approach (or discounted cash flows method) for goodwill, the relief-from-royalty method for indefinite-lived intangible assets and a recoverability analysis for definite-lived intangible assets. Key assumptions included future revenue growth and profitability trends over a period of 5-10 years with a terminal value, a discount rate based on an estimated weighted average cost of capital within a range of 23.5% to 34.0% and royalty rates within a range of 1% to 4%. These assumptions are classified as Level 3 inputs. The following table displays a rollforward of the carrying amount of goodwill from February 1, 2020 to October 30, 2021 (in thousands): Goodwill at February 1, 2020 $ 77,597 Impairment losses (first quarter) (17,900 ) Balance, January 30, 2021 59,697 Impairment losses — Balance, October 30, 2021 $ 59,697 The accumulated goodwill impairment losses as of October 30, 2021 are $137.3 million. A summary of intangible assets as of October 30, 2021 and January 30, 2021 is as follows (in thousands): October 30, 2021 Weighted Average Useful Life (Years) Gross Accumulated Amortization Accumulated Impairment Carrying Amount Indefinite-lived: Trade name N/A $ 58,100 $ — $ 24,100 $ 34,000 Definite-lived: Customer relationships 13.2 134,200 82,803 2,620 48,777 Total intangible assets $ 192,300 $ 82,803 $ 26,720 $ 82,777 January 30, 2021 Weighted Average Useful Life (Years) Gross Accumulated Amortization Accumulated Impairment Carrying Amount Indefinite-lived: Trade name N/A $ 58,100 $ — $ 24,100 $ 34,000 Definite-lived: Customer relationships 13.2 134,200 76,604 2,620 54,976 Total intangible assets $ 192,300 $ 76,604 $ 26,720 $ 88,976 Total amortization expense for these amortizable intangible assets was $2.1 million and $2.3 million for the thirteen weeks ended October 30, 2021 and October 31, 2020, respectively, and $6.2 million and $7.0 million for the thirty-nine weeks ended October 30, 2021 and October 31, 2020, respectively. The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands): Fiscal Year Estimated Amortization Expense 2021 $ 1,377 2022 7,585 2023 6,990 2024 5,407 2025 4,705 Thereafter 22,713 Total $ 48,777 |
Debt
Debt | 9 Months Ended |
Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The components of the Company’s outstanding long-term debt were as follows (in thousands): Carrying Value of Debt October 30, 2021 January 30, 2021 Term Loan (principal of $4,963 and $5,007, respectively) $ 4,944 $ 4,904 Priming Loan (principal of $203,403 and $229,773, respectively) 198,826 223,296 Subordinated Facility (principal and paid-in kind interest of $17,077 and $15,666, respectively) 4,908 3,311 Less: Current portion (6,999 ) (2,799 ) Net long-term debt $ 201,679 $ 228,712 Term Loan The Company is party to a term loan credit agreement, dated as of May 8, 2015, by and among Jill Holdings, Inc. (as successor to Jill Holdings LLC), Jill Acquisition LLC, a wholly owned subsidiary of us, and the various lenders party thereto, as amended on May 27, 2016 by Amendment No. 1 thereto, as further amended by Amendment No. 2 thereto (the “Term Loan”). Priming Loan The Company is party to a senior secured priming term loan facility, dated August 31, 2020 (the “Priming Loan” and, the lenders thereunder, the “Priming Lenders”). On August 30, 2021, the Company made a scheduled principal paydown of $25.0 million. In accordance with the Priming Term Loan Credit Agreement, dated as of September 30, 2020 by and among the Company and Priming Lenders (the “Priming Credit Agreement”), the Company issued to the Priming Lenders 656,717 shares, as adjusted for the Company’s 1-for-5 stock split that occurred during the fourth quarter of Fiscal Year 2020, of the Company’s Common Stock (the “Equity Consideration”). On May 31, 2021, the Company had the choice (the “May 31, 2021 Option”) to either (i) repay $4.9 million in aggregate principal amount of the loans under the Priming Credit Agreement, together with accrued and unpaid interest thereon or (ii) issue additional shares of Common Stock to the Priming Lenders in an amount equal to the greater of (I) 9.79% of the fully diluted shares of Common Stock as of October 1, 2020 less 656,717 shares and (II) a number of shares of Common Stock with an aggregate value of $ 0.5 million at the time of such issuance ; provided, that the Priming Lenders shall not receive on such date shares of Common Stock having a value greater than $ 4.75 mil lion (based on the volume-weighted average stock price of the preceding five trading days) at the time of such issuance. The May 31, 2021 Option was considered an embedded derivative within the Priming Loan that was required to be adjusted to fair value each period while it was outstanding, with the adjustment being recorded in income. On May 31, 2021, and within the terms of the Priming Loan, the Company chose to issue 272,097 additional shares of Common Stock to the Priming Lenders with a value of approximately $ 5.2 million (based on the value of those shares as of close on that date) . The Company’s obligations under the Priming Credit Agreement are secured by substantially all of the real and personal property of the Company and certain of its subsidiaries, subject to certain customary exceptions. The Priming Credit Agreement includes customary negative covenants, including covenants limiting the ability of the Company to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and purchases, pay dividends and distributions, enter into transactions with affiliates, and make payments in respect of junior indebtedness. The Priming Credit Agreement also has certain financial covenants, including (1) a minimum liquidity covenant that generally requires minimum liquidity on a weekly basis of $15.0 million, (2) a first lien net leverage ratio that requires compliance beginning in the fourth quarter