Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Apr. 23, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Feb-14 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Registrant Name | 'BURLINGTON COAT FACTORY INVESTMENTS HOLDINGS, INC. | ' |
Entity Central Index Key | '0001368775 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Entity Public Float | ' | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | $129,460 | $43,336 | $35,664 | $30,214 |
Restricted Cash and Cash Equivalents | 32,100 | 34,800 | ' | ' |
Accounts Receivable (Net of Allowances for Doubtful Accounts of $109 at February 1, 2014, and $81 at February 2, 2013) | 35,678 | 41,734 | ' | ' |
Merchandise Inventories | 720,052 | 680,190 | ' | ' |
Deferred Tax Assets | 13,475 | 6,133 | ' | ' |
Prepaid and Other Current Assets | 77,701 | 66,243 | ' | ' |
Prepaid Income Taxes | 4,523 | 7,218 | ' | ' |
Total Current Assets | 1,012,989 | 879,654 | ' | ' |
Property and Equipment-Net of Accumulated Depreciation and Amortization | 902,657 | 878,305 | ' | ' |
Tradenames | 238,000 | 238,000 | ' | ' |
Favorable Leases-Net of Accumulated Amortization | 292,553 | 322,081 | ' | ' |
Goodwill | 47,064 | 47,064 | ' | ' |
Other Assets | 120,673 | 112,978 | ' | ' |
Total Assets | 2,613,936 | 2,478,082 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 542,987 | 500,406 | ' | ' |
Other Current Liabilities | 312,343 | 238,865 | ' | ' |
Current Maturities of Long Term Debt | 1,026 | 784 | ' | ' |
Total Current Liabilities | 856,356 | 740,055 | ' | ' |
Long Term Debt | 1,301,012 | 1,335,532 | ' | ' |
Other Liabilities | 255,555 | 229,425 | ' | ' |
Deferred Tax Liabilities | 242,708 | 253,339 | ' | ' |
Commitments and Contingencies (Notes 9, 10, 11, 14, 16 and 18) | ' | ' | ' | ' |
Stockholder's Deficit: | ' | ' | ' | ' |
Common Stock (Par Value $0.01; 1,000 Shares Issued and Outstanding) | ' | ' | ' | ' |
Capital in Excess of Par Value | 474,396 | 479,572 | ' | ' |
Accumulated Deficit | -516,091 | -559,841 | ' | ' |
Total Stockholder's Deficit | -41,695 | -80,269 | -110,945 | 187,512 |
Total Liabilities and Stockholder's Deficit | $2,613,936 | $2,478,082 | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts Receivable, Allowances for Doubtful Accounts | $109 | $81 |
Common Stock, Par Value | $0.01 | $0.01 |
Common Stock, Shares Issued | 1,000 | 1,000 |
Common Stock, Shares Outstanding | 1,000 | 1,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
REVENUES: | ' | ' | ' |
Net Sales | $4,427,503 | $4,131,379 | $3,854,134 |
Other Revenue | 34,484 | 34,125 | 33,397 |
Total Revenue | 4,461,987 | 4,165,504 | 3,887,531 |
COSTS AND EXPENSES: | ' | ' | ' |
Cost of Sales | 2,695,957 | 2,530,124 | 2,363,464 |
Selling and Administrative Expenses | 1,391,755 | 1,312,682 | 1,215,774 |
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | 22,265 | 4,175 | -473 |
Stock Option Modification Expense | 10,418 | ' | ' |
Restructuring and Separation Costs (Note 13) | 2,171 | 2,999 | 7,438 |
Depreciation and Amortization | 168,195 | 166,786 | 153,070 |
Impairment Charges-Long-Lived Assets (Note 7) | 3,180 | 11,539 | 1,735 |
Other Income, Net | -8,939 | -8,115 | -9,942 |
Loss on Extinguishment of Debt | 1,335 | 2,222 | 37,764 |
Interest Expense (inclusive of (Gain) Loss on Interest Rate Cap Agreements) | 99,539 | 113,927 | 129,121 |
Total Costs and Expenses | 4,385,876 | 4,136,339 | 3,897,951 |
Income (Loss) Before Income Tax Expense (Benefit) | 76,111 | 29,165 | -10,420 |
Income Tax Expense (Benefit) | 32,361 | 3,864 | -4,148 |
Net Income (Loss) | 43,750 | 25,301 | -6,272 |
Total Comprehensive Income (Loss) | $43,750 | $25,301 | ($6,272) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
OPERATING ACTIVITIES | ' | ' | ' | |||
Net Income (Loss) | $43,750 | $25,301 | ($6,272) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ' | ' | ' | |||
Depreciation and Amortization | 168,195 | 166,786 | 153,070 | |||
Amortization and Write-Off of Debt Issuance Costs | 7,676 | 5,805 | 11,904 | |||
Impairment Charges-Long-Lived Assets | 3,180 | 11,539 | 1,735 | |||
Accretion of Senior Notes and Senior Discount Notes | 1,885 | 1,899 | 59 | |||
Interest Rate Cap Contracts-Adjustment to Market | 68 | 45 | 3,165 | |||
Provision for Losses on Accounts Receivable | 304 | 115 | 1,211 | |||
Deferred Income Tax (Benefit)/Provision | -17,973 | -6,536 | -701 | |||
Loss on Disposition of Fixed Assets and Leasehold Improvements | 1,157 | 2,233 | 2,261 | |||
Non-Cash Loss on Extinguishment of Debt-Write-off of Deferred Financing Fees | 1,184 | 2,222 | 16,435 | |||
Non-cash stock compensation expense | 10,203 | [1] | 2,747 | [1] | 5,797 | [1] |
Non-Cash Rent Expense | -11,059 | -9,873 | -5,363 | |||
Deferred Rent Incentives | 41,571 | 33,400 | 32,427 | |||
Excess Tax Benefit from Stock Based Compensation | ' | -497 | 32 | |||
Insurance Recoveries | 3,573 | 4,000 | ' | |||
Changes in Assets and Liabilities: | ' | ' | ' | |||
Accounts Receivable | 1,573 | -11,814 | -1,650 | |||
Merchandise Inventories | -39,862 | 2,070 | -38,033 | |||
Prepaid and Other Current Assets | -8,954 | -11,891 | -8,845 | |||
Accounts Payable | 42,581 | 224,121 | 85,824 | |||
Other Current Liabilities | 61,716 | 14,795 | 6,959 | |||
Other Long Term Assets and Long Term Liabilities | 3,153 | -3,958 | -10,032 | |||
Net Cash Provided by Operating Activities | 313,921 | 452,509 | 249,983 | |||
INVESTING ACTIVITIES | ' | ' | ' | |||
Cash Paid for Property and Equipment | -168,267 | -166,721 | -153,373 | |||
Change in Restricted Cash and Cash Equivalents | 2,700 | ' | -4,536 | |||
Proceeds (Expenses) From Sale of Property and Equipment and Assets Held for Sale | 773 | 1,435 | 757 | |||
Lease Acquisition Costs | ' | -530 | -557 | |||
Other | ' | ' | -1,064 | |||
Net Cash Used in Investing Activities | -164,794 | -165,816 | -158,773 | |||
FINANCING ACTIVITIES | ' | ' | ' | |||
Proceeds from Long Term Debt-ABL Line of Credit | 806,800 | 459,800 | 1,073,700 | |||
Principal Payments on Long Term Debt-ABL Line of Credit | -806,800 | -649,800 | -1,052,300 | |||
Proceeds from Long Term Debt-Term Loan | ' | 116,913 | 991,623 | |||
Principal Payments on Long Term Debt-Term Loan | -36,533 | -205,749 | -42,500 | |||
Principal Payments on Long Term Debt-Senior Notes | ' | ' | -99,309 | |||
Proceeds from Long Term Debt-Notes Payable | ' | ' | 450,000 | |||
Principal Payments on Long Term Debt-Senior Discount Notes | ' | ' | -302,056 | |||
Repayment of Capital Lease Obligations | -920 | -768 | -829 | |||
Principal Repayment of Previous Term Loan | ' | ' | -777,550 | |||
Payment of Dividends | -255,192 | -1,711 | -297,917 | |||
Proceeds from Direct Parent Investment | 239,813 | ' | ' | |||
Proceeds from Stock Option Exercises and Related Tax Benefits | ' | 2,753 | 2,018 | |||
Debt Issuance Costs | -10,171 | -459 | -30,640 | |||
Net Cash Provided by (Used In) Financing Activities | -63,003 | -279,021 | -85,760 | |||
Increase in Cash and Cash Equivalents | 86,124 | 7,672 | 5,450 | |||
Cash and Cash Equivalents at Beginning of Period | 43,336 | 35,664 | 30,214 | |||
Cash and Cash Equivalents at End of Period | 129,460 | 43,336 | 35,664 | |||
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' | |||
Interest Paid | 91,674 | 108,180 | 102,304 | |||
Income Tax Payments, Net of Refunds | 2,769 | 4,191 | 5,697 | |||
Non-Cash Investing Activities: | ' | ' | ' | |||
Accrued Purchases of Property and Equipment | 21,604 | 14,102 | 12,969 | |||
Acquisition of Capital Lease | $887 | ' | ' | |||
[1] | The tax benefit related to the Company's non-cash stock compensation was $5.1 million, $1.0 million, and $2.3 during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Deficit (USD $) | Total | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) |
In Thousands | |||
Beginning balance at Jan. 29, 2011 | $187,512 | $466,754 | ($279,242) |
Net Income (Loss) | -6,272 | ' | -6,272 |
Stock Options Exercised and Related Tax Benefits | 2,018 | 2,018 | ' |
Stock Based Compensation | 5,797 | 5,797 | ' |
Dividend | -300,000 | ' | -300,000 |
Ending balance at Jan. 28, 2012 | -110,945 | 474,569 | -585,514 |
Net Income (Loss) | 25,301 | ' | 25,301 |
Stock Options Exercised and Related Tax Benefits | 2,256 | 2,256 | ' |
Stock Based Compensation | 2,747 | 2,747 | ' |
Dividend Forfeitures | 372 | ' | 372 |
Ending balance at Feb. 02, 2013 | -80,269 | 479,572 | -559,841 |
Net Income (Loss) | 43,750 | ' | 43,750 |
Stock Based Compensation | 10,203 | 10,203 | ' |
Dividend | -255,192 | -255,192 | ' |
Direct Parent Investment | 239,813 | 239,813 | ' |
Ending balance at Feb. 01, 2014 | ($41,695) | $474,396 | ($516,091) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||
Business | |||||||||||||
As of February 1, 2014, Burlington Coat Factory Investments Holdings, Inc. and its subsidiaries (the Company or Holdings), a Delaware Corporation, through its direct subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 521 retail stores, inclusive of an internet store, in 44 states and Puerto Rico, selling apparel, footwear and accessories for men, women and children. A majority of those stores offer a home furnishing and linens department and a juvenile furniture department. As of February 1, 2014, the Company operated stores under the names “Burlington Coat Factory” (503 stores), “Cohoes Fashions” (two stores), “Super Baby Depot” (two stores), “MJM Designer Shoes” (13 stores) and “Burlington Shoes” (one store). Cohoes Fashions offers products similar to that of Burlington Coat Factory. MJM Designer Shoes and Burlington Shoes offer moderately priced designer and fashion shoes. The Super Baby Depot stores offers baby clothing, accessories, furniture and other merchandise in the middle to higher price range. During Fiscal 2013, the Company opened 23 new stores under the name “Burlington Coat Factory” and closed two Burlington Coat Factory stores. | |||||||||||||
Basis of Consolidation and Presentation | |||||||||||||
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Consolidated Financial Statements include the accounts of Burlington Coat Factory Investments Holdings, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
The Company has no operations and its only asset is 100% of the stock of BCFWC. All discussions of operations in this report relate to BCFWC, which are reflected in the Consolidated Financial Statements of the Company. The Consolidated Financial Statements include the subsidiaries of the Company in which it has controlling financial interest through direct ownership. All intercompany accounts and transactions have been eliminated. | |||||||||||||
The Company has 1,000 shares of common stock issued and outstanding, all of which are owned by Burlington Coat Factory Holdings, LLC. Burlington Coat Factory Holdings, LLC is indirectly owned by Burlington Stores, Inc. (Parent). As of February 1, 2014 and February 2, 2013, Parent had 500,000,000 shares and 568,416,244 shares of Common Stock, par value $0.0001 per share authorized. As of February 1, 2014 and February 2, 2013, Parent had 74,218,275 shares and 517,979,682 shares of Common Stock outstanding, respectively. | |||||||||||||
Fiscal Years | |||||||||||||
The Company defines its fiscal year as the 52 or 53 week period ending on the Saturday closest to January 31. The Company’s fiscal years ended February 1, 2014 (Fiscal 2013), February 2, 2013 (Fiscal 2012) and January 28, 2012 (Fiscal 2011) consisted of 52 weeks, 53 weeks and 52 weeks, respectively. | |||||||||||||
Use of Estimates | |||||||||||||
The Company’s Consolidated Financial Statements have been prepared in conformity with GAAP. Certain amounts included in the Consolidated Financial Statements are estimated based on historical experience, currently available information and management’s judgment as to the expected outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, actual results could differ from these estimates, and such differences could have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||
Parent’s Initial Public Offering | |||||||||||||
On October 7, 2013, Parent completed its initial public offering (the Offering). Prior to the Offering, each outstanding share of Parent’s Class A common stock was automatically cancelled and then each outstanding share of Parent’s Class L common stock was automatically converted into one share of Parent’s Class A common stock. Parent then effected an 11-for-1 split of Parent’s Class A common stock and then reclassified Parent’s Class A common stock into common stock. Collectively, these transactions should be referred to as the Reclassification. Unless otherwise indicated, all share data presented within the Consolidated Financial Statements gives effect to the stock split. | |||||||||||||
In connection with the Offering and the termination of the Advisory Agreement (as defined in Note 17, “Related Party Transactions,”) the Company received an investment of $239.8 million from Burlington Holdings, LLC (Direct Parent), the direct parent of the Company, in October 2013. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Book cash overdrafts are included in the line item “Accounts Payable” on the Company’s Consolidated Balance Sheets. | |||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable consist of credit card receivables, lease incentive receivables and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company provides an allowance for doubtful accounts for amounts deemed uncollectible. | |||||||||||||
Inventories | |||||||||||||
Merchandise inventories are valued at the lower of cost, on an average cost basis, or market, as determined by the retail inventory method. The Company records its cost of merchandise (net of purchase discounts and certain vendor allowances), certain merchandise acquisition costs (primarily commissions and import fees), inbound freight, outbound freight from distribution centers, and freight on internally transferred merchandise in the line item “Cost of Sales” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Costs associated with the Company’s distribution, buying, and store receiving functions are included in the line items “Selling and Administrative Expenses” and “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Distribution and purchasing costs included in the line item “Selling and Administrative Expenses” amounted to $137.1 million, $114.3 million and $84.6 million for Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. Depreciation and amortization related to the distribution and purchasing functions for the same periods amounted to $14.1 million, $12.8 million and $8.9 million, respectively. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 20 and 40 years for buildings, depending upon the expected useful life of the facility, and three to ten years for store fixtures and equipment. Leasehold improvements are amortized over the lease term including any reasonably assured renewal options or the expected economic life of the improvement, whichever is less. Repairs and maintenance expenditures are expensed as incurred. Renewals and betterments, which significantly extend the useful lives of existing property and equipment, are capitalized. Assets recorded under capital leases are recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of assets recorded as capital leases is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The carrying value of all long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, in accordance with ASC Topic No. 360 “Property, Plant, and Equipment” (Topic No. 360). | |||||||||||||
The Company accounts for impaired property and equipment in accordance with Topic No. 360. This topic requires that long-lived assets (i) be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and (ii) should be reported at the lower of the carrying amount or fair value less cost to sell. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the estimated future cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is either based on prices for similar assets or measured by discounting expected future cash flows by the Company’s risk adjusted rate of interest. The recoverability assessment related to store-level assets requires judgments and estimates of future revenues, gross margin rates and store expenses. The Company believes its estimates are appropriate in light of current market conditions. However, future impairment charges could be required if the Company does not achieve its current revenue or cash flow projections. The Company recorded impairment charges related to property and equipment of $2.7 million, $5.2 million and $1.2 million during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. These charges are recorded in the line item “Impairment Charges—Long-Lived Assets” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Refer to Note 7, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. | |||||||||||||
Capitalized Computer Software Costs | |||||||||||||
The Company accounts for capitalized software in accordance with ASC Topic No. 350 “Intangibles—Goodwill and Other” (Topic No. 350) which requires the capitalization of certain costs incurred in connection with developing or obtaining software for internal use. The Company capitalized $21.1 million and $19.8 million relating to these costs during Fiscal 2013 and Fiscal 2012, respectively. | |||||||||||||
Purchased and internally developed software is amortized on a straight-line basis over the product’s estimated economic life, which is generally three to five years. The net carrying value of software is included in the line item “Property and Equipment—Net of Accumulated Depreciation and Amortization” on the Company’s Consolidated Balance Sheets and software amortization is included in the line item “Depreciation and Amortization” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||
Intangible Assets | |||||||||||||
The Company accounts for intangible assets in accordance with Topic No. 350. The Company’s intangible assets primarily represent tradenames and favorable lease positions. The tradename asset “Burlington Coat Factory” is expected to generate cash flows indefinitely and, therefore, is accounted for as an indefinite-lived asset not subject to amortization. The values of favorable and unfavorable lease positions are amortized on a straight-line basis over the expected lease terms. Amortization of net favorable lease positions is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The Company evaluates its intangible assets for possible impairment as follows: | |||||||||||||
Indefinite-lived intangible assets: The Company tests identifiable intangible assets with an indefinite life for impairment on an annual basis, or when a triggering event occurs, relying on a number of factors that include operating results, business plans and projected future cash flows. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. In March 2013, the Company determined fair value through the relief of royalty method, which is a widely accepted valuation technique. In May 2013, the Company’s annual assessment date, the Company performed a qualitative analysis and determined that it is more likely than not that the fair values of each of the Company’s identifiable intangible assets are greater than their respective carrying values. There were no impairment losses recorded during Fiscal 2013, Fiscal 2012 or Fiscal 2011 related to indefinite-lived intangible assets. | |||||||||||||
Finite-lived intangible assets: Identifiable intangible assets that are subject to amortization are evaluated for impairment in accordance with Topic No. 360 using a process similar to that used to evaluate other long-lived assets as described in Note 7, “Impairment Charges.” An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. For the favorable lease positions, if the carrying amount exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset to its fair value. The fair value is estimated by discounting expected future cash flows using the Company’s risk adjusted rate of interest. The Company did not record an impairment related to identifiable finite-lived intangible assets during Fiscal 2013. During Fiscal 2012 and Fiscal 2011, the Company recorded $6.3 million and $0.1 million, respectively, of impairment charges related to identifiable finite-lived intangible asset charges, which are recorded in the line item “Impairment Charges—Long-Lived Assets” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the acquisition cost over the estimated fair value of tangible assets and other identifiable intangible assets acquired less liabilities assumed. Topic No. 350 requires a comparison, at least annually, of the carrying value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit. In March 2013, the Company determined fair value through multiple widely accepted valuation techniques. These techniques use a variety of assumptions including projected market conditions, discount rates and future cash flows. If the carrying value of the assets and liabilities exceeds the fair value of the reporting unit, the Company would calculate the implied fair value of its reporting unit goodwill as compared with the carrying value of its reporting unit goodwill to determine the appropriate impairment charge. In May 2013, the Company’s annual assessment date, the Company performed a qualitative analysis and determined that it is more likely than not that the fair values of each of the Company’s reporting unit is greater than their respective carrying values. There were no impairment losses recorded during Fiscal 2013, Fiscal 2012 or Fiscal 2011. Refer to Note 6, “Goodwill,” for further discussion of the recoverability of the Company’s goodwill. | |||||||||||||
Other Assets | |||||||||||||
Other assets consist primarily of deferred financing fees, landlord owned store assets that the Company has paid for as part of its lease, purchased lease rights and notes receivable. Deferred financing fees are amortized over the life of the related debt facility using the interest method of amortization. Amortization of deferred financing fees is recorded in the line item “Interest Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Landlord owned assets represent leasehold improvements at certain stores that the Company has paid for, but where the landlord has retained title to such assets. These assets are amortized over the lease term inclusive of reasonably assured renewal options and the amortization is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Purchased lease rights are amortized over the lease term inclusive of reasonably assured renewal options and the amortization is recorded in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Both landlord owned assets and purchased lease rights are assessed for impairment in accordance with Topic No. 360. During Fiscal 2013 and 2011, the Company recorded impairment charges of $0.5 million and $0.4 million, respectively, related to landlord owned assets and purchased lease rights. These charges are recorded in the line item “Impairment Charges – Long-Lived Assets” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). There were no impairment charges in Fiscal 2012 related to landlord owned assets and purchased lease rights. Refer to Note 7, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. | |||||||||||||
Other Current Liabilities | |||||||||||||
Other current liabilities primarily consist of sales tax payable, customer liabilities, accrued payroll costs, self-insurance reserves, accrued operating expenses, payroll taxes payable, current portion of straight line rent liability and other miscellaneous items. Customer liabilities totaled $29.2 million and $30.0 million as of February 1, 2014 and February 2, 2013, respectively. | |||||||||||||
The Company has risk participation agreements with insurance carriers with respect to workers’ compensation, general liability insurance and health insurance. Pursuant to these arrangements, the Company is responsible for paying individual claims up to designated dollar limits. The amounts related to these claims are estimated and can vary based on changes in assumptions or claims experience included in the associated insurance programs. An increase in workers’ compensation claims, health insurance claims or general liability claims may result in a corresponding increase in costs related to these claims. Self insurance reserves as of February 1, 2014 and February 2, 2013 were: | |||||||||||||
(in thousands) | |||||||||||||
Years Ended | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Short-Term Self Insurance Reserve(a) | $ | 23,553 | $ | 21,165 | |||||||||
Long-Term Self Insurance Reserve(b) | 33,600 | 31,232 | |||||||||||
Total | $ | 57,153 | $ | 52,397 | |||||||||
(a) | Represents the portions of the self insurance reserve expected to be paid in the next twelve months which is recorded in the line item “Other Current Liabilities” in the Company’s Consolidated Balance Sheets. | ||||||||||||
(b) | The remaining self insurance reserve balance is recorded in the line item “Other Liabilities” in the Company’s Consolidated Balance Sheets. | ||||||||||||
Other Liabilities | |||||||||||||
Other liabilities primarily consist of deferred lease incentives, the long term portion of self-insurance reserves, the excess of straight-line rent expense over actual rental payments and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with ASC Topic No. 740 “Income Taxes” (Topic No. 740). | |||||||||||||
Deferred lease incentives are funds received or receivable from landlords used primarily to offset the costs incurred for remodeling of stores. These deferred lease incentives are amortized over the expected lease term including rent holiday periods and option periods where the exercise of the option can be reasonably assured. Amortization of deferred lease incentives is included in the line item “Selling and Administrative Expenses” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). At February 1, 2014 and February 2, 2013, deferred lease incentives were $157.5 million and $138.1 million, respectively. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company records revenue at the time of sale and delivery of merchandise, net of allowances for estimated future returns. The Company presents sales, net of sales taxes, in its Consolidated Statements of Operations and Comprehensive Income (Loss). The Company accounts for layaway sales and leased department revenue in compliance with ASC Topic No. 605 “Revenue Recognition” (Topic No. 605). Layaway sales are recognized upon delivery of merchandise to the customer. The amount of cash received upon initiation of the layaway is recorded as a deposit liability in the line item “Other Current Liabilities” in the Company’s Consolidated Balance Sheets. Store value cards (gift cards and store credits issued for merchandise returns) are recorded as a liability at the time of issuance, and the related sale is recorded upon redemption. | |||||||||||||
The Company determines an estimated store value card breakage rate by continuously evaluating historical redemption data. Breakage income is recognized monthly in proportion to the historical redemption patterns for those store value cards for which the likelihood of redemption is remote. | |||||||||||||
Other Revenue | |||||||||||||
Other revenue consists of rental income received from leased departments, subleased rental income, layaway, alteration, dormancy and other service charges, inclusive of shipping and handling revenues (Service Fees) as shown in the table below: | |||||||||||||
(in thousands) | |||||||||||||
Years Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Service Fees | $ | 13,711 | $ | 13,284 | $ | 13,096 | |||||||
Rental Income from Leased Departments | 10,924 | 10,639 | 9,566 | ||||||||||
Subleased Rental Income and Other | 9,849 | 10,202 | 10,735 | ||||||||||
Total | $ | 34,484 | $ | 34,125 | $ | 33,397 | |||||||
Rental income from leased departments results from arrangements at some of the Company’s stores where the Company has granted unaffiliated third parties the right to use designated store space solely for the purpose of selling such third parties’ goods, including such items as fragrances and jewelry. Rental income is based on an agreed upon percentage of the lease departments’ total revenues. The Company does not own or have any rights to any tradenames, licenses or other intellectual property in connection with the brands sold by such unaffiliated third parties. | |||||||||||||
Advertising Costs | |||||||||||||
The Company’s advertising costs consist primarily of television and newspaper costs and are included in the line item “Selling and Administrative Expenses” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). During Fiscal 2013, Fiscal 2012 and Fiscal 2011, net advertising cost was $83.3 million, $83.5 million and $77.6 million, respectively. | |||||||||||||
The Company nets certain cooperative advertising reimbursements received from vendors that meet the criteria of Topic No. 605 against specific, incremental, identifiable costs incurred in connection with selling the vendors’ products. Any excess reimbursement is characterized as a reduction of inventory and is recognized as a reduction to cost of sales as inventories are sold. | |||||||||||||
Barter Transactions | |||||||||||||
The Company accounts for barter transactions under ASC Topic No. 845 “Nonmonetary Transactions.” Barter transactions with commercial substance are recorded at the estimated fair value of the products exchanged, unless the products received have a more readily determinable estimated fair value. Revenue associated with barter transactions is recorded at the time of the exchange of the related assets. During Fiscal 2011 the Company exchanged $13.9 million of inventory for certain advertising credits. To account for the exchange, the Company recorded “Sales” and “Cost of Sales” of $13.9 million in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The $10.6 million of unused advertising credits remaining as of February 1, 2014 are expected to be used over the six consecutive fiscal years following Fiscal 2013. | |||||||||||||
The following table summarizes the prepaid advertising expense which is included in the line items “Prepaid and Other Current Assets” and “Other Assets” in the Company’s Consolidated Balance Sheets as of February 1, 2014 and February 2, 2013: | |||||||||||||
(in thousands) | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Prepaid and Other Current Assets | $ | 2,842 | $ | 2,553 | |||||||||
Other Assets | 7,718 | 10,551 | |||||||||||
Total Prepaid Advertising Expense | $ | 10,560 | $ | 13,104 | |||||||||
The following table details barter credit usage for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Years Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Barter Credit Usage | $ | 2,544 | $ | 3,776 | $ | 4,712 | |||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes in accordance with Topic No. 740. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly. | |||||||||||||
Topic No. 740 requires the recognition in the Company’s Consolidated Financial Statements of the impact of a tax position taken or expected to be taken in a tax return, if that position is “more likely than not” of being sustained upon examination by the relevant taxing authority, based on the technical merits of the position. The tax benefits recognized in the Company’s Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company records interest and penalties related to unrecognized tax benefits as part of income taxes. | |||||||||||||
Other Income, Net | |||||||||||||
Other income, net, consists of investment income gains and losses, breakage income, net gains and losses from disposition of fixed assets, and other miscellaneous income items. During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recognized $4.0 million, $2.5 million and $4.1 million, respectively, of breakage income. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
The Company presents Comprehensive Income (Loss) on its Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC Topic No. 220 “Comprehensive Income.” During Fiscal 2013, Fiscal 2012 and Fiscal 2011 there were no differences between comprehensive income (loss) and net income (loss). | |||||||||||||
Lease Accounting | |||||||||||||
The Company leases store locations, distribution centers and office space used in its operations. The Company accounts for these types of leases in accordance with ASC Topic No. 840, “Leases” (Topic No. 840) and subsequent amendments, which require that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Assets held under capital leases are included in the line item “Property and Equipment—Net of Accumulated Depreciation and Amortization” in the Company’s Consolidated Balance Sheets. For leases classified as operating, the Company calculates rent expense on a straight-line basis over the lesser of the lease term including renewal options, if reasonably assured, or the economic life of the leased premises, taking into consideration rent escalation clauses, rent holidays and other lease concessions. The Company commences recording rent expense during the store fixturing and merchandising phase of the leased property. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation in accordance with ASC Topic No. 718, “Stock Compensation” (Topic No. 718), which requires companies to record stock compensation expense for all non-vested and new awards beginning as of the grant date. As of February 1, 2014, there were 16,125,258 shares reserved under the Company’s Management Incentive Plans as defined in Note 10, “Stock Option and Award Plans and Stock-Based Compensation.” As of February 1, 2014, there were 4,619,323 shares of Parent’s common stock reserved for options outstanding under the Company’s Management Incentive Plans and 73,686,524 shares of Parent’s common stock issued and outstanding (including 81,396 shares of unvested restricted stock). During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recognized non-cash stock compensation expense in the amount of $10.2 million, $2.7 million and $5.8 million, respectively. Refer to Note 10 for further details. | |||||||||||||
Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company manages the credit risk associated with cash equivalents and investments by investing with high-quality institutions and, by policy, limiting investments only to those which meet prescribed investment guidelines. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks on its cash and cash equivalent accounts. | |||||||||||||
Refinancing Costs | |||||||||||||
The Company incurs fees to creditors and/or third parties in connection with amendments to its debt facilities and refinancing transactions. The capitalization or expense of fees paid to a creditor or third party is dependent upon the determination if there is a modification or extinguishment of debt in accordance with ASC Topic No. 470-50, “Debt Modifications and Extinguishments” (Topic No. 470). Fees paid to the creditor when there is an extinguishment of debt are included in the determination of any debt extinguishment gain or loss. Fees paid to the creditor when there is no debt extinguishment are capitalized and amortized using the effective interest method over the life of the debt. Fees paid to a third party are expensed if there is no debt extinguishment and capitalized if there is a debt extinguishment. | |||||||||||||
Segment Information | |||||||||||||
The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting” (Topic No. 280). The Company has one reportable segment. | |||||||||||||
Reclassification | |||||||||||||
During the fourth quarter of Fiscal 2013, the Company corrected the classification of its intercompany transactions between BCFW and the Guarantor subsidiaries in the Consolidating Statements of Cash Flows for Fiscal 2013, Fiscal 2012 and Fiscal 2011. Refer to Note 19, “Consolidated Guarantor Data,” for further discussion. There was no impact on the Company’s Consolidated Statements of Cash Flows for any of the Fiscal Years presented. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Feb. 01, 2014 | |