of Fiscal Year 2021 with a net leverage ratio of 5:1, which reduces over time, and (3) limits on capital expenditures of $20.0 million annually. As of October 30, 2021, the Company was in compliance with all covenants. Subordinated Facility On September 30, 2020, in accordance with the TSA, the Company entered into a subordinated facility, with the Subordinated Lenders (as defined below), that provides for a secured term loan facility in an aggregate principal amount equal to $15.0 million with an additional incremental capacity subject to certain customary conditions (the “Subordinated Facility”). The Subordinated Lenders are a group of related parties that includes certain affiliates of TowerBrook and our Chairman of the board of directors. In accordance with the Subordinated Facility, the Company issued penny warrants to the Subordinated Lenders. See Note 8 for additional information regarding the warrants. Asset-Based Revolving Credit Agreement The Company is party to a secured $40.0 million asset-based revolving credit facility agreement (the “ABL Facility”) with a maturity date of May 8, 2023. During the second quarter of Fiscal Year 2021, the Company paid down the outstanding short-term borrowings under the ABL Facility. The Company had short-term borrowings of $11.1 million under the Company’s ABL Facility as of January 30, 2021. The Company’s available borrowing capacity under the ABL Facility as of October 30, 2021 and January 30, 2021 was $35.6 million and $23.8 million, respectively. As of October 30, 2021 and January 30, 2021, there were outstanding letters of credit of $4.4 million and $2.9 million, respectively, which reduced the availability under the ABL Facility. As of October 30, 2021, the maximum commitment for letters of credit was $10.0 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements Certain assets and liabilities are carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets or liabilities in markets that are not active; or other inputs other than quoted prices that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities, including interest rates and yield curves, and market corroborated inputs. • Level 3 - Unobservable inputs for the asset s or liabilit ies that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These are valued based on management’s estimates and assumptions that market participants would use in pricing the asset or liabilit ies . The following table presents the carrying value and fair value hierarchy for debt as of October 30, 2021 (in thousands): Fair Value Carrying Value Level 1 Level 2 Level 3 Financial instruments not carried at fair value: Total debt $ 208,678 $ — $ 210,177 $ — Total financial instruments not carried at fair value $ 208,678 $ — $ 210,177 $ — The following table presents the carrying value and fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 30, 2021 and for debt which is not carried at fair value (in thousands). Effective May 31, 2021, the warrants and derivative liabilities were transferred to equity and are no longer measured at fair value on a recurring basis (see Note 8 for additional information): Fair Value Carrying Value Level 1 Level 2 Level 3 Recurring fair value measurements: Warrants $ 15,997 $ — $ 15,997 $ — Derivative liability 2,436 — 2,436 — Total recurring fair value measurements $ 18,433 $ — $ 18,433 $ — Financial instruments not carried at fair value: Total debt $ 231,511 $ — $ 220,010 $ — Total financial instruments not carried at fair value $ 231,511 $ — $ 220,010 $ — The Company determines the fair value of its financial assets and liabilities using the following methodologies: • Warrants - The fair value is determined based on a pricing model that uses share prices from actively quoted stock markets that are readily accessible and observable. • Derivative Liability - The fair value is determined using an option pricing model with a Monte Carlo simulation. Key assumptions include the Company’s stock price, 90.6% volatility, 0.01% risk-free rate and 0.0% dividend yield. • Debt - These debt instruments include the Term Loan, Priming Loan and Subordinated Facility. The debt instruments are recorded at cost, net of debt issuance costs and any related discount. The fair value of the debt instruments is obtained based on observable market prices quoted on public exchanges for similar instruments. The methodology used by the Company to determine the fair value of its financial assets and liabilities at October 30, 2021, is the same as that used at January 30, 2021. The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, accounts payable and any amounts drawn on its revolving credit facilities, consisting primarily of instruments without extended maturities, based on management’s estimates, approximates their fair value due to the short-term maturities of these instruments. Assets and Liabilities with Recurring Fair Value Measurements - Certain assets and liabilities may be measured at fair value on an ongoing basis. We did not elect to apply the fair value option for recording financial assets and financial liabilities. Other than the warrants, derivative liability and total debt, we do not have any assets or liabilities which we measure at fair value on a recurring basis. Assets and Liabilities with Nonrecurring Fair Value Measurements - Certain assets and liabilities are not measured at fair value on an ongoing basis. These assets and liabilities, which include long-lived assets, goodwill, and intangible assets, are subject to fair value adjustment in certain circumstances. From time to time, the fair value is determined on these assets as part of related impairment tests. Other than impairment accounting adjustments, no adjustments to fair value or fair value measurements were required for non-financial assets and liabilities for all periods