Recent Accounting Pronouncements | ' |
2. Recent Accounting Pronouncements | |
On February 28, 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-04, “Joint and Several Obligations” (ASU 2013-04). In accordance with ASU 2013-04, an entity is required to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date. Required disclosures include a description of the joint and several arrangements and the total outstanding amount of the obligation for all joint parties. ASU 2013-04 is effective for all annual and interim periods in fiscal years beginning after December 15, 2013. The Company does not expect ASU 2013-04 to have a material impact on the Company’s financial position or results of operations. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (ASU 2013-11). ASU 2013-11 states that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward or a tax credit carryforward, if available at the reporting date under the applicable tax law to settle any additional income taxes that would result from the disallowance of a tax position. If the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect ASU 2013-11 to have a material impact on the Company’s financial position or results of operations. |
Restricted_Cash_and_Cash_Equiv
Restricted Cash and Cash Equivalents | 12 Months Ended |
Feb. 01, 2014 | |
Restricted Cash and Cash Equivalents | ' |
3. Restricted Cash and Cash Equivalents | |
At February 1, 2014 and February 2, 2013, restricted cash and cash equivalents consisted of $32.1 million and $34.8 million, respectively of collateral for certain insurance contracts. The Company has the ability to convert the restricted cash to a letter of credit at anytime, which would reduce available borrowings on the Company’s ABL Line of Credit by a like amount. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Property and Equipment | ' | ||||||||||
4. Property and Equipment | |||||||||||
Property and equipment consist of: | |||||||||||
(in thousands) | |||||||||||
Useful Lives | February 1, | February 2, | |||||||||
2014 | 2013 | ||||||||||
Land | N/A | $ | 162,331 | $ | 162,849 | ||||||
Buildings | 20 to 40 Years | 365,101 | 361,028 | ||||||||
Store Fixtures and Equipment | 3 to 10 Years | 568,342 | 503,736 | ||||||||
Software | 3 to 5 Years | 163,547 | 149,322 | ||||||||
Leasehold Improvements | Shorter of lease | 432,644 | 405,199 | ||||||||
term or useful | |||||||||||
life | |||||||||||
Construction in Progress | N/A | 35,996 | 19,041 | ||||||||
1,727,961 | 1,601,175 | ||||||||||
Less: Accumulated Depreciation | (825,304 | ) | (722,870 | ) | |||||||
Total Property and Equipment, Net of Accumulated Depreciation and Amortization | $ | 902,657 | $ | 878,305 | |||||||
As of February 1, 2014 and February 2, 2013, assets, net of accumulated amortization of $12.7 million and $10.9 million, respectively, held under capital leases amounted to approximately $24.4 million and $25.2 million, respectively, and are included in the line item “Buildings” in the foregoing table. Amortization expense related to capital leases is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The total amount of depreciation expense during Fiscal 2013, Fiscal 2012 and Fiscal 2011 was $128.8 million, $127.5 million and $117.3 million, respectively. | |||||||||||
During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recorded impairment charges related to Property and Equipment of $2.7 million, $5.2 million and $1.2 million, respectively. Refer to Note 7, “Impairment Charges,” for further discussion. | |||||||||||
Internally developed software is amortized on a straight line basis over three to five years and is recorded in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Depreciation and amortization of internally developed software amounted to $18.8 million, $20.3 million and $17.8 million, respectively, during Fiscal 2013, Fiscal 2012 and Fiscal 2011. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
5. Intangible Assets | |||||||||||||||||||||||||
The Company accounts for indefinite-lived intangible assets and finite-lived intangible assets in accordance with Topic No. 350 and Topic No. 360, respectively. In accordance with Topic No. 350, indefinite-lived intangible assets not subject to amortization shall be tested for impairment on an annual basis, and between annual tests in certain circumstances. The Company performs this assessment in the beginning of each May of the fiscal year. During Fiscal 2013, Fiscal 2012 and Fiscal 2011, there were no circumstances that required the Company to perform additional Topic No. 350 testing. | |||||||||||||||||||||||||
In accordance with Topic No. 360, the Company tests long-lived assets and certain identifiable intangibles, including favorable leases, to be used by an entity for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the estimated future cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is either based on prices for similar assets or measured by discounting expected future cash flows using the Company’s risk adjusted interest rate. Refer to Note 7, “Impairment Charges,” for further discussion regarding the Company’s impairment testing under Topic No. 360. | |||||||||||||||||||||||||
Intangible assets at February 1, 2014 and February 2, 2013 consist primarily of tradenames and favorable lease positions as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Tradenames | $ | 238,000 | $ | — | $ | 238,000 | $ | 238,000 | $ | — | $ | 238,000 | |||||||||||||
Favorable Leases | $ | 487,350 | $ | (194,797 | ) | $ | 292,553 | $ | 502,155 | $ | (180,074 | ) | $ | 322,081 | |||||||||||
Tradenames | |||||||||||||||||||||||||
The Company’s Fiscal 2013 assessment of the fair value of the Company’s tradenames concluded that the fair value exceeded its carrying value, indicating that the asset was not impaired. | |||||||||||||||||||||||||
The recoverability assessment with respect to the tradenames used in the Company’s operations requires the Company to estimate the fair value of the tradenames as of the assessment date. Such determination is made using the “relief from royalty” valuation method. Inputs to the valuation model include: | |||||||||||||||||||||||||
• | Future revenue and profitability projections associated with the tradenames; | ||||||||||||||||||||||||
• | Estimated market royalty rates that could be derived from the licensing of the Company’s tradenames to third parties in order to establish the cash flows accruing to the benefit of the Company as a result of its ownership of the tradenames; and | ||||||||||||||||||||||||
• | A rate used to discount the estimated royalty cash flow projections to their present value (or estimated fair value) based on the risk and nature of the Company’s cash flows. | ||||||||||||||||||||||||
Favorable Leases | |||||||||||||||||||||||||
The decrease in the gross carrying amount of the Company’s favorable leases from February 2, 2013 to February 1, 2014 reflects a reduction of $14.8 million during Fiscal 2013 from the write off of certain favorable leases becoming fully amortized during the period. | |||||||||||||||||||||||||
Accumulated amortization of favorable leases as of February 1, 2014 reflects Fiscal 2013 amortization expense of $29.5 million, partially offset by a decrease of $14.8 million related to the write off of fully amortized leases, as discussed above. | |||||||||||||||||||||||||
The weighted average amortization period remaining for the Company’s favorable leases is 15.3 years. Amortization expense of favorable leases for each of the next five fiscal years is estimated to be as follows: | |||||||||||||||||||||||||
Fiscal years: | (in thousands) | ||||||||||||||||||||||||
2014 | $ | 26,156 | |||||||||||||||||||||||
2015 | 24,228 | ||||||||||||||||||||||||
2016 | 23,148 | ||||||||||||||||||||||||
2017 | 23,317 | ||||||||||||||||||||||||
2018 | 21,059 | ||||||||||||||||||||||||
Total | $ | 117,908 | |||||||||||||||||||||||
Goodwill
Goodwill | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Goodwill | ' | |||
6. Goodwill | ||||
The Company assesses the recoverability of goodwill using a combination of valuation approaches to determine the Company’s business enterprise value including: (i) discounted cash flow techniques and (ii) a market approach using a guideline public company methodology. Inputs to the valuation model include: | ||||
• | Estimated future cash flows; | |||
• | Growth assumptions for future revenues, which include net store openings as well as future gross margin rates, expense rates and other estimates; | |||
• | Rate used to discount the Company’s estimated future cash flow projections to their present value (or estimated fair value); and | |||
• | Market values and financial information of similar publicly traded companies to determine market valuation multiples. | |||
Based upon the Company’s impairment analysis of recorded goodwill during Fiscal 2013, the Company determined that there was no goodwill impairment. The Company believes its estimates were appropriate based upon the current market conditions. However, future impairment charges could be required if the Company does not achieve its current cash flow, revenue and profitability projections or the weighted average cost of capital increases or market valuation multiples associated with peer group companies decline. |
Impairment_Charges
Impairment Charges | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Impairment Charges | ' | ||||||||||||||||||||
7. Impairment Charges | |||||||||||||||||||||
Impairment charges recorded during Fiscal 2013, Fiscal 2012 and Fiscal 2011 amounted to $3.2 million, $11.5 million and $1.7 million, respectively, and are primarily related to declines in revenues and operating results of the respective stores. Impairment charges during these periods related to the following: | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
Asset Categories | February 1, | February 2, | January 28, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Favorable Leases | $ | — | $ | 6,275 | $ | 165 | |||||||||||||||
Leasehold Improvements | 1,575 | 1,885 | 652 | ||||||||||||||||||
Building/Building Improvements | 81 | 1,814 | — | ||||||||||||||||||
Furniture and Fixtures | 970 | 950 | 457 | ||||||||||||||||||
Land | 4 | 558 | — | ||||||||||||||||||
Other Assets | 465 | — | 410 | ||||||||||||||||||
Other Property and Equipment | 85 | 57 | 51 | ||||||||||||||||||
Total | $ | 3,180 | $ | 11,539 | $ | 1,735 | |||||||||||||||
The Company’s annual impairment analysis resulted in the impairment of store level assets related to seven stores in Fiscal 2013, 12 stores in Fiscal 2012 and seven stores in Fiscal 2011. During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company also recorded impairment charges for capital expenditures for previously impaired stores. | |||||||||||||||||||||
As noted above, long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Of the seven stores that were impaired during Fiscal 2013, three stores were fully impaired and therefore had zero fair value as of February 1, 2014 and would be (categorized as Level 3 in the fair value hierarchy described in Note 15, “Fair Value of Financial Instruments.” Of the remaining four stores that were partially impaired during Fiscal 2013, the table below sets forth by level within the fair value hierarchy their fair value subsequent to impairment charges as of February 1, 2014: | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | Total | |||||||||||||||||
in Active | Other | Un- | Impairment | ||||||||||||||||||
Markets for | Observable | Observable | Losses | ||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Leasehold Improvements | $ | — | $ | — | $ | 1,803 | $ | 1,803 | $ | 1,575 | |||||||||||
Building/Building Improvements | — | 1,517 | — | 1,517 | 81 | ||||||||||||||||
Furniture and Fixtures | — | 15 | 1,361 | 1,376 | 970 | ||||||||||||||||
Land | — | 713 | — | 713 | 4 | ||||||||||||||||
Other Assets | — | — | 1,471 | 1,471 | 465 | ||||||||||||||||
Other Property and Equipment | — | 5 | 178 | 183 | 85 | ||||||||||||||||
Total | $ | — | $ | 2,250 | $ | 4,813 | $ | 7,063 | $ | 3,180 | |||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||
8. Derivatives and Hedging Activities | |||||||||||||||||
The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815 “Derivatives and Hedging” (Topic No. 815). The Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in interest rates. The Company’s senior secured credit facilities contain floating rate obligations and are subject to interest rate fluctuations. The Company uses interest rate cap agreements, which are designated as economic hedges, to manage interest rate risk associated with the Company’s variable-rate borrowings and to minimize the negative impact of interest rate fluctuations on its earnings and cash flows, thus reducing the Company’s exposure to variability in expected future cash flows attributable to the changes in LIBOR rates. | |||||||||||||||||
Topic No. 815 requires recognition of all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The Company did not designate its interest rate cap agreements as cash flow hedges of certain future interest payments on variable-rate debt. Instead, the interest rate cap agreements are adjusted to market on a quarterly basis. As a result, gains or losses associated with the interest rate cap agreements are recorded in the line item “Interest Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and in the line item “Interest Rate Cap Contracts – Adjustment to Market” in the Company’s Consolidated Statements of Cash Flows. | |||||||||||||||||
As of February 1, 2014, the Company was party to two outstanding interest rate cap agreements to manage the interest rate risk associated with future interest payments on variable-rate debt. Each interest rate cap agreement has a notional principal amount of $450.0 million, a cap rate of 7.0% and terminates on May 31, 2015. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments Under Topic No. 815 | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Location | Value | Location | Value | ||||||||||||||
Interest Rate Cap Agreements | Other Assets | $ | 1 | Other Assets | $ | 69 | |||||||||||
(in thousands) | |||||||||||||||||
Liability Derivatives | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments Under Topic No. 815 | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Location | Value | Location | Value | ||||||||||||||
Interest Rate Cap Agreements | Other Liabilities | $ | — | Other Liabilities | $ | — | |||||||||||
(in thousands) | |||||||||||||||||
(Gain) or Loss on Derivative Instruments | |||||||||||||||||
Location of | Amount of (Gain) or Loss Recognized in | ||||||||||||||||
(Gain) or | Income | ||||||||||||||||
Loss | on Derivatives | ||||||||||||||||
Recognized in | |||||||||||||||||
Income on | Year Ended | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments Under Topic No. 815 | Derivatives | February 1, | February 2, | January 28, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Interest Rate Cap Agreements | Interest Expense | $ | 68 | $ | 45 | $ | 3,165 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
9. Long-Term Debt | |||||||||||||
Long-Term Debt consists of: | |||||||||||||
(in thousands) | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
$1,000,000 Senior Secured Term Loan Facility, LIBOR (with a floor of 1.0%) plus 3.3%, matures on February 23, 2017. | $ | 828,839 | $ | 863,084 | |||||||||
$450,000 Senior Notes, 10%, due at maturity on February 15, 2019, semi-annual interest payments on August 15 and February 15, from February 15, 2014 to February 15, 2019. | 450,000 | 450,000 | |||||||||||
Capital Lease Obligations | 23,199 | 23,232 | |||||||||||
Total debt | 1,302,038 | 1,336,316 | |||||||||||
Less: current maturities | (1,026 | ) | (784 | ) | |||||||||
Long-term debt, net of current maturities | $ | 1,301,012 | $ | 1,335,532 | |||||||||
$1 Billion Senior Secured Term Loan Facility | |||||||||||||
On February 24, 2011, the Company entered into a $1.0 billion senior secured term loan facility (the Term Loan Facility). The Term Loan Facility was issued pursuant to a new credit agreement (Term Loan Credit Agreement), dated February 24, 2011, among BCFWC, the guarantors signatory thereto, and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the Term Loan Administrative Agent) and as collateral agent, the lenders party thereto, J.P. Morgan Securities LLC and Goldman Sachs Lending Partners LLC, as joint bookrunners and J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint arrangers, governing the terms of the Term Loan Facility. | |||||||||||||
On May 16, 2012, the Company entered into Amendment No. 1 (First Amendment) to the Term Loan Credit Agreement, which, among other things, reduced the applicable margin on the interest rates applicable to the Company’s Term Loan Facility by 50 basis points. To accomplish this interest rate reduction, the First Amendment provided for a replacement of the previously outstanding $950.5 million principal amount of term B loans (Term B Loans) with a like aggregate principal amount of term B-1 loans (Term B-1 loans). The Company offered existing term loan lenders the option to convert their Term B Loans into Term B-1 Loans on a non-cash basis. The $119.3 million of Term B Loans held by existing lenders electing not to convert their Term B Loans into Term B-1 Loans were prepaid in full on the effective date of the First Amendment from the proceeds of new Term B-1 Loans. The Term B-1 Loans have the same maturity date that was applicable to the Term B Loans. The Term Loan Credit Agreement provisions relating to the representations and warranties, covenants and events of default applicable to the Company and the guarantors were not modified by the First Amendment. As a result of the First Amendment, mandatory quarterly payments of $2.4 million were payable as of the last day of each quarter beginning with the quarter ended July 28, 2012. Based on the Company’s available cash flow during Fiscal 2011, the Company made a payment of $7.0 million in April 2012. The Company elected to make prepayments of $9.5 million in May 2012 and $70.0 million in January 2013, all of which offset the mandatory quarterly payments through the maturity date. | |||||||||||||
In accordance with Topic No. 470, the Company recognized a non-cash loss on the partial extinguishment of debt of $2.2 million, which is recorded in the line item “Loss on Extinguishment of Debt” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended February 2, 2013. In connection with the First Amendment, the Company incurred fees of $3.9 million, of which $0.3 million was capitalized and included in the line item “Other Assets” on the Company’s Consolidated Balance Sheet, primarily related to legal and placement fees, associated with the portion of the debt that was not extinguished. The remaining fees are recorded in the line item “Costs Related to Debt Amendments, Termination of Advisory Agreement and Other” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended February 1, 2014. | |||||||||||||
On February 15, 2013, BCFWC entered into Amendment No. 2 (Second Amendment) to the Term Loan Credit Agreement. The Second Amendment created a restricted payments basket of $25.0 million and permits the Company to use the “available amount” to make restricted payments (which basket includes retained excess cash flow, in an amount not to exceed 50% of BCFWC’s consolidated net income (as defined in the indenture governing the 10% Senior Notes due 2019) since the second quarter of Fiscal 2011), in each case so long as certain conditions are satisfied. In connection with the Second Amendment, the Company incurred a $1.6 million amendment fee that was capitalized and included in the line item “Other Assets” on the Company’s Consolidated Balance Sheet. Additionally, the Company incurred $8.9 million of additional fees, inclusive of an $8.6 million fee payable to Bain Capital, for various consulting and advisory services. These fees are included in the line item “Costs Related to Debt Amendments, Termination of Advisory Agreement and Other” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended February 1, 2014. | |||||||||||||
In conjunction with the Second Amendment, on February 20, 2013, Direct Parent and Burlington Holdings Finance, Inc., the wholly-owned subsidiary of Direct Parent (collectively the Issuers), completed the offering of $350.0 million aggregate principal amount of Senior Notes due 2018 (Holdco Notes) at an issue price of 98.00%. The Holdco Notes are senior unsecured obligations of the Issuers, and the Issuers are not obligors or guarantors under BCFWC’s existing senior secured credit facilities or indenture. As none of the Issuers’ subsidiaries are obligors or guarantors under the Holdco Notes, the debt is recorded on the Issuers’ financial statements and is not included in the Company’s financial statements. | |||||||||||||
The Holdco Notes mature on February 15, 2018. Interest on the Holdco Notes is payable entirely in cash, unless certain conditions are satisfied, in which case the Issuers will be entitled to pay, to the extent described in the indenture governing the Holdco Notes, interest by increasing the principal amount or by issuing new notes (such increase being referred to herein as PIK interest). Cash interest accrues at the rate of 9.00% per annum and PIK interest will accrue at the rate of 9.75% per annum and is payable semi-annually in arrears on February 15 and August 15 of each year. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. The Company intends to pay Indirect Parent a semiannual dividend in order for Indirect Parent to make semiannual cash interest payments on the Holdco Notes. | |||||||||||||
In February 2013, the Issuers used the net proceeds from the offering of the Holdco Notes to pay a special cash dividend of $336.0 million, in the aggregate, to Parent, which in turn distributed the proceeds to its stockholders. A dividend of $5.0 million was paid to the Issuers in order to pay certain fees in connection with the issuance of the Holdco Notes, inclusive of a $3.5 million fee to Bain Capital for various consulting and advisory services. During Fiscal 2013, BCFWC paid dividends to the Issuers of $19.9 million representing interest on the Holdco Notes. | |||||||||||||
On April 4, 2014, the Issuers redeemed a portion of the Holdco Notes. Refer to Note 18 to the Company’s Consolidated Financial Statements, “Subsequent Events” for further details of the redemption of the Holdco Notes. | |||||||||||||
On May 17, 2013, BCFWC entered into Amendment No. 3 (Third Amendment) to the Term Loan Credit Agreement, in order to, among other things, reduce the interest rates applicable to the Term Loan Facility by 100 basis points (provided that such interest rates shall be further reduced by 25 basis points if BCFWC’s consolidated secured leverage ratio is less than or equal to 2.25:1) and to reduce the LIBOR floor by 25 basis points. The Third Amendment was accomplished by replacing the outstanding $871.0 million principal amount of the Term B-1 Loans with a like aggregate principal amount of term B-2 loans (the Term B-2 Loans). | |||||||||||||
The Term B-2 Loans have the same maturity date that was applicable to the Term B-1 Loans. The Term Loan Credit Agreement provisions relating to the representations and warranties, covenants and events of default applicable to the Company and the guarantors were not modified by the Third Amendment. | |||||||||||||
In connection with the Third Amendment, the Company paid an $8.7 million prepayment premium. In accordance with Topic 470, $8.6 million of this prepayment premium was capitalized and included in the line item “Other Assets,” in the Company’s Consolidated Balance Sheet. In addition, third party fees of $2.6 million are recorded in the line item “Costs Related to Debt Amendments, Termination of Advisory Agreement and Other” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended February 1, 2014. In accordance with Topic 470, the Company recognized a loss on the extinguishment of debt of $0.6 million, which is recorded in the line item “Loss on Extinguishment of Debt” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended February 1, 2014. | |||||||||||||
As a result of the Third Amendment, mandatory quarterly payments of $2.2 million were payable as of the last day of each quarter. In January 2014, the Company elected to make a prepayment of $30.0 million, which offset the mandatory quarterly payments through the maturity date. In accordance with Topic No. 470, the Company recognized a loss on the extinguishment of debt of $0.7 million, which is recorded in the line item “Loss on Extinguishment of Debt” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended February 1, 2014. | |||||||||||||
The Term Loan Facility contains financial, affirmative and negative covenants and requires that BCFWC, exclusive of subsidiaries (referred to herein as BCFW), among other things, maintain on the last day of each fiscal quarter a consolidated leverage ratio not to exceed a maximum amount and maintain a consolidated interest coverage ratio of at least a certain amount. The consolidated leverage ratio compares total debt to Covenant EBITDA, as each term is defined in the Term Loan Credit Agreement, for the trailing twelve months, and such ratios may not exceed 5.50 to 1 through November 1, 2014; 5.00 to 1 through October 31, 2015; and 4.75 to 1 at January 30, 2016 and thereafter. The consolidated interest coverage ratio compares consolidated interest expense to Covenant EBITDA, as each term is defined in the Term Loan Credit Agreement, for the trailing twelve months, and such ratios must exceed 2.00 to 1 through October 31, 2015; and 2.10 to 1 at January 30, 2016 and thereafter. The consolidated leverage ratio and interest coverage ratio as of February 1, 2014 were 3.5 and 4.2, respectively. | |||||||||||||
Covenant EBITDA is a non-GAAP financial measure of the Company’s liquidity. Covenant EBITDA starts with BCFWC’s consolidated net income (loss) for the period and adds back (i) depreciation, amortization, impairments and other non-cash charges that were deducted in arriving at consolidated net income (loss), (ii) the provision (benefit) for taxes, (iii) interest expense, (iv) advisory fees, and (v) unusual, non-recurring or extraordinary expenses, losses or charges as reasonably approved by the administrative agent for such period. Covenant EBITDA is used to calculate the consolidated leverage ratio and the interest coverage ratio. Covenant EBITDA provides management, including the Company’s chief operating decision maker, with helpful information with respect to its operations such as its ability to meet its future debt service, fund its capital expenditures and working capital requirements, and comply with various covenants in each indenture governing its outstanding notes and the credit agreements governing its senior secured credit facilities which are material to its financial condition and financial statements. | |||||||||||||
The interest rates for the Term Loan Facility are based on: (i) for LIBO rate loans for any interest period, at a rate per annum equal to the greater of (x) the LIBO rate, as determined by the Term Loan Facility Administrative Agent, for such interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement) and (y) 1.00% (the Term Loan Adjusted LIBO Rate), plus an applicable margin; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal funds rate in effect on such date plus 0.50% per annum, and (c) the Term Loan Adjusted LIBO Rate for the applicable class of term loans for one-month plus 1.00%, plus, in each case, an applicable margin. At February 1, 2014 and February 2, 2013, the Company’s borrowing rates related to the Term Loan Facility were 4.3% and 5.5%, respectively. | |||||||||||||
In addition, the Term Loan Facility provides for an uncommitted incremental term loan facility of up to $150.0 million that is available subject to the satisfaction of certain conditions. The Term Loan Facility has a six year maturity, except that term loans made in connection with the incremental term loan facility or extended in connection with the extension mechanics of the Senior Secured Term Loan Facility have the maturity dates set forth in the amendments applicable to such term loans. | |||||||||||||
$450 Million Senior Notes | |||||||||||||
On February 24, 2011, BCFW issued $450.0 million aggregate principal amount of 10% Senior Notes due 2019 at an issue price of 100% (the Senior Notes). The Senior Notes were issued pursuant to an indenture, dated February 24, 2011, among BCFWC, the guarantors signatory thereto, and Wilmington Trust FSB. | |||||||||||||
The Senior Notes are senior unsecured obligations of BCFW and are guaranteed on a senior basis by the Company and each of BCFW’s U.S. subsidiaries to the extent such guarantor is a guarantor of BCFW’s obligations under the Term Loan Facility. Interest is payable on the Senior Notes on each February 15 and August 15. | |||||||||||||
ABL Line of Credit | |||||||||||||
On September 2, 2011, the Company completed an amendment and restatement of the credit agreement governing the Company’s $600.0 million ABL Line of Credit, which, among other things, extended the maturity date to September 2, 2016. The aggregate amount of commitments under the amended and restated credit agreement is $600.0 million and, subject to the satisfaction of certain conditions, the Company may increase the aggregate amount of commitments up to $900.0 million. Interest rates under the amended and restated credit agreement are based on LIBO rates as determined by the administrative agent plus an applicable margin of 1.75% to 2.25% based on daily availability, or various prime rate loan options plus an applicable margin of 0.75% to 1.25% based on daily availability. The fee on the average daily balance of unused loan commitments is 0.375%. Prior to the modification, commitment fees of 0.75% to 1.0% were charged on the unused portion of the facility and were included in the line item “Interest Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The ABL Line of Credit is collateralized by a first lien on the Company’s inventory and receivables and a second lien on the Company’s real estate and property and equipment. | |||||||||||||
The Company believes that the amended and restated credit agreement provides the liquidity and flexibility to meet its operating and capital requirements over the remaining term of the ABL Line of Credit. Further, the calculation of the borrowing base under the amended and restated credit agreement has been amended to allow for increased availability, particularly during the September 1st through December 15th period of each year. At February 1, 2014 and February 2, 2013, the Company had $456.2 million and $422.7 million available under the ABL Line of Credit, respectively. The maximum borrowings under the ABL Line of Credit during Fiscal 2013 and Fiscal 2012 were $148.6 million and $213.7 million, respectively. Average borrowings under the ABL Line of Credit amounted to $35.4 million at an average interest rate of 2.1% during Fiscal 2013 and $34.5 million at an average interest rate of 2.1% during Fiscal 2012. There were no amounts outstanding under the ABL Line of Credit as of February 1, 2014 or February 2, 2013. | |||||||||||||
As of February 1, 2014, the Company was in compliance with all of its financial covenants. The agreements regarding the ABL Line of Credit and the Term Loan Facility, as well as the indenture governing the Senior Notes, contain covenants that, among other things (i) limit the Company’s ability, and the ability of their restricted subsidiaries, to pay dividends on, redeem or repurchase common stock; (ii) make investments; (iii) incur additional indebtedness or issue preferred stock; (iv) create liens; (v) permit dividends or other restricted payments by the Company’s subsidiaries; (vi) sell all or substantially all of the Company’s assets or consolidate or merge with or into other companies; and (vii) engage in transactions with affiliates. | |||||||||||||
Scheduled maturities of the Company’s long-term debt and capital lease obligations, as they exist as of February 1, 2014, in each of the next four fiscal years and thereafter are as follows: | |||||||||||||
(in thousands) | |||||||||||||
Long- | Capital | Total | |||||||||||
Term | Lease | ||||||||||||
Debt | Obligations | ||||||||||||
Fiscal years: | |||||||||||||
2014 | $ | — | $ | 1,026 | $ | 1,026 | |||||||
2015 | — | 1,070 | 1,070 | ||||||||||
2016 | — | 1,262 | 1,262 | ||||||||||
2017 | 834,507 | 1,624 | 836,131 | ||||||||||
2018 | — | 1,646 | 1,646 | ||||||||||
Thereafter | 450,000 | 16,571 | 466,571 | ||||||||||
Total | 1,284,507 | 23,199 | 1,307,706 | ||||||||||
Less: Unamortized Discount | (5,668 | ) | — | (5,668 | ) | ||||||||
Total | 1,278,839 | 23,199 | 1,302,038 | ||||||||||
Less: Current Portion | — | (1,026 | ) | (1,026 | ) | ||||||||
Long Term Debt | $ | 1,278,839 | $ | 22,173 | $ | 1,301,012 | |||||||
The capital lease obligations noted above are exclusive of interest charges of $1.8 million, $1.8 million, $1.7 million, $1.8 million, $1.5 million and $5.7 million for the fiscal years ended January 31, 2015, January 30, 2016, January 28, 2017, February 3, 2018, February 2, 2019 and thereafter, respectively. | |||||||||||||
The Company has $26.6 million and $24.9 million in deferred financing fees related to its long term debt instruments recorded in the line item “Other Assets” in the Company’s Consolidated Balance Sheets as of February 1, 2014 and February 2, 2013, respectively. Amortization of deferred financing fees amounted to $7.7 million, $5.8 million and $8.3 million during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively, and is included in the line item “Interest Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). During Fiscal 2013 the Company incurred new deferred financing fees of $1.6 million and $8.6 million as a result of the Second Amendment and the Third Amendment, respectively, and wrote off $0.3 million and $0.5 million deferred financing costs and accumulated amortization related to the Third Amendment and Prepayment of Term Loan. | |||||||||||||
Amortization expense related to the deferred financing fees as of February 1, 2014 for each of the next five fiscal years and thereafter is estimated to be as follows: | |||||||||||||
Fiscal years | (in thousands) | ||||||||||||
2014 | $ | 8,162 | |||||||||||
2015 | 8,162 | ||||||||||||
2016 | 7,235 | ||||||||||||
2017 | 1,632 | ||||||||||||
2018 | 1,288 | ||||||||||||
Thereafter | 107 | ||||||||||||
Total | $ | 26,586 | |||||||||||
Deferred financing fees have a weighted average amortization period of approximately 3.4 years. |
Stock_Option_and_Award_Plans_a
Stock Option and Award Plans and Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Stock Option and Award Plans and Stock-Based Compensation | ' | ||||||||||||||||
10. Stock Option and Award Plans and Stock-Based Compensation | |||||||||||||||||
On May 1, 2013, the Board of Directors of Parent approved Parent’s assumption and adoption of the 2006 Management Incentive Plan (the 2006 Plan) that was previously sponsored by Burlington Coat Factory Holdings, LLC. Parent’s 2013 Omnibus Incentive Plan (the 2013 Plan and, together with the 2006 Plan, the Plans) was adopted effective prior to and in connection with the Offering. The 2006 Plan and the 2013 Plan each provide for the granting of stock options, restricted stock and other forms of awards to key employees and directors of the Company or its affiliates. Prior to the Offering, grants made pursuant to the 2006 Plan were comprised of units of Parent’s common stock. Each “unit” consisted of 99 shares of Parent’s Class A common stock and one share of Parent’s Class L common stock. Awards previously granted under the 2006 Plan have been retroactively adjusted to reflect the Reclassification. | |||||||||||||||||