presented. See Note 4, , for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company recorded an income tax provision of $2.6 million for the thirteen weeks ended October 30, 2021 and an income tax benefit of $7.3 million during the thirteen weeks ended October 31, 2020. The Company recorded an income tax provision of $8.4 million for the thirty-nine weeks ended October 30, 2021 and an income tax benefit of $38.5 million for the thirty-nine weeks ended October 31, 2020. The effective tax rate for the thirteen and thirty-nine weeks ended October 30, 2021 differs from the federal statutory rate of 21% primarily due to the nondeductible fair value adjustment of the warrants and the Priming Loan embedded derivative, the impact of executive compensation limitations and the impact of state and local income taxes. The effective tax rate for the thirteen and thirty-nine weeks ended October 31, 2020 differs from the federal statutory rate of 21% primarily due to the impact on the effective tax rate from goodwill impairment, which has no associated tax benefit, which was partially offset by a benefit from the CARES Act as well as the impact of state income taxes. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 8. Net Income (Loss) Per Share The following table summarizes the computation of basic and diluted net income (loss) per common share (“EPS”) (in thousands, except share and per share data): For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Numerator Net income (loss) attributable to common shareholders $ 11,238 $ (23,159 ) $ (31,718 ) $ (112,462 ) Denominator Weighted average number of common shares outstanding 9,987,435 9,177,350 9,849,700 9,004,321 Assumed exercise of warrants 3,810,695 — 2,121,705 — Weighted average common shares, basic 13,798,130 9,177,350 11,971,405 9,004,321 Dilutive effect of stock options and restricted shares 376,088 — — — Weighted average common shares, diluted 14,174,218 9,177,350 11,971,405 9,004,321 Net income (loss) per common share, basic $ 0.81 $ (2.52 ) $ (2.65 ) $ (12.49 ) Net income (loss) per common share, diluted $ 0.79 $ (2.52 ) $ (2.65 ) $ (12.49 ) Equity compensation awards are excluded from the diluted earnings per share calculation when their inclusion would have an antidilutive effect such as when the Company has a net loss for the reporting period, or if the assumed proceeds per share of the award is in excess of the related fiscal period’s average price of the Company’s common stock. Accordingly, 210,204 and 702,278 shares for the thirteen and thirty-nine weeks ended October 31, 2021, respectively, were excluded from the diluted earnings per share calculation because their inclusion would be antidilutive. Also, there were 416,363 and 476,541 shares for the thirteen and thirty-nine weeks ended October 30, 2020, respectively, that were excluded from the diluted calculation. Warrants On May 31, 2021, and within the terms of the Priming Loan, the Company chose to issue 272,097 additional shares of Common Stock to the Priming Lenders with a value of approximately $5.2 million based upon the preceding 5-day volume weighted average share price rather than repay $4.9 million of principal. As a result of this choice and because of the antidilution provision under the warrant agreement, the penny warrants became exercisable into 3,820,748 shares of common stock for an aggregate exercise price of $186,000. Through May 31, 2021, the Company recognized approximately $39.0 million and $59.8 million of non-cash charges recorded within Fair value adjustments – derivative and Fair value adjustments – warrants, respectively, in the condensed consolidated statements of operations and comprehensive income during the thirteen and twenty-six weeks ended July 31, 2021, respectively. Effective May 31, 2021, the remaining derivative and warrants liabilities totaling $78.2 million were reclassed to Additional paid-in capital because from that date they can only be settled by exercise of the warrants into common stock (i.e., cash is no longer a settlement option). Effective May 31, 2021 the warrants issued to the Subordinated Facility holders have been included in the denominator for basic and diluted EPS calculations as the exercise of the warrants is near certain because the exercise price is non substantive in relation to the fair value of the common shares to be issued upon exercise. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Oct. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 9. Equity-Based Compensation Equity-based compensation expense was $0.8 million and $1.9 million for the thirteen and thirty-nine weeks ended October 30, 2021, respectively, and $0.3 million and $1.6 million for the thirteen and thirty-nine weeks ended October 31, 2020, respectively, |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions On September 30, 2020, the Company entered into the Subordinated Facility, with a group of lenders that includes certain affiliates of TowerBrook and our Chairman of the board of directors. In accordance with the Subordinated Facility, the Company issued penny warrants to the Subordinated Lenders. For the thirteen weeks ended October 30, 2021 the Company incurred $0.6 million of Interest expense, net – related party associated with the Subordinated Facility in the condensed consolidated statements of operations and comprehensive income. For the thirty-nine weeks ended October 30, 2021 the Company incurred $1.6 million and $57.0 million, respectively, of Interest expense, net – related party and Fair value adjustment of warrants – related party associated with the Subordinated Facility in the condensed consolidated statements of operations and comprehensive income. For the thirteen and thirty-nine weeks ended October 31, 2020, the Company incurred an immaterial amount of other related party transactions. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Proceedings The Company is subject to various legal proceedings that arise in the ordinary course of business. Although the outcome of such proceedings cannot be predicted with certainty, management does not believe that the Company is presently party to any legal proceedings the resolution of which management believes would have a material adverse effect on the Company’s business, financial condition, operating results or cash flows. The Company establishes reserves for specific legal matters when the Company determines that the likelihood of an unfavorable outcome is probable, and the loss is reasonably estimable. |