As of February 1, 2014, there were 10,125,258 shares of Parent’s common stock authorized for issuance under the 2006 Plan and 6,000,000 shares of Parent’s common stock authorized for issuance under the 2013 Plan. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company accounts for awards issued under the Plans in accordance with ASC Topic No. 718, “Stock Compensation.” Options granted during Fiscal 2013, Fiscal 2012 and Fiscal 2011 were all service-based awards and were granted under the 2006 Plan at exercise prices of (i) $4.55 per unit and $10.91 per unit from May 1, 2011 through May 17, 2012; (ii) $5.91 per unit and $10.91 per unit from May 17, 2012 through May 17, 2013; (iii) $4.55 per unit from May 17, 2013 through the date of the Offering; and (iv) $26.96 per share from the date of the Offering through February 1, 2014. | |||||||||||||||||
In February 2011, in connection with the debt refinancing, Board of Directors of Parent approved and communicated that the exercise price of the options outstanding would be reduced. After an analysis was completed, the exercise prices of each outstanding option were reduced, from $8.18 per unit and $16.36 per unit, respectively, to $2.78 per unit and $10.96 per unit, respectively, without affecting the existing vesting schedules thereof. The amount of the reduction was ratified in April 2011. Upon application of modification accounting, which contemplates fair value of awards both before and after the debt refinancing and related dividends, the stock compensation cost did not change as a result of this modification. | |||||||||||||||||
During Fiscal 2013, Parent made a special one-time grant under the 2006 Plan to certain members of its management team which resulted in the grant of options to purchase an aggregate of 1,595,000 shares of Parent’s common stock. These one-time grants vest 20% on each of the first five anniversaries of the Trigger Date. The Trigger Date is defined as the date after the vesting of all other options held by the grantee which were granted to the grantee prior to May 2013 and remain outstanding and unvested as of the date of the one-time grant. All other service-based awards granted during Fiscal 2011, Fiscal 2012 and Fiscal 2013 through the date of the Offering vest 40% on the second anniversary of the award with the remaining amount vesting ratably over the subsequent three years. All service-based awards granted subsequent to the Offering vest 25% on each of the first four anniversaries of the grant date. The final exercise date for any option granted is the tenth anniversary of the grant date. | |||||||||||||||||
In order to mitigate the impact of the $336.0 million dividend paid in connection with the issuance of the Holdco Notes in February 2013, the Parent’s Board of Directors in May 2013 approved a modification to all then outstanding options through a combination of exercise price reductions and cash payments to option holders. The reduction of the exercise prices of each outstanding option was as follows: | |||||||||||||||||
• | from $2.78 per unit to $0.79 – $1.65 per unit; | ||||||||||||||||
• | from $4.55 per unit to $0.79 per unit; | ||||||||||||||||
• | from $5.91 per unit to $0.79 - $0.94 per unit; | ||||||||||||||||
• | from $10.91 per unit to $3.17 - $5.02 per unit; and | ||||||||||||||||
• | from $10.96 per unit to $3.17 - $5.07 per unit. | ||||||||||||||||
The modifications, through a combination of either reduced exercise prices or cash payments, did not affect the existing vesting schedules. The modification, which contemplated the fair value of awards both immediately before and after the modification, resulted in a total of $10.4 million of incremental compensation expense during Fiscal 2013 recorded in the line item “Stock Option Modification Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss), of which $4.3 million is payable in cash. As of February 1, 2014, the Company expects to recognize $6.0 million of incremental compensation expense to be recorded over the remaining vesting periods. The $6.0 million of incremental compensation expense is comprised of $4.8 million, which is non-cash, and $1.2 million, which will be paid in cash. | |||||||||||||||||
With the exception of the special one-time grants made during Fiscal 2013, all options awarded pursuant to the 2006 Plan become exercisable upon a change of control as defined in the Stockholders Agreement. Unless determined otherwise by the plan administrator and except as otherwise set forth in the option holders’ stock agreement, upon cessation of employment, (1) options under the 2006 Plan that have not vested will terminate immediately and (2) unexercised vested options under the 2006 Plan will be exercisable for a period of 60 days. | |||||||||||||||||
Non-cash stock compensation expense during Fiscal 2013, Fiscal 2012 and Fiscal 2011 amounted to $10.2 million, $2.7 million and $5.8 million, respectively. The table below summarizes the types of stock compensation: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended | |||||||||||||||||
Type of Non-Cash Stock Compensation | February 1, | February 2, | January 28, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock Option Modification (a) | $ | 6,089 | $ | — | $ | — | |||||||||||
Stock Option Grants (b) | 3,971 | 2,260 | 4,610 | ||||||||||||||
Restricted Stock Issuances (b) | 143 | 487 | 1,187 | ||||||||||||||
Total (c) | $ | 10,203 | $ | 2,747 | $ | 5,797 | |||||||||||
(a) | Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan during the Fiscal 2013 which is included in the line item “Stock Option Modification Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||||
(b) | Included in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||||
(c) | The tax benefit related to the Company’s non-cash stock compensation was $5.1 million, $1.0 million, and $2.3 during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | ||||||||||||||||
As of February 1, 2014, Parent had 4,619,323 options outstanding to purchase shares of Parent’s common stock, all of which are service-based awards issued under the 2006 Plan, and there was approximately $13.6 million of unearned non-cash stock-based option compensation, exclusive of the $6.0 million of incremental compensation associated with the modification, that the Company expects to recognize as expense over a weighted average period of 4.9 years. The service-based awards are expensed on a straight-line basis over the requisite service period. As of February 1, 2014, 23.6 percent of outstanding options to purchase shares of Parent’s common stock under the 2006 Plan had vested. As of February 1, 2014, no awards were outstanding under the 2013 Plan. | |||||||||||||||||
Stock option transactions for the eight month period ended October 2, 2013 are summarized as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price Per | |||||||||||||||||
Unit | |||||||||||||||||
Options Outstanding February 2, 2013 | 424,231 | $ | 6.96 | ||||||||||||||
Options Issued | 175,500 | 4.55 | |||||||||||||||
Options Exercised (a) | (117,588 | ) | 1.96 | ||||||||||||||
Options Forfeited | (56,402 | ) | 6.82 | ||||||||||||||
Cancellation of Class A Units | (425,741 | ) | 2.95 | ||||||||||||||
Options Outstanding October 2, 2013 | — | $ | — | ||||||||||||||
(a) | Options exercised during the eight months ended October 2, 2013 had a total intrinsic value of $9.2 million. | ||||||||||||||||
As a result of the Reclassification on October 2, 2013, each outstanding share of Parent’s Class A common stock was automatically cancelled, each outstanding share of Parent’s Class L common stock was automatically converted into one share of the Parent’s Class A common stock, effected for the 11-for-1 split, and then reclassified into Parent’s common stock. The outstanding Class A options at the time of the Reclassification were reclassified into 4,683,151 common stock options. Stock option transactions during the four months ended February 1, 2014 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price Per | |||||||||||||||||
Share | |||||||||||||||||
Options Outstanding October 2, 2013 | 4,683,151 | $ | 2.95 | ||||||||||||||
Options Issued | 52,761 | 26.96 | |||||||||||||||
Options Exercised (b) | (27,598 | ) | 1.55 | ||||||||||||||
Options Forfeited | (88,991 | ) | 2.01 | ||||||||||||||
Options Outstanding February 1, 2014 | 4,619,323 | $ | 3.25 | ||||||||||||||
(b) | Options exercised during the four months ended February 1, 2014 had a total intrinsic value of $0.8 million. | ||||||||||||||||
Non-vested stock option share transactions during the eight months ended October 2, 2013 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Per Unit | |||||||||||||||||
Non-Vested Options Outstanding, February 2, 2013 | 255,457 | $ | 3.06 | ||||||||||||||
Non-Vested Options Granted | 175,500 | 5.64 | |||||||||||||||
Non-Vested Options Vested | (61,051 | ) | 3.05 | ||||||||||||||
Non-Vested Options Forfeited | (22,263 | ) | 3.41 | ||||||||||||||
Cancellation of Class A Units | (347,643 | ) | 3.73 | ||||||||||||||
Non-Vested Options Outstanding, October 2, 2013 | — | $ | — | ||||||||||||||
As a result of the Reclassification on October 2, 2013, each outstanding share of Parent’s Class A common stock was automatically cancelled, each outstanding share of Parent’s Class L common stock was automatically converted into one share of Parent’s Class A common stock, effected for the 11-for-1 split, and then reclassified into Parent’s common stock. The outstanding non-vested Class A options at the time of the Reclassification were reclassified into 3,824,073 common stock options. Stock option transactions during the four months ended February 1, 2014 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Per Share | |||||||||||||||||
Non-Vested Options Outstanding, October 2, 2013 | 3,824,073 | $ | 3.73 | ||||||||||||||
Non-Vested Options Granted | 52,761 | 10.96 | |||||||||||||||
Non-Vested Options Vested | (276,432 | ) | 0.62 | ||||||||||||||
Non-Vested Options Forfeited | (72,602 | ) | 2.48 | ||||||||||||||
Non-Vested Options Outstanding, February 1, 2014 | 3,527,800 | $ | 4.13 | ||||||||||||||
The following table summarizes information about the options to purchase shares that were outstanding under the 2006 Plan as well as options that were exercisable under the 2006 Plan as of February 1, 2014: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Exercise Prices | Number | Weighted | Number | Weighted | |||||||||||||
Outstanding At | Average | Exercisable at | Average | ||||||||||||||
February 1, 2014 | Remaining | February 1, 2014 | Remaining | ||||||||||||||
Contractual | Contractual | ||||||||||||||||
Life (Years) | Life (Years) | ||||||||||||||||
$0.79 - $0.94 | 1,761,067 | 6.5 | 637,343 | 5.4 | |||||||||||||
$1.65 | 14,674 | 3.6 | — | — | |||||||||||||
$3.17 | 524,524 | 6.1 | 259,510 | 4.7 | |||||||||||||
$4.55 - $5.91 | 2,266,297 | 8.9 | 194,670 | 5.8 | |||||||||||||
$26.96 | 52,761 | 10 | — | — | |||||||||||||
4,619,323 | 1,091,523 | ||||||||||||||||
The aggregate intrinsic value of options outstanding as of February 1, 2014 was $103.2 million. | |||||||||||||||||
The following table summarizes information about the stock options vested and expected to vest during the contractual term: | |||||||||||||||||
Exercise Prices | Options | Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Remaining | Exercise | ||||||||||||||||
Contractual | Price | ||||||||||||||||
Life (Years) | |||||||||||||||||
Vested and Expected to Vest as of February 1, 2014 | 4,445,723 | 7.7 | $ | 3.23 | |||||||||||||
The aggregate intrinsic value of options vested and expected to vest as of February 1, 2014 was $99.4 million. | |||||||||||||||||
The fair value of each stock option granted was estimated on the date of grant using the Monte Carlo Simulation option pricing model through the date of the Offering and the Black Scholes option pricing model from the date of the Offering through February 1, 2014. The fair value of each stock option granted was estimated using the following assumptions: | |||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-Free Interest Rate | 1.7 – 2.09% | 1.0 – 1.3% | 1.3 – 3.4% | ||||||||||||||
Expected Volatility | 36.8 – 38.0% | 35.00% | 31.10% | ||||||||||||||
Expected Life (years) | 6.25 – 7.4 | 6.6 | 6.4 – 9.3 | ||||||||||||||
Contractual Life (years) | 10 | 10 | 10 | ||||||||||||||
Expected Dividend Yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
Weighted Average Grant Date Fair Value of Options Issued at an exercise price of: | |||||||||||||||||
$2.78 | N/A | N/A | $ | 3.11 | |||||||||||||
$4.55 | 5.64 | $ | 2.56 | $ | 2.46 | ||||||||||||
$5.91 | N/A | $ | 4.31 | N/A | |||||||||||||
$10.91 | N/A | $ | 2.78 | $ | 1.67 | ||||||||||||
$10.96 | N/A | N/A | $ | 1.85 | |||||||||||||
$26.96 | 10.96 | N/A | N/A | ||||||||||||||
The weighted average grant date fair value of options granted has varied from period to period due to changes in the Company’s business enterprise value and stock price. For additional information related to enterprise value, refer to Note 6, “Goodwill.” | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Under the 2006 Plan, Parent also has the ability to grant shares of restricted stock. During Fiscal 2013, Parent granted 26,396 shares of restricted stock. During Fiscal 2012, Parent granted 5,000 shares of restricted stock, consisting of 99 shares of Class A Common Stock and one share of Class L Common Stock. During Fiscal 2011, Parent did not grant any shares of restricted stock. For Fiscal 2013, the fair value of each share of restricted stock granted under the 2006 Plan was estimated using the closing price of Parent’s common stock on the date of grant. For Fiscal 2012, the fair value of each unit of restricted stock granted under the 2006 Plan is estimated on the date of grant using inputs that include Parent’s business enterprise value, the book value of outstanding debt and the number of shares of Parent’s common stock outstanding. All shares of restricted stock granted to date under the 2006 Plan are service-based awards. Shares of restricted stock are expensed on a straight-line basis over the requisite service period of three to four years. Following a change of control, as defined by the 2006 Plan, all unvested shares of restricted stock shall accelerate and vest as of the date of such change of control. | |||||||||||||||||
As of February 1, 2014, there was approximately $0.8 million of unearned non-cash stock-based compensation that the Company expects to recognize as an expense over the next 3.3 years. At February 1, 2014, 1,006,060 of the outstanding shares of Parent’s restricted stock had vested. | |||||||||||||||||
Award Grant, Vesting and Forfeiture transactions during the eight month period ended October 2, 2013 are summarized as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Awards | Average | ||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Per | |||||||||||||||||
Awards | |||||||||||||||||
Non-Vested Awards Outstanding, February 2, 2013 | 5,000 | $ | 5.56 | ||||||||||||||
Awards Granted | — | — | |||||||||||||||
Awards Vested | — | — | |||||||||||||||
Cancellation of Class A Units | (5,000 | ) | 5.56 | ||||||||||||||
Non-Vested Awards Outstanding, October 2, 2013 | — | $ | — | ||||||||||||||
As a result of the Reclassification on October 2, 2013, each outstanding share of Parent’s Class A common stock was automatically cancelled, each outstanding share of Parent’s Class L common stock was automatically converted into one share of Parent’s Class A common stock, effected for the 11-for-1 split, and then reclassified into Parent’s common stock. Award Grant, Vesting and Forfeiture transactions during the four months ended February 1, 2014 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price Per | |||||||||||||||||
Share | |||||||||||||||||
Non-Vested Awards Outstanding, October 2, 2013 | 55,000 | $ | 5.56 | ||||||||||||||
Awards Granted | 26,396 | 27.22 | |||||||||||||||
Awards Vested | — | — | |||||||||||||||
Non-Vested Awards Outstanding, February 1, 2014 | 81,396 | $ | 12.58 | ||||||||||||||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Lease Commitments | ' | ||||||||||||
11. Lease Commitments | |||||||||||||
The Company leases stores, distribution facilities and office space under operating and capital leases that will expire principally during the next thirty years. The leases typically include renewal options and escalation clauses and provide for contingent rentals based on a percentage of gross sales. | |||||||||||||
The following is a schedule of future minimum lease payments having an initial or remaining term in excess of one year: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Year | Operating | Capital | |||||||||||
Leases(a) | Leases | ||||||||||||
2014 | $ | 249,620 | $ | 2,704 | |||||||||
2015 | 253,334 | 3,016 | |||||||||||
2016 | 238,591 | 3,011 | |||||||||||
2017 | 218,149 | 3,389 | |||||||||||
2018 | 190,477 | 3,139 | |||||||||||
Thereafter | 648,251 | 22,249 | |||||||||||
Total Minimum Lease Payments | 1,798,422 | 37,508 | |||||||||||
Amount Representing Interest | — | (14,309 | ) | ||||||||||
Total Future Minimum Lease Payments | $ | 1,798,422 | $ | 23,199 | |||||||||
(a) | Total future minimum lease payments include $73.6 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $159.3 million of minimum lease payments for 13 stores and one warehouse that the Company has committed to open during Fiscal 2014. | ||||||||||||
The above schedule of future minimum lease payments has not been reduced by future minimum sublease rental income of $36.9 million relating to operating leases under non-cancelable subleases and other contingent rental agreements. | |||||||||||||
The following is a schedule of net rent expense for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||
(in thousands) | |||||||||||||
Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Rent Expense: | |||||||||||||
Minimum Rental Payments | $ | 239,049 | $ | 219,982 | $ | 197,327 | |||||||
Contingent Rental Payments | 3,614 | 3,056 | 2,689 | ||||||||||
Straight-Line Rent Expense | 8,182 | 12,115 | 9,211 | ||||||||||
Lease Incentives Amortization | (21,557 | ) | (18,590 | ) | (15,869 | ) | |||||||
Amortization of Purchased Lease Rights | 958 | 1,033 | 901 | ||||||||||
Total Rent Expense(a) | 230,246 | 217,596 | 194,259 | ||||||||||
Less All Rental Income(b) | (19,613 | ) | (19,721 | ) | (19,113 | ) | |||||||
Total Net Rent Expense | $ | 210,633 | $ | 197,875 | $ | 175,146 | |||||||
(a) | Included in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||
(a) | (b) Included in the line item “Other Revenue” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). |
Employee_Retirement_Plans
Employee Retirement Plans | 12 Months Ended |
Feb. 01, 2014 | |
Employee Retirement Plans | ' |
12. Employee Retirement Plans | |
The Company maintains separate defined contribution 401(k) retirement savings and profit-sharing plans covering employees in the United States and Puerto Rico who meet specified age and service requirements. The discretionary profit sharing component (which the Company has not utilized for eight years and has no current plans to utilize) is entirely funded by the Company, and the Company also makes additional matching contributions to the 401(k) component of the plans. Participating employees can voluntarily elect to contribute a percentage of their earnings to the 401(k) component of the plans (up to certain prescribed limits) through a cash or deferred (salary deferral) feature qualifying under Section 401(k) of the Internal Revenue Code (401(k) Plan). Under the Company’s 401(k) Plan, the Company is able to utilize monies recovered through forfeitures to fund some or all of the annual 401(k) Plan match expense. A forfeiture is the portion of the Company’s profit sharing contribution that is lost by a 401(k) Plan participant who terminates employment prior to becoming fully vested in such contribution. | |
During Fiscal 2013, the Company recorded $5.1 million of 401(k) Plan match expense. The Company used less than $0.1 million of 401(k) Plan forfeitures during Fiscal 2013 to fund a portion of the 401(k) Plan match for the 2013 401(k) Plan Year, which ended on December 31, 2013. | |
During Fiscal 2012, the Company recorded $4.3 million of 401(k) Plan match expense. The Company used $0.3 million of 401(k) Plan forfeitures during Fiscal 2012 to fund a portion of the 401(k) Plan match for the 2012 401(k) Plan Year, which ended on December 31, 2012. | |
During Fiscal 2011, the Company recorded $3.6 million of 401(k) Plan match expense. The Company used $0.2 million of 401(k) Plan forfeitures during Fiscal 2011 to fund a portion of the 401(k) Plan match for the 2011 401(k) Plan year, which ended on December 31, 2011. |
Restructuring_and_Separation_C
Restructuring and Separation Costs | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Restructuring and Separation Costs | ' | ||||||||||||||||
13. Restructuring and Separation Costs | |||||||||||||||||
The Company accounts for restructuring and separation costs in accordance with ASC Topic No. 420, “Exit or Disposal Cost Obligations” (Topic No. 420). In accordance with Topic No. 420, the Company recorded a liability for one-time benefit costs related to the Company’s reorganization of certain positions within its stores and corporate locations during Fiscal 2013 and Fiscal 2012. | |||||||||||||||||
During Fiscal 2013 and Fiscal 2012, in an effort to improve workflow efficiencies and realign certain responsibilities, the Company effected a reorganization of certain positions within its stores and corporate locations. These changes to the Company’s workforce during Fiscal 2013 and Fiscal 2012 resulted in severance and restructuring charges of $2.2 million and $3.0 million, respectively, which are recorded in the line item “Restructuring and Separation Costs” in the Company’s Consolidated Statement of Operations and Comprehensive Income (Loss). | |||||||||||||||||
The table below summarizes the charges and payments related to the Company’s restructuring and separation costs, which are included in the line items “Other Current Liabilities” in the Company’s Consolidated Balance Sheet: | |||||||||||||||||
(in thousands) | |||||||||||||||||
February 2, | Charges | Cash | February 1, | ||||||||||||||
2013 | Payments | 2014 | |||||||||||||||
Severance-Restructuring | $ | — | $ | 924 | $ | (924 | ) | $ | — | ||||||||
Severance-Separation Cost | 597 | 1,247 | (1,611 | ) | 233 | ||||||||||||
Total | $ | 597 | $ | 2,171 | $ | (2,535 | ) | $ | 233 | ||||||||
(in thousands) | |||||||||||||||||
January 28, | Charges | Cash | February 2, | ||||||||||||||
2012 | Payments | 2013 | |||||||||||||||
Severance-Restructuring | $ | — | $ | 1,225 | $ | (1,225 | ) | $ | — | ||||||||
Severance-Separation Cost | 979 | 1,774 | (2,156 | ) | 597 | ||||||||||||
Total | $ | 979 | $ | 2,999 | $ | (3,381 | ) | $ | 597 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
14. Income Taxes | |||||||||||||||||
Income (Loss) before income taxes are as follows for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic | $ | 83,999 | $ | 33,625 | $ | (7,618 | ) | ||||||||||
Foreign | (7,888 | ) | (4,460 | ) | (2,802 | ) | |||||||||||
Total Income (Loss) before income taxes | $ | 76,111 | $ | 29,165 | $ | (10,420 | ) | ||||||||||
Income tax expense (benefit) is as follows for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 45,192 | $ | 13,813 | $ | (11,847 | ) | ||||||||||
State | 4,791 | (3,704 | ) | 5,901 | |||||||||||||
Foreign | 351 | 291 | 2,499 | ||||||||||||||
Subtotal | 50,334 | 10,400 | (3,447 | ) | |||||||||||||
Deferred: | |||||||||||||||||
Federal | (17,045 | ) | (3,386 | ) | 903 | ||||||||||||
State | (928 | ) | (3,519 | ) | (1,235 | ) | |||||||||||
Foreign | — | 369 | (369 | ) | |||||||||||||
Subtotal | (17,973 | ) | (6,536 | ) | (701 | ) | |||||||||||
Total income tax expense (benefit) | $ | 32,361 | $ | 3,864 | $ | (4,148 | ) | ||||||||||
The tax rate reconciliations are as follows for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||||||
Year Ended | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Tax at statutory rate (%) | 35 | % | 35 | % | (35.0 | )% | |||||||||||
State income taxes, net of federal | 4.7 | 5.8 | (9.5 | ) | |||||||||||||
Change in valuation allowance | 2.1 | 1.8 | 14.8 | ||||||||||||||
Permanent items | 0.2 | (1.4 | ) | 13.3 | |||||||||||||
Tax credits | (3.3 | ) | (11.7 | ) | (30.5 | ) | |||||||||||
Tax reserves | 0.9 | (14.1 | ) | (11.6 | ) | ||||||||||||
Deferred tax asset - stock compensation | 3.6 | — | — | ||||||||||||||
Impact of change in state tax laws and rates | 1.2 | (2.1 | ) | 9 | |||||||||||||
Foreign taxes | (1.6 | ) | (1.2 | ) | 9.7 | ||||||||||||
Other | (0.3 | ) | 1.2 | — | |||||||||||||
Effective tax rate (%) | 42.5 | % | 13.3 | % | (39.8 | )% | |||||||||||
The tax effects of temporary differences are included in deferred tax accounts as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Current deferred tax assets and liabilities: | |||||||||||||||||
Allowance for doubtful accounts | $ | 43 | $ | — | $ | 32 | $ | — | |||||||||
Compensated absences | 646 | — | 743 | — | |||||||||||||
Inventory costs and reserves capitalized for tax purposes | 5,392 | — | 6,977 | — | |||||||||||||
Insurance reserves | 8,085 | — | 6,985 | — | |||||||||||||
Prepaid items and other items deductible for tax purposes | — | 20,571 | — | 17,355 | |||||||||||||
Sales return reserves | 2,831 | — | 2,890 | — | |||||||||||||
Reserves | 515 | — | 331 | — | |||||||||||||
Accrued interest | — | — | 19 | — | |||||||||||||
Prepaid items taxable for tax purposes | 1,522 | — | 1,546 | — | |||||||||||||
Deferred revenue | 1,428 | — | 1,062 | — | |||||||||||||
Employee benefit accrual | 13,210 | — | 4,641 | — | |||||||||||||
Deferred gain | — | — | — | 1,203 | |||||||||||||
Other | 484 | — | 268 | — | |||||||||||||
Valuation allowance | (110 | ) | — | (803 | ) | — | |||||||||||
Total current deferred tax assets and liabilities | $ | 34,046 | $ | 20,571 | $ | 24,691 | $ | 18,558 | |||||||||
Non-Current deferred tax assets and liabilities: | |||||||||||||||||
Property and equipment basis adjustments | $ | — | $ | 128,657 | $ | — | $ | 130,793 | |||||||||
Deferred rent | 31,809 | — | 28,266 | — | |||||||||||||
Intangibles—long-lived | — | 113,089 | — | 124,129 | |||||||||||||
Intangibles—indefinite-lived | — | 93,618 | — | 93,368 | |||||||||||||
Insurance reserves | 13,217 | — | 12,253 | — | |||||||||||||
Employee benefit compensation | 4,838 | — | 4,373 | — | |||||||||||||
State net operating losses (net of federal benefit) | 9,095 | — | 9,206 | — | |||||||||||||
Prepaid items taxable for tax purposes | 3,508 | — | 5,341 | — | |||||||||||||
Landlord allowances | 32,747 | — | 29,673 | — | |||||||||||||
Accrued interest | 3,538 | — | 2,991 | — | |||||||||||||
Other | — | 883 | 553 | — | |||||||||||||
State credits | 2,173 | — | 2,366 | — | |||||||||||||
Federal and Puerto Rico tax credits | 1,612 | — | 7,008 | — | |||||||||||||
Valuation allowance | (8,998 | ) | (7,079 | ) | — | ||||||||||||
Total non-current deferred tax assets and liabilities | $ | 93,539 | $ | 336,247 | $ | 94,951 | $ | 348,290 | |||||||||
Net deferred tax liability | $ | 229,233 | $ | 247,206 | |||||||||||||
The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this evaluation, the Company believes no valuation allowances for federal income taxes are necessary. | |||||||||||||||||
As of February 1, 2014, the Company had available state and Puerto Rico net operating losses that can be carried forward to future years. The Company has $7.8 million of deferred tax assets recorded for state net operating losses, of which $5.7 million will expire between 2013 and 2025. Therefore, as of February 1, 2014, valuation allowances of $5.7 million were recorded against these losses. In addition, as of February 1, 2014, the Company has $1.3 million of deferred tax assets recorded for Puerto Rico net operating loss carryforwards that will begin to expire in 2020. Therefore, as of February 1, 2014, the Company has recorded a full valuation allowance of $1.3 million against these losses. | |||||||||||||||||
As of February 1, 2014, the Company had tax credit carryforwards that include $2.1 million of state credits that will begin to expire in 2021 and $1.6 million of Puerto Rico alternative minimum tax (AMT) credits that have an indefinite life. As of February 1, 2014, the Company has determined that it is more likely than not that the benefit from the Puerto Rico AMT credits will not be realized. Therefore, as of February 1, 2014, valuation allowances of $1.6 million were recorded against these credits | |||||||||||||||||
If or when recognized, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be recorded to the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Gross | |||||||||||||||||
Unrecognized | |||||||||||||||||
Tax Benefits, | |||||||||||||||||
Exclusive of | |||||||||||||||||
Interest and | |||||||||||||||||
Penalties | |||||||||||||||||
Balance at January 29, 2011 | $ | 23,271 | |||||||||||||||
Additions for tax positions of the current year | — | ||||||||||||||||
Additions for tax positions of prior years | 6,383 | ||||||||||||||||
Reduction for tax positions of prior years | (7,505 | ) | |||||||||||||||
Settlements | — | ||||||||||||||||
Lapse of statute of limitations | — | ||||||||||||||||
Balance at January 28, 2012 | $ | 22,149 | |||||||||||||||
Additions for tax positions of the current year | — | ||||||||||||||||
Additions for tax positions of prior years | — | ||||||||||||||||
Reduction for tax positions of prior years | (5,225 | ) | |||||||||||||||
Settlements | — | ||||||||||||||||
Lapse of statute of limitations | — | ||||||||||||||||
Balance at February 2, 2013 | $ | 16,924 | |||||||||||||||
Additions for tax positions of the current year | — | ||||||||||||||||
Additions for tax positions of prior years | — | ||||||||||||||||
Reduction for tax positions of prior years | (1,524 | ) | |||||||||||||||
Settlements | — | ||||||||||||||||
Lapse of statute of limitations | (128 | ) | |||||||||||||||
Balance at February 1, 2014 | $ | 15,272 | |||||||||||||||
As of February 1, 2014, the Company reported total unrecognized benefits of $15.3 million, of which $6.0 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken, the Company recorded an increase of $1.3 million of interest and penalties during Fiscal 2013 in the line item “Income Tax Expense (Benefit)” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Cumulative interest and penalties of $11.7 million are recorded in the line item “Other Liabilities” in the Company’s Consolidated Balance Sheet. The Company recognizes interest and penalties related to unrecognized tax benefits as part of income taxes. Within the next twelve months, the Company does not expect any significant changes in its unrecognized tax benefits. | |||||||||||||||||
As of February 2, 2013, the Company had total unrecognized benefits of $16.9 million, of which $6.1 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken, the Company recorded a reduction of $2.1 million of interest and penalties during Fiscal 2012 in the line item “Income Tax Expense (Benefit)” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Cumulative interest and penalties of $10.4 million are recorded in the line item “Other Liabilities” in the Company’s Consolidated Balance Sheet. The Company recognizes interest and penalties related to unrecognized tax benefits as part of income taxes. Within the next twelve months, the Company does not expect any significant changes in its unrecognized tax benefits. | |||||||||||||||||
The Company files tax returns in the U.S. federal jurisdiction, Puerto Rico and various state jurisdictions. The Company is open to examination by the IRS under the applicable statutes of limitations for fiscal years 2010 through 2013. The Company or its subsidiaries’ state income tax returns are open to audit for the fiscal years 2009 through 2013, which includes the Transition Period, under the applicable statutes of limitations. There are ongoing federal and state audits in several jurisdictions and the Company has accrued for possible exposures as required under Topic No. 740. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
15. Fair Value of Financial Instruments | |||||||||||||||||
The Company accounts for fair value measurements in accordance with Topic No. 820 which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. Topic No. 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price), and classifies the inputs used to measure fair value into the following hierarchy: | |||||||||||||||||
Level 1: | Quoted prices for identical assets or liabilities in active markets. | ||||||||||||||||
Level 2: | Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||||||
Level 3: | Pricing inputs that are unobservable for the assets and liabilities and include situations where there is little, if any, market activity for the assets and liabilities. | ||||||||||||||||
The inputs into the determination of fair value require significant management judgment or estimation. | |||||||||||||||||
Financial Assets | |||||||||||||||||
The Company’s financial assets as of February 1, 2014 and February 2, 2013 include cash equivalents, interest rate cap agreements and a note receivable. The Company’s financial liabilities are discussed below. The carrying value of cash equivalents approximates fair value due to its short-term nature. The fair value of the interest rate cap agreements are determined using quotes that are based on models whose inputs are observable LIBOR forward interest rate curves. To comply with the provisions of Topic No. 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of the Company’s interest rate cap agreements for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. As a result, the Company has determined that the inputs used to value this investment fall within Level 2 of the fair value hierarchy. | |||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its interest rate cap agreements fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s interest rate cap agreements utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. As of February 1, 2014, the Company recorded credit valuation adjustments of less than $0.1 million to the overall valuation of the Company’s interest rate cap agreements. The credit valuation adjustment is not considered significant to the valuation of each of the individual interest rate cap agreements and as a result, the Company has determined that its interest rate cap agreement valuations in their entirety are classified as Level 2 within the fair value hierarchy. | |||||||||||||||||
The fair value of the note receivable is based on a discounted cash flow analysis whose inputs are unobservable, and therefore it falls within Level 3 of the fair value hierarchy. | |||||||||||||||||
The fair values of the Company’s financial assets and the hierarchy of the level of inputs are summarized below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Measurements at | Measurements at | ||||||||||||||||
1-Feb-14 | 2-Feb-13 | ||||||||||||||||
Assets: | |||||||||||||||||
Level 1 | |||||||||||||||||
Cash equivalents (including restricted cash) | $ | 32,324 | $ | 34,972 | |||||||||||||
Level 2 | |||||||||||||||||
Interest rate cap agreements(a) | $ | 1 | $ | 69 | |||||||||||||
Level 3 | |||||||||||||||||
Note Receivable(b) | $ | — | $ | 385 | |||||||||||||
(a) | Included in “Other Assets” within the Company’s Consolidated Balance Sheets. Refer to Note 8, “Derivatives and Hedging Activities,” for further discussion regarding the Company’s interest rate cap agreements. | ||||||||||||||||
(b) | The change in the fair value of our Level 3 note receivable is related to the Company receiving full payment during Fiscal 2013. As of February 2, 2013, this note receivable was included in “Prepaid and Other Current Assets” on the Company’s Consolidated Balance Sheets. | ||||||||||||||||