Operating Leases
Operating Leases | 9 Months Ended |
Oct. 30, 2021 | |
Leases [Abstract] | |
Operating Leases | 12. Operating Leases During the thirty-nine weeks ended October 30, 2021, the Company recorded non-cash gains of $0.8 million associated with exiting store leases earlier than expected and non-cash gains of $0.4 million related to favorable lease renegotiations. During the thirteen weeks ended October 30, 2021, the Company recorded non-cash gains of $0.4 million associated with favorable lease negotiations and $0.1 million related to exiting store leases earlier than expected. During the first quarter of Fiscal Year 2020, the Company reduced the net carrying value of right-of-use assets to their estimated fair value, which was determined using a discounted cash flows method. These impairment charges arose from the material adverse effect that COVID-19 had on our results of operations, particularly with our store fleet. The Company recognized non-cash impairment charges of $6.7 million on leasehold improvements and non-cash impairment charges associated with right-of-use assets of $20.8 million during the first quarter of Fiscal Year 2020. During the second quarter of Fiscal Year 2020, the Company recorded a $1.3 million non-cash gain on the operating lease liability due to its decision to close certain retail stores. Approximately $0.9 million of the benefit related to leases that were included in the impairment on right-of-use assets recorded in the first quarter of Fiscal Year 2020; therefore, the benefit was recorded as a reduction of the previously recorded impairment. Approximately $0.4 million of the benefit related to the adjustment to the right-of-use asset and operating lease liability of leases not previously impaired and was recorded in Selling, General and Administrative expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our interim condensed consolidated financial statements are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”) Prior year shares and per share amounts on the condensed consolidated statements of operations and comprehensive income and condensed consolidated statements of shareholders’ equity have been restated to reflect the reverse stock split on November 9, 2020. |
Going Concern | Going Concern In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements - Going Concern”, we are required to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of the financial statements. As discussed in our 2020 Annual Report, during Fiscal Year 2020 our revenues, results of operations, cash flows and financing arrangements were materially adversely impacted by the COVID-19 pandemic, and, accordingly; we concluded at the time that our liquidity and capital may not be sufficient to finance our continued operations for at least the next 12 months. Although during the first two quarters of Fiscal Year 2021, economic conditions significantly improved, COVID-19 restrictions were reduced, and we continued to take substantial actions to improve our liquidity and financial performance, we maintained this conclusion due to remaining risks and uncertainties relating to the future impacts of COVID-19 (see our quarterly reports for the first and second quarters of Fiscal Year 2021). However, as discussed below we have now concluded that substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of the financial statements has been alleviated. In response to the impacts of COVID-19, we immediately took actions to improve our liquidity, capital resources and financial flexibility by restructuring our debt effective September 30, 2020, with an extended maturity and revised covenants (see Note 10 to our consolidated financial statements included in our 2020 Annual Report). Since the debt restructuring, the Company has been in compliance with all debt covenants, made all scheduled principal repayments including a $25.0 million voluntary repayment on August 27, 2021, and effectively converted $78.2 million of debt to equity. Our primary sources of liquidity and capital resources are cash generated from operating activities and availability under our ABL Facility, which has a maturity of May 8, 2023. As of October 30, 2021, we had $17.5 million in cash and $35.6 million of total availability under our ABL Facility, we exceeded the $15.0 million liquidity covenant by $46.2 million, and our projections indicate continued compliance with the liquidity and other covenants. Additionally, we have filed our federal income tax return for Fiscal Year 2020 and expect to receive a refund in excess of $25.0 million, however, the timing and amount of such refund is not known with certainty at this time. We also took significant actions to reduce expenses and maximize cash on hand. We closed certain stores and successfully renegotiated terms on the majority of the remaining store fleet. We reduced the volume of inventory purchases and the number and frequency of new product floorsets which resulted in overhead, marketing, and shipping and handling cost savings. We also reduced capital spend in the business to focus on critical maintenance and strategic technical investments. As a