Financial Liabilities | |||||||||||||||||
The fair values of the Company’s financial liabilities are summarized below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount(a) | Value(a) | Amount(a) | Value(a) | ||||||||||||||
$1,000,000 Senior Secured Term Loan Facility, LIBOR (with a floor of 1.0%) plus 3.3%, matures on February 23, 2017 | $ | 828,839 | $ | 836,091 | $ | 863,084 | $ | 874,232 | |||||||||
$450,000 Senior Notes, 10% due at maturity on February 15, 2019, semi-annual interest payments on August 15 and February 15, from February 15, 2014 to February 15, 2019 | 450,000 | 501,458 | 450,000 | 489,938 | |||||||||||||
Total debt | $ | 1,278,839 | $ | 1,337,549 | $ | 1,313,084 | $ | 1,364,170 | |||||||||
(a) | Capital lease obligations are excluded from the table above. | ||||||||||||||||
The fair values presented herein are based on pertinent information available to management as of the respective year end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy. Although management is not aware of any factors that could significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and current estimates of fair value may differ from amounts presented herein. | |||||||||||||||||
Due to the short term nature of the Company’s accounts receivable and accounts payable, their recorded values approximate fair value. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 01, 2014 | |
Commitments and Contingencies | ' |
16. Commitments and Contingencies | |
Legal | |
The Company establishes reserves relating to legal claims, in connection with litigation to which the Company is party from time to time in the ordinary course of business. The aggregate amount of such reserves was $1.3 million and $0.9 million as of February 1, 2014 and February 2, 2013, respectively. | |
Like many retailers, the Company has been named in class or collective actions on behalf of various groups alleging violations of federal and state wage and hour and other labor statutes, and alleged violation of state consumer and/or privacy protection statutes. In the normal course of business, we are also party to various other lawsuits and regulatory proceedings including, among others, commercial, product, product safety, employee, customer, intellectual property and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. | |
While the Company does not believe that the amount of loss in excess of those recorded would be material to the Company’s consolidated financial position, any such loss could have a material adverse effect on the Company’s consolidated results of operations in the period(s) during which the underlying matters are resolved. | |
Letters of Credit | |
The Company had irrevocable letters of credit in the amounts of $43.9 million and $35.3 million as of February 1, 2014 and February 2, 2013, respectively. | |
Letters of credit outstanding as of February 1, 2014 and February 2, 2013 amounted to $28.8 million and $26.7 million, respectively, guaranteeing performance under various lease agreements, insurance contracts, and utility agreements. The Company also had outstanding letters of credit arrangements in the aggregate amount of $15.1 million and $8.6 million at February 1, 2014 and February 2, 2013, respectively, related to certain merchandising agreements. Based on the terms of the credit agreement relating to the ABL Line of Credit, the Company had available letters of credit of $456.2 million and $422.7 million as of February 1, 2014 and February 2, 2013, respectively. | |
Purchase Commitments | |
The Company had $597.3 million of purchase commitments related to goods or services that were not received as of February 1, 2014. | |
Death Benefits | |
In November of 2005, the Company entered into agreements with three of the Company’s former executives whereby upon each of their deaths, the Company will pay $1.0 million to each respective designated beneficiary. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Feb. 01, 2014 | |
Related Party Transactions | ' |
17. Related Party Transactions | |
In connection with the purchase of the Company by Bain Capital in April of 2006, the Company entered into an advisory agreement with Bain Capital (the Advisory Agreement) pursuant to which Bain Capital provided management, consulting, financial and other advisory services. The Advisory Agreement had a 10-year initial term, and thereafter was subject to automatic one-year extensions unless the Company or Bain Capital provides written notice of termination, except that the agreement terminated automatically upon an initial public offering or a change of control of the Company. If the Advisory Agreement terminated early, Bain Capital would be entitled to receive all unpaid fees and unreimbursed out-of-pocket fees and expenses, as well as the present value of the periodic fee that would otherwise have been payable through the end of the 10-year term. The Advisory Agreement was terminated on October 2, 2013 in connection with the Offering. As a result of the termination, Bain Capital was paid a fee of $10.1 million which is included in the line item “Costs Related to Debt Amendments, Termination of Advisory Agreement and Other” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Prior to the termination of the Advisory Agreement, Bain Capital was paid a periodic fee of $1.0 million per fiscal quarter plus reimbursement for reasonable out-of-pocket fees, and a fee equal to 1% of the transaction value of certain financing, acquisition, disposition or change of control or similar transactions by or involving the Company. Fees paid to Bain Capital amounted to $2.9 million during Fiscal 2013 and $4.3 million during Fiscal 2012 and Fiscal 2011, and are included in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | |
As of February 2, 2013, the Company had $0.6 million of prepaid advisory fees related to the Advisory Agreement, respectively, recorded within the line item “Prepaid and Other Current Assets” in the Company’s Consolidated Balance Sheets. | |
Bain Capital, either directly or through affiliates, has ownership interests in a broad range of companies (Portfolio Companies) with whom the Company may from time to time enter into commercial transactions in the ordinary course of business, primarily for the purchase of goods and services. The Company believes that none of the Company’s transactions or arrangements with Portfolio Companies are significant enough to be considered material to Bain Capital or to its business. | |
The brother-in-law of one of the Company’s Executive Vice Presidents is an independent sales representative of one of the Company’s suppliers of merchandise inventory. This relationship predated the commencement of the Executive Vice President’s employment with the Company. The Company has determined that the dollar amount of purchases through such supplier represents an insignificant amount of its inventory purchases. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Events | ' |
18. Subsequent Events | |
Holdco Notes | |
On April 4, 2014, the Issuers redeemed $58.0 million aggregate principal amount of the Holdco Notes outstanding. The Company paid Indirect Parent a dividend of $59.9 million in order for Indirect Parent to make the redemption payment on the Holdco Notes. This $59.9 million dividend represents $58.0 million aggregate principal amount of the Holdco Notes, $0.7 million of accrued interest on the Holdco Notes and $1.2 million of redemption premiums. | |
Stockholders Agreement | |
On March 13, 2014, Parent and the managers and the investors named therein entered into an Amended and Restated Stockholders Agreement (the “Amended Agreement”). The Amended Agreement provides that all managers other than such managers who are Senior Vice Presidents or above and such other persons designated from time to time as “senior managers,” may sell shares of Parent’s common stock subject to the Stockholders Agreement to the public, in accordance with applicable securities laws and the Company’s insider trading policy, as follows: up to 25% from and after adoption of Amended Agreement (the “Effective Date”), up to 50% from and after six months from the Effective Date, up to 75% from and after nine months from the Effective Date, and without quantity restriction from and after the one year anniversary of the Effective Date. Prior to the effectiveness of the Amended Agreement, managers were prohibited from selling shares of Parent’s common stock subject to the Stockholders Agreement other than in proportion to sales by the investors of their common stock until the expiration of the Stockholders Agreement, which will occur on the earlier of the fifth anniversary of Parent’s initial public offering or the time the investors have sold two-thirds (2/3) of their original holdings of Parent’s common stock. Senior managers remain subject to this restriction on sale under the Amended Agreement. In the event that the investors sell a percentage of their shares that is higher than the percentage allowed by the provision described above, all managers will be able to sell up to the percentage then sold by the investors. The Amended Agreement provides that non-senior managers will (i) be released from the Amended Agreement from and after the first anniversary of the Effective Date, and (ii) not have piggyback registration rights on future registered offerings of Parent’s common stock by the investors. Senior managers retain piggyback registration rights. |
Consolidated_Guarantor_Data
Consolidated Guarantor Data | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Consolidated Guarantor Data | ' | ||||||||||||||||||||
19. Consolidated Guarantor Data | |||||||||||||||||||||
Holdings and subsidiaries of BCFWC have fully, jointly, severally, and unconditionally guaranteed BCF’s obligations under the ABL Line of Credit, Term Loan Facility and the Holdco Notes. The following condensed consolidating financial statements present the financial position, results of operations and cash flows of Holdings, BCFW and the guarantor subsidiaries. | |||||||||||||||||||||
Neither the Company nor any of its subsidiaries may declare or pay cash dividends or make other distributions of property to any affiliate unless such dividends are used for certain specified purposes including, among others, to pay general corporate and overhead expenses incurred by Holdings in the ordinary course of business, or the amount of any indemnification claims made by any director or officer of Holdings or the Company, or to pay taxes that are due and payable by Holdings or any of its direct or indirect subsidiaries, or to pay interest on the Notes, provided that no event of default under BCFWC’s debt agreements has occurred or will occur as the result of such interest payment. | |||||||||||||||||||||
The Company corrected a classification error in the Consolidating Statements of Cash Flows. The Company previously recorded intercompany investing actives within financing activities and subsequently corrected this classification and recorded the amounts within investing actives for all years presented. | |||||||||||||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 125,069 | $ | 4,391 | $ | — | $ | 129,460 | |||||||||||
Restricted Cash and Cash Equivalents | — | 32,100 | — | — | 32,100 | ||||||||||||||||
Accounts Receivable | — | 26,007 | 9,671 | — | 35,678 | ||||||||||||||||
Merchandise Inventories | — | — | 720,052 | — | 720,052 | ||||||||||||||||
Deferred Tax Asset | — | 10,176 | 3,299 | — | 13,475 | ||||||||||||||||
Prepaid and Other Current Assets | — | 41,831 | 35,870 | — | 77,701 | ||||||||||||||||
Prepaid Income Tax | — | 2,732 | 1,791 | — | 4,523 | ||||||||||||||||
Intercompany Receivable | — | — | 998,503 | (998,503 | ) | — | |||||||||||||||
Total Current Assets | — | 237,915 | 1,773,577 | (998,503 | ) | 1,012,989 | |||||||||||||||
Property and Equipment—Net of Accumulated Depreciation | — | 65,324 | 837,333 | — | 902,657 | ||||||||||||||||
Tradenames | — | 238,000 | — | — | 238,000 | ||||||||||||||||
Favorable Leases—Net of Accumulation Amortization | — | — | 292,553 | — | 292,553 | ||||||||||||||||
Goodwill | — | 47,064 | — | — | 47,064 | ||||||||||||||||
Investment in Subsidiaries | — | 2,491,514 | — | (2,491,514 | ) | — | |||||||||||||||
Other Assets | — | 26,533 | 94,140 | — | 120,673 | ||||||||||||||||
Total Assets | $ | — | $ | 3,106,350 | $ | 2,997,603 | $ | (3,490,017 | ) | $ | 2,613,936 | ||||||||||
LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts Payable | $ | — | $ | 542,987 | $ | — | $ | — | $ | 542,987 | |||||||||||
Other Current Liabilities | — | 191,181 | 121,162 | — | 312,343 | ||||||||||||||||
Intercompany Payable | — | 998,503 | — | (998,503 | ) | — | |||||||||||||||
Current Maturities of Long Term Debt | — | — | 1,026 | — | 1,026 | ||||||||||||||||
Total Current Liabilities | — | 1,732,671 | 122,188 | (998,503 | ) | 856,356 | |||||||||||||||
Long Term Debt | — | 1,278,839 | 22,173 | — | 1,301,012 | ||||||||||||||||
Other Liabilities | — | 54,323 | 201,232 | — | 255,555 | ||||||||||||||||
Deferred Tax Liability | — | 82,212 | 160,496 | — | 242,708 | ||||||||||||||||
Investment in Subsidiaries | 41,695 | — | — | (41,695 | ) | — | |||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Stockholder’s (Deficit) Equity: | |||||||||||||||||||||
Common Stock | — | — | — | — | — | ||||||||||||||||
Capital in Excess of Par Value | 474,396 | 474,396 | 1,063,182 | (1,537,578 | ) | 474,396 | |||||||||||||||
(Accumulated Deficit) Retained Earnings | (516,091 | ) | (516,091 | ) | 1,428,332 | (912,241 | ) | (516,091 | ) | ||||||||||||
Total Stockholder’s (Deficit) Equity | (41,695 | ) | (41,695 | ) | 2,491,514 | (2,449,819 | ) | (41,695 | ) | ||||||||||||
Total Liabilities and Stockholder’s (Deficit) Equity | $ | — | $ | 3,106,350 | $ | 2,997,603 | $ | (3,490,017 | ) | $ | 2,613,936 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 39,658 | $ | 3,678 | $ | — | $ | 43,336 | |||||||||||
Restricted Cash and Cash Equivalents | — | 34,800 | — | — | 34,800 | ||||||||||||||||
Accounts Receivable | — | 24,216 | 17,518 | — | 41,734 | ||||||||||||||||
Merchandise Inventories | — | — | 680,190 | — | 680,190 | ||||||||||||||||
Deferred Tax Assets | — | 1,223 | 4,910 | — | 6,133 | ||||||||||||||||
Prepaid and Other Current Assets | — | 35,293 | 30,950 | — | 66,243 | ||||||||||||||||
Prepaid Income Taxes | — | 5,268 | 1,950 | — | 7,218 | ||||||||||||||||
Intercompany Receivable | — | — | 747,405 | (747,405 | ) | — | |||||||||||||||
Total Current Assets | — | 140,458 | 1,486,601 | (747,405 | ) | 879,654 | |||||||||||||||
Property and Equipment – Net of Accumulated Depreciation | — | 72,283 | 806,022 | — | 878,305 | ||||||||||||||||
Tradenames | 238,000 | — | — | 238,000 | |||||||||||||||||
Favorable Leases – Net of Accumulated Amortization | — | — | 322,081 | — | 322,081 | ||||||||||||||||
Goodwill | — | 47,064 | — | — | 47,064 | ||||||||||||||||
Other Assets | — | 24,968 | 88,010 | — | 112,978 | ||||||||||||||||
Investment in Subsidiaries | — | 2,219,139 | — | (2,219,139 | ) | — | |||||||||||||||
Total Assets | $ | — | $ | 2,741,912 | $ | 2,702,714 | $ | (2,966,544 | ) | $ | 2,478,082 | ||||||||||
LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts Payable | $ | — | $ | 500,406 | $ | — | $ | — | $ | 500,406 | |||||||||||
Other Current Liabilities | — | 119,277 | 119,588 | — | 238,865 | ||||||||||||||||
Intercompany Payable | — | 747,405 | — | (747,405 | ) | — | |||||||||||||||
Current Maturities of Long Term Debt | — | — | 784 | — | 784 | ||||||||||||||||
Total Current Liabilities | — | 1,367,088 | 120,372 | (747,405 | ) | 740,055 | |||||||||||||||
Long Term Debt | — | 1,313,084 | 22,448 | — | 1,335,532 | ||||||||||||||||
Other Liabilities | — | 50,955 | 178,470 | — | 229,425 | ||||||||||||||||
Deferred Tax Liability | — | 91,054 | 162,285 | — | 253,339 | ||||||||||||||||
Investment in Subsidiaries | 80,269 | — | — | (80,269 | ) | — | |||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Stockholder’s (Deficit) Equity: | |||||||||||||||||||||
Common Stock | — | — | — | — | — | ||||||||||||||||
Capital in Excess of Par Value | 479,572 | 479,572 | 1,063,182 | (1,542,754 | ) | 479,572 | |||||||||||||||
(Accumulated Deficit) Retained Earnings | (559,841 | ) | (559,841 | ) | 1,155,957 | (596,116 | ) | (559,841 | ) | ||||||||||||
Total Stockholder’s (Deficit) Equity | (80,269 | ) | (80,269 | ) | 2,219,139 | (2,138,870 | ) | (80,269 | ) | ||||||||||||
Total Liabilities and Stockholder’s Equity (Deficit) | $ | — | $ | 2,741,912 | $ | 2,702,714 | $ | (2,966,544 | ) | $ | 2,478,082 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 1, 2014 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
REVENUES: | |||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 4,427,503 | $ | — | $ | 4,427,503 | |||||||||||
Other Revenue | — | 142 | 34,342 | — | 34,484 | ||||||||||||||||
Total Revenue | — | 142 | 4,461,845 | — | 4,461,987 | ||||||||||||||||
COSTS AND EXPENSES: | — | — | |||||||||||||||||||
Cost of Sales | — | — | 2,695,957 | — | 2,695,957 | ||||||||||||||||
Selling and Administrative Expenses | — | 219,788 | 1,171,967 | — | 1,391,755 | ||||||||||||||||
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | — | 22,265 | — | — | 22,265 | ||||||||||||||||
Stock Option Modification Expense | — | 10,116 | 302 | — | 10,418 | ||||||||||||||||
Restructuring and Separation Costs | — | 2,171 | — | — | 2,171 | ||||||||||||||||
Depreciation and Amortization | — | 24,101 | 144,094 | — | 168,195 | ||||||||||||||||
Impairment Charges – Long-Lived Assets | — | 86 | 3,094 | — | 3,180 | ||||||||||||||||
Other Income, Net | — | (3,923 | ) | (5,016 | ) | — | (8,939 | ) | |||||||||||||
Loss on Extinguishment of Debt | — | 1,335 | — | — | 1,335 | ||||||||||||||||
Interest Expense | — | 97,524 | 2,015 | — | 99,539 | ||||||||||||||||
Loss (Earnings) from Equity Investment | (43,750 | ) | (272,376 | ) | — | 316,126 | — | ||||||||||||||
Total Costs and Expenses | (43,750 | ) | 101,087 | 4,012,413 | 316,126 | 4,385,876 | |||||||||||||||
(Loss) Income Before (Benefit) Provision for Income Taxes | 43,750 | (100,945 | ) | 449,432 | (316,126 | ) | 76,111 | ||||||||||||||
(Benefit) Provision for Income Taxes | — | (144,695 | ) | 177,056 | — | 32,361 | |||||||||||||||
Net (Loss) Income | $ | 43,750 | $ | 43,750 | $ | 272,376 | $ | (316,126 | ) | $ | 43,750 | ||||||||||
Total Comprehensive (Loss) Income | $ | 43,750 | $ | 43,750 | $ | 272,376 | $ | (316,126 | ) | $ | 43,750 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 2, 2013 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
REVENUES: | |||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 4,131,379 | $ | — | $ | 4,131,379 | |||||||||||
Other Revenue | — | 417 | 33,708 | — | 34,125 | ||||||||||||||||
Total Revenue | — | 417 | 4,165,087 | — | 4,165,504 | ||||||||||||||||
COSTS AND EXPENSES: | — | — | |||||||||||||||||||
Cost of Sales | — | — | 2,530,124 | — | 2,530,124 | ||||||||||||||||
Selling and Administrative Expenses | — | 186,793 | 1,125,889 | — | 1,312,682 | ||||||||||||||||
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | — | 4,175 | — | — | 4,175 | ||||||||||||||||
Stock Option Modification Expense | — | — | — | — | — | ||||||||||||||||
Restructuring and Separation Costs | — | 2,209 | 790 | — | 2,999 | ||||||||||||||||
Depreciation and Amortization | — | 25,817 | 140,969 | — | 166,786 | ||||||||||||||||
Impairment Charges – Long-Lived Assets | — | 1,380 | 10,159 | — | 11,539 | ||||||||||||||||
Other Income, Net | — | (3,074 | ) | (5,041 | ) | — | (8,115 | ) | |||||||||||||
Loss on Extinguishment of Debt | — | 2,222 | — | — | 2,222 | ||||||||||||||||
Interest Expense | — | 111,901 | 2,026 | — | 113,927 | ||||||||||||||||
Loss (Earnings) from Equity Investment | (25,301 | ) | (223,342 | ) | — | 248,643 | — | ||||||||||||||
Total Costs and Expenses | (25,301 | ) | 108,081 | 3,804,916 | 248,643 | 4,136,339 | |||||||||||||||
(Loss) Income Before (Benefit) Provision for Income Taxes | 25,301 | (107,664 | ) | 360,171 | (248,643 | ) | 29,165 | ||||||||||||||
(Benefit) Provision for Income Taxes | — | (132,965 | ) | 136,829 | — | 3,864 | |||||||||||||||
Net (Loss) Income | $ | 25,301 | $ | 25,301 | $ | 223,342 | $ | (248,643 | ) | $ | 25,301 | ||||||||||
Total Comprehensive (Loss) Income | $ | 25,301 | $ | 25,301 | $ | 223,342 | $ | (248,643 | ) | $ | 25,301 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended January 28, 2012 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
REVENUES: | |||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 3,854,134 | $ | — | $ | 3,854,134 | |||||||||||
Other Revenue | — | 349 | 33,048 | — | 33,397 | ||||||||||||||||
Total Revenue | — | 349 | 3,887,182 | — | 3,887,531 | ||||||||||||||||
COSTS AND EXPENSES: | — | — | |||||||||||||||||||
Cost of Sales | — | — | 2,363,464 | — | 2,363,464 | ||||||||||||||||
Selling and Administrative Expenses | — | 181,464 | 1,034,310 | — | 1,215,774 | ||||||||||||||||
Costs Related to Debt Amendments | — | (473 | ) | — | — | (473 | ) | ||||||||||||||
Stock Option Modification Expense | — | — | — | — | — | ||||||||||||||||
Restructuring and Separation Costs | — | 4,568 | 2,870 | — | 7,438 | ||||||||||||||||
Depreciation and Amortization | — | 23,240 | 129,830 | — | 153,070 | ||||||||||||||||
Impairment Charges – Long-Lived Assets | — | — | 1,735 | — | 1,735 | ||||||||||||||||
Other Income, Net | — | (5,979 | ) | (3,963 | ) | — | (9,942 | ) | |||||||||||||
Loss on Extinguishment of Debt | — | 36,042 | 1,722 | — | 37,764 | ||||||||||||||||
Interest Expense | — | 125,853 | 3,268 | — | 129,121 | ||||||||||||||||
Loss (Earnings) from Equity Investment | 6,272 | (213,060 | ) | — | 206,788 | — | |||||||||||||||
Total Costs and Expenses | 6,272 | 151,655 | 3,533,236 | 206,788 | 3,897,951 | ||||||||||||||||
(Loss) Income Before (Benefit) Provision for Income Taxes | (6,272 | ) | (151,306 | ) | 353,946 | (206,788 | ) | (10,420 | ) | ||||||||||||
(Benefit) Provision for Income Taxes | — | (145,034 | ) | 140,886 | — | (4,148 | ) | ||||||||||||||
Net (Loss) Income | $ | (6,272 | ) | $ | (6,272 | ) | $ | 213,060 | $ | (206,788 | ) | $ | (6,272 | ) | |||||||
Total Comprehensive (Loss) Income | $ | (6,272 | ) | $ | (6,272 | ) | $ | 213,060 | $ | (206,788 | ) | $ | (6,272 | ) | |||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 1, 2014 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Elimination | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | (79,215 | ) | $ | 393,136 | $ | — | $ | 313,921 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Cash Paid For Property and Equipment | — | (27,089 | ) | (141,178 | ) | — | (168,267 | ) | |||||||||||||
Proceeds Received from Sale of Fixed Assets | — | — | 773 | — | 773 | ||||||||||||||||
Change in Restricted Cash and Cash Equivalents | — | 2,700 | — | — | 2,700 | ||||||||||||||||
Intercompany Investing Transactions | — | — | (251,098 | ) | 251,098 | — | |||||||||||||||
Net Cash Used in Investing Activities | — | (24,389 | ) | (391,503 | ) | 251,098 | (164,794 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from Long Term Debt – ABL Line of Credit | — | 806,800 | — | — | 806,800 | ||||||||||||||||
Principal Payments on Long Term Debt – ABL Line of Credit | — | (806,800 | ) | — | — | (806,800 | ) | ||||||||||||||
Repayment of Capital Lease Obligations | — | — | (920 | ) | — | (920 | ) | ||||||||||||||
Principal Payments on Long Term Debt – Term Loan | — | (36,533 | ) | — | — | (36,533 | ) | ||||||||||||||
Payment of Dividends | (255,192 | ) | (255,192 | ) | — | 255,192 | (255,192 | ) | |||||||||||||
Receipt of Dividends | 255,192 | — | — | (255,192 | ) | — | |||||||||||||||
Proceeds from Direct Parent Investment | 239,813 | — | — | — | 239,813 | ||||||||||||||||
Proceeds from (Payments to) Equity Investment in BCFWC | (239,813 | ) | 239,813 | — | — | — | |||||||||||||||
Debt Issuance Cost | — | (10,171 | ) | — | — | (10,171 | ) | ||||||||||||||
Intercompany Financing Transactions | — | 251,098 | — | (251,098 | ) | — | |||||||||||||||
Net Cash Provided by (Used In) Financing Activities | — | 189,015 | (920 | ) | (251,098 | ) | (63,003 | ) | |||||||||||||
(Decrease) Increase in Cash and Cash Equivalents | — | 85,411 | 713 | — | 86,124 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 39,658 | 3,678 | — | 43,336 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 125,069 | $ | 4,391 | $ | — | $ | 129,460 | |||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 2, 2013 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net Cash Provided by Operations | $ | — | $ | 63,147 | $ | 389,362 | $ | — | $ | 452,509 | |||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Cash Paid for Property and Equipment | — | (32,908 | ) | (133,813 | ) | — | (166,721 | ) | |||||||||||||
Proceeds from Sale of Property and Equipment and Assets Held for Disposal | — | — | 1,435 | — | 1,435 | ||||||||||||||||
Lease Acquisition Costs | — | — | (530 | ) | — | (530 | ) | ||||||||||||||
Intercompany Investing Transactions | — | — | (276,150 | ) | 276,150 | — | |||||||||||||||
Net Cash Used in Investing Activities | — | (32,908 | ) | (409,058 | ) | 276,150 | (165,816 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from Long-Term Debt – ABL Line of Credit | — | 459,800 | — | — | 459,800 | ||||||||||||||||
Proceeds from Long-Term Debt – Term Loan | — | 116,913 | — | — | 116,913 | ||||||||||||||||
Principal Payments on Long-Term Debt – ABL Line of Credit | — | (649,800 | ) | — | — | (649,800 | ) | ||||||||||||||
Repayment of Capital Lease Obligations | — | — | (768 | ) | — | (768 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Term Loan | — | (205,749 | ) | — | — | (205,749 | ) | ||||||||||||||
Debt Issuance Cost | — | (459 | ) | — | — | (459 | ) | ||||||||||||||
Proceeds from Stock Option Exercises and Related Tax Benefits | — | 2,753 | — | — | 2,753 | ||||||||||||||||
Intercompany Financing Transactions | — | 276,150 | — | (276,150 | ) | — | |||||||||||||||
Payment of Dividends | (1,711 | ) | (1,711 | ) | — | 1,711 | (1,711 | ) | |||||||||||||
Receipt of Dividends | 1,711 | — | — | (1,711 | ) | — | |||||||||||||||
Net Cash Used in Financing Activities | — | (2,103 | ) | (768 | ) | (276,150 | ) | (279,021 | ) | ||||||||||||
Increase in Cash and Cash Equivalents | — | 28,136 | (20,464 | ) | — | 7,672 | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 11,522 | 24,142 | — | 35,664 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 39,658 | $ | 3,678 | $ | — | $ | 43,336 | |||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended January 28, 2012 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net Cash Provided by Operations | $ | — | $ | (49,557 | ) | $ | 299,540 | $ | — | $ | 249,983 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Cash Paid for Property and Equipment | — | (43,895 | ) | (109,478 | ) | — | (153,373 | ) | |||||||||||||
Change in Restricted Cash and Cash Equivalents | — | (6,978 | ) | 2,442 | — | (4,536 | ) | ||||||||||||||
Proceeds from Sale of Property and Equipment and Assets Held for Disposal | — | — | 757 | — | 757 | ||||||||||||||||
Lease Acquisition Costs | — | — | (557 | ) | — | (557 | ) | ||||||||||||||
Other | — | (1,064 | ) | — | — | (1,064 | ) | ||||||||||||||
Intercompany Investing Transactions | (91,470 | ) | 91,470 | ||||||||||||||||||
Net Cash Used in Investing Activities | — | (51,937 | ) | (198,306 | ) | 91,470 | (158,773 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from Long-Term Debt – ABL Line of Credit | — | 1,073,700 | — | — | 1,073,700 | ||||||||||||||||
Proceeds from Long-Term Debt – Notes Payable | — | 450,000 | — | — | 450,000 | ||||||||||||||||
Proceeds from Long-Term Debt – Term Loan | — | 991,623 | — | — | 991,623 | ||||||||||||||||
Principal Payments on Long-Term Debt – ABL Line of Credit | — | (1,052,300 | ) | — | — | (1,052,300 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Senior Notes | — | — | (99,309 | ) | — | (99,309 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Senior Discount Notes | — | (302,056 | ) | — | — | (302,056 | ) | ||||||||||||||
Repayment of Capital Lease Obligations | — | — | (829 | ) | — | (829 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Term Loan | — | (42,500 | ) | — | — | (42,500 | ) | ||||||||||||||
Principal Repayments on Previous Term Loan | — | (777,550 | ) | — | — | (777,550 | ) | ||||||||||||||
Debt Issuance Cost | — | (30,640 | ) | — | — | (30,640 | ) | ||||||||||||||
Stock Option Exercise and Related Tax Benefits | — | 2,018 | — | — | 2,018 | ||||||||||||||||
Intercompany Financing Transactions | — | 91,470 | — | (91,470 | ) | — | |||||||||||||||
Payment of Dividends | (297,917 | ) | (297,917 | ) | — | 297,917 | (297,917 | ) | |||||||||||||
Receipt of Dividends | 297,917 | — | — | (297,917 | ) | — | |||||||||||||||
Net Cash Used in Financing Activities | — | 105,848 | (100,138 | ) | (91,470 | ) | (85,760 | ) | |||||||||||||
Increase in Cash and Cash Equivalents | — | 4,354 | 1,096 | — | 5,450 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 7,168 | 23,046 | — | 30,214 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 11,522 | $ | 24,142 | $ | — | $ | 35,664 | |||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Schedule II – Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
Description | Balance at | Charged | Charged | Accounts | Balance at | ||||||||||||||||
Beginning | to Costs & | to Other | Written Off | End of | |||||||||||||||||
of Period | Expenses | Accounts (1) | or | Period | |||||||||||||||||
Deductions (2) | |||||||||||||||||||||
Year ended February 1, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 81 | $ | 304 | $ | — | $ | 276 | $ | 109 | |||||||||||
Sales reserves | $ | 2,774 | $ | 256 | $ | 295,107 | $ | 295,533 | $ | 2,604 | |||||||||||
Year ended February 2, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 85 | $ | 115 | $ | — | $ | 119 | $ | 81 | |||||||||||
Sales reserves | $ | 2,303 | $ | (532 | ) | $ | 292,558 | $ | 291,555 | $ | 2,774 | ||||||||||
Year ended January 28, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 175 | $ | 1,211 | $ | — | $ | 1,301 | $ | 85 | |||||||||||
Sales reserves | $ | 2,423 | $ | 173 | $ | 268,046 | $ | 268,339 | $ | 2,303 | |||||||||||
Notes: | |||||||||||||||||||||
-1 | Charged to merchandise sales. | ||||||||||||||||||||
-2 | Actual returns and allowances. | ||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Schedule II – Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
Description | Balance at | Charged | Charged | Accounts | Balance at | ||||||||||||||||
Beginning | to Costs & | to Other | Written Off | End of | |||||||||||||||||
of Period | Expenses | Accounts (1) | or | Period | |||||||||||||||||
Deductions (2) | |||||||||||||||||||||
Year ended February 1, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 81 | $ | 304 | $ | — | $ | 276 | $ | 109 | |||||||||||
Sales reserves | $ | 2,774 | $ | 256 | $ | 295,107 | $ | 295,533 | $ | 2,604 | |||||||||||
Year ended February 2, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 85 | $ | 115 | $ | — | $ | 119 | $ | 81 | |||||||||||
Sales reserves | $ | 2,303 | $ | (532 | ) | $ | 292,558 | $ | 291,555 | $ | 2,774 | ||||||||||
Year ended January 28, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 175 | $ | 1,211 | $ | — | $ | 1,301 | $ | 85 | |||||||||||
Sales reserves | $ | 2,423 | $ | 173 | $ | 268,046 | $ | 268,339 | $ | 2,303 | |||||||||||
Notes: | |||||||||||||||||||||
-1 | Charged to merchandise sales. | ||||||||||||||||||||
-2 | Actual returns and allowances. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Business | ' | ||||||||||||
Business | |||||||||||||
As of February 1, 2014, Burlington Coat Factory Investments Holdings, Inc. and its subsidiaries (the Company or Holdings), a Delaware Corporation, through its direct subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 521 retail stores, inclusive of an internet store, in 44 states and Puerto Rico, selling apparel, footwear and accessories for men, women and children. A majority of those stores offer a home furnishing and linens department and a juvenile furniture department. As of February 1, 2014, the Company operated stores under the names “Burlington Coat Factory” (503 stores), “Cohoes Fashions” (two stores), “Super Baby Depot” (two stores), “MJM Designer Shoes” (13 stores) and “Burlington Shoes” (one store). Cohoes Fashions offers products similar to that of Burlington Coat Factory. MJM Designer Shoes and Burlington Shoes offer moderately priced designer and fashion shoes. The Super Baby Depot stores offers baby clothing, accessories, furniture and other merchandise in the middle to higher price range. During Fiscal 2013, the Company opened 23 new stores under the name “Burlington Coat Factory” and closed two Burlington Coat Factory stores. | |||||||||||||
Basis of Consolidation and Presentation | ' | ||||||||||||
Basis of Consolidation and Presentation | |||||||||||||
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Consolidated Financial Statements include the accounts of Burlington Coat Factory Investments Holdings, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
The Company has no operations and its only asset is 100% of the stock of BCFWC. All discussions of operations in this report relate to BCFWC, which are reflected in the Consolidated Financial Statements of the Company. The Consolidated Financial Statements include the subsidiaries of the Company in which it has controlling financial interest through direct ownership. All intercompany accounts and transactions have been eliminated. | |||||||||||||
The Company has 1,000 shares of common stock issued and outstanding, all of which are owned by Burlington Coat Factory Holdings, LLC. Burlington Coat Factory Holdings, LLC is indirectly owned by Burlington Stores, Inc. (Parent). As of February 1, 2014 and February 2, 2013, Parent had 500,000,000 shares and 568,416,244 shares of Common Stock, par value $0.0001 per share authorized. As of February 1, 2014 and February 2, 2013, Parent had 74,218,275 shares and 517,979,682 shares of Common Stock outstanding, respectively. | |||||||||||||
Fiscal Years | ' | ||||||||||||
Fiscal Years | |||||||||||||
The Company defines its fiscal year as the 52 or 53 week period ending on the Saturday closest to January 31. The Company’s fiscal years ended February 1, 2014 (Fiscal 2013), February 2, 2013 (Fiscal 2012) and January 28, 2012 (Fiscal 2011) consisted of 52 weeks, 53 weeks and 52 weeks, respectively. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The Company’s Consolidated Financial Statements have been prepared in conformity with GAAP. Certain amounts included in the Consolidated Financial Statements are estimated based on historical experience, currently available information and management’s judgment as to the expected outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, actual results could differ from these estimates, and such differences could have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||
Parent's Initial Public Offering | ' | ||||||||||||
Parent’s Initial Public Offering | |||||||||||||
On October 7, 2013, Parent completed its initial public offering (the Offering). Prior to the Offering, each outstanding share of Parent’s Class A common stock was automatically cancelled and then each outstanding share of Parent’s Class L common stock was automatically converted into one share of Parent’s Class A common stock. Parent then effected an 11-for-1 split of Parent’s Class A common stock and then reclassified Parent’s Class A common stock into common stock. Collectively, these transactions should be referred to as the Reclassification. Unless otherwise indicated, all share data presented within the Consolidated Financial Statements gives effect to the stock split. | |||||||||||||
In connection with the Offering and the termination of the Advisory Agreement (as defined in Note 17, “Related Party Transactions,”) the Company received an investment of $239.8 million from Burlington Holdings, LLC (Direct Parent), the direct parent of the Company, in October 2013. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Book cash overdrafts are included in the line item “Accounts Payable” on the Company’s Consolidated Balance Sheets. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable consist of credit card receivables, lease incentive receivables and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company provides an allowance for doubtful accounts for amounts deemed uncollectible. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Merchandise inventories are valued at the lower of cost, on an average cost basis, or market, as determined by the retail inventory method. The Company records its cost of merchandise (net of purchase discounts and certain vendor allowances), certain merchandise acquisition costs (primarily commissions and import fees), inbound freight, outbound freight from distribution centers, and freight on internally transferred merchandise in the line item “Cost of Sales” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Costs associated with the Company’s distribution, buying, and store receiving functions are included in the line items “Selling and Administrative Expenses” and “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Distribution and purchasing costs included in the line item “Selling and Administrative Expenses” amounted to $137.1 million, $114.3 million and $84.6 million for Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. Depreciation and amortization related to the distribution and purchasing functions for the same periods amounted to $14.1 million, $12.8 million and $8.9 million, respectively. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 20 and 40 years for buildings, depending upon the expected useful life of the facility, and three to ten years for store fixtures and equipment. Leasehold improvements are amortized over the lease term including any reasonably assured renewal options or the expected economic life of the improvement, whichever is less. Repairs and maintenance expenditures are expensed as incurred. Renewals and betterments, which significantly extend the useful lives of existing property and equipment, are capitalized. Assets recorded under capital leases are recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of assets recorded as capital leases is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The carrying value of all long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, in accordance with ASC Topic No. 360 “Property, Plant, and Equipment” (Topic No. 360). | |||||||||||||
The Company accounts for impaired property and equipment in accordance with Topic No. 360. This topic requires that long-lived assets (i) be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and (ii) should be reported at the lower of the carrying amount or fair value less cost to sell. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the estimated future cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is either based on prices for similar assets or measured by discounting expected future cash flows by the Company’s risk adjusted rate of interest. The recoverability assessment related to store-level assets requires judgments and estimates of future revenues, gross margin rates and store expenses. The Company believes its estimates are appropriate in light of current market conditions. However, future impairment charges could be required if the Company does not achieve its current revenue or cash flow projections. The Company recorded impairment charges related to property and equipment of $2.7 million, $5.2 million and $1.2 million during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. These charges are recorded in the line item “Impairment Charges—Long-Lived Assets” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Refer to Note 7, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. | |||||||||||||
Capitalized Computer Software Costs | ' | ||||||||||||
Capitalized Computer Software Costs | |||||||||||||
The Company accounts for capitalized software in accordance with ASC Topic No. 350 “Intangibles—Goodwill and Other” (Topic No. 350) which requires the capitalization of certain costs incurred in connection with developing or obtaining software for internal use. The Company capitalized $21.1 million and $19.8 million relating to these costs during Fiscal 2013 and Fiscal 2012, respectively. | |||||||||||||
Purchased and internally developed software is amortized on a straight-line basis over the product’s estimated economic life, which is generally three to five years. The net carrying value of software is included in the line item “Property and Equipment—Net of Accumulated Depreciation and Amortization” on the Company’s Consolidated Balance Sheets and software amortization is included in the line item “Depreciation and Amortization” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
The Company accounts for intangible assets in accordance with Topic No. 350. The Company’s intangible assets primarily represent tradenames and favorable lease positions. The tradename asset “Burlington Coat Factory” is expected to generate cash flows indefinitely and, therefore, is accounted for as an indefinite-lived asset not subject to amortization. The values of favorable and unfavorable lease positions are amortized on a straight-line basis over the expected lease terms. Amortization of net favorable lease positions is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The Company evaluates its intangible assets for possible impairment as follows: | |||||||||||||
Indefinite-lived intangible assets: The Company tests identifiable intangible assets with an indefinite life for impairment on an annual basis, or when a triggering event occurs, relying on a number of factors that include operating results, business plans and projected future cash flows. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. In March 2013, the Company determined fair value through the relief of royalty method, which is a widely accepted valuation technique. In May 2013, the Company’s annual assessment date, the Company performed a qualitative analysis and determined that it is more likely than not that the fair values of each of the Company’s identifiable intangible assets are greater than their respective carrying values. There were no impairment losses recorded during Fiscal 2013, Fiscal 2012 or Fiscal 2011 related to indefinite-lived intangible assets. | |||||||||||||
Finite-lived intangible assets: Identifiable intangible assets that are subject to amortization are evaluated for impairment in accordance with Topic No. 360 using a process similar to that used to evaluate other long-lived assets as described in Note 7, “Impairment Charges.” An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. For the favorable lease positions, if the carrying amount exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset to its fair value. The fair value is estimated by discounting expected future cash flows using the Company’s risk adjusted rate of interest. The Company did not record an impairment related to identifiable finite-lived intangible assets during Fiscal 2013. During Fiscal 2012 and Fiscal 2011, the Company recorded $6.3 million and $0.1 million, respectively, of impairment charges related to identifiable finite-lived intangible asset charges, which are recorded in the line item “Impairment Charges—Long-Lived Assets” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||
Goodwill | ' | ||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the acquisition cost over the estimated fair value of tangible assets and other identifiable intangible assets acquired less liabilities assumed. Topic No. 350 requires a comparison, at least annually, of the carrying value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit. In March 2013, the Company determined fair value through multiple widely accepted valuation techniques. These techniques use a variety of assumptions including projected market conditions, discount rates and future cash flows. If the carrying value of the assets and liabilities exceeds the fair value of the reporting unit, the Company would calculate the implied fair value of its reporting unit goodwill as compared with the carrying value of its reporting unit goodwill to determine the appropriate impairment charge. In May 2013, the Company’s annual assessment date, the Company performed a qualitative analysis and determined that it is more likely than not that the fair values of each of the Company’s reporting unit is greater than their respective carrying values. There were no impairment losses recorded during Fiscal 2013, Fiscal 2012 or Fiscal 2011. Refer to Note 6, “Goodwill,” for further discussion of the recoverability of the Company’s goodwill. | |||||||||||||
Other Assets | ' | ||||||||||||
Other Assets | |||||||||||||
Other assets consist primarily of deferred financing fees, landlord owned store assets that the Company has paid for as part of its lease, purchased lease rights and notes receivable. Deferred financing fees are amortized over the life of the related debt facility using the interest method of amortization. Amortization of deferred financing fees is recorded in the line item “Interest Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Landlord owned assets represent leasehold improvements at certain stores that the Company has paid for, but where the landlord has retained title to such assets. These assets are amortized over the lease term inclusive of reasonably assured renewal options and the amortization is included in the line item “Depreciation and Amortization” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Purchased lease rights are amortized over the lease term inclusive of reasonably assured renewal options and the amortization is recorded in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Both landlord owned assets and purchased lease rights are assessed for impairment in accordance with Topic No. 360. During Fiscal 2013 and 2011, the Company recorded impairment charges of $0.5 million and $0.4 million, respectively, related to landlord owned assets and purchased lease rights. These charges are recorded in the line item “Impairment Charges – Long-Lived Assets” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). There were no impairment charges in Fiscal 2012 related to landlord owned assets and purchased lease rights. Refer to Note 7, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. | |||||||||||||
Other Current Liabilities | ' | ||||||||||||
Other Current Liabilities | |||||||||||||
Other current liabilities primarily consist of sales tax payable, customer liabilities, accrued payroll costs, self-insurance reserves, accrued operating expenses, payroll taxes payable, current portion of straight line rent liability and other miscellaneous items. Customer liabilities totaled $29.2 million and $30.0 million as of February 1, 2014 and February 2, 2013, respectively. | |||||||||||||
The Company has risk participation agreements with insurance carriers with respect to workers’ compensation, general liability insurance and health insurance. Pursuant to these arrangements, the Company is responsible for paying individual claims up to designated dollar limits. The amounts related to these claims are estimated and can vary based on changes in assumptions or claims experience included in the associated insurance programs. An increase in workers’ compensation claims, health insurance claims or general liability claims may result in a corresponding increase in costs related to these claims. Self insurance reserves as of February 1, 2014 and February 2, 2013 were: | |||||||||||||
(in thousands) | |||||||||||||
Years Ended | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Short-Term Self Insurance Reserve(a) | $ | 23,553 | $ | 21,165 | |||||||||
Long-Term Self Insurance Reserve(b) | 33,600 | 31,232 | |||||||||||
Total | $ | 57,153 | $ | 52,397 | |||||||||
(a) | Represents the portions of the self insurance reserve expected to be paid in the next twelve months which is recorded in the line item “Other Current Liabilities” in the Company’s Consolidated Balance Sheets. | ||||||||||||
(b) | The remaining self insurance reserve balance is recorded in the line item “Other Liabilities” in the Company’s Consolidated Balance Sheets. | ||||||||||||
Other Liabilities | ' | ||||||||||||
Other Liabilities | |||||||||||||
Other liabilities primarily consist of deferred lease incentives, the long term portion of self-insurance reserves, the excess of straight-line rent expense over actual rental payments and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with ASC Topic No. 740 “Income Taxes” (Topic No. 740). | |||||||||||||
Deferred lease incentives are funds received or receivable from landlords used primarily to offset the costs incurred for remodeling of stores. These deferred lease incentives are amortized over the expected lease term including rent holiday periods and option periods where the exercise of the option can be reasonably assured. Amortization of deferred lease incentives is included in the line item “Selling and Administrative Expenses” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). At February 1, 2014 and February 2, 2013, deferred lease incentives were $157.5 million and $138.1 million, respectively. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company records revenue at the time of sale and delivery of merchandise, net of allowances for estimated future returns. The Company presents sales, net of sales taxes, in its Consolidated Statements of Operations and Comprehensive Income (Loss). The Company accounts for layaway sales and leased department revenue in compliance with ASC Topic No. 605 “Revenue Recognition” (Topic No. 605). Layaway sales are recognized upon delivery of merchandise to the customer. The amount of cash received upon initiation of the layaway is recorded as a deposit liability in the line item “Other Current Liabilities” in the Company’s Consolidated Balance Sheets. Store value cards (gift cards and store credits issued for merchandise returns) are recorded as a liability at the time of issuance, and the related sale is recorded upon redemption. | |||||||||||||
The Company determines an estimated store value card breakage rate by continuously evaluating historical redemption data. Breakage income is recognized monthly in proportion to the historical redemption patterns for those store value cards for which the likelihood of redemption is remote. | |||||||||||||
Other Revenue | ' | ||||||||||||
Other Revenue | |||||||||||||
Other revenue consists of rental income received from leased departments, subleased rental income, layaway, alteration, dormancy and other service charges, inclusive of shipping and handling revenues (Service Fees) as shown in the table below: | |||||||||||||
(in thousands) | |||||||||||||
Years Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Service Fees | $ | 13,711 | $ | 13,284 | $ | 13,096 | |||||||
Rental Income from Leased Departments | 10,924 | 10,639 | 9,566 | ||||||||||
Subleased Rental Income and Other | 9,849 | 10,202 | 10,735 | ||||||||||
Total | $ | 34,484 | $ | 34,125 | $ | 33,397 | |||||||
Rental income from leased departments results from arrangements at some of the Company’s stores where the Company has granted unaffiliated third parties the right to use designated store space solely for the purpose of selling such third parties’ goods, including such items as fragrances and jewelry. Rental income is based on an agreed upon percentage of the lease departments’ total revenues. The Company does not own or have any rights to any tradenames, licenses or other intellectual property in connection with the brands sold by such unaffiliated third parties. | |||||||||||||
Advertising Costs | ' | ||||||||||||
Advertising Costs | |||||||||||||
The Company’s advertising costs consist primarily of television and newspaper costs and are included in the line item “Selling and Administrative Expenses” on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). During Fiscal 2013, Fiscal 2012 and Fiscal 2011, net advertising cost was $83.3 million, $83.5 million and $77.6 million, respectively. | |||||||||||||
The Company nets certain cooperative advertising reimbursements received from vendors that meet the criteria of Topic No. 605 against specific, incremental, identifiable costs incurred in connection with selling the vendors’ products. Any excess reimbursement is characterized as a reduction of inventory and is recognized as a reduction to cost of sales as inventories are sold. | |||||||||||||
Barter Transactions | ' | ||||||||||||
Barter Transactions | |||||||||||||
The Company accounts for barter transactions under ASC Topic No. 845 “Nonmonetary Transactions.” Barter transactions with commercial substance are recorded at the estimated fair value of the products exchanged, unless the products received have a more readily determinable estimated fair value. Revenue associated with barter transactions is recorded at the time of the exchange of the related assets. During Fiscal 2011 the Company exchanged $13.9 million of inventory for certain advertising credits. To account for the exchange, the Company recorded “Sales” and “Cost of Sales” of $13.9 million in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The $10.6 million of unused advertising credits remaining as of February 1, 2014 are expected to be used over the six consecutive fiscal years following Fiscal 2013. | |||||||||||||
The following table summarizes the prepaid advertising expense which is included in the line items “Prepaid and Other Current Assets” and “Other Assets” in the Company’s Consolidated Balance Sheets as of February 1, 2014 and February 2, 2013: | |||||||||||||
(in thousands) | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Prepaid and Other Current Assets | $ | 2,842 | $ | 2,553 | |||||||||
Other Assets | 7,718 | 10,551 | |||||||||||
Total Prepaid Advertising Expense | $ | 10,560 | $ | 13,104 | |||||||||
The following table details barter credit usage for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Years Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Barter Credit Usage | $ | 2,544 | $ | 3,776 | $ | 4,712 | |||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes in accordance with Topic No. 740. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly. | |||||||||||||
Topic No. 740 requires the recognition in the Company’s Consolidated Financial Statements of the impact of a tax position taken or expected to be taken in a tax return, if that position is “more likely than not” of being sustained upon examination by the relevant taxing authority, based on the technical merits of the position. The tax benefits recognized in the Company’s Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company records interest and penalties related to unrecognized tax benefits as part of income taxes. | |||||||||||||
Other Income, Net | ' | ||||||||||||
Other Income, Net | |||||||||||||
Other income, net, consists of investment income gains and losses, breakage income, net gains and losses from disposition of fixed assets, and other miscellaneous income items. During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recognized $4.0 million, $2.5 million and $4.1 million, respectively, of breakage income. | |||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
The Company presents Comprehensive Income (Loss) on its Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC Topic No. 220 “Comprehensive Income.” During Fiscal 2013, Fiscal 2012 and Fiscal 2011 there were no differences between comprehensive income (loss) and net income (loss). | |||||||||||||
Lease Accounting | ' | ||||||||||||
Lease Accounting | |||||||||||||
The Company leases store locations, distribution centers and office space used in its operations. The Company accounts for these types of leases in accordance with ASC Topic No. 840, “Leases” (Topic No. 840) and subsequent amendments, which require that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Assets held under capital leases are included in the line item “Property and Equipment—Net of Accumulated Depreciation and Amortization” in the Company’s Consolidated Balance Sheets. For leases classified as operating, the Company calculates rent expense on a straight-line basis over the lesser of the lease term including renewal options, if reasonably assured, or the economic life of the leased premises, taking into consideration rent escalation clauses, rent holidays and other lease concessions. The Company commences recording rent expense during the store fixturing and merchandising phase of the leased property. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation in accordance with ASC Topic No. 718, “Stock Compensation” (Topic No. 718), which requires companies to record stock compensation expense for all non-vested and new awards beginning as of the grant date. As of February 1, 2014, there were 16,125,258 shares reserved under the Company’s Management Incentive Plans as defined in Note 10, “Stock Option and Award Plans and Stock-Based Compensation.” As of February 1, 2014, there were 4,619,323 shares of Parent’s common stock reserved for options outstanding under the Company’s Management Incentive Plans and 73,686,524 shares of Parent’s common stock issued and outstanding (including 81,396 shares of unvested restricted stock). During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recognized non-cash stock compensation expense in the amount of $10.2 million, $2.7 million and $5.8 million, respectively. Refer to Note 10 for further details. | |||||||||||||
Credit Risk | ' | ||||||||||||
Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company manages the credit risk associated with cash equivalents and investments by investing with high-quality institutions and, by policy, limiting investments only to those which meet prescribed investment guidelines. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks on its cash and cash equivalent accounts. | |||||||||||||
Refinancing Costs | ' | ||||||||||||
Refinancing Costs | |||||||||||||
The Company incurs fees to creditors and/or third parties in connection with amendments to its debt facilities and refinancing transactions. The capitalization or expense of fees paid to a creditor or third party is dependent upon the determination if there is a modification or extinguishment of debt in accordance with ASC Topic No. 470-50, “Debt Modifications and Extinguishments” (Topic No. 470). Fees paid to the creditor when there is an extinguishment of debt are included in the determination of any debt extinguishment gain or loss. Fees paid to the creditor when there is no debt extinguishment are capitalized and amortized using the effective interest method over the life of the debt. Fees paid to a third party are expensed if there is no debt extinguishment and capitalized if there is a debt extinguishment. | |||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting” (Topic No. 280). The Company has one reportable segment. | |||||||||||||
Reclassification | ' | ||||||||||||
Reclassification | |||||||||||||
During the fourth quarter of Fiscal 2013, the Company corrected the classification of its intercompany transactions between BCFW and the Guarantor subsidiaries in the Consolidating Statements of Cash Flows for Fiscal 2013, Fiscal 2012 and Fiscal 2011. Refer to Note 19, “Consolidated Guarantor Data,” for further discussion. There was no impact on the Company’s Consolidated Statements of Cash Flows for any of the Fiscal Years presented. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Self Insurance Reserves | ' | ||||||||||||
Self insurance reserves as of February 1, 2014 and February 2, 2013 were: | |||||||||||||
(in thousands) | |||||||||||||
Years Ended | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Short-Term Self Insurance Reserve(a) | $ | 23,553 | $ | 21,165 | |||||||||
Long-Term Self Insurance Reserve(b) | 33,600 | 31,232 | |||||||||||
Total | $ | 57,153 | $ | 52,397 | |||||||||
(a) | Represents the portions of the self insurance reserve expected to be paid in the next twelve months which is recorded in the line item “Other Current Liabilities” in the Company’s Consolidated Balance Sheets. | ||||||||||||
(b) | The remaining self insurance reserve balance is recorded in the line item “Other Liabilities” in the Company’s Consolidated Balance Sheets. | ||||||||||||
Other Revenue | ' | ||||||||||||
Other revenue consists of rental income received from leased departments, subleased rental income, layaway, alteration, dormancy and other service charges, inclusive of shipping and handling revenues (Service Fees) as shown in the table below: | |||||||||||||
(in thousands) | |||||||||||||
Years Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Service Fees | $ | 13,711 | $ | 13,284 | $ | 13,096 | |||||||
Rental Income from Leased Departments | 10,924 | 10,639 | 9,566 | ||||||||||
Subleased Rental Income and Other | 9,849 | 10,202 | 10,735 | ||||||||||
Total | $ | 34,484 | $ | 34,125 | $ | 33,397 | |||||||
Prepaid Advertising Expense | ' | ||||||||||||
The following table summarizes the prepaid advertising expense which is included in the line items “Prepaid and Other Current Assets” and “Other Assets” in the Company’s Consolidated Balance Sheets as of February 1, 2014 and February 2, 2013: | |||||||||||||
(in thousands) | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Prepaid and Other Current Assets | $ | 2,842 | $ | 2,553 | |||||||||
Other Assets | 7,718 | 10,551 | |||||||||||
Total Prepaid Advertising Expense | $ | 10,560 | $ | 13,104 | |||||||||
Barter Credit Usage | ' | ||||||||||||
The following table details barter credit usage for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Years Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Barter Credit Usage | $ | 2,544 | $ | 3,776 | $ | 4,712 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Property and Equipment | ' | ||||||||||
Property and equipment consist of: | |||||||||||
(in thousands) | |||||||||||
Useful Lives | February 1, | February 2, | |||||||||
2014 | 2013 | ||||||||||
Land | N/A | $ | 162,331 | $ | 162,849 | ||||||
Buildings | 20 to 40 Years | 365,101 | 361,028 | ||||||||
Store Fixtures and Equipment | 3 to 10 Years | 568,342 | 503,736 | ||||||||
Software | 3 to 5 Years | 163,547 | 149,322 | ||||||||
Leasehold Improvements | Shorter of lease | 432,644 | 405,199 | ||||||||
term or useful | |||||||||||
life | |||||||||||
Construction in Progress | N/A | 35,996 | 19,041 | ||||||||
1,727,961 | 1,601,175 | ||||||||||
Less: Accumulated Depreciation | (825,304 | ) | (722,870 | ) | |||||||
Total Property and Equipment, Net of Accumulated Depreciation and Amortization | $ | 902,657 | $ | 878,305 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets at February 1, 2014 and February 2, 2013 consist primarily of tradenames and favorable lease positions as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Tradenames | $ | 238,000 | $ | — | $ | 238,000 | $ | 238,000 | $ | — | $ | 238,000 | |||||||||||||
Favorable Leases | $ | 487,350 | $ | (194,797 | ) | $ | 292,553 | $ | 502,155 | $ | (180,074 | ) | $ | 322,081 | |||||||||||
Amortization Expense of Favorable Leases | ' | ||||||||||||||||||||||||
Amortization expense of favorable leases for each of the next five fiscal years is estimated to be as follows: | |||||||||||||||||||||||||
Fiscal years: | (in thousands) | ||||||||||||||||||||||||
2014 | $ | 26,156 | |||||||||||||||||||||||
2015 | 24,228 | ||||||||||||||||||||||||
2016 | 23,148 | ||||||||||||||||||||||||
2017 | 23,317 | ||||||||||||||||||||||||
2018 | 21,059 | ||||||||||||||||||||||||
Total | $ | 117,908 | |||||||||||||||||||||||
Impairment_Charges_Tables
Impairment Charges (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Impairment Charges | ' | ||||||||||||||||||||
Impairment charges during these periods related to the following: | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
Asset Categories | February 1, | February 2, | January 28, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Favorable Leases | $ | — | $ | 6,275 | $ | 165 | |||||||||||||||
Leasehold Improvements | 1,575 | 1,885 | 652 | ||||||||||||||||||
Building/Building Improvements | 81 | 1,814 | — | ||||||||||||||||||
Furniture and Fixtures | 970 | 950 | 457 | ||||||||||||||||||
Land | 4 | 558 | — | ||||||||||||||||||
Other Assets | 465 | — | 410 | ||||||||||||||||||
Other Property and Equipment | 85 | 57 | 51 | ||||||||||||||||||
Total | $ | 3,180 | $ | 11,539 | $ | 1,735 | |||||||||||||||
Asset Impairments | ' | ||||||||||||||||||||
Fair Value of Remaining Long-lived Assets | ' | ||||||||||||||||||||
Of the remaining four stores that were partially impaired during Fiscal 2013, the table below sets forth by level within the fair value hierarchy their fair value subsequent to impairment charges as of February 1, 2014: | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | Total | |||||||||||||||||
in Active | Other | Un- | Impairment | ||||||||||||||||||
Markets for | Observable | Observable | Losses | ||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Leasehold Improvements | $ | — | $ | — | $ | 1,803 | $ | 1,803 | $ | 1,575 | |||||||||||
Building/Building Improvements | — | 1,517 | — | 1,517 | 81 | ||||||||||||||||
Furniture and Fixtures | — | 15 | 1,361 | 1,376 | 970 | ||||||||||||||||
Land | — | 713 | — | 713 | 4 | ||||||||||||||||
Other Assets | — | — | 1,471 | 1,471 | 465 | ||||||||||||||||
Other Property and Equipment | — | 5 | 178 | 183 | 85 | ||||||||||||||||
Total | $ | — | $ | 2,250 | $ | 4,813 | $ | 7,063 | $ | 3,180 | |||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Interest Rate Risk Associated with Future Interest Payments on Variable-Rate Debt | ' | ||||||||||||||||
As of February 1, 2014, the Company was party to two outstanding interest rate cap agreements to manage the interest rate risk associated with future interest payments on variable-rate debt. Each interest rate cap agreement has a notional principal amount of $450.0 million, a cap rate of 7.0% and terminates on May 31, 2015. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments Under Topic No. 815 | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Location | Value | Location | Value | ||||||||||||||
Interest Rate Cap Agreements | Other Assets | $ | 1 | Other Assets | $ | 69 | |||||||||||
(in thousands) | |||||||||||||||||
Liability Derivatives | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments Under Topic No. 815 | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Location | Value | Location | Value | ||||||||||||||
Interest Rate Cap Agreements | Other Liabilities | $ | — | Other Liabilities | $ | — | |||||||||||
(in thousands) | |||||||||||||||||
(Gain) or Loss on Derivative Instruments | |||||||||||||||||
Location of | Amount of (Gain) or Loss Recognized in | ||||||||||||||||
(Gain) or | Income | ||||||||||||||||
Loss | on Derivatives | ||||||||||||||||
Recognized in | |||||||||||||||||
Income on | Year Ended | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments Under Topic No. 815 | Derivatives | February 1, | February 2, | January 28, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Interest Rate Cap Agreements | Interest Expense | $ | 68 | $ | 45 | $ | 3,165 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
Long-Term Debt consists of: | |||||||||||||
(in thousands) | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
$1,000,000 Senior Secured Term Loan Facility, LIBOR (with a floor of 1.0%) plus 3.3%, matures on February 23, 2017. | $ | 828,839 | $ | 863,084 | |||||||||
$450,000 Senior Notes, 10%, due at maturity on February 15, 2019, semi-annual interest payments on August 15 and February 15, from February 15, 2014 to February 15, 2019. | 450,000 | 450,000 | |||||||||||
Capital Lease Obligations | 23,199 | 23,232 | |||||||||||
Total debt | 1,302,038 | 1,336,316 | |||||||||||
Less: current maturities | (1,026 | ) | (784 | ) | |||||||||
Long-term debt, net of current maturities | $ | 1,301,012 | $ | 1,335,532 | |||||||||
Maturities of Long-Term Debt and Capital Lease Obligations | ' | ||||||||||||
Scheduled maturities of the Company’s long-term debt and capital lease obligations, as they exist as of February 1, 2014, in each of the next four fiscal years and thereafter are as follows: | |||||||||||||
(in thousands) | |||||||||||||
Long- | Capital | Total | |||||||||||
Term | Lease | ||||||||||||
Debt | Obligations | ||||||||||||
Fiscal years: | |||||||||||||
2014 | $ | — | $ | 1,026 | $ | 1,026 | |||||||
2015 | — | 1,070 | 1,070 | ||||||||||
2016 | — | 1,262 | 1,262 | ||||||||||
2017 | 834,507 | 1,624 | 836,131 | ||||||||||
2018 | — | 1,646 | 1,646 | ||||||||||
Thereafter | 450,000 | 16,571 | 466,571 | ||||||||||
Total | 1,284,507 | 23,199 | 1,307,706 | ||||||||||
Less: Unamortized Discount | (5,668 | ) | — | (5,668 | ) | ||||||||
Total | 1,278,839 | 23,199 | 1,302,038 | ||||||||||
Less: Current Portion | — | (1,026 | ) | (1,026 | ) | ||||||||
Long Term Debt | $ | 1,278,839 | $ | 22,173 | $ | 1,301,012 | |||||||
Amortization Expense Related to Deferred Financing Fees | ' | ||||||||||||
Amortization expense related to the deferred financing fees as of February 1, 2014 for each of the next five fiscal years and thereafter is estimated to be as follows: | |||||||||||||
Fiscal years | (in thousands) | ||||||||||||
2014 | $ | 8,162 | |||||||||||
2015 | 8,162 | ||||||||||||
2016 | 7,235 | ||||||||||||
2017 | 1,632 | ||||||||||||
2018 | 1,288 | ||||||||||||
Thereafter | 107 | ||||||||||||
Total | $ | 26,586 | |||||||||||
Stock_Option_and_Award_Plans_a1
Stock Option and Award Plans and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Non-Cash Stock Compensation Expense | ' | ||||||||||||||||
Non-cash stock compensation expense during Fiscal 2013, Fiscal 2012 and Fiscal 2011 amounted to $10.2 million, $2.7 million and $5.8 million, respectively. The table below summarizes the types of stock compensation: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended | |||||||||||||||||
Type of Non-Cash Stock Compensation | February 1, | February 2, | January 28, | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock Option Modification (a) | $ | 6,089 | $ | — | $ | — | |||||||||||
Stock Option Grants (b) | 3,971 | 2,260 | 4,610 | ||||||||||||||
Restricted Stock Issuances (b) | 143 | 487 | 1,187 | ||||||||||||||
Total (c) | $ | 10,203 | $ | 2,747 | $ | 5,797 | |||||||||||
(a) | Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan during the Fiscal 2013 which is included in the line item “Stock Option Modification Expense” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||||
(b) | Included in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||||
(c) | The tax benefit related to the Company’s non-cash stock compensation was $5.1 million, $1.0 million, and $2.3 during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | ||||||||||||||||
Stock Option Transactions | ' | ||||||||||||||||
Stock option transactions for the eight month period ended October 2, 2013 are summarized as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price Per | |||||||||||||||||
Unit | |||||||||||||||||
Options Outstanding February 2, 2013 | 424,231 | $ | 6.96 | ||||||||||||||
Options Issued | 175,500 | 4.55 | |||||||||||||||
Options Exercised (a) | (117,588 | ) | 1.96 | ||||||||||||||
Options Forfeited | (56,402 | ) | 6.82 | ||||||||||||||
Cancellation of Class A Units | (425,741 | ) | 2.95 | ||||||||||||||
Options Outstanding October 2, 2013 | — | $ | — | ||||||||||||||
(a) | Options exercised during the eight months ended October 2, 2013 had a total intrinsic value of $9.2 million. | ||||||||||||||||