result of these actions and improved economic conditions, the Company’s operating results, cash flows and liquidity continue to improve. Therefore, considering the improved general economic conditions, and our improved operating results, cash flows, liquidity (including Cash, Debt and Equity), and projections into the foreseeable future, we have concluded that substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance of the financial statements has been alleviated. In accordance with FASB standards, this conclusion will be re-evaluated each quarter. If COVID-19 impacts should worsen and cause us to materially miss our projections, the Company would take additional actions to maintain its liquidity position and preserve cash flow, including but not limited to further cost reductions, payment term renegotiations, and flexing sales to the Direct channel if needed to compensate any impact on stores. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold (“COGS”) consist of all costs of sold merchandise (net of purchase discounts and vendor allowances). These costs include: • Direct costs of purchased merchandise; • Adjustments to the carrying value of inventory related to realizability and shrinkage; and • Inbound freight to our distribution center. Our COGS and Gross margin may not be comparable to other entities. Some entities, like us, exclude costs related to shipping products to their customers, as well as costs of their distribution network, buying function, store occupancy costs and depreciation and amortization expenses from COGS and include them in Selling, general and administrative expenses, whereas other entities include these costs in their COGS. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses consist of: • Payroll and payroll-related expenses; • Store Occupancy expenses related to stores, distribution center and our headquarters location, including utilities; • Depreciation of property and equipment and amortization of intangibles; • Advertising expenses: print, digital and social media advertising and catalog production and distribution; • Information technology and communication costs; • Freight associated with shipping products to customers; • Insurance costs; and |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes”. The pronouncement is effective for a public company’s annual reporting periods beginning after December 15, 2020, and interim periods within those annual periods. As an emerging growth company, the Company has elected to adopt the pronouncement following the effective date for private companies beginning with annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact that this standard will have on the condensed consolidated financial statements. The Company plans to adopt the pronouncement during the fiscal year ending January 28, 2023. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform”, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. The guidance is currently effective and may be applied prospectively at any point through December 31, 2022. The Company is assessing what impact this guidance will have on the Company’s condensed consolidated financial statements . |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregated Revenues by Source | The following table presents disaggregated revenues by source (in thousands): For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Retail $ 83,629 $ 42,991 $ 223,973 $ 104,388 Direct 68,102 74,233 216,080 196,441 Net revenues $ 151,731 $ 117,224 $ 440,053 $ 300,829 |
Schedule of Contract Liabilities | Total contract liabilities consisted of the following (in thousands): October 30, 2021 January 30, 2021 Contract liabilities: Signing bonus $ 259 $ 365 Unredeemed gift cards 5,280 6,818 Total contract liabilities (1) $ 5,539 $ 7,183 (1) The short-term portion of the signing bonus is included in Accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. The long-term portion of the signing bonus is included in Other long-term liabilities on the Company’s condensed consolidated balance sheets. |
Asset Impairments (Tables)
Asset Impairments (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Income Statement [Abstract] | |
Schedule of Roll-Forward of Carrying Amount of Goodwill | The following table displays a rollforward of the carrying amount of goodwill from February 1, 2020 to October 30, 2021 (in thousands): Goodwill at February 1, 2020 $ 77,597 Impairment losses (first quarter) (17,900 ) Balance, January 30, 2021 59,697 Impairment losses — Balance, October 30, 2021 $ 59,697 |
Schedule of Gross Carrying Amount of Finite-lived Intangible Assets Amortization Expense | A summary of intangible assets as of October 30, 2021 and January 30, 2021 is as follows (in thousands): October 30, 2021 Weighted Average Useful Life (Years) Gross Accumulated Amortization Accumulated Impairment Carrying Amount Indefinite-lived: Trade name N/A $ 58,100 $ — $ 24,100 $ 34,000 Definite-lived: Customer relationships 13.2 134,200 82,803 2,620 48,777 Total intangible assets $ 192,300 $ 82,803 $ 26,720 $ 82,777 January 30, 2021 Weighted Average Useful Life (Years) Gross Accumulated Amortization Accumulated Impairment Carrying Amount Indefinite-lived: Trade name N/A $ 58,100 $ — $ 24,100 $ 34,000 Definite-lived: Customer relationships 13.2 134,200 76,604 2,620 54,976 Total intangible assets $ 192,300 $ 76,604 $ 26,720 $ 88,976 |