As a result of the Reclassification on October 2, 2013, each outstanding share of Parent’s Class A common stock was automatically cancelled, each outstanding share of Parent’s Class L common stock was automatically converted into one share of the Parent’s Class A common stock, effected for the 11-for-1 split, and then reclassified into Parent’s common stock. The outstanding Class A options at the time of the Reclassification were reclassified into 4,683,151 common stock options. Stock option transactions during the four months ended February 1, 2014 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price Per | |||||||||||||||||
Share | |||||||||||||||||
Options Outstanding October 2, 2013 | 4,683,151 | $ | 2.95 | ||||||||||||||
Options Issued | 52,761 | 26.96 | |||||||||||||||
Options Exercised (b) | (27,598 | ) | 1.55 | ||||||||||||||
Options Forfeited | (88,991 | ) | 2.01 | ||||||||||||||
Options Outstanding February 1, 2014 | 4,619,323 | $ | 3.25 | ||||||||||||||
(b) | Options exercised during the four months ended February 1, 2014 had a total intrinsic value of $0.8 million. | ||||||||||||||||
Non-Vested Stock Option Share Transactions | ' | ||||||||||||||||
Non-vested stock option share transactions during the eight months ended October 2, 2013 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Per Unit | |||||||||||||||||
Non-Vested Options Outstanding, February 2, 2013 | 255,457 | $ | 3.06 | ||||||||||||||
Non-Vested Options Granted | 175,500 | 5.64 | |||||||||||||||
Non-Vested Options Vested | (61,051 | ) | 3.05 | ||||||||||||||
Non-Vested Options Forfeited | (22,263 | ) | 3.41 | ||||||||||||||
Cancellation of Class A Units | (347,643 | ) | 3.73 | ||||||||||||||
Non-Vested Options Outstanding, October 2, 2013 | — | $ | — | ||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Per Share | |||||||||||||||||
Non-Vested Options Outstanding, October 2, 2013 | 3,824,073 | $ | 3.73 | ||||||||||||||
Non-Vested Options Granted | 52,761 | 10.96 | |||||||||||||||
Non-Vested Options Vested | (276,432 | ) | 0.62 | ||||||||||||||
Non-Vested Options Forfeited | (72,602 | ) | 2.48 | ||||||||||||||
Non-Vested Options Outstanding, February 1, 2014 | 3,527,800 | $ | 4.13 | ||||||||||||||
Information about Options to Purchase Shares | ' | ||||||||||||||||
The following table summarizes information about the options to purchase shares that were outstanding under the 2006 Plan as well as options that were exercisable under the 2006 Plan as of February 1, 2014: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Exercise Prices | Number | Weighted | Number | Weighted | |||||||||||||
Outstanding At | Average | Exercisable at | Average | ||||||||||||||
February 1, 2014 | Remaining | February 1, 2014 | Remaining | ||||||||||||||
Contractual | Contractual | ||||||||||||||||
Life (Years) | Life (Years) | ||||||||||||||||
$0.79 - $0.94 | 1,761,067 | 6.5 | 637,343 | 5.4 | |||||||||||||
$1.65 | 14,674 | 3.6 | — | — | |||||||||||||
$3.17 | 524,524 | 6.1 | 259,510 | 4.7 | |||||||||||||
$4.55 - $5.91 | 2,266,297 | 8.9 | 194,670 | 5.8 | |||||||||||||
$26.96 | 52,761 | 10 | — | — | |||||||||||||
4,619,323 | 1,091,523 | ||||||||||||||||
Stock Options Vested and Expected to Vest | ' | ||||||||||||||||
The following table summarizes information about the stock options vested and expected to vest during the contractual term: | |||||||||||||||||
Exercise Prices | Options | Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Remaining | Exercise | ||||||||||||||||
Contractual | Price | ||||||||||||||||
Life (Years) | |||||||||||||||||
Vested and Expected to Vest as of February 1, 2014 | 4,445,723 | 7.7 | $ | 3.23 | |||||||||||||
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted | ' | ||||||||||||||||
The fair value of each stock option granted was estimated on the date of grant using the Monte Carlo Simulation option pricing model through the date of the Offering and the Black Scholes option pricing model from the date of the Offering through February 1, 2014. The fair value of each stock option granted was estimated using the following assumptions: | |||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-Free Interest Rate | 1.7 – 2.09% | 1.0 – 1.3% | 1.3 – 3.4% | ||||||||||||||
Expected Volatility | 36.8 – 38.0% | 35.00% | 31.10% | ||||||||||||||
Expected Life (years) | 6.25 – 7.4 | 6.6 | 6.4 – 9.3 | ||||||||||||||
Contractual Life (years) | 10 | 10 | 10 | ||||||||||||||
Expected Dividend Yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
Weighted Average Grant Date Fair Value of Options Issued at an exercise price of: | |||||||||||||||||
$2.78 | N/A | N/A | $ | 3.11 | |||||||||||||
$4.55 | 5.64 | $ | 2.56 | $ | 2.46 | ||||||||||||
$5.91 | N/A | $ | 4.31 | N/A | |||||||||||||
$10.91 | N/A | $ | 2.78 | $ | 1.67 | ||||||||||||
$10.96 | N/A | N/A | $ | 1.85 | |||||||||||||
$26.96 | 10.96 | N/A | N/A | ||||||||||||||
Award Grant, Vesting and Forfeiture | ' | ||||||||||||||||
Award Grant, Vesting and Forfeiture transactions during the eight month period ended October 2, 2013 are summarized as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Awards | Average | ||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Per | |||||||||||||||||
Awards | |||||||||||||||||
Non-Vested Awards Outstanding, February 2, 2013 | 5,000 | $ | 5.56 | ||||||||||||||
Awards Granted | — | — | |||||||||||||||
Awards Vested | — | — | |||||||||||||||
Cancellation of Class A Units | (5,000 | ) | 5.56 | ||||||||||||||
Non-Vested Awards Outstanding, October 2, 2013 | — | $ | — | ||||||||||||||
As a result of the Reclassification on October 2, 2013, each outstanding share of Parent’s Class A common stock was automatically cancelled, each outstanding share of Parent’s Class L common stock was automatically converted into one share of Parent’s Class A common stock, effected for the 11-for-1 split, and then reclassified into Parent’s common stock. Award Grant, Vesting and Forfeiture transactions during the four months ended February 1, 2014 are summarized below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price Per | |||||||||||||||||
Share | |||||||||||||||||
Non-Vested Awards Outstanding, October 2, 2013 | 55,000 | $ | 5.56 | ||||||||||||||
Awards Granted | 26,396 | 27.22 | |||||||||||||||
Awards Vested | — | — | |||||||||||||||
Non-Vested Awards Outstanding, February 1, 2014 | 81,396 | $ | 12.58 | ||||||||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Future Minimum Lease Payments | ' | ||||||||||||
The following is a schedule of future minimum lease payments having an initial or remaining term in excess of one year: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Year | Operating | Capital | |||||||||||
Leases(a) | Leases | ||||||||||||
2014 | $ | 249,620 | $ | 2,704 | |||||||||
2015 | 253,334 | 3,016 | |||||||||||
2016 | 238,591 | 3,011 | |||||||||||
2017 | 218,149 | 3,389 | |||||||||||
2018 | 190,477 | 3,139 | |||||||||||
Thereafter | 648,251 | 22,249 | |||||||||||
Total Minimum Lease Payments | 1,798,422 | 37,508 | |||||||||||
Amount Representing Interest | — | (14,309 | ) | ||||||||||
Total Future Minimum Lease Payments | $ | 1,798,422 | $ | 23,199 | |||||||||
(a) | Total future minimum lease payments include $73.6 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $159.3 million of minimum lease payments for 13 stores and one warehouse that the Company has committed to open during Fiscal 2014. | ||||||||||||
Net Rent Expense | ' | ||||||||||||
The following is a schedule of net rent expense for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||
(in thousands) | |||||||||||||
Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Rent Expense: | |||||||||||||
Minimum Rental Payments | $ | 239,049 | $ | 219,982 | $ | 197,327 | |||||||
Contingent Rental Payments | 3,614 | 3,056 | 2,689 | ||||||||||
Straight-Line Rent Expense | 8,182 | 12,115 | 9,211 | ||||||||||
Lease Incentives Amortization | (21,557 | ) | (18,590 | ) | (15,869 | ) | |||||||
Amortization of Purchased Lease Rights | 958 | 1,033 | 901 | ||||||||||
Total Rent Expense(a) | 230,246 | 217,596 | 194,259 | ||||||||||
Less All Rental Income(b) | (19,613 | ) | (19,721 | ) | (19,113 | ) | |||||||
Total Net Rent Expense | $ | 210,633 | $ | 197,875 | $ | 175,146 | |||||||
(a) | Included in the line item “Selling and Administrative Expenses” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||
(a) | (b) Included in the line item “Other Revenue” in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). |
Restructuring_and_Separation_C1
Restructuring and Separation Costs (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Charges Incurred Related to Restructuring and Separation Costs | ' | ||||||||||||||||
The table below summarizes the charges and payments related to the Company’s restructuring and separation costs, which are included in the line items “Other Current Liabilities” in the Company’s Consolidated Balance Sheet: | |||||||||||||||||
(in thousands) | |||||||||||||||||
February 2, | Charges | Cash | February 1, | ||||||||||||||
2013 | Payments | 2014 | |||||||||||||||
Severance-Restructuring | $ | — | $ | 924 | $ | (924 | ) | $ | — | ||||||||
Severance-Separation Cost | 597 | 1,247 | (1,611 | ) | 233 | ||||||||||||
Total | $ | 597 | $ | 2,171 | $ | (2,535 | ) | $ | 233 | ||||||||
(in thousands) | |||||||||||||||||
January 28, | Charges | Cash | February 2, | ||||||||||||||
2012 | Payments | 2013 | |||||||||||||||
Severance-Restructuring | $ | — | $ | 1,225 | $ | (1,225 | ) | $ | — | ||||||||
Severance-Separation Cost | 979 | 1,774 | (2,156 | ) | 597 | ||||||||||||
Total | $ | 979 | $ | 2,999 | $ | (3,381 | ) | $ | 597 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Income (Loss) Before Income Taxes | ' | ||||||||||||||||
Income (Loss) before income taxes are as follows for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic | $ | 83,999 | $ | 33,625 | $ | (7,618 | ) | ||||||||||
Foreign | (7,888 | ) | (4,460 | ) | (2,802 | ) | |||||||||||
Total Income (Loss) before income taxes | $ | 76,111 | $ | 29,165 | $ | (10,420 | ) | ||||||||||
Income Tax (Benefit) Expense | ' | ||||||||||||||||
Income tax expense (benefit) is as follows for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 45,192 | $ | 13,813 | $ | (11,847 | ) | ||||||||||
State | 4,791 | (3,704 | ) | 5,901 | |||||||||||||
Foreign | 351 | 291 | 2,499 | ||||||||||||||
Subtotal | 50,334 | 10,400 | (3,447 | ) | |||||||||||||
Deferred: | |||||||||||||||||
Federal | (17,045 | ) | (3,386 | ) | 903 | ||||||||||||
State | (928 | ) | (3,519 | ) | (1,235 | ) | |||||||||||
Foreign | — | 369 | (369 | ) | |||||||||||||
Subtotal | (17,973 | ) | (6,536 | ) | (701 | ) | |||||||||||
Total income tax expense (benefit) | $ | 32,361 | $ | 3,864 | $ | (4,148 | ) | ||||||||||
Tax Rate Reconciliations | ' | ||||||||||||||||
The tax rate reconciliations are as follows for Fiscal 2013, Fiscal 2012 and Fiscal 2011: | |||||||||||||||||
Year Ended | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Tax at statutory rate (%) | 35 | % | 35 | % | (35.0 | )% | |||||||||||
State income taxes, net of federal | 4.7 | 5.8 | (9.5 | ) | |||||||||||||
Change in valuation allowance | 2.1 | 1.8 | 14.8 | ||||||||||||||
Permanent items | 0.2 | (1.4 | ) | 13.3 | |||||||||||||
Tax credits | (3.3 | ) | (11.7 | ) | (30.5 | ) | |||||||||||
Tax reserves | 0.9 | (14.1 | ) | (11.6 | ) | ||||||||||||
Deferred tax asset - stock compensation | 3.6 | — | — | ||||||||||||||
Impact of change in state tax laws and rates | 1.2 | (2.1 | ) | 9 | |||||||||||||
Foreign taxes | (1.6 | ) | (1.2 | ) | 9.7 | ||||||||||||
Other | (0.3 | ) | 1.2 | — | |||||||||||||
Effective tax rate (%) | 42.5 | % | 13.3 | % | (39.8 | )% | |||||||||||
Tax Effects of Temporary Differences Included in Deferred Tax Accounts | ' | ||||||||||||||||
The tax effects of temporary differences are included in deferred tax accounts as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Current deferred tax assets and liabilities: | |||||||||||||||||
Allowance for doubtful accounts | $ | 43 | $ | — | $ | 32 | $ | — | |||||||||
Compensated absences | 646 | — | 743 | — | |||||||||||||
Inventory costs and reserves capitalized for tax purposes | 5,392 | — | 6,977 | — | |||||||||||||
Insurance reserves | 8,085 | — | 6,985 | — | |||||||||||||
Prepaid items and other items deductible for tax purposes | — | 20,571 | — | 17,355 | |||||||||||||
Sales return reserves | 2,831 | — | 2,890 | — | |||||||||||||
Reserves | 515 | — | 331 | — | |||||||||||||
Accrued interest | — | — | 19 | — | |||||||||||||
Prepaid items taxable for tax purposes | 1,522 | — | 1,546 | — | |||||||||||||
Deferred revenue | 1,428 | — | 1,062 | — | |||||||||||||
Employee benefit accrual | 13,210 | — | 4,641 | — | |||||||||||||
Deferred gain | — | — | — | 1,203 | |||||||||||||
Other | 484 | — | 268 | — | |||||||||||||
Valuation allowance | (110 | ) | — | (803 | ) | — | |||||||||||
Total current deferred tax assets and liabilities | $ | 34,046 | $ | 20,571 | $ | 24,691 | $ | 18,558 | |||||||||
Non-Current deferred tax assets and liabilities: | |||||||||||||||||
Property and equipment basis adjustments | $ | — | $ | 128,657 | $ | — | $ | 130,793 | |||||||||
Deferred rent | 31,809 | — | 28,266 | — | |||||||||||||
Intangibles—long-lived | — | 113,089 | — | 124,129 | |||||||||||||
Intangibles—indefinite-lived | — | 93,618 | — | 93,368 | |||||||||||||
Insurance reserves | 13,217 | — | 12,253 | — | |||||||||||||
Employee benefit compensation | 4,838 | — | 4,373 | — | |||||||||||||
State net operating losses (net of federal benefit) | 9,095 | — | 9,206 | — | |||||||||||||
Prepaid items taxable for tax purposes | 3,508 | — | 5,341 | — | |||||||||||||
Landlord allowances | 32,747 | — | 29,673 | — | |||||||||||||
Accrued interest | 3,538 | — | 2,991 | — | |||||||||||||
Other | — | 883 | 553 | — | |||||||||||||
State credits | 2,173 | — | 2,366 | — | |||||||||||||
Federal and Puerto Rico tax credits | 1,612 | — | 7,008 | — | |||||||||||||
Valuation allowance | (8,998 | ) | (7,079 | ) | — | ||||||||||||
Total non-current deferred tax assets and liabilities | $ | 93,539 | $ | 336,247 | $ | 94,951 | $ | 348,290 | |||||||||
Net deferred tax liability | $ | 229,233 | $ | 247,206 | |||||||||||||
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | ' | ||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Gross | |||||||||||||||||
Unrecognized | |||||||||||||||||
Tax Benefits, | |||||||||||||||||
Exclusive of | |||||||||||||||||
Interest and | |||||||||||||||||
Penalties | |||||||||||||||||
Balance at January 29, 2011 | $ | 23,271 | |||||||||||||||
Additions for tax positions of the current year | — | ||||||||||||||||
Additions for tax positions of prior years | 6,383 | ||||||||||||||||
Reduction for tax positions of prior years | (7,505 | ) | |||||||||||||||
Settlements | — | ||||||||||||||||
Lapse of statute of limitations | — | ||||||||||||||||
Balance at January 28, 2012 | $ | 22,149 | |||||||||||||||
Additions for tax positions of the current year | — | ||||||||||||||||
Additions for tax positions of prior years | — | ||||||||||||||||
Reduction for tax positions of prior years | (5,225 | ) | |||||||||||||||
Settlements | — | ||||||||||||||||
Lapse of statute of limitations | — | ||||||||||||||||
Balance at February 2, 2013 | $ | 16,924 | |||||||||||||||
Additions for tax positions of the current year | — | ||||||||||||||||
Additions for tax positions of prior years | — | ||||||||||||||||
Reduction for tax positions of prior years | (1,524 | ) | |||||||||||||||
Settlements | — | ||||||||||||||||
Lapse of statute of limitations | (128 | ) | |||||||||||||||
Balance at February 1, 2014 | $ | 15,272 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Fair Values of Financial Assets and Hierarchy of Level of Inputs | ' | ||||||||||||||||
The fair values of the Company’s financial assets and the hierarchy of the level of inputs are summarized below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Measurements at | Measurements at | ||||||||||||||||
1-Feb-14 | 2-Feb-13 | ||||||||||||||||
Assets: | |||||||||||||||||
Level 1 | |||||||||||||||||
Cash equivalents (including restricted cash) | $ | 32,324 | $ | 34,972 | |||||||||||||
Level 2 | |||||||||||||||||
Interest rate cap agreements(a) | $ | 1 | $ | 69 | |||||||||||||
Level 3 | |||||||||||||||||
Note Receivable(b) | $ | — | $ | 385 | |||||||||||||
(a) | Included in “Other Assets” within the Company’s Consolidated Balance Sheets. Refer to Note 8, “Derivatives and Hedging Activities,” for further discussion regarding the Company’s interest rate cap agreements. | ||||||||||||||||
(b) | The change in the fair value of our Level 3 note receivable is related to the Company receiving full payment during Fiscal 2013. As of February 2, 2013, this note receivable was included in “Prepaid and Other Current Assets” on the Company’s Consolidated Balance Sheets. | ||||||||||||||||
Fair Values of Financial Liabilities | ' | ||||||||||||||||
The fair values of the Company’s financial liabilities are summarized below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount(a) | Value(a) | Amount(a) | Value(a) | ||||||||||||||
$1,000,000 Senior Secured Term Loan Facility, LIBOR (with a floor of 1.0%) plus 3.3%, matures on February 23, 2017 | $ | 828,839 | $ | 836,091 | $ | 863,084 | $ | 874,232 | |||||||||
$450,000 Senior Notes, 10% due at maturity on February 15, 2019, semi-annual interest payments on August 15 and February 15, from February 15, 2014 to February 15, 2019 | 450,000 | 501,458 | 450,000 | 489,938 | |||||||||||||
Total debt | $ | 1,278,839 | $ | 1,337,549 | $ | 1,313,084 | $ | 1,364,170 | |||||||||
(a) | Capital lease obligations are excluded from the table above. |
Consolidated_Guarantor_Data_Ta
Consolidated Guarantor Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Consolidating Balance Sheets | ' | ||||||||||||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 125,069 | $ | 4,391 | $ | — | $ | 129,460 | |||||||||||
Restricted Cash and Cash Equivalents | — | 32,100 | — | — | 32,100 | ||||||||||||||||
Accounts Receivable | — | 26,007 | 9,671 | — | 35,678 | ||||||||||||||||
Merchandise Inventories | — | — | 720,052 | — | 720,052 | ||||||||||||||||
Deferred Tax Asset | — | 10,176 | 3,299 | — | 13,475 | ||||||||||||||||
Prepaid and Other Current Assets | — | 41,831 | 35,870 | — | 77,701 | ||||||||||||||||
Prepaid Income Tax | — | 2,732 | 1,791 | — | 4,523 | ||||||||||||||||
Intercompany Receivable | — | — | 998,503 | (998,503 | ) | — | |||||||||||||||
Total Current Assets | — | 237,915 | 1,773,577 | (998,503 | ) | 1,012,989 | |||||||||||||||
Property and Equipment—Net of Accumulated Depreciation | — | 65,324 | 837,333 | — | 902,657 | ||||||||||||||||
Tradenames | — | 238,000 | — | — | 238,000 | ||||||||||||||||
Favorable Leases—Net of Accumulation Amortization | — | — | 292,553 | — | 292,553 | ||||||||||||||||
Goodwill | — | 47,064 | — | — | 47,064 | ||||||||||||||||
Investment in Subsidiaries | — | 2,491,514 | — | (2,491,514 | ) | — | |||||||||||||||
Other Assets | — | 26,533 | 94,140 | — | 120,673 | ||||||||||||||||
Total Assets | $ | — | $ | 3,106,350 | $ | 2,997,603 | $ | (3,490,017 | ) | $ | 2,613,936 | ||||||||||
LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts Payable | $ | — | $ | 542,987 | $ | — | $ | — | $ | 542,987 | |||||||||||
Other Current Liabilities | — | 191,181 | 121,162 | — | 312,343 | ||||||||||||||||
Intercompany Payable | — | 998,503 | — | (998,503 | ) | — | |||||||||||||||
Current Maturities of Long Term Debt | — | — | 1,026 | — | 1,026 | ||||||||||||||||
Total Current Liabilities | — | 1,732,671 | 122,188 | (998,503 | ) | 856,356 | |||||||||||||||
Long Term Debt | — | 1,278,839 | 22,173 | — | 1,301,012 | ||||||||||||||||
Other Liabilities | — | 54,323 | 201,232 | — | 255,555 | ||||||||||||||||
Deferred Tax Liability | — | 82,212 | 160,496 | — | 242,708 | ||||||||||||||||
Investment in Subsidiaries | 41,695 | — | — | (41,695 | ) | — | |||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Stockholder’s (Deficit) Equity: | |||||||||||||||||||||
Common Stock | — | — | — | — | — | ||||||||||||||||
Capital in Excess of Par Value | 474,396 | 474,396 | 1,063,182 | (1,537,578 | ) | 474,396 | |||||||||||||||
(Accumulated Deficit) Retained Earnings | (516,091 | ) | (516,091 | ) | 1,428,332 | (912,241 | ) | (516,091 | ) | ||||||||||||
Total Stockholder’s (Deficit) Equity | (41,695 | ) | (41,695 | ) | 2,491,514 | (2,449,819 | ) | (41,695 | ) | ||||||||||||
Total Liabilities and Stockholder’s (Deficit) Equity | $ | — | $ | 3,106,350 | $ | 2,997,603 | $ | (3,490,017 | ) | $ | 2,613,936 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 39,658 | $ | 3,678 | $ | — | $ | 43,336 | |||||||||||
Restricted Cash and Cash Equivalents | — | 34,800 | — | — | 34,800 | ||||||||||||||||
Accounts Receivable | — | 24,216 | 17,518 | — | 41,734 | ||||||||||||||||
Merchandise Inventories | — | — | 680,190 | — | 680,190 | ||||||||||||||||
Deferred Tax Assets | — | 1,223 | 4,910 | — | 6,133 | ||||||||||||||||
Prepaid and Other Current Assets | — | 35,293 | 30,950 | — | 66,243 | ||||||||||||||||
Prepaid Income Taxes | — | 5,268 | 1,950 | — | 7,218 | ||||||||||||||||
Intercompany Receivable | — | — | 747,405 | (747,405 | ) | — | |||||||||||||||
Total Current Assets | — | 140,458 | 1,486,601 | (747,405 | ) | 879,654 | |||||||||||||||
Property and Equipment – Net of Accumulated Depreciation | — | 72,283 | 806,022 | — | 878,305 | ||||||||||||||||
Tradenames | 238,000 | — | — | 238,000 | |||||||||||||||||
Favorable Leases – Net of Accumulated Amortization | — | — | 322,081 | — | 322,081 | ||||||||||||||||
Goodwill | — | 47,064 | — | — | 47,064 | ||||||||||||||||
Other Assets | — | 24,968 | 88,010 | — | 112,978 | ||||||||||||||||
Investment in Subsidiaries | — | 2,219,139 | — | (2,219,139 | ) | — | |||||||||||||||
Total Assets | $ | — | $ | 2,741,912 | $ | 2,702,714 | $ | (2,966,544 | ) | $ | 2,478,082 | ||||||||||
LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts Payable | $ | — | $ | 500,406 | $ | — | $ | — | $ | 500,406 | |||||||||||
Other Current Liabilities | — | 119,277 | 119,588 | — | 238,865 | ||||||||||||||||
Intercompany Payable | — | 747,405 | — | (747,405 | ) | — | |||||||||||||||
Current Maturities of Long Term Debt | — | — | 784 | — | 784 | ||||||||||||||||
Total Current Liabilities | — | 1,367,088 | 120,372 | (747,405 | ) | 740,055 | |||||||||||||||
Long Term Debt | — | 1,313,084 | 22,448 | — | 1,335,532 | ||||||||||||||||
Other Liabilities | — | 50,955 | 178,470 | — | 229,425 | ||||||||||||||||
Deferred Tax Liability | — | 91,054 | 162,285 | — | 253,339 | ||||||||||||||||
Investment in Subsidiaries | 80,269 | — | — | (80,269 | ) | — | |||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Stockholder’s (Deficit) Equity: | |||||||||||||||||||||
Common Stock | — | — | — | — | — | ||||||||||||||||
Capital in Excess of Par Value | 479,572 | 479,572 | 1,063,182 | (1,542,754 | ) | 479,572 | |||||||||||||||
(Accumulated Deficit) Retained Earnings | (559,841 | ) | (559,841 | ) | 1,155,957 | (596,116 | ) | (559,841 | ) | ||||||||||||
Total Stockholder’s (Deficit) Equity | (80,269 | ) | (80,269 | ) | 2,219,139 | (2,138,870 | ) | (80,269 | ) | ||||||||||||
Total Liabilities and Stockholder’s Equity (Deficit) | $ | — | $ | 2,741,912 | $ | 2,702,714 | $ | (2,966,544 | ) | $ | 2,478,082 | ||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 1, 2014 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
REVENUES: | |||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 4,427,503 | $ | — | $ | 4,427,503 | |||||||||||
Other Revenue | — | 142 | 34,342 | — | 34,484 | ||||||||||||||||
Total Revenue | — | 142 | 4,461,845 | — | 4,461,987 | ||||||||||||||||
COSTS AND EXPENSES: | — | — | |||||||||||||||||||
Cost of Sales | — | — | 2,695,957 | — | 2,695,957 | ||||||||||||||||
Selling and Administrative Expenses | — | 219,788 | 1,171,967 | — | 1,391,755 | ||||||||||||||||
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | — | 22,265 | — | — | 22,265 | ||||||||||||||||
Stock Option Modification Expense | — | 10,116 | 302 | — | 10,418 | ||||||||||||||||
Restructuring and Separation Costs | — | 2,171 | — | — | 2,171 | ||||||||||||||||
Depreciation and Amortization | — | 24,101 | 144,094 | — | 168,195 | ||||||||||||||||
Impairment Charges – Long-Lived Assets | — | 86 | 3,094 | — | 3,180 | ||||||||||||||||
Other Income, Net | — | (3,923 | ) | (5,016 | ) | — | (8,939 | ) | |||||||||||||
Loss on Extinguishment of Debt | — | 1,335 | — | — | 1,335 | ||||||||||||||||
Interest Expense | — | 97,524 | 2,015 | — | 99,539 | ||||||||||||||||
Loss (Earnings) from Equity Investment | (43,750 | ) | (272,376 | ) | — | 316,126 | — | ||||||||||||||
Total Costs and Expenses | (43,750 | ) | 101,087 | 4,012,413 | 316,126 | 4,385,876 | |||||||||||||||
(Loss) Income Before (Benefit) Provision for Income Taxes | 43,750 | (100,945 | ) | 449,432 | (316,126 | ) | 76,111 | ||||||||||||||
(Benefit) Provision for Income Taxes | — | (144,695 | ) | 177,056 | — | 32,361 | |||||||||||||||
Net (Loss) Income | $ | 43,750 | $ | 43,750 | $ | 272,376 | $ | (316,126 | ) | $ | 43,750 | ||||||||||
Total Comprehensive (Loss) Income | $ | 43,750 | $ | 43,750 | $ | 272,376 | $ | (316,126 | ) | $ | 43,750 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 2, 2013 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
REVENUES: | |||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 4,131,379 | $ | — | $ | 4,131,379 | |||||||||||
Other Revenue | — | 417 | 33,708 | — | 34,125 | ||||||||||||||||
Total Revenue | — | 417 | 4,165,087 | — | 4,165,504 | ||||||||||||||||
COSTS AND EXPENSES: | — | — | |||||||||||||||||||
Cost of Sales | — | — | 2,530,124 | — | 2,530,124 | ||||||||||||||||
Selling and Administrative Expenses | — | 186,793 | 1,125,889 | — | 1,312,682 | ||||||||||||||||
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | — | 4,175 | — | — | 4,175 | ||||||||||||||||
Stock Option Modification Expense | — | — | — | — | — | ||||||||||||||||
Restructuring and Separation Costs | — | 2,209 | 790 | — | 2,999 | ||||||||||||||||
Depreciation and Amortization | — | 25,817 | 140,969 | — | 166,786 | ||||||||||||||||
Impairment Charges – Long-Lived Assets | — | 1,380 | 10,159 | — | 11,539 | ||||||||||||||||
Other Income, Net | — | (3,074 | ) | (5,041 | ) | — | (8,115 | ) | |||||||||||||
Loss on Extinguishment of Debt | — | 2,222 | — | — | 2,222 | ||||||||||||||||
Interest Expense | — | 111,901 | 2,026 | — | 113,927 | ||||||||||||||||
Loss (Earnings) from Equity Investment | (25,301 | ) | (223,342 | ) | — | 248,643 | — | ||||||||||||||
Total Costs and Expenses | (25,301 | ) | 108,081 | 3,804,916 | 248,643 | 4,136,339 | |||||||||||||||
(Loss) Income Before (Benefit) Provision for Income Taxes | 25,301 | (107,664 | ) | 360,171 | (248,643 | ) | 29,165 | ||||||||||||||
(Benefit) Provision for Income Taxes | — | (132,965 | ) | 136,829 | — | 3,864 | |||||||||||||||
Net (Loss) Income | $ | 25,301 | $ | 25,301 | $ | 223,342 | $ | (248,643 | ) | $ | 25,301 | ||||||||||
Total Comprehensive (Loss) Income | $ | 25,301 | $ | 25,301 | $ | 223,342 | $ | (248,643 | ) | $ | 25,301 | ||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended January 28, 2012 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
REVENUES: | |||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 3,854,134 | $ | — | $ | 3,854,134 | |||||||||||
Other Revenue | — | 349 | 33,048 | — | 33,397 | ||||||||||||||||
Total Revenue | — | 349 | 3,887,182 | — | 3,887,531 | ||||||||||||||||
COSTS AND EXPENSES: | — | — | |||||||||||||||||||
Cost of Sales | — | — | 2,363,464 | — | 2,363,464 | ||||||||||||||||
Selling and Administrative Expenses | — | 181,464 | 1,034,310 | — | 1,215,774 | ||||||||||||||||
Costs Related to Debt Amendments | — | (473 | ) | — | — | (473 | ) | ||||||||||||||
Stock Option Modification Expense | — | — | — | — | — | ||||||||||||||||
Restructuring and Separation Costs | — | 4,568 | 2,870 | — | 7,438 | ||||||||||||||||
Depreciation and Amortization | — | 23,240 | 129,830 | — | 153,070 | ||||||||||||||||
Impairment Charges – Long-Lived Assets | — | — | 1,735 | — | 1,735 | ||||||||||||||||
Other Income, Net | — | (5,979 | ) | (3,963 | ) | — | (9,942 | ) | |||||||||||||
Loss on Extinguishment of Debt | — | 36,042 | 1,722 | — | 37,764 | ||||||||||||||||
Interest Expense | — | 125,853 | 3,268 | — | 129,121 | ||||||||||||||||
Loss (Earnings) from Equity Investment | 6,272 | (213,060 | ) | — | 206,788 | — | |||||||||||||||
Total Costs and Expenses | 6,272 | 151,655 | 3,533,236 | 206,788 | 3,897,951 | ||||||||||||||||
(Loss) Income Before (Benefit) Provision for Income Taxes | (6,272 | ) | (151,306 | ) | 353,946 | (206,788 | ) | (10,420 | ) | ||||||||||||
(Benefit) Provision for Income Taxes | — | (145,034 | ) | 140,886 | — | (4,148 | ) | ||||||||||||||
Net (Loss) Income | $ | (6,272 | ) | $ | (6,272 | ) | $ | 213,060 | $ | (206,788 | ) | $ | (6,272 | ) | |||||||
Total Comprehensive (Loss) Income | $ | (6,272 | ) | $ | (6,272 | ) | $ | 213,060 | $ | (206,788 | ) | $ | (6,272 | ) | |||||||
Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 1, 2014 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Elimination | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | (79,215 | ) | $ | 393,136 | $ | — | $ | 313,921 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Cash Paid For Property and Equipment | — | (27,089 | ) | (141,178 | ) | — | (168,267 | ) | |||||||||||||
Proceeds Received from Sale of Fixed Assets | — | — | 773 | — | 773 | ||||||||||||||||
Change in Restricted Cash and Cash Equivalents | — | 2,700 | — | — | 2,700 | ||||||||||||||||
Intercompany Investing Transactions | — | — | (251,098 | ) | 251,098 | — | |||||||||||||||
Net Cash Used in Investing Activities | — | (24,389 | ) | (391,503 | ) | 251,098 | (164,794 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from Long Term Debt – ABL Line of Credit | — | 806,800 | — | — | 806,800 | ||||||||||||||||
Principal Payments on Long Term Debt – ABL Line of Credit | — | (806,800 | ) | — | — | (806,800 | ) | ||||||||||||||
Repayment of Capital Lease Obligations | — | — | (920 | ) | — | (920 | ) | ||||||||||||||
Principal Payments on Long Term Debt – Term Loan | — | (36,533 | ) | — | — | (36,533 | ) | ||||||||||||||
Payment of Dividends | (255,192 | ) | (255,192 | ) | — | 255,192 | (255,192 | ) | |||||||||||||
Receipt of Dividends | 255,192 | — | — | (255,192 | ) | — | |||||||||||||||
Proceeds from Direct Parent Investment | 239,813 | — | — | — | 239,813 | ||||||||||||||||
Proceeds from (Payments to) Equity Investment in BCFWC | (239,813 | ) | 239,813 | — | — | — | |||||||||||||||
Debt Issuance Cost | — | (10,171 | ) | — | — | (10,171 | ) | ||||||||||||||
Intercompany Financing Transactions | — | 251,098 | — | (251,098 | ) | — | |||||||||||||||
Net Cash Provided by (Used In) Financing Activities | — | 189,015 | (920 | ) | (251,098 | ) | (63,003 | ) | |||||||||||||
(Decrease) Increase in Cash and Cash Equivalents | — | 85,411 | 713 | — | 86,124 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 39,658 | 3,678 | — | 43,336 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 125,069 | $ | 4,391 | $ | — | $ | 129,460 | |||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended February 2, 2013 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net Cash Provided by Operations | $ | — | $ | 63,147 | $ | 389,362 | $ | — | $ | 452,509 | |||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Cash Paid for Property and Equipment | — | (32,908 | ) | (133,813 | ) | — | (166,721 | ) | |||||||||||||
Proceeds from Sale of Property and Equipment and Assets Held for Disposal | — | — | 1,435 | — | 1,435 | ||||||||||||||||
Lease Acquisition Costs | — | — | (530 | ) | — | (530 | ) | ||||||||||||||
Intercompany Investing Transactions | — | — | (276,150 | ) | 276,150 | — | |||||||||||||||
Net Cash Used in Investing Activities | — | (32,908 | ) | (409,058 | ) | 276,150 | (165,816 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from Long-Term Debt – ABL Line of Credit | — | 459,800 | — | — | 459,800 | ||||||||||||||||
Proceeds from Long-Term Debt – Term Loan | — | 116,913 | — | — | 116,913 | ||||||||||||||||
Principal Payments on Long-Term Debt – ABL Line of Credit | — | (649,800 | ) | — | — | (649,800 | ) | ||||||||||||||
Repayment of Capital Lease Obligations | — | — | (768 | ) | — | (768 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Term Loan | — | (205,749 | ) | — | — | (205,749 | ) | ||||||||||||||
Debt Issuance Cost | — | (459 | ) | — | — | (459 | ) | ||||||||||||||
Proceeds from Stock Option Exercises and Related Tax Benefits | — | 2,753 | — | — | 2,753 | ||||||||||||||||
Intercompany Financing Transactions | — | 276,150 | — | (276,150 | ) | — | |||||||||||||||
Payment of Dividends | (1,711 | ) | (1,711 | ) | — | 1,711 | (1,711 | ) | |||||||||||||
Receipt of Dividends | 1,711 | — | — | (1,711 | ) | — | |||||||||||||||
Net Cash Used in Financing Activities | — | (2,103 | ) | (768 | ) | (276,150 | ) | (279,021 | ) | ||||||||||||
Increase in Cash and Cash Equivalents | — | 28,136 | (20,464 | ) | — | 7,672 | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 11,522 | 24,142 | — | 35,664 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 39,658 | $ | 3,678 | $ | — | $ | 43,336 | |||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
For the Year Ended January 28, 2012 | |||||||||||||||||||||
Holdings | BCFW | Guarantors | Eliminations | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||
Net Cash Provided by Operations | $ | — | $ | (49,557 | ) | $ | 299,540 | $ | — | $ | 249,983 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||
Cash Paid for Property and Equipment | — | (43,895 | ) | (109,478 | ) | — | (153,373 | ) | |||||||||||||
Change in Restricted Cash and Cash Equivalents | — | (6,978 | ) | 2,442 | — | (4,536 | ) | ||||||||||||||
Proceeds from Sale of Property and Equipment and Assets Held for Disposal | — | — | 757 | — | 757 | ||||||||||||||||
Lease Acquisition Costs | — | — | (557 | ) | — | (557 | ) | ||||||||||||||
Other | — | (1,064 | ) | — | — | (1,064 | ) | ||||||||||||||
Intercompany Investing Transactions | (91,470 | ) | 91,470 | ||||||||||||||||||
Net Cash Used in Investing Activities | — | (51,937 | ) | (198,306 | ) | 91,470 | (158,773 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||
Proceeds from Long-Term Debt – ABL Line of Credit | — | 1,073,700 | — | — | 1,073,700 | ||||||||||||||||
Proceeds from Long-Term Debt – Notes Payable | — | 450,000 | — | — | 450,000 | ||||||||||||||||
Proceeds from Long-Term Debt – Term Loan | — | 991,623 | — | — | 991,623 | ||||||||||||||||
Principal Payments on Long-Term Debt – ABL Line of Credit | — | (1,052,300 | ) | — | — | (1,052,300 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Senior Notes | — | — | (99,309 | ) | — | (99,309 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Senior Discount Notes | — | (302,056 | ) | — | — | (302,056 | ) | ||||||||||||||
Repayment of Capital Lease Obligations | — | — | (829 | ) | — | (829 | ) | ||||||||||||||
Principal Payments on Long-Term Debt – Term Loan | — | (42,500 | ) | — | — | (42,500 | ) | ||||||||||||||
Principal Repayments on Previous Term Loan | — | (777,550 | ) | — | — | (777,550 | ) | ||||||||||||||
Debt Issuance Cost | — | (30,640 | ) | — | — | (30,640 | ) | ||||||||||||||
Stock Option Exercise and Related Tax Benefits | — | 2,018 | — | — | 2,018 | ||||||||||||||||
Intercompany Financing Transactions | — | 91,470 | — | (91,470 | ) | — | |||||||||||||||
Payment of Dividends | (297,917 | ) | (297,917 | ) | — | 297,917 | (297,917 | ) | |||||||||||||
Receipt of Dividends | 297,917 | — | — | (297,917 | ) | — | |||||||||||||||
Net Cash Used in Financing Activities | — | 105,848 | (100,138 | ) | (91,470 | ) | (85,760 | ) | |||||||||||||
Increase in Cash and Cash Equivalents | — | 4,354 | 1,096 | — | 5,450 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 7,168 | 23,046 | — | 30,214 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 11,522 | $ | 24,142 | $ | — | $ | 35,664 | |||||||||||
Burlington Coat Factory Investments Holdings, Inc. | |||||||||||||||||||||
Schedule II – Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||
(All amounts in thousands) | |||||||||||||||||||||
Description | Balance at | Charged | Charged | Accounts | Balance at | ||||||||||||||||
Beginning | to Costs & | to Other | Written Off | End of | |||||||||||||||||
of Period | Expenses | Accounts (1) | or | Period | |||||||||||||||||
Deductions (2) | |||||||||||||||||||||
Year ended February 1, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 81 | $ | 304 | $ | — | $ | 276 | $ | 109 | |||||||||||
Sales reserves | $ | 2,774 | $ | 256 | $ | 295,107 | $ | 295,533 | $ | 2,604 | |||||||||||
Year ended February 2, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 85 | $ | 115 | $ | — | $ | 119 | $ | 81 | |||||||||||
Sales reserves | $ | 2,303 | $ | (532 | ) | $ | 292,558 | $ | 291,555 | $ | 2,774 | ||||||||||
Year ended January 28, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 175 | $ | 1,211 | $ | — | $ | 1,301 | $ | 85 | |||||||||||
Sales reserves | $ | 2,423 | $ | 173 | $ | 268,046 | $ | 268,339 | $ | 2,303 | |||||||||||
Notes: | |||||||||||||||||||||
-1 | Charged to merchandise sales. | ||||||||||||||||||||
-2 | Actual returns and allowances. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 31, 2013 | Oct. 07, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | |||||||
Segment | Software | Software | Building | Building | Store Fixtures and Equipment | Store Fixtures and Equipment | Restricted Stock | Restricted Stock | Restricted Stock | Distribution and Purchasing Functions | Distribution and Purchasing Functions | Distribution and Purchasing Functions | 2006 Management Incentive Plan | 2006 Management Incentive Plan | Advertising Barter Transactions | Advertising Barter Transactions | Advertising Barter Transactions | Initial public offering | Initial public offering | Burlington Coat Factory | Cohoes Fashions | Super Baby Depot | MJM Designer Shoes | Burlington Shoes | Parent | Parent | |||||||||
Store | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Restricted Stock | Store | Store | Store | Store | Store | |||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of stores | 521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 503 | 2 | 2 | 13 | 1 | ' | ' | ||||||
Number of states stores operated | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of stores, opened | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ||||||
Number of stores closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ||||||
Ownership interest in stock of BCFWC | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Common Stock, Shares Issued | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ||||||
Common Stock, Shares Outstanding | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | 74,218,275 | 517,979,682 | ||||||
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 568,416,244 | ||||||
Common Stock, Par Value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ||||||
Stock Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Parent then effected an 11-for-1 split of Parent's Class A common stock and then reclassified Parent's Class A common stock into common stock. | ' | ' | ' | ' | ' | ' | ' | ||||||
Stock split ratio of class A common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ||||||
Proceeds from Direct Parent Investment | $239,813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $239,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash and short-term, highly liquid investments, maturities period | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Selling and Administrative Expenses | 1,391,755,000 | 1,312,682,000 | 1,215,774,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,100,000 | 114,300,000 | 84,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Depreciation and Amortization | 168,195,000 | 166,786,000 | 153,070,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,100,000 | 12,800,000 | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property and equipment, Useful Lives | ' | ' | ' | '3 years | '5 years | '20 years | '40 years | '3 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment charges, Property and Equipment | 2,700,000 | 5,200,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Capitalized software | 21,100,000 | 19,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Purchased and internally developed software, estimated economic life | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment losses | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment charges | 0 | 6,300,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment losses, goodwill | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment charges | 500,000 | 0 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Customer liabilities | 29,200,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred lease incentives | 157,500,000 | 138,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Advertising expense | 83,300,000 | 83,500,000 | 77,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,544,000 | 3,776,000 | 4,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Barter transactions, sales | ' | ' | 13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Barter transactions, cost of sales | ' | ' | 13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Barter transactions, unused advertising credits | 10,560,000 | 13,104,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Barter transactions, unused advertising credits period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Breakage income | 4,000,000 | 2,500,000 | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of units reserved under plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,125,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Options outstanding | 4,619,323 | 424,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,619,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Awards Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,686,524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Non-Cash Stock Compensation | $10,203,000 | [1] | $2,747,000 | [1] | $5,797,000 | [1] | ' | ' | ' | ' | ' | ' | $143,000 | [2] | $487,000 | [2] | $1,187,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reports segment | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | The tax benefit related to the Company's non-cash stock compensation was $5.1 million, $1.0 million, and $2.3 during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | ||||||||||||||||||||||||||||||||||
[2] | Included in the line item "Selling and Administrative Expenses" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). |
Self_Insurance_Reserves_Detail
Self Insurance Reserves (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Self Insurance Reserves [Line Items] | ' | ' | ||
Short-Term Self Insurance Reserve | $23,553 | [1] | $21,165 | [1] |
Long-Term Self Insurance Reserve | 33,600 | [2] | 31,232 | [2] |
Total | $57,153 | $52,397 | ||
[1] | Represents the portions of the self insurance reserve expected to be paid in the next twelve months which is recorded in the line item "Other Current Liabilities" in the Company's Consolidated Balance Sheets. | |||
[2] | The remaining self insurance reserve balance is recorded in the line item "Other Liabilities" in the Company's Consolidated Balance Sheets. |
Other_Revenue_Detail
Other Revenue (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenue Recognition [Line Items] | ' | ' | ' |
Other Revenue | $34,484 | $34,125 | $33,397 |
Service Fees | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Other Revenue | 13,711 | 13,284 | 13,096 |
Rental Income from Leased Departments | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Other Revenue | 10,924 | 10,639 | 9,566 |
Subleased Rental Income and Other Miscellaneous Items | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Other Revenue | $9,849 | $10,202 | $10,735 |
Prepaid_Advertising_Expense_De
Prepaid Advertising Expense (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Advertising Costs [Line Items] | ' | ' |
Prepaid Advertising Expense | $10,560 | $13,104 |
Prepaid and Other Current Assets | ' | ' |
Advertising Costs [Line Items] | ' | ' |
Prepaid Advertising Expense | 2,842 | 2,553 |
Other Assets | ' | ' |
Advertising Costs [Line Items] | ' | ' |
Prepaid Advertising Expense | $7,718 | $10,551 |
Barter_Credit_Usage_Detail
Barter Credit Usage (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Advertising Costs [Line Items] | ' | ' | ' |
Barter Credit Usage | $83,300 | $83,500 | $77,600 |
Advertising Barter Transactions | ' | ' | ' |
Advertising Costs [Line Items] | ' | ' | ' |
Barter Credit Usage | $2,544 | $3,776 | $4,712 |
Restricted_Cash_and_Cash_Equiv1
Restricted Cash and Cash Equivalents - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $32,100 | $34,800 |
Property_and_equipment_Detail
Property and equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $1,727,961 | $1,601,175 |
Less: Accumulated Depreciation | -825,304 | -722,870 |
Total Property and Equipment, Net of Accumulated Depreciation and Amortization | 902,657 | 878,305 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 162,331 | 162,849 |
Building | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 365,101 | 361,028 |
Building | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | '20 years | ' |
Building | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | '40 years | ' |
Store Fixtures and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 568,342 | 503,736 |
Store Fixtures and Equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | '3 years | ' |
Store Fixtures and Equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | '10 years | ' |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 163,547 | 149,322 |
Software | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | '3 years | ' |
Software | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | '5 years | ' |
Leasehold Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Lives | 'Shorter of lease term or useful life | ' |
Property and equipment | 432,644 | 405,199 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $35,996 | $19,041 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capital leases, net of accumulated amortization | $12,700,000 | $10,900,000 | ' |
Capital leases, accumulated amortization | 24,400,000 | 25,200,000 | ' |
Total amount of depreciation expense | 128,800,000 | 127,500,000 | 117,300,000 |
Impairment charges, Property and Equipment | 2,700,000 | 5,200,000 | 1,200,000 |
Depreciation and Amortization | 168,195,000 | 166,786,000 | 153,070,000 |
Property and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment charges, Property and Equipment | 2,700,000 | 5,200,000 | 1,200,000 |
Software Development | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and Amortization | $18,800,000 | $20,300,000 | $17,800,000 |
Software Development | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Internally developed software, amortization period | '3 years | ' | ' |
Software Development | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Internally developed software, amortization period | '5 years | ' | ' |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $238,000 | $238,000 |
Favorable Leases | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 487,350 | 502,155 |
Accumulated Amortization | -194,797 | -180,074 |
Net Amount | $292,553 | $322,081 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Decrease in gross carrying amount of favorable leases, amortization | $168,195 | $166,786 | $153,070 |
Favorable Leases | ' | ' | ' |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Decrease in gross carrying amount of favorable leases, amortization | ' | 14,800 | ' |
Accumulated amortization of favorable leases | 194,797 | 180,074 | ' |
Remaining weighted average amortization period | '15 years 3 months 18 days | ' | ' |
Amortization Expense | ' | ' | ' |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Accumulated amortization of favorable leases | 29,500 | ' | ' |
Cost Adjustment | ' | ' | ' |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Accumulated amortization of favorable leases | $14,800 | ' | ' |
Amortization_Expense_of_Favora
Amortization Expense of Favorable Leases (Detail) (Favorable Leases, USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Favorable Leases | ' |
Estimated Amortization Expense [Line Items] | ' |
2014 | $26,156 |
2015 | 24,228 |
2016 | 23,148 |
2017 | 23,317 |
2018 | 21,059 |
Total Amount | $117,908 |
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | $3,180 | $11,539 | $1,735 |
Impaired Assets fair value | 7,063 | ' | ' |
Asset Impairment | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment of store level assets, number of stores | 7 | 12 | 7 |
Impaired Assets fair value | $0 | $0 | ' |
Impairment_Charges_Detail
Impairment Charges (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | $3,180 | $11,539 | $1,735 |
Favorable Leases | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | ' | 6,275 | 165 |
Leasehold Improvements | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | 1,575 | 1,885 | 652 |
Building/Building Improvements | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | 81 | 1,814 | ' |
Furniture and Fixtures | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | 970 | 950 | 457 |
Land | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | 4 | 558 | ' |
Other Assets | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | 465 | ' | 410 |
Other Property and Equipment | ' | ' | ' |
Asset Impairments Exit Costs And Other Charges [Line Items] | ' | ' | ' |
Impairment Charges | $85 | $57 | $51 |
Fair_Value_Longlived_Assets_Su
Fair Value Long-lived Assets Subsequent to Impairment Charges (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | $7,063 | ' | ' |
Asset Impairment charges | 3,180 | 11,539 | 1,735 |
Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 2,250 | ' | ' |
Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 4,813 | ' | ' |
Leasehold Improvements | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,803 | ' | ' |
Asset Impairment charges | 1,575 | 1,885 | 652 |
Leasehold Improvements | Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,803 | ' | ' |
Building/Building Improvements | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,517 | ' | ' |
Asset Impairment charges | 81 | 1,814 | ' |
Building/Building Improvements | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,517 | ' | ' |
Furniture and Fixtures | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,376 | ' | ' |
Asset Impairment charges | 970 | 950 | 457 |
Furniture and Fixtures | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 15 | ' | ' |
Furniture and Fixtures | Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,361 | ' | ' |
Land | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 713 | ' | ' |
Asset Impairment charges | 4 | 558 | ' |
Land | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 713 | ' | ' |
Other Assets | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,471 | ' | ' |
Asset Impairment charges | 465 | ' | 410 |
Other Assets | Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 1,471 | ' | ' |
Other Property and Equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 183 | ' | ' |
Asset Impairment charges | 85 | 57 | 51 |
Other Property and Equipment | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | 5 | ' | ' |
Other Property and Equipment | Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset fair value | $178 | ' | ' |
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities - Additional Information (Detail) (Interest Rate Cap, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Derivative | |
Interest Rate Cap | ' |
Derivative [Line Items] | ' |
Interest rate cap agreements, number | 2 |
Interest rate cap agreements, notional amount | $450 |
Interest rate cap agreements, cap rate | 7.00% |
Interest rate cap agreements, termination date | 31-May-15 |
Recovered_Sheet1
Derivative Instruments and Hedging Activities (Detail) (Interest Rate Cap, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Interest Expenses | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest Rate Cap Agreements | $68 | $45 | $3,165 |
Other Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest Rate Cap Agreements | 1 | 69 | ' |
Other Liabilities | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest Rate Cap Agreements | ' | ' | ' |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long Term Debt | $1,278,839 | [1] | $1,313,084 | [1] |
Capital Lease Obligations | 23,199 | 23,232 | ||
Total debt | 1,302,038 | 1,336,316 | ||
Less: current maturities | -1,026 | -784 | ||
Long-term debt, net of current maturities | 1,301,012 | 1,335,532 | ||
Senior Secured Term Loans | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long Term Debt | 828,839 | [1] | 863,084 | [1] |
Senior Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long Term Debt | $450,000 | [1] | $450,000 | [1] |
[1] | Capital lease obligations are excluded from the table above. |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | |
Senior Secured Term Loans | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-Term Debt, face amount | $1,000,000 | [1] | $1,000,000 |
Long-Term Debt, maturity date | 23-Feb-17 | [1] | 23-Feb-17 |
Senior Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-Term Debt, face amount | $450,000 | [1] | $450,000 |
Long-Term Debt, interest rate | 10.00% | [1] | 10.00% |
Long-Term Debt, maturity date | 15-Feb-19 | [1] | 15-Feb-19 |
Long-Term Debt, payment frequency | 'Semi-annual | [1] | 'Semi-annual |
Long-Term Debt, first payment date | 15-Feb-14 | [1] | 15-Feb-14 |
Long-Term Debt, last payment date | 15-Feb-19 | [1] | 15-Feb-19 |
London Interbank Offered Rate Floor | Senior Secured Term Loans | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, interest rate | 1.00% | [1] | 1.00% |
LIBOR | Senior Secured Term Loans | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, interest rate | 3.30% | [1] | 3.30% |
[1] | Capital lease obligations are excluded from the table above. |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Jan. 31, 2014 | Feb. 28, 2013 | Feb. 15, 2013 | Jan. 31, 2013 | Jul. 28, 2012 | 31-May-12 | Apr. 30, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 28, 2013 | Feb. 01, 2014 | Feb. 28, 2013 | Feb. 01, 2014 | Feb. 15, 2013 | Feb. 01, 2014 | 17-May-13 | 17-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 20, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 20, 2013 | Feb. 20, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 15, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | 16-May-12 | Feb. 24, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | 16-May-12 | Feb. 24, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Sep. 02, 2011 | Sep. 02, 2011 | Sep. 02, 2011 | Sep. 02, 2011 | Sep. 02, 2011 | Sep. 02, 2011 | Sep. 02, 2011 | Sep. 02, 2011 | |
BCFWC | BCFWC | Bain Capital | Maximum | Other Assets | Other Assets | Third Amendment | Third Amendment | Thereafter | Senior Notes due 2018 | Debt Instruments Extinguished One | Debt Instruments Extinguished Two [Member] | Cash interest | PIK interest | Long-term Debt | Long-term Debt | Long-term Debt | Long-term Debt | Long-term Debt | Long-term Debt | Consulting and advisory fee | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term B-1 Loans | 10% Senior Notes Due 2019 | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ABL Senior Secured Revolving Facility | ||||||||||||||||
if consolidated secured leverage ratio is less than or equal to 2.25:1 | Senior Notes due 2018 | Senior Notes due 2018 | Third Amendment | Second Amendment | Holdco notes | Maximum | Maximum | Maximum | Maximum | Adjusted London Interbank Offered Rate | Federal Funds Rate | One Month Adjusted London Interbank Offered Rate | Maximum | Minimum | Amendment of Credit Facility | LIBOR | LIBOR | Prime Rate | Prime Rate | ||||||||||||||||||||||||||||||||||||||||
Through November 1, 2014 | Through October 31, 2015 | January 30, 2016 and Thereafter | Amendment of Credit Facility | Amendment of Credit Facility | Amendment of Credit Facility | Amendment of Credit Facility | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum | Minimum | Maximum | Minimum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | $900,000,000 | ' | ' | ' | ' |
Line of Credit Facility, basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 871,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,500,000 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments on Long Term Debt | ' | ' | ' | ' | ' | ' | ' | 36,533,000 | 205,749,000 | 42,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt, periodic payments | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt, payment | 30,000,000 | ' | ' | 70,000,000 | ' | 9,500,000 | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | 1,335,000 | 2,222,000 | 37,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Extinguishment fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Fees | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,600,000 | 24,900,000 | ' | 8,600,000 | 1,600,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan amendment, restricted payment basket amount | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan amendment, additional fee | ' | ' | 8,900,000 | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' | 1,600,000 | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan amendment, restricted payment basket | ' | ' | 'The Second Amendment created a restricted payments basket of $25.0 million and permits the Company to use the "available amount" to make restricted payments (which basket includes retained excess cash flow, in an amount not to exceed 50% of BCFWC's consolidated net income (as defined in the indenture governing the 10% Senior Notes due 2019) since the second quarter of Fiscal 2011), in each case so long as certain conditions are satisfied. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, issue price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Sep-16 | ' | ' | ' | ' |
Net proceeds from offering used to pay dividend | ' | 336,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid to issuers | ' | ' | ' | ' | ' | ' | ' | 255,192,000 | ' | 300,000,000 | 5,000,000 | 19,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting and advisory services fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility,decrease in interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility,decrease in LIBOR floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'BCFWC entered into Amendment No. 3 (Third Amendment) to the Term Loan Credit Agreement, in order to, among other things, reduce the interest rates applicable to the Term Loan Facility by 100 basis points (provided that such interest rates shall be further reduced by 25 basis points if BCFWC's consolidated secured leverage ratio is less than or equal to 2.251) and to reduce the LIBOR floor by 25 basis points. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs related to debt amendment paid to third parties | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility, quarterly payments | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio, total debt to Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350.00% | 550.00% | 500.00% | 475.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio, interest expense to Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 420.00% | ' | 200.00% | 210.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 1.75% | 1.25% | 0.75% |
Long-term debt, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, uncommitted incremental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, maturity period | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.75% | 0.38% | ' | ' | ' | ' |
Line of Credit Facility, amount available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 456,200,000 | 422,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum amount outstanding during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,600,000 | 213,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, average borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,400,000 | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.10% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations, interest charges | ' | ' | ' | ' | ' | ' | ' | 14,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,800,000 | 1,700,000 | 1,800,000 | 1,500,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | 7,676,000 | 5,805,000 | 11,904,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 5,800,000 | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees wrote off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees, weighted average amortization period | ' | ' | ' | ' | ' | ' | ' | '3 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities_of_LongTerm_Debt_an
Maturities of Long-Term Debt and Capital Lease Obligations (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
2014 | $1,026 | ' |
2015 | 1,070 | ' |
2016 | 1,262 | ' |
2017 | 836,131 | ' |
2018 | 1,646 | ' |
Thereafter | 466,571 | ' |
Total | 1,307,706 | ' |
Less: Unamortized Discount | -5,668 | ' |
Total | 1,302,038 | 1,336,316 |
Less: Current Portion | -1,026 | -784 |
Long Term Debt | 1,301,012 | 1,335,532 |
Long-term Debt | ' | ' |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
2017 | 834,507 | ' |
Thereafter | 450,000 | ' |
Total | 1,284,507 | ' |
Less: Unamortized Discount | -5,668 | ' |
Total | 1,278,839 | ' |
Long Term Debt | 1,278,839 | ' |
Capital Lease Obligations | ' | ' |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
2014 | 1,026 | ' |
2015 | 1,070 | ' |
2016 | 1,262 | ' |
2017 | 1,624 | ' |
2018 | 1,646 | ' |
Thereafter | 16,571 | ' |
Total | 23,199 | ' |
Total | 23,199 | ' |
Less: Current Portion | -1,026 | ' |
Long Term Debt | $22,173 | ' |
Amortization_Expense_Related_t
Amortization Expense Related to Deferred Financing Fees (Detail) (Deferred Financing Costs, USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Deferred Financing Costs | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $8,162 |
2015 | 8,162 |
2016 | 7,235 |
2017 | 1,632 |
2018 | 1,288 |
Thereafter | 107 |
Net Amount | $26,586 |
Stock_Option_and_Award_Plans_a2
Stock Option and Award Plans and Stock Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 8 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Oct. 02, 2013 | Feb. 28, 2013 | Oct. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Oct. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | 1-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | 1-May-13 | Feb. 02, 2013 | 1-May-11 | 1-May-11 | 17-May-12 | 17-May-12 | 17-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 28, 2011 | Feb. 28, 2011 | Feb. 28, 2011 | Feb. 28, 2011 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | |||||||
Stock Options, Vesting | Stock Options, Vesting | Stock Options, Vesting | Stock Options, Vesting | Stock Options, Vesting | Restricted Stock | Restricted Stock | Restricted Stock | Service Based Awards | Stock Options | Class A Options | 2006 Plan | 2006 Plan | 2006 Plan | 2013 Plan | 2013 Plan | Minimum | Maximum | Common Class A | Common Class A | Common Class A | Common Class A | Common Class L | Common Class L | May 1, 2011 through May 17, 2012 | May 1, 2011 through May 17, 2012 | May 17, 2012 through May 17, 2013 | May 17, 2012 through May 17, 2013 | May 17, 2013 through the date of the Offering | Offering through February 1, 2014 | Exercise Price 12 | Exercise Price 12 | Exercise Price 12 | Exercise Price 13 | Exercise Price 13 | Exercise Price 1 | Exercise Price 1 | Exercise Price 1 | Exercise Price 2 | Exercise Price 2 | Exercise Price 3 | Exercise Price 3 | Exercise Price 3 | Exercise Price 5 | Exercise Price 5 | Exercise Price 5 | Exercise Price 6 | Exercise Price 6 | Exercise Price 6 | |||||||||||||
Cash | Cash | Non Cash | One Time Grant | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Minimum | Maximum | Minimum | Maximum | 2006 Plan | 2006 Plan | Minimum | Maximum | Minimum | Maximum | Scenario, Previously Reported | Minimum | Maximum | Scenario, Previously Reported | Scenario, Previously Reported | Minimum | Maximum | Scenario, Previously Reported | Minimum | Maximum | Scenario, Previously Reported | Minimum | Maximum | |||||||||||||||||||||||||||||
2006 Plan | 2006 Plan | 2006 Plan | 2006 Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of stock in each unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Common stock shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,125,258 | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Options granted, exercise prices | ' | ' | $4.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.96 | ' | ' | ' | ' | $4.55 | $10.91 | $5.91 | $10.91 | $4.55 | $26.96 | $26.96 | $2.78 | $8.18 | $10.96 | $16.36 | $2.78 | $0.79 | $1.65 | $0.79 | $4.55 | $5.91 | $0.79 | $0.94 | $10.91 | $3.17 | $5.02 | $10.96 | $3.17 | $5.07 | ||||||
Option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,595,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Options granted, percentage vested | ' | ' | ' | 40.00% | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Dividend paid | ' | $336,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Incremental compensation expense from modification | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | 1,200,000 | 4,300,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Stock Option Modification Expense | ' | ' | ' | 10,418,000 | ' | ' | ' | 10,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unexercised vested options, exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Non-cash stock compensation expense | ' | ' | ' | 10,203,000 | [1] | 2,747,000 | [1] | 5,797,000 | [1] | ' | ' | ' | ' | ' | 143,000 | [2] | 487,000 | [2] | 1,187,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding | ' | ' | ' | 4,619,323 | 424,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,619,323 | ' | ' | ' | ' | ' | 4,619,323 | 4,683,151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unearned non-cash stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unearned non-cash stock-based compensation exclusive of stock-based options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding options to purchase units had vested percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unearned non-cash stock-based compensation expected to recognize as expense over period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 3 months 18 days | ' | ' | ' | '4 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Service-based awards, service period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The service-based awards are expensed on a straight-line basis over the requisite service period. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Awards outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification of common stock | 3,824,073 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,683,151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Stock split ratio of class A common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Aggregate intrinsic value of options outstanding | ' | ' | ' | 103,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Aggregate intrinsic value of options vested and expected to vest outstanding | ' | ' | ' | $99,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restricted stock, granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,396 | 5,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of common stock granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Service-based awards, service period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restricted stock award outstanding, vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,006,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | The tax benefit related to the Company's non-cash stock compensation was $5.1 million, $1.0 million, and $2.3 during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Included in the line item "Selling and Administrative Expenses" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). |
NonCash_Stock_Compensation_Exp
Non-Cash Stock Compensation Expense (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |||
Non-Cash Stock Compensation | $10,203 | [1] | $2,747 | [1] | $5,797 | [1] |
Stock Option Modification | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |||
Non-Cash Stock Compensation | 6,089 | [2] | ' | ' | ||
Stock Options Grants | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |||
Non-Cash Stock Compensation | 3,971 | [3] | 2,260 | [3] | 4,610 | [3] |
Restricted Stock | ' | ' | ' | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |||
Non-Cash Stock Compensation | $143 | [3] | $487 | [3] | $1,187 | [3] |
[1] | The tax benefit related to the Company's non-cash stock compensation was $5.1 million, $1.0 million, and $2.3 during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||
[2] | Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan during the Fiscal 2013 which is included in the line item "Stock Option Modification Expense" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||
[3] | Included in the line item "Selling and Administrative Expenses" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). |
NonCash_Stock_Compensation_Exp1
Non-Cash Stock Compensation Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | 53 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 02, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Non-Cash Stock Compensation tax benefit | $5.10 | $2.30 | $1 |
Stock_Option_Transactions_Deta
Stock Option Transactions (Detail) (USD $) | 8 Months Ended | 12 Months Ended | 8 Months Ended | |||
Oct. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Oct. 02, 2013 | |||
Common Class A | Class A Units | |||||
Number of Shares | ' | ' | ' | ' | ||
Options Outstanding at Beginning of Period | 424,231 | 4,619,323 | 4,683,151 | ' | ||
Options Issued | 175,500 | ' | 52,761 | ' | ||
Options Exercised | -117,588 | [1] | ' | -27,598 | [2] | ' |
Options Forfeited | -56,402 | ' | -88,991 | ' | ||
Options Cancellation | ' | ' | ' | -425,741 | ||
Options Outstanding at End of Period | ' | 4,619,323 | 4,619,323 | ' | ||
Weighted Average Exercise Price Per Share | ' | ' | ' | ' | ||
Options Outstanding at Beginning of Period | $6.96 | ' | $2.95 | ' | ||
Options Issued | $4.55 | ' | $26.96 | ' | ||
Options Exercised | $1.96 | [1] | ' | $1.55 | [2] | ' |
Options Forfeited | $6.82 | ' | $2.01 | ' | ||
Options Cancellation | ' | ' | ' | $2.95 | ||
Options Outstanding at End of Period | ' | ' | $3.25 | ' | ||
[1] | Options exercised during the eight months ended October 2, 2013 had a total intrinsic value of $9.2 million. | |||||
[2] | Options exercised during the four months ended February 1, 2014 had a total intrinsic value of $0.8 million. |
Stock_Option_Transactions_Pare
Stock Option Transactions (Parenthetical) (Detail) (USD $) | 4 Months Ended | 8 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 | Oct. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation option exercised total intrinsic value | $0.80 | $9.20 |
NonVested_Stock_Option_Unit_Tr
Non-Vested Stock Option Unit Transactions (Detail) (USD $) | 8 Months Ended | 12 Months Ended | 8 Months Ended | 4 Months Ended | 8 Months Ended | ||
Oct. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Oct. 02, 2013 | Feb. 01, 2014 | Oct. 02, 2013 | Oct. 02, 2013 | |
Common Class A | Non-Vested Options | Non-Vested Options | Class A Units | Class A Units | |||
Common Class A | Non-Vested Options | ||||||
Number of Shares | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding at Beginning of Period | 424,231 | 4,619,323 | 4,683,151 | 255,457 | 3,824,073 | ' | ' |
Granted | 175,500 | ' | 52,761 | 175,500 | 52,761 | ' | ' |
Vested | ' | ' | ' | -61,051 | -276,432 | ' | ' |
Forfeited | -56,402 | ' | -88,991 | -22,263 | -72,602 | ' | ' |
Cancellation | ' | ' | ' | ' | ' | -425,741 | -347,643 |
Options Outstanding at End of Period | ' | 4,619,323 | 4,619,323 | ' | 3,527,800 | ' | ' |
Weighted Average Exercise Price Per Shares | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding at Beginning of Period | $6.96 | ' | $2.95 | $3.06 | $3.73 | ' | ' |