Summary of Estimated Amortization Expense | The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands): Fiscal Year Estimated Amortization Expense 2021 $ 1,377 2022 7,585 2023 6,990 2024 5,407 2025 4,705 Thereafter 22,713 Total $ 48,777 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Components of Outstanding Long term debt | The components of the Company’s outstanding long-term debt were as follows (in thousands): Carrying Value of Debt October 30, 2021 January 30, 2021 Term Loan (principal of $4,963 and $5,007, respectively) $ 4,944 $ 4,904 Priming Loan (principal of $203,403 and $229,773, respectively) 198,826 223,296 Subordinated Facility (principal and paid-in kind interest of $17,077 and $15,666, respectively) 4,908 3,311 Less: Current portion (6,999 ) (2,799 ) Net long-term debt $ 201,679 $ 228,712 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the carrying value and fair value hierarchy for debt as of October 30, 2021 (in thousands): Fair Value Carrying Value Level 1 Level 2 Level 3 Financial instruments not carried at fair value: Total debt $ 208,678 $ — $ 210,177 $ — Total financial instruments not carried at fair value $ 208,678 $ — $ 210,177 $ — The following table presents the carrying value and fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 30, 2021 and for debt which is not carried at fair value (in thousands). Effective May 31, 2021, the warrants and derivative liabilities were transferred to equity and are no longer measured at fair value on a recurring basis (see Note 8 for additional information): Fair Value Carrying Value Level 1 Level 2 Level 3 Recurring fair value measurements: Warrants $ 15,997 $ — $ 15,997 $ — Derivative liability 2,436 — 2,436 — Total recurring fair value measurements $ 18,433 $ — $ 18,433 $ — Financial instruments not carried at fair value: Total debt $ 231,511 $ — $ 220,010 $ — Total financial instruments not carried at fair value $ 231,511 $ — $ 220,010 $ — |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table summarizes the computation of basic and diluted net income (loss) per common share (“EPS”) (in thousands, except share and per share data): For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Numerator Net income (loss) attributable to common shareholders $ 11,238 $ (23,159 ) $ (31,718 ) $ (112,462 ) Denominator Weighted average number of common shares outstanding 9,987,435 9,177,350 9,849,700 9,004,321 Assumed exercise of warrants 3,810,695 — 2,121,705 — Weighted average common shares, basic 13,798,130 9,177,350 11,971,405 9,004,321 Dilutive effect of stock options and restricted shares 376,088 — — — Weighted average common shares, diluted 14,174,218 9,177,350 11,971,405 9,004,321 Net income (loss) per common share, basic $ 0.81 $ (2.52 ) $ (2.65 ) $ (12.49 ) Net income (loss) per common share, diluted $ 0.79 $ (2.52 ) $ (2.65 ) $ (12.49 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) | Oct. 30, 2021Store |
Minimum [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of stores | 260 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Aug. 27, 2021 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Oct. 30, 2021 | Jan. 30, 2021 |
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Voluntary principal payment | $ 25,000,000 | |||||
Cash | $ 17,473,000 | $ 17,473,000 | $ 4,407,000 | |||
Cost of goods and services sold | 0 | $ 1,500,000 | ||||
(Loss) income of cost of goods and service sold after taxes | 0 | $ 1,100,000 | ||||
ABL Facility [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Conversion of debt to equity | $ 78,200,000 | |||||
Debt instrument, initial maturity date | May 8, 2023 | May 8, 2023 | ||||
Cash | 17,500,000 | $ 17,500,000 | ||||
Total availability related to the facility | 35,600,000 | $ 40,000,000 | 35,600,000 | |||
Total amount of liquidity covenant | 46,200,000 | |||||
Expected tax refund | $ 25,000,000 | 25,000,000 | ||||
ABL Facility [Member] | Minimum [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Line of credit facility, Liquidity covenant | $ 15,000,000 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregated Revenues by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 151,731 | $ 117,224 | $ 440,053 | $ 300,829 |
Retail [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 83,629 | 42,991 | 223,973 | 104,388 |
Direct [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 68,102 | $ 74,233 | $ 216,080 | $ 196,441 |
Revenues - Schedule of Contract
Revenues - Schedule of Contract Liabilities (Detail) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Contract liabilities: | ||
Signing bonus | $ 259 | $ 365 |
Unredeemed gift cards | 5,280 | 6,818 |
Total contract liabilities | $ 5,539 | $ 7,183 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||||
Revenue recognized related to gift card redemptions and breakage | $ 1.9 | $ 1.7 | $ 6.9 | $ 5.7 |
Signing bonus | $ 0.3 | $ 0.3 |
Asset Impairments - Additional
Asset Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Aug. 01, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | |
Impairment of long-lived assets | $ 906 | $ 0 | $ 27,493 | |||||
Non cash gains on operating leases | $ 1,300 | $ 1,300 | ||||||
Operating lease benefit | $ 900 | |||||||
Impairment of goodwill | 17,900 | 0 | 17,900 | $ 17,900 | ||||
Impairment of intangible assets | 6,620 | |||||||
Goodwill, impaired, accumulated impairment loss | $ 137,300 | 137,300 | ||||||
Amortization expense for intangible assets | $ 2,100 | 2,300 | $ 6,200 | 7,000 | ||||
Minimum [Member] | ||||||||
Cash flow assumption period for analysis | 5 years | |||||||
Weighted average fair value of goodwill and intangible assets | 23.50% | |||||||
Royalty rate to estimate available returns | 1.00% | |||||||
Maximum [Member] | ||||||||
Cash flow assumption period for analysis | 10 years | |||||||
Weighted average fair value of goodwill and intangible assets | 34.00% | |||||||
Royalty rate to estimate available returns | 4.00% | |||||||
Trade Name [Member] | ||||||||
Impairment of intangible assets | 4,000 | 4,000 | ||||||
Customer Relationships [Member] | ||||||||
Impairment of intangible assets, finite-lived | $ 2,600 | $ 2,600 | ||||||
Leasehold Improvements [Member] | ||||||||
Impairment of long-lived assets | 6,700 | |||||||
Right-of-Use Asset [Member] | ||||||||
Impairment of long-lived assets | $ 20,800 |
Asset Impairments - Schedule of
Asset Impairments - Schedule of Rollforward of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | |
Income Statement [Abstract] | ||||
Goodwill, Beginning Balance | $ 59,697 | $ 77,597 | $ 77,597 | |
Impairment losses | $ (17,900) | 0 | $ (17,900) | (17,900) |
Goodwill, Ending Balance | $ 59,697 | $ 59,697 |
Asset Impairments - Summary of
Asset Impairments - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 30, 2021 | Jan. 30, 2021 | |
Definite-lived Intangible Assets, Accumulated Amortization | $ 82,803 | $ 76,604 |
Definite-lived Intangible Assets, Accumulated Impairment | 26,720 | 26,720 |
Definite-lived Intangible Assets, Carrying Amount | 82,777 | 88,976 |
Total Intangible Assets, Gross | 192,300 | 192,300 |
Trade Name [Member] | ||
Indefinite-lived, Gross | 58,100 | 58,100 |
Indefinite-lived, Accumulated Impairment | 24,100 | 24,100 |
Indefinite-lived, Accumulated Impairment | $ 34,000 | $ 34,000 |
Customer Relationships [Member] | ||
Useful Life | 13 years 2 months 12 days | 13 years 2 months 12 days |
Definite-lived Intangible Assets, Gross | $ 134,200 | $ 134,200 |
Definite-lived Intangible Assets, Accumulated Amortization | 82,803 | 76,604 |
Definite-lived Intangible Assets, Accumulated Impairment | 2,620 | 2,620 |
Definite-lived Intangible Assets, Carrying Amount | $ 48,777 | $ 54,976 |
Asset Impairments - Summary o_2
Asset Impairments - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Oct. 30, 2021USD ($) |
Fiscal Year | |
2021 | $ 1,377 |
2022 | 7,585 |
2023 | 6,990 |
2024 | 5,407 |
2025 | 4,705 |
Thereafter | 22,713 |
Total | $ 48,777 |
Debt - Components of Outstandin
Debt - Components of Outstanding Term Loan (Detail) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Debt Instrument [Line Items] | ||
Term Loan (principal of $4,963 and $5,007, respectively) | $ 4,944 | $ 4,904 |
Subordinated Facility (principal and paid-in kind interest of $17,077 and $15,666, respectively) | 4,908 | 3,311 |
Less: Current portion | (6,999) | (2,799) |
Net long-term debt | 201,679 | 228,712 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Priming Loan (principal of $203,403 and $229,773, respectively) | $ 198,826 | $ 223,296 |
Debt - Components of Outstand_2
Debt - Components of Outstanding Long term debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 30, 2021 | Jan. 30, 2021 | |
Debt Instrument [Line Items] | ||
Principal amount of term loan | $ 4,963 | $ 5,007 |
Principal and paid-in kind interest | 17,077 | 15,666 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of priming loan | $ 203,403 | $ 229,773 |
Debt - Priming Loan (Detail)
Debt - Priming Loan (Detail) $ in Thousands | Aug. 30, 2021USD ($) | May 31, 2021USD ($)shares | Oct. 30, 2021USD ($)shares | Oct. 31, 2020USD ($) | Jan. 30, 2021USD ($) |
Debt Instrument [Line Items] | |||||
Repayments Of Debt | $ 26,399 | $ 2,099 | |||
Common stock, par value $0.01 per share; 50,000,000 shares authorized; 9,987,999 and 9,631,633 shares issued and outstanding at October 30, 2021 and January 30, 2021, respectively | $ 100 | $ 97 | |||
Priming Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Reduction to the percentage of fully diluted shares calculated | shares | 656,717 | ||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 stock split | ||||
Repayments Of Debt | $ 4,900 | ||||
Percentage of fully diluted shares of common stock | 9.79% | ||||
Common stock, par value $0.01 per share; 50,000,000 shares authorized; 9,987,999 and 9,631,633 shares issued and outstanding at October 30, 2021 and January 30, 2021, respectively | $ 500 | ||||
Common shares issued to lenders | shares | 272,097 | ||||
Issuance of shares value | $ 5,200 | ||||
Debt Instrument repayment, Description | On May 31, 2021, the Company had the choice (the “May 31, 2021 Option”) to either (i) repay $4.9 million in aggregate principal amount of the loans under the Priming Credit Agreement, together with accrued and unpaid interest thereon or (ii) issue additional shares of Common Stock to the Priming Lenders in an amount equal to the greater of (I) 9.79% of the fully diluted shares of Common Stock as of October 1, 2020 less 656,717 shares and (II) a number of shares of Common Stock with an aggregate value of $0.5 million at the time of such issuance | ||||
Debt instrument, financial covenant, description | The Priming Credit Agreement also has certain financial covenants, including (1) a minimum liquidity covenant that generally requires minimum liquidity on a weekly basis of $15.0 million, (2) a first lien net leverage ratio that requires compliance beginning in the fourth quarter of Fiscal Year 2021 with a net leverage ratio of 5:1, which reduces over time, and (3) limits on capital expenditures of $20.0 million annually. As of October 30, 2021, the Company was in compliance with all covenants. | ||||
Minimum liquidity covenant amount | $ 15,000 | ||||
Net leverage ratio | 5 | ||||
Limits on capital spending | $ 20,000 | ||||
Priming Term Loan Credit Agreement [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock, par value $0.01 per share; 50,000,000 shares authorized; 9,987,999 and 9,631,633 shares issued and outstanding at October 30, 2021 and January 30, 2021, respectively | $ 4,750 | ||||
Priming Term Loan Credit Agreement [Member] | Principal Paydown [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, periodic payment, principal | $ 25,000 |
Debt - Subordinated Facility (D
Debt - Subordinated Facility (Detail) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | |||
Principal amount of term loan | $ 4,963 | $ 5,007 | |
Subordinated facility [member] | |||
Debt Instrument [Line Items] | |||
Principal amount of term loan | $ 15,000 |
Debt - Asset-Based Revolving Cr
Debt - Asset-Based Revolving Credit Agreement (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