Granted | $4.55 | ' | $26.96 | $5.64 | $10.96 | ' | ' |
Vested | ' | ' | ' | $3.05 | $0.62 | ' | ' |
Forfeited | $6.82 | ' | $2.01 | $3.41 | $2.48 | ' | ' |
Cancellation | ' | ' | ' | ' | ' | $2.95 | $3.73 |
Options Outstanding at End of Period | ' | ' | $3.25 | ' | $4.13 | ' | ' |
Information_about_Options_to_P
Information about Options to Purchase Units (Detail) (USD $) | 8 Months Ended | 12 Months Ended | ||||||
Oct. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
Exercise Price 8 | Exercise Price 9 | Exercise Price 10 | Exercise Price 11 | Exercise Price 12 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Exercise price lower range | ' | ' | ' | $0.79 | ' | ' | $4.55 | ' |
Options, Exercise price, average | $4.55 | ' | ' | ' | $1.65 | $3.17 | ' | $26.96 |
Options, Exercise price upper range | ' | ' | ' | $0.94 | ' | ' | $5.91 | ' |
Options Outstanding, Number Outstanding | ' | 4,619,323 | 424,231 | 1,761,067 | 14,674 | 524,524 | 2,266,297 | 52,761 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | ' | ' | ' | '6 years 6 months | '3 years 7 months 6 days | '6 years 1 month 6 days | '8 years 10 months 24 days | '10 years |
Options Exercisable Number Exercisable | ' | 1,091,523 | ' | 637,343 | ' | 259,510 | 194,670 | ' |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | ' | ' | ' | '5 years 4 months 24 days | ' | '4 years 8 months 12 days | '5 years 9 months 18 days | ' |
Stock_Options_Vested_and_Expec
Stock Options Vested and Expected to Vest (Detail) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options, vested and expected to vest | 4,445,723 |
Weighted Average Remaining Contractual Life (Years) | '7 years 8 months 12 days |
Weighted Average Exercise Price | $3.23 |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share based Compensation Arrangement Assumptions Used to Estimate Fair Values of Share Options Granted [Line Items] | ' | ' | ' |
Risk-Free Interest Rate, Minimum | 1.70% | 1.00% | 1.30% |
Risk-Free Interest Rate, Maximum | 2.09% | 1.30% | 3.40% |
Expected Volatility | ' | 35.00% | 31.10% |
Expected Volatility, Minimum | 36.80% | ' | ' |
Expected Volatility, Maximum | 38.00% | ' | ' |
Expected Life (years) | ' | '6 years 7 months 6 days | ' |
Contractual Life (years) | '10 years | '10 years | '10 years |
Expected Dividend Yield | 0.00% | 0.00% | 0.00% |
Minimum | ' | ' | ' |
Share based Compensation Arrangement Assumptions Used to Estimate Fair Values of Share Options Granted [Line Items] | ' | ' | ' |
Expected Life (years) | '6 years 3 months | ' | '6 years 4 months 24 days |
Maximum | ' | ' | ' |
Share based Compensation Arrangement Assumptions Used to Estimate Fair Values of Share Options Granted [Line Items] | ' | ' | ' |
Expected Life (years) | '7 years 4 months 24 days | ' | '9 years 3 months 18 days |
Weighted_Average_Grant_Date_Fa
Weighted Average Grant Date Fair Value of Options Issued (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Exercise Price 1 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | $3.11 |
Exercise Price 2 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value | $5.64 | $2.56 | $2.46 |
Exercise Price 3 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | $4.31 | ' |
Exercise Price 4 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | $2.78 | $1.67 |
Exercise Price 5 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | $1.85 |
Exercise Price 6 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value | $10.96 | ' | ' |
Award_Grant_Vesting_and_Forfei
Award Grant Vesting and Forfeiture (Detail) (USD $) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Feb. 01, 2014 | Oct. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Restricted Stock | ' | ' | ' | ' | ' |
Number of Awards | ' | ' | ' | ' | ' |
Awards Granted | ' | ' | 26,396 | 5,000 | 0 |
Awards Vested | ' | ' | -1,006,060 | ' | ' |
Weighted Average Grant Date Fair Value Per Awards | ' | ' | ' | ' | ' |
Non-Vested Awards Outstanding at Beginning of Period | $5.56 | $5.56 | $5.56 | ' | ' |
Awards Granted | $27.22 | ' | ' | ' | ' |
Awards Vested | ' | ' | ' | ' | ' |
Non-Vested Awards Outstanding at End of Period | $12.58 | $5.56 | $12.58 | $5.56 | ' |
Restricted Stock | Common Class A | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value Per Awards | ' | ' | ' | ' | ' |
Cancellation of Class A Units | ' | $5.56 | ' | ' | ' |
Non Vested Restricted Stock | ' | ' | ' | ' | ' |
Number of Awards | ' | ' | ' | ' | ' |
Non-Vested Awards Outstanding at Beginning of Period | 55,000 | 5,000 | 5,000 | ' | ' |
Awards Granted | 26,396 | ' | ' | ' | ' |
Awards Vested | ' | ' | ' | ' | ' |
Cancellation of Class A Units | ' | -5,000 | ' | ' | ' |
Non-Vested Awards Outstanding at End of Period | 81,396 | 55,000 | 81,396 | ' | ' |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Leases Disclosure [Line Items] | ' |
Operating and capital leases, expiration period | '30 years |
Future minimum sublease rental income | $36.90 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Detail) (USD $) | Feb. 01, 2014 | |
In Thousands, unless otherwise specified | ||
Operating Leases | ' | |
2014 | $249,620 | [1] |
2015 | 253,334 | [1] |
2016 | 238,591 | [1] |
2017 | 218,149 | [1] |
2018 | 190,477 | [1] |
Thereafter | 648,251 | [1] |
Total Minimum Lease Payments | 1,798,422 | [1] |
Capital Leases | ' | |
2014 | 2,704 | |
2015 | 3,016 | |
2016 | 3,011 | |
2017 | 3,389 | |
2018 | 3,139 | |
Thereafter | 22,249 | |
Total Minimum Lease Payments | 37,508 | |
Amount Representing Interest | -14,309 | |
Total Future Minimum Lease Payments | $23,199 | |
[1] | Total future minimum lease payments include $73.6 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $159.3 million of minimum lease payments for 13 stores and one warehouse that the Company has committed to open during Fiscal 2014. |
Future_Minimum_Lease_Payments_1
Future Minimum Lease Payments (Parenthetical) (Detail) (USD $) | Feb. 01, 2014 | |
In Thousands, unless otherwise specified | Store | |
Warehouse | ||
Future Minimum Payments Receivable [Line Items] | ' | |
Total Future Minimum Lease Payments | $1,798,422 | [1] |
Stores committed to be opened during Fiscal 2014 | 13 | |
Warehouses committed to be opened during Fiscal 2014 | 1 | |
Options to Extend Lease Terms | ' | |
Future Minimum Payments Receivable [Line Items] | ' | |
Total Future Minimum Lease Payments | 73,600 | |
Stores Committed to be Opened | ' | |
Future Minimum Payments Receivable [Line Items] | ' | |
Total Future Minimum Lease Payments | $159,300 | |
[1] | Total future minimum lease payments include $73.6 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $159.3 million of minimum lease payments for 13 stores and one warehouse that the Company has committed to open during Fiscal 2014. |
Net_Rent_Expense_Detail
Net Rent Expense (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Rent Expense: | ' | ' | ' | |||
Minimum Rental Payments | $239,049 | $219,982 | $197,327 | |||
Contingent Rental Payments | 3,614 | 3,056 | 2,689 | |||
Straight-Line Rent Expense | 8,182 | 12,115 | 9,211 | |||
Lease Incentives Amortization | -21,557 | -18,590 | -15,869 | |||
Amortization of Purchased Lease Rights | 958 | 1,033 | 901 | |||
Total Rent Expense | 230,246 | [1] | 217,596 | [1] | 194,259 | [1] |
Less All Rental Income | -19,613 | [2] | -19,721 | [2] | -19,113 | [2] |
Total Net Rent Expense | $210,633 | $197,875 | $175,146 | |||
[1] | Included in the line item "Selling and Administrative Expenses" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||
[2] | Included in the line item "Other Revenue" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). |
Employee_Retirement_Plans_Addi
Employee Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
401(k) Plan Match Expense | $5.10 | $4.30 | $3.60 |
401(k) Plan forfeitures | ' | 0.3 | 0.2 |
Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
401(k) Plan forfeitures | $0.10 | ' | ' |
Restructuring_and_Separation_C2
Restructuring and Separation Costs - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and restructuring charges | $2,171 | $2,999 | $7,438 |
Charges_and_Payments_Related_t
Charges and Payments Related to Restructuring and Separation Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance-Restructuring, Beginning Balance | $597 | $979 | ' |
Severance-Restructuring, Charges | 2,171 | 2,999 | 7,438 |
Severance-Restructuring, Cash Payments | -2,535 | -3,381 | ' |
Severance-Restructuring, Ending Balance | 233 | 597 | 979 |
Severance-Restructuring | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance-Restructuring, Charges | 924 | 1,225 | ' |
Severance-Restructuring, Cash Payments | -924 | -1,225 | ' |
Severance-Separation Cost | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance-Restructuring, Beginning Balance | 597 | 979 | ' |
Severance-Restructuring, Charges | 1,247 | 1,774 | ' |
Severance-Restructuring, Cash Payments | -1,611 | -2,156 | ' |
Severance-Restructuring, Ending Balance | $233 | $597 | ' |
Income_Loss_Before_Income_Taxe
Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Components Of Earnings Loss Before Income Taxes [Line Items] | ' | ' | ' |
Domestic | $83,999 | $33,625 | ($7,618) |
Foreign | -7,888 | -4,460 | -2,802 |
Income (Loss) Before Income Tax Expense (Benefit) | $76,111 | $29,165 | ($10,420) |
Income_Tax_Expense_Benefit_Det
Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Current: | ' | ' | ' |
Federal | $45,192 | $13,813 | ($11,847) |
State | 4,791 | -3,704 | 5,901 |
Foreign | 351 | 291 | 2,499 |
Subtotal | 50,334 | 10,400 | -3,447 |
Deferred: | ' | ' | ' |
Federal | -17,045 | -3,386 | 903 |
State | -928 | -3,519 | -1,235 |
Foreign | ' | 369 | -369 |
Subtotal | -17,973 | -6,536 | -701 |
Total income tax expense (benefit) | $32,361 | $3,864 | ($4,148) |
Tax_Rate_Reconciliations_Detai
Tax Rate Reconciliations (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Tax at statutory rate (%) | 35.00% | 35.00% | -35.00% |
State income taxes, net of federal | 4.70% | 5.80% | -9.50% |
Change in valuation allowance | 2.10% | 1.80% | 14.80% |
Permanent items | 0.20% | -1.40% | 13.30% |
Tax credits | -3.30% | -11.70% | -30.50% |
Tax reserves | 0.90% | -14.10% | -11.60% |
Deferred tax asset - stock compensation | 3.60% | ' | ' |
Impact of change in state tax laws and rates | 1.20% | -2.10% | 9.00% |
Foreign taxes | -1.60% | -1.20% | 9.70% |
Other | -0.30% | 1.20% | ' |
Effective tax rate (%) | 42.50% | 13.30% | -39.80% |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences Included in Deferred Tax Accounts (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets: | ' | ' |
Allowance for doubtful accounts | $43 | $32 |
Compensated absences | 646 | 743 |
Inventory costs and reserves capitalized for tax purposes | 5,392 | 6,977 |
Sales return reserves | 2,831 | 2,890 |
Reserves | 515 | 331 |
Deferred revenue | 1,428 | 1,062 |
Valuation allowance | -110 | -803 |
Total current deferred tax assets | 34,046 | 24,691 |
Non-Current deferred tax assets: | ' | ' |
Deferred rent | 31,809 | 28,266 |
State net operating losses (net of federal benefit) | 9,095 | 9,206 |
Landlord allowances | 32,747 | 29,673 |
State credits | 2,173 | 2,366 |
Federal and Puerto Rico tax credits | 1,612 | 7,008 |
Valuation allowance | -8,998 | -7,079 |
Total non-current deferred tax assets | 93,539 | 94,951 |
Current deferred tax liabilities: | ' | ' |
Prepaid items and other items deductible for tax purposes | 20,571 | 17,355 |
Deferred gain | ' | 1,203 |
Total current deferred tax liabilities | 20,571 | 18,558 |
Non-Current deferred tax liabilities: | ' | ' |
Property and equipment basis adjustments | 128,657 | 130,793 |
Total non-current deferred tax liabilities | 336,247 | 348,290 |
Net deferred tax liability | 229,233 | 247,206 |
Deferred Tax Assets Current | ' | ' |
Current deferred tax assets: | ' | ' |
Insurance reserves | 8,085 | 6,985 |
Accrued interest | ' | 19 |
Prepaid items taxable for tax purposes | 1,522 | 1,546 |
Employee benefit accrual | 13,210 | 4,641 |
Other | 484 | 268 |
Non-Current deferred tax assets: | ' | ' |
Insurance reserves | 8,085 | 6,985 |
Employee benefit compensation | 13,210 | 4,641 |
Prepaid items taxable for tax purposes | 1,522 | 1,546 |
Accrued interest | ' | 19 |
Other | 484 | 268 |
Deferred Tax Assets Noncurrent | ' | ' |
Current deferred tax assets: | ' | ' |
Insurance reserves | 13,217 | 12,253 |
Accrued interest | 3,538 | 2,991 |
Prepaid items taxable for tax purposes | 3,508 | 5,341 |
Employee benefit accrual | 4,838 | 4,373 |
Other | ' | 553 |
Non-Current deferred tax assets: | ' | ' |
Insurance reserves | 13,217 | 12,253 |
Employee benefit compensation | 4,838 | 4,373 |
Prepaid items taxable for tax purposes | 3,508 | 5,341 |
Accrued interest | 3,538 | 2,991 |
Other | ' | 553 |
Long-Lived | ' | ' |
Non-Current deferred tax liabilities: | ' | ' |
Intangibles | 113,089 | 124,129 |
Indefinite-Lived | ' | ' |
Non-Current deferred tax liabilities: | ' | ' |
Intangibles | $93,618 | $93,368 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Tax credit carryforwards, expiration year | '2021 | ' | ' |
Tax credit carryforwards, valuation allowance | $1.60 | ' | ' |
Unrecognized benefits | 15.3 | 16.9 | ' |
Unrecognized benefits, affect effective tax rate | 6 | 6.1 | ' |
Unrecognized benefits, interest and penalties | ' | 1.3 | 2.1 |
Unrecognized benefits, interest and penalties | 11.7 | 10.4 | ' |
State | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred tax assets | 7.8 | ' | ' |
Operating loss carryforwards | 5.7 | ' | ' |
Deferred tax assets expiration period minimum | '2013 | ' | ' |
Deferred tax assets expiration period maximum | '2025 | ' | ' |
Valuation allowance | 5.7 | ' | ' |
Tax credit carryforwards | 2.1 | ' | ' |
Puerto Rico | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred tax assets | 1.3 | ' | ' |
Valuation allowance | 1.3 | ' | ' |
Tax credit carryforwards | $1.60 | ' | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Schedule of Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Ending balance at beginning of period | $16,924 | $22,149 | $23,271 |
Additions for tax positions of the current year | ' | ' | ' |
Additions for tax positions of prior years | ' | ' | 6,383 |
Reduction for tax positions of prior years | -1,524 | -5,225 | -7,505 |
Settlements | ' | ' | ' |
Lapse of statute of limitations | -128 | ' | ' |
Ending balance at end of period | $15,272 | $16,924 | $22,149 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (Interest Rate Cap, Maximum, USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Interest Rate Cap | Maximum | ' |
Debt Instrument [Line Items] | ' |
Credit valuation adjustments | $0.10 |
Fair_Values_of_Financial_Asset
Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents (including restricted cash) | $32,324 | $34,972 | ||
Fair Value, Inputs, Level 2 | Interest Rate Cap | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate cap agreements | 1 | [1] | 69 | [1] |
Fair Value, Inputs, Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Note Receivable | ' | $385 | [2] | |
[1] | Included in "Other Assets" within the Company's Consolidated Balance Sheets. Refer to Note 8, "Derivatives and Hedging Activities," for further discussion regarding the Company's interest rate cap agreements. | |||
[2] | The change in the fair value of our Level 3 note receivable is related to the Company receiving full payment during Fiscal 2013. As of February 2, 2013, this note receivable was included in "Prepaid and Other Current Assets" on the Company's Consolidated Balance Sheets. |
Fair_Values_of_Financial_Liabi
Fair Values of Financial Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | $1,278,839 | [1] | $1,313,084 | [1] |
Long-Term Debt, Fair Value | 1,337,549 | [1] | 1,364,170 | [1] |
Senior Secured Term Loans | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 828,839 | [1] | 863,084 | [1] |
Long-Term Debt, Fair Value | 836,091 | [1] | 874,232 | [1] |
Senior Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 450,000 | [1] | 450,000 | [1] |
Long-Term Debt, Fair Value | $501,458 | [1] | $489,938 | [1] |
[1] | Capital lease obligations are excluded from the table above. |
Fair_Values_of_Financial_Liabi1
Fair Values of Financial Liabilities (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | |
Senior Secured Term Loans | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Long-Term Debt, face amount | $1,000,000 | [1] | $1,000,000 |
Long-Term Debt, maturity date | 23-Feb-17 | [1] | 23-Feb-17 |
Senior Notes | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Long-Term Debt, face amount | $450,000 | [1] | $450,000 |
Long-Term Debt, interest rate | 10.00% | [1] | 10.00% |
Long-Term Debt, maturity date | 15-Feb-19 | [1] | 15-Feb-19 |
Long-Term Debt, payment frequency | 'Semi-annual | [1] | 'Semi-annual |
Long-Term Debt, first payment date | 15-Feb-14 | [1] | 15-Feb-14 |
Long-Term Debt, last payment date | 15-Feb-19 | [1] | 15-Feb-19 |
London Interbank Offered Rate Floor | Senior Secured Term Loans | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Long-term Debt, interest rate | 1.00% | [1] | 1.00% |
LIBOR | Senior Secured Term Loans | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Long-term Debt, interest rate | 3.30% | [1] | 3.30% |
[1] | Capital lease obligations are excluded from the table above. |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Nov. 30, 2005 |
In Millions, unless otherwise specified | |||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Reserves relating to legal claims | $1.30 | $0.90 | ' |
Letters of credit, outstanding amount | 43.9 | 35.3 | ' |
Purchase commitments related to goods or services | 597.3 | ' | ' |
Death benefits | ' | ' | 1 |
Guarantee Performance Under Insurance And Utility Agreement | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Letters of credit, outstanding amount | 28.8 | 26.7 | ' |
Merchandising Agreement | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Letters of credit, outstanding amount | 15.1 | 8.6 | ' |
ABL Letters of Credit | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Letters of credit, outstanding amount | $456.20 | $422.70 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 30, 2006 | Apr. 30, 2006 |
Quarterly Payment | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Advisory agreement, periodic fee payment | ' | ' | ' | ' | $1 |
Advisory agreement, fee as a percentage of financing, acquisition, disposition or change of control | ' | ' | ' | 1.00% | ' |
Fees paid | 2.9 | 4.3 | 4.3 | ' | ' |
Advisory agreement initial term | '10 years | ' | ' | ' | ' |
Advisory agreement term extension | '1 year | ' | ' | ' | ' |
Advisory agreement termination date | 2-Oct-13 | ' | ' | ' | ' |
Advisory agreement termination fee | 10.1 | ' | ' | ' | ' |
Prepaid advisory fees | ' | $0.60 | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||
Feb. 01, 2014 | Jan. 28, 2012 | Mar. 13, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | Apr. 04, 2014 | |
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||
Amended Agreement [Member] | Amended Agreement [Member] | Amended Agreement [Member] | Amended Agreement [Member] | Holdco notes | |||
After adoption of Amended Agreement "Effective Date" | After six months from the Effective Date | After nine months from the Effective Date | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Redemption of Aggregate principal amount notes outstanding | ' | ' | ' | ' | ' | ' | $58,000,000 |
Notes redemption date | ' | ' | ' | ' | ' | ' | 4-Apr-14 |
Dividend to indirect parent | 255,192,000 | 300,000,000 | ' | ' | ' | ' | 59,900,000 |
Accrued interest on notes | ' | ' | ' | ' | ' | ' | 700,000 |
Redemption premiums | ' | ' | ' | ' | ' | ' | $1,200,000 |
Percentage of issuance of common stock | ' | ' | ' | 25.00% | 50.00% | 75.00% | ' |
Common stock issuance anniversary period | ' | ' | '1 year | ' | ' | ' | ' |
Percentage of common stock sold | ' | ' | 0.67% | ' | ' | ' | ' |
Consolidating_Balance_Sheets_D
Consolidating Balance Sheets (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | $129,460 | $43,336 | $35,664 | $30,214 |
Restricted Cash and Cash Equivalents | 32,100 | 34,800 | ' | ' |
Accounts Receivable | 35,678 | 41,734 | ' | ' |
Merchandise Inventories | 720,052 | 680,190 | ' | ' |
Deferred Tax Asset | 13,475 | 6,133 | ' | ' |
Prepaid and Other Current Assets | 77,701 | 66,243 | ' | ' |
Prepaid Income Tax | 4,523 | 7,218 | ' | ' |
Total Current Assets | 1,012,989 | 879,654 | ' | ' |
Property and Equipment - Net of Accumulated Depreciation | 902,657 | 878,305 | ' | ' |
Tradenames | 238,000 | 238,000 | ' | ' |
Favorable Leases - Net of Accumulated Amortization | 292,553 | 322,081 | ' | ' |
Goodwill | 47,064 | 47,064 | ' | ' |
Other Assets | 120,673 | 112,978 | ' | ' |
Total Assets | 2,613,936 | 2,478,082 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 542,987 | 500,406 | ' | ' |
Other Current Liabilities | 312,343 | 238,865 | ' | ' |
Current Maturities of Long Term Debt | 1,026 | 784 | ' | ' |
Total Current Liabilities | 856,356 | 740,055 | ' | ' |
Long Term Debt | 1,301,012 | 1,335,532 | ' | ' |
Other Liabilities | 255,555 | 229,425 | ' | ' |
Deferred Tax Liability | 242,708 | 253,339 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholder's (Deficit) Equity: | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Capital in Excess of Par Value | 474,396 | 479,572 | ' | ' |
(Accumulated Deficit) Retained Earnings | -516,091 | -559,841 | ' | ' |
Total Stockholder's (Deficit) Equity | -41,695 | -80,269 | -110,945 | 187,512 |
Total Liabilities and Stockholder's Deficit | 2,613,936 | 2,478,082 | ' | ' |
Holdings | ' | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Investment in Subsidiaries | 41,695 | 80,269 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholder's (Deficit) Equity: | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Capital in Excess of Par Value | 474,396 | 479,572 | ' | ' |
(Accumulated Deficit) Retained Earnings | -516,091 | -559,841 | ' | ' |
Total Stockholder's (Deficit) Equity | -41,695 | -80,269 | ' | ' |
BCFW | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | 125,069 | 39,658 | 11,522 | 7,168 |
Restricted Cash and Cash Equivalents | 32,100 | 34,800 | ' | ' |
Accounts Receivable | 26,007 | 24,216 | ' | ' |
Deferred Tax Asset | 10,176 | 1,223 | ' | ' |
Prepaid and Other Current Assets | 41,831 | 35,293 | ' | ' |
Prepaid Income Tax | 2,732 | 5,268 | ' | ' |
Total Current Assets | 237,915 | 140,458 | ' | ' |
Property and Equipment - Net of Accumulated Depreciation | 65,324 | 72,283 | ' | ' |
Tradenames | 238,000 | 238,000 | ' | ' |
Goodwill | 47,064 | 47,064 | ' | ' |
Investment in Subsidiaries | 2,491,514 | 2,219,139 | ' | ' |
Other Assets | 26,533 | 24,968 | ' | ' |
Total Assets | 3,106,350 | 2,741,912 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 542,987 | 500,406 | ' | ' |
Other Current Liabilities | 191,181 | 119,277 | ' | ' |
Intercompany Payable | 998,503 | 747,405 | ' | ' |
Total Current Liabilities | 1,732,671 | 1,367,088 | ' | ' |
Long Term Debt | 1,278,839 | 1,313,084 | ' | ' |
Other Liabilities | 54,323 | 50,955 | ' | ' |
Deferred Tax Liability | 82,212 | 91,054 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholder's (Deficit) Equity: | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Capital in Excess of Par Value | 474,396 | 479,572 | ' | ' |
(Accumulated Deficit) Retained Earnings | -516,091 | -559,841 | ' | ' |
Total Stockholder's (Deficit) Equity | -41,695 | -80,269 | ' | ' |
Total Liabilities and Stockholder's Deficit | 3,106,350 | 2,741,912 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | 4,391 | 3,678 | 24,142 | 23,046 |
Accounts Receivable | 9,671 | 17,518 | ' | ' |
Merchandise Inventories | 720,052 | 680,190 | ' | ' |
Deferred Tax Asset | 3,299 | 4,910 | ' | ' |
Prepaid and Other Current Assets | 35,870 | 30,950 | ' | ' |
Prepaid Income Tax | 1,791 | 1,950 | ' | ' |
Intercompany Receivable | 998,503 | 747,405 | ' | ' |
Total Current Assets | 1,773,577 | 1,486,601 | ' | ' |
Property and Equipment - Net of Accumulated Depreciation | 837,333 | 806,022 | ' | ' |
Favorable Leases - Net of Accumulated Amortization | 292,553 | 322,081 | ' | ' |
Other Assets | 94,140 | 88,010 | ' | ' |
Total Assets | 2,997,603 | 2,702,714 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Other Current Liabilities | 121,162 | 119,588 | ' | ' |
Current Maturities of Long Term Debt | 1,026 | 784 | ' | ' |
Total Current Liabilities | 122,188 | 120,372 | ' | ' |
Long Term Debt | 22,173 | 22,448 | ' | ' |
Other Liabilities | 201,232 | 178,470 | ' | ' |
Deferred Tax Liability | 160,496 | 162,285 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholder's (Deficit) Equity: | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Capital in Excess of Par Value | 1,063,182 | 1,063,182 | ' | ' |
(Accumulated Deficit) Retained Earnings | 1,428,332 | 1,155,957 | ' | ' |
Total Stockholder's (Deficit) Equity | 2,491,514 | 2,219,139 | ' | ' |
Total Liabilities and Stockholder's Deficit | 2,997,603 | 2,702,714 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Intercompany Receivable | -998,503 | -747,405 | ' | ' |
Total Current Assets | -998,503 | -747,405 | ' | ' |
Investment in Subsidiaries | -2,491,514 | -2,219,139 | ' | ' |
Total Assets | -3,490,017 | -2,966,544 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Intercompany Payable | -998,503 | -747,405 | ' | ' |
Total Current Liabilities | -998,503 | -747,405 | ' | ' |
Investment in Subsidiaries | -41,695 | -80,269 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholder's (Deficit) Equity: | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Capital in Excess of Par Value | -1,537,578 | -1,542,754 | ' | ' |
(Accumulated Deficit) Retained Earnings | -912,241 | -596,116 | ' | ' |
Total Stockholder's (Deficit) Equity | -2,449,819 | -2,138,870 | ' | ' |
Total Liabilities and Stockholder's Deficit | ($3,490,017) | ($2,966,544) | ' | ' |
Consolidating_Statement_of_Ope
Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
REVENUES: | ' | ' | ' |
Net Sales | $4,427,503 | $4,131,379 | $3,854,134 |
Other Revenue | 34,484 | 34,125 | 33,397 |
Total Revenue | 4,461,987 | 4,165,504 | 3,887,531 |
COSTS AND EXPENSES: | ' | ' | ' |
Cost of Sales | 2,695,957 | 2,530,124 | 2,363,464 |
Selling and Administrative Expenses | 1,391,755 | 1,312,682 | 1,215,774 |
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | 22,265 | 4,175 | -473 |
Stock Option Modification Expense | 10,418 | ' | ' |
Restructuring and Separation Costs | 2,171 | 2,999 | 7,438 |
Depreciation and Amortization | 168,195 | 166,786 | 153,070 |
Impairment Charges - Long-Lived Assets | 3,180 | 11,539 | 1,735 |
Other Income, Net | -8,939 | -8,115 | -9,942 |
Loss on Extinguishment of Debt | 1,335 | 2,222 | 37,764 |
Interest Expense | 99,539 | 113,927 | 129,121 |
Total Costs and Expenses | 4,385,876 | 4,136,339 | 3,897,951 |
(Loss) Income Before (Benefit) Provision for Income Taxes | 76,111 | 29,165 | -10,420 |
(Benefit) Provision for Income Taxes | 32,361 | 3,864 | -4,148 |
Net (Loss) Income | 43,750 | 25,301 | -6,272 |
Total Comprehensive (Loss) Income | 43,750 | 25,301 | -6,272 |
Holdings | ' | ' | ' |
COSTS AND EXPENSES: | ' | ' | ' |
Loss (Earnings) from Equity Investment | -43,750 | -25,301 | 6,272 |
Total Costs and Expenses | -43,750 | -25,301 | 6,272 |
(Loss) Income Before (Benefit) Provision for Income Taxes | 43,750 | 25,301 | -6,272 |
Net (Loss) Income | 43,750 | 25,301 | -6,272 |
Total Comprehensive (Loss) Income | 43,750 | 25,301 | -6,272 |
BCFW | ' | ' | ' |
REVENUES: | ' | ' | ' |
Other Revenue | 142 | 417 | 349 |
Total Revenue | 142 | 417 | 349 |
COSTS AND EXPENSES: | ' | ' | ' |
Selling and Administrative Expenses | 219,788 | 186,793 | 181,464 |
Costs Related to Debt Amendments, Termination of Advisory Agreement and Other | 22,265 | 4,175 | -473 |
Stock Option Modification Expense | 10,116 | ' | ' |
Restructuring and Separation Costs | 2,171 | 2,209 | 4,568 |
Depreciation and Amortization | 24,101 | 25,817 | 23,240 |
Impairment Charges - Long-Lived Assets | 86 | 1,380 | ' |
Other Income, Net | -3,923 | -3,074 | -5,979 |
Loss on Extinguishment of Debt | 1,335 | 2,222 | 36,042 |
Interest Expense | 97,524 | 111,901 | 125,853 |
Loss (Earnings) from Equity Investment | -272,376 | -223,342 | -213,060 |
Total Costs and Expenses | 101,087 | 108,081 | 151,655 |
(Loss) Income Before (Benefit) Provision for Income Taxes | -100,945 | -107,664 | -151,306 |
(Benefit) Provision for Income Taxes | -144,695 | -132,965 | -145,034 |
Net (Loss) Income | 43,750 | 25,301 | -6,272 |
Total Comprehensive (Loss) Income | 43,750 | 25,301 | -6,272 |
Guarantors | ' | ' | ' |
REVENUES: | ' | ' | ' |
Net Sales | 4,427,503 | 4,131,379 | 3,854,134 |
Other Revenue | 34,342 | 33,708 | 33,048 |
Total Revenue | 4,461,845 | 4,165,087 | 3,887,182 |
COSTS AND EXPENSES: | ' | ' | ' |
Cost of Sales | 2,695,957 | 2,530,124 | 2,363,464 |
Selling and Administrative Expenses | 1,171,967 | 1,125,889 | 1,034,310 |
Stock Option Modification Expense | 302 | ' | ' |
Restructuring and Separation Costs | ' | 790 | 2,870 |
Depreciation and Amortization | 144,094 | 140,969 | 129,830 |
Impairment Charges - Long-Lived Assets | 3,094 | 10,159 | 1,735 |
Other Income, Net | -5,016 | -5,041 | -3,963 |
Loss on Extinguishment of Debt | ' | ' | 1,722 |
Interest Expense | 2,015 | 2,026 | 3,268 |
Total Costs and Expenses | 4,012,413 | 3,804,916 | 3,533,236 |
(Loss) Income Before (Benefit) Provision for Income Taxes | 449,432 | 360,171 | 353,946 |
(Benefit) Provision for Income Taxes | 177,056 | 136,829 | 140,886 |
Net (Loss) Income | 272,376 | 223,342 | 213,060 |
Total Comprehensive (Loss) Income | 272,376 | 223,342 | 213,060 |
Eliminations | ' | ' | ' |
COSTS AND EXPENSES: | ' | ' | ' |
Loss (Earnings) from Equity Investment | 316,126 | 248,643 | 206,788 |
Total Costs and Expenses | 316,126 | 248,643 | 206,788 |
(Loss) Income Before (Benefit) Provision for Income Taxes | -316,126 | -248,643 | -206,788 |
Net (Loss) Income | -316,126 | -248,643 | -206,788 |
Total Comprehensive (Loss) Income | ($316,126) | ($248,643) | ($206,788) |
Consolidating_Statements_of_Ca
Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net Cash Provided by Operating Activities | $313,921 | $452,509 | $249,983 |
INVESTING ACTIVITIES | ' | ' | ' |
Cash Paid for Property and Equipment | -168,267 | -166,721 | -153,373 |
Change in Restricted Cash and Cash Equivalents | 2,700 | ' | -4,536 |
Proceeds from Sale of Property and Equipment and Assets Held for Disposal | 773 | 1,435 | 757 |
Lease Acquisition Costs | ' | -530 | -557 |
Other | ' | ' | -1,064 |
Net Cash Used in Investing Activities | -164,794 | -165,816 | -158,773 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from Long Term Debt - ABL Line of Credit | 806,800 | 459,800 | 1,073,700 |
Proceeds from Long-Term Debt - Notes Payable | ' | ' | 450,000 |
Proceeds from Long-Term Debt - Term Loan | ' | 116,913 | 991,623 |
Principal Payments on Long Term Debt - ABL Line of Credit | -806,800 | -649,800 | -1,052,300 |
Principal Payments on Long-Term Debt - Senior Notes | ' | ' | -99,309 |
Principal Payments on Long-Term Debt - Senior Discount Notes | ' | ' | -302,056 |
Repayment of Capital Lease Obligations | -920 | -768 | -829 |
Principal Payments on Long Term Debt - Term Loan | -36,533 | -205,749 | -42,500 |
Principal Repayments on Previous Term Loan | ' | ' | -777,550 |
Debt Issuance Cost | -10,171 | -459 | -30,640 |
Proceeds from Stock Option Exercises and Related Tax Benefits | ' | 2,753 | 2,018 |
Payment of Dividends | -255,192 | -1,711 | -297,917 |
Proceeds from Direct Parent Investment | 239,813 | ' | ' |
Net Cash Provided by (Used In) Financing Activities | -63,003 | -279,021 | -85,760 |
(Decrease) Increase in Cash and Cash Equivalents | 86,124 | 7,672 | 5,450 |
Cash and Cash Equivalents at Beginning of Period | 43,336 | 35,664 | 30,214 |
Cash and Cash Equivalents at End of Period | 129,460 | 43,336 | 35,664 |
Holdings | ' | ' | ' |
FINANCING ACTIVITIES | ' | ' | ' |
Payment of Dividends | -255,192 | -1,711 | -297,917 |
Receipt of Dividends | 255,192 | 1,711 | 297,917 |
Proceeds from Direct Parent Investment | 239,813 | ' | ' |
Proceeds from (Payments to) Equity Investment in BCFWC | -239,813 | ' | ' |
BCFW | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' |
Net Cash Provided by Operating Activities | -79,215 | 63,147 | -49,557 |
INVESTING ACTIVITIES | ' | ' | ' |
Cash Paid for Property and Equipment | -27,089 | -32,908 | -43,895 |
Change in Restricted Cash and Cash Equivalents | 2,700 | ' | -6,978 |
Other | ' | ' | -1,064 |
Net Cash Used in Investing Activities | -24,389 | -32,908 | -51,937 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from Long Term Debt - ABL Line of Credit | 806,800 | 459,800 | 1,073,700 |
Proceeds from Long-Term Debt - Notes Payable | ' | ' | 450,000 |
Proceeds from Long-Term Debt - Term Loan | ' | 116,913 | 991,623 |
Principal Payments on Long Term Debt - ABL Line of Credit | -806,800 | -649,800 | -1,052,300 |
Principal Payments on Long-Term Debt - Senior Discount Notes | ' | ' | -302,056 |
Principal Payments on Long Term Debt - Term Loan | -36,533 | -205,749 | -42,500 |
Principal Repayments on Previous Term Loan | ' | ' | -777,550 |
Debt Issuance Cost | -10,171 | -459 | -30,640 |
Proceeds from Stock Option Exercises and Related Tax Benefits | ' | 2,753 | 2,018 |
Intercompany Financing Transactions | 251,098 | 276,150 | 91,470 |
Payment of Dividends | -255,192 | -1,711 | -297,917 |
Proceeds from (Payments to) Equity Investment in BCFWC | 239,813 | ' | ' |
Net Cash Provided by (Used In) Financing Activities | 189,015 | -2,103 | 105,848 |
(Decrease) Increase in Cash and Cash Equivalents | 85,411 | 28,136 | 4,354 |
Cash and Cash Equivalents at Beginning of Period | 39,658 | 11,522 | 7,168 |
Cash and Cash Equivalents at End of Period | 125,069 | 39,658 | 11,522 |
Guarantors | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' |
Net Cash Provided by Operating Activities | 393,136 | 389,362 | 299,540 |
INVESTING ACTIVITIES | ' | ' | ' |
Cash Paid for Property and Equipment | -141,178 | -133,813 | -109,478 |
Change in Restricted Cash and Cash Equivalents | ' | ' | 2,442 |
Proceeds from Sale of Property and Equipment and Assets Held for Disposal | 773 | 1,435 | 757 |
Lease Acquisition Costs | ' | -530 | -557 |
Intercompany Investing Transactions | -251,098 | -276,150 | -91,470 |
Net Cash Used in Investing Activities | -391,503 | -409,058 | -198,306 |
FINANCING ACTIVITIES | ' | ' | ' |
Principal Payments on Long-Term Debt - Senior Notes | ' | ' | -99,309 |
Repayment of Capital Lease Obligations | -920 | -768 | -829 |
Net Cash Provided by (Used In) Financing Activities | -920 | -768 | -100,138 |
(Decrease) Increase in Cash and Cash Equivalents | 713 | -20,464 | 1,096 |
Cash and Cash Equivalents at Beginning of Period | 3,678 | 24,142 | 23,046 |
Cash and Cash Equivalents at End of Period | 4,391 | 3,678 | 24,142 |
Eliminations | ' | ' | ' |
INVESTING ACTIVITIES | ' | ' | ' |
Intercompany Investing Transactions | 251,098 | 276,150 | 91,470 |
Net Cash Used in Investing Activities | 251,098 | 276,150 | 91,470 |
FINANCING ACTIVITIES | ' | ' | ' |
Intercompany Financing Transactions | -251,098 | -276,150 | -91,470 |
Payment of Dividends | 255,192 | 1,711 | 297,917 |
Receipt of Dividends | -255,192 | -1,711 | -297,917 |
Net Cash Provided by (Used In) Financing Activities | ($251,098) | ($276,150) | ($91,470) |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $81 | $85 | $175 | |||
Charged to Costs & Expenses | 304 | 115 | 1,211 | |||
Charged to Other Accounts | ' | [1] | ' | [1] | ' | [1] |
Accounts Written Off or Deductions | 276 | [2] | 119 | [2] | 1,301 | [2] |
Balance at End of Period | 109 | 81 | 85 | |||
Sales Reserves | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 2,774 | 2,303 | 2,423 | |||
Charged to Costs & Expenses | 256 | -532 | 173 | |||
Charged to Other Accounts | 295,107 | [1] | 292,558 | [1] | 268,046 | [1] |
Accounts Written Off or Deductions | 295,533 | [2] | 291,555 | [2] | 268,339 | [2] |
Balance at End of Period | $2,604 | $2,774 | $2,303 | |||
[1] | Charged to merchandise sales. | |||||
[2] | Actual returns and allowances. |