May 01, 2021 | Oct. 30, 2021 | Jan. 30, 2021 | |
Debt Instrument [Line Items] | |||
Credit facility maximum borrowing capacity | $ 10,000,000 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility drawn or outstanding | 4,400,000 | $ 2,900,000 | |
ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total availability related to the facility | $ 40,000,000 | $ 35,600,000 | |
Debt instrument, initial maturity date | May 8, 2023 | May 8, 2023 | |
Credit Facility drawn or outstanding | 11,100,000 | ||
Credit Facility available borrowing capacity | $ 35,600,000 | $ 23,800,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Carrying Value [Member] | ||
Financial instruments not carried at fair value: | ||
Total financial instruments not carried at fair value | $ 208,678 | $ 231,511 |
Recurring fair value measurements: | ||
Total recurring fair value measurements | 18,433 | |
Carrying Value [Member] | Debt [Member] | ||
Financial instruments not carried at fair value: | ||
Total financial instruments not carried at fair value | 208,678 | 231,511 |
Carrying Value [Member] | Warrant [Member] | ||
Recurring fair value measurements: | ||
Total recurring fair value measurements | 15,997 | |
Carrying Value [Member] | Derivative [Member] | ||
Recurring fair value measurements: | ||
Total recurring fair value measurements | 2,436 | |
Level 2 [Member] | ||
Financial instruments not carried at fair value: | ||
Total financial instruments not carried at fair value | 210,177 | 220,010 |
Recurring fair value measurements: | ||
Total recurring fair value measurements | 18,433 | |
Level 2 [Member] | Debt [Member] | ||
Financial instruments not carried at fair value: | ||
Total financial instruments not carried at fair value | $ 210,177 | 220,010 |
Level 2 [Member] | Warrant [Member] | ||
Recurring fair value measurements: | ||
Total recurring fair value measurements | 15,997 | |
Level 2 [Member] | Derivative [Member] | ||
Recurring fair value measurements: | ||
Total recurring fair value measurements | $ 2,436 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 9 Months Ended |
Oct. 30, 2021 | |
Volatility [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value assumptions expected rate | 90.60% |
Risk-free Rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value assumptions expected rate | 0.01% |
Dividend Yield [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value assumptions expected rate | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ 2,592 | $ (7,313) | $ 8,430 | $ (38,464) |
U.S. Federal corporate income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Shareholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Numerator | ||||
Net income (loss) attributable to common shareholders | $ 11,238 | $ (23,159) | $ (31,718) | $ (112,462) |
Denominator | ||||
Weighted average number of common shares outstanding | 9,987,435 | 9,177,350 | 9,849,700 | 9,004,321 |
Assumed exercise of warrants | 3,810,695 | 2,121,705 | ||
Weighted average common shares, basic | 13,798,130 | 9,177,350 | 11,971,405 | 9,004,321 |
Dilutive effect of stock options and restricted shares | 376,088 | |||
Weighted average common shares, diluted | 14,174,218 | 9,177,350 | 11,971,405 | 9,004,321 |
Net income (loss) per common share, basic | $ 0.81 | $ (2.52) | $ (2.65) | $ (12.49) |
Net income (loss) per common share, diluted | $ 0.79 | $ (2.52) | $ (2.65) | $ (12.49) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - USD ($) $ in Thousands | May 31, 2021 | Oct. 30, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2021 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 |
Antidilutive equity awards excluded from the computation of diluted earnings per share | 210,204 | 416,363 | 702,278 | 476,541 | ||||
Principal amount of term loan | $ 4,963 | $ 4,963 | $ 5,007 | |||||
Fair value adjustment of derivative | $ 1,628 | 2,775 | $ 1,628 | |||||
Fair value adjustment of warrants - related party | $ 56,984 | |||||||
Priming Term Loan Credit Agreement [Member] | ||||||||
Common shares issued to lenders | 272,097 | |||||||
Issuance of shares value | $ 5,200 | |||||||
Principal amount of term loan | $ 4,900 | |||||||
Conversion of warrants into common share | 3,820,748 | |||||||
Warrants exercise price | $ 186,000 | |||||||
Fair value adjustment of derivative | $ 39,000 | |||||||
Fair value adjustment of warrants - related party | $ 59,800 | $ 59,800 | ||||||
Warrant liabilities | $ 78,200 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Equity based compensation expense | $ 0.8 | $ 0.3 | $ 1.9 | $ 1.6 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 30, 2021 | Oct. 30, 2021 | |
Related Party Transaction [Line Items] | ||
Interest expense, net - related party | $ 607 | $ 1,597 |
Fair value adjustment of warrants - related party | 56,984 | |
TowerBrook Capital Partners L.P [Member] | ||
Related Party Transaction [Line Items] | ||
Interest expense, net - related party | $ 600 | 1,600 |
Fair value adjustment of warrants - related party | $ 57,000 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Aug. 01, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Leases [Line Items] | |||||||
Non-cash gains associated with exiting leases | $ 100 | $ 800 | |||||
Non-cash gains from renegotiations | $ 400 | 400 | |||||
Impairment of long-lived assets | $ 906 | $ 0 | $ 27,493 | ||||
Non cash gains on operating leases | $ 1,300 | $ 1,300 | |||||
Operating lease benefit | $ 900 | ||||||
Selling General and Administrative Expenses [Member] | |||||||
Leases [Line Items] | |||||||
Operating lease benefit | 400 | ||||||
Right-of-Use Asset [Member] | |||||||
Leases [Line Items] | |||||||
Impairment of long-lived assets | 20,800 | ||||||
Leasehold Improvements [Member] | |||||||
Leases [Line Items] | |||||||
Impairment of long-lived assets | $ 6,700 |