Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Feb. 01, 2014 | 2-May-14 | |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Feb-14 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'ck0000786110 | ' |
Entity Registrant Name | 'GYMBOREE CORP | ' |
Entity Central Index Key | '0000786110 | ' |
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 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $39,429 | $33,328 |
Accounts receivable, net of allowance of $1,370 and $216 | 21,882 | 27,542 |
Merchandise inventories | 175,495 | 197,935 |
Prepaid income taxes | 1,979 | 2,903 |
Prepaid expenses | 18,801 | 17,341 |
Deferred income taxes | 13,454 | 31,383 |
Total current assets | 271,040 | 310,432 |
Property and equipment: | ' | ' |
Land and buildings | 22,428 | 22,428 |
Leasehold improvements | 195,556 | 174,616 |
Furniture, fixtures and equipment | 117,131 | 99,120 |
Property, Plant and Equipment, Gross, Total | 335,115 | 296,164 |
Less accumulated depreciation and amortization | -128,807 | -90,839 |
Net property and equipment | 206,308 | 205,325 |
Goodwill | 758,777 | 898,966 |
Other intangible assets, net | 559,824 | 580,641 |
Deferred financing costs | 32,455 | 40,040 |
Other assets | 11,700 | 7,809 |
Total assets | 1,840,104 | 2,043,213 |
Current liabilities: | ' | ' |
Accounts payable | 101,959 | 90,133 |
Accrued liabilities | 100,303 | 90,443 |
Current obligation under capital lease | 503 | ' |
Total current liabilities | 202,765 | 180,576 |
Long-term liabilities: | ' | ' |
Long-term debt | 1,113,742 | 1,138,455 |
Long-term obligation under capital lease | 3,402 | ' |
Lease incentives and other deferred liabilities | 50,432 | 40,104 |
Unrecognized tax benefits | 6,157 | 7,848 |
Deferred income taxes | 214,464 | 234,593 |
Total liabilities | 1,590,962 | 1,601,576 |
Commitments and contingencies (see Notes 7, 8, 11 and 19) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, including additional paid-in capital ($.001 par value: 1,000 shares authorized, issued and outstanding) | 517,932 | 519,687 |
Accumulated deficit | -279,258 | -76,231 |
Accumulated other comprehensive loss | -4,880 | -5,914 |
Total stockholders' equity | 233,794 | 437,542 |
Noncontrolling interest | 15,348 | 4,095 |
Total equity | 249,142 | 441,637 |
Total liabilities and stockholders' equity | $1,840,104 | $2,043,213 |
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, allowance | $1,370 | $216 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $351,032 | $309,838 | $290,916 | $292,783 | $397,643 | $311,518 | $268,752 | $297,751 | $1,244,569 | $1,275,664 | $1,188,288 |
Cost of goods sold, including buying and occupancy expenses | ' | ' | ' | ' | ' | ' | ' | ' | -768,555 | -794,272 | -728,346 |
Gross profit | 124,487 | 123,468 | 107,086 | 120,973 | 144,777 | 125,603 | 89,188 | 121,824 | 476,014 | 481,392 | 459,942 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -443,923 | -411,742 | -380,141 |
Goodwill and intangible asset impairment | -157,189 | ' | ' | ' | ' | ' | ' | ' | -157,189 | ' | -28,300 |
Operating (loss) income | -159,274 | 12,269 | 5,063 | 16,844 | 19,385 | 26,587 | -6,407 | 30,085 | -125,098 | 69,650 | 51,501 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 186 | 177 | 168 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -81,558 | -85,640 | -89,807 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -834 | -214 | -19,563 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -503 | -12 | -109 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -207,807 | -16,039 | -57,810 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,456 | 5,636 | 6,626 |
Net (loss) income | -169,780 | -24,398 | -9,325 | -2,848 | -5,417 | 4,910 | -14,066 | 4,170 | -206,351 | -10,403 | -51,184 |
Net loss (income) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,324 | 2,561 | 5,839 |
Net (loss) income attributable to The Gymboree Corporation | -167,156 | -23,985 | -9,350 | -2,536 | -5,691 | 6,121 | -13,268 | 4,996 | -203,027 | -7,842 | -45,345 |
Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 340,003 | 297,352 | 278,944 | 280,877 | 387,798 | 299,965 | 259,114 | 288,116 | 1,197,176 | 1,234,993 | 1,164,171 |
Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 6,276 | 6,821 | 6,260 | 6,328 | 5,960 | 6,390 | 5,799 | 5,792 | 25,685 | 23,941 | 13,885 |
International Retail Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $4,753 | $5,665 | $5,712 | $5,578 | $3,885 | $5,163 | $3,839 | $3,843 | $21,708 | $16,730 | $10,232 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net (loss) income | ($169,780) | ($24,398) | ($9,325) | ($2,848) | ($5,417) | $4,910 | ($14,066) | $4,170 | ($206,351) | ($10,403) | ($51,184) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 112 | 308 |
Unrealized net gain (loss) on cash flow hedges, net of tax benefit of $0, $67 and $3,915 | ' | ' | ' | ' | ' | ' | ' | ' | 1,219 | -143 | -6,371 |
Total other comprehensive (loss) income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,245 | -31 | -6,063 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -205,106 | -10,434 | -57,247 |
Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,113 | 2,503 | 5,839 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ($201,993) | ($7,931) | ($51,408) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Unrealized net gain (loss) on cash flow hedges, tax (expense) benefit | $0 | $67 | $3,915 |
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 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($206,351) | ($10,403) | ($51,184) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Loss on extinguishment of debt | 834 | 214 | 15,860 |
Goodwill and intangible asset impairment | 157,189 | ' | 28,300 |
Depreciation and amortization | 46,416 | 58,847 | 57,930 |
Amortization of deferred financing costs and accretion of original issue discount | 6,798 | 6,902 | 6,830 |
Interest rate cap contracts-adjustment to market | 1,135 | 300 | 51 |
Loss on disposal/impairment of assets | 12,381 | 3,152 | 4,339 |
Deferred income taxes | -2,853 | -7,009 | -8,946 |
Share-based compensation expense | 5,809 | 4,260 | 5,907 |
Other | 53 | 1,732 | 4,608 |
Change in assets and liabilities: | ' | ' | ' |
Accounts receivable | 5,567 | -2,630 | -11,209 |
Merchandise inventories | 22,675 | 12,060 | -25,646 |
Prepaid income taxes | 1,056 | -47 | 12,385 |
Prepaid expenses and other assets | -4,378 | -13,820 | -743 |
Accounts payable | 11,887 | 11,094 | 24,533 |
Accrued liabilities | 6,868 | -5,481 | 14,515 |
Lease incentives and other liabilities | 9,785 | 14,623 | 14,015 |
Net cash provided by operating activities | 74,871 | 73,794 | 91,545 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -52,632 | -47,851 | -36,565 |
Acquisition of business, net of cash acquired | ' | ' | -1,352 |
Other | -494 | -842 | -295 |
Net cash provided by (used in) investing activities | -53,126 | -48,693 | -38,212 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from Term Loan | ' | ' | 820,000 |
Payments on Term Loan | ' | -42,698 | -828,200 |
Proceeds from ABL facility | 123,000 | 14,000 | 60,656 |
Payments on ABL facility | -123,000 | -14,000 | -60,656 |
Repurchase of Notes | -24,760 | -26,613 | ' |
Payments of deferred financing costs | ' | -1,344 | -6,665 |
Payments on capital lease | -196 | ' | ' |
Investment by Parent | ' | ' | 14,865 |
Investment by affiliate of Parent | ' | 2,400 | ' |
Dividend payment to parent | -7,564 | -3,273 | -12,200 |
Capital contribution received by noncontrolling interest | 15,886 | 1,602 | 4,477 |
Net cash provided by (used in) financing activities | -16,634 | -69,926 | -7,723 |
Effect of exchange rate fluctuations on cash and cash equivalents | 990 | 243 | 176 |
Net increase (decrease) in cash and cash equivalents | 6,101 | -44,582 | 45,786 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of period | 33,328 | 77,910 | 32,124 |
End of period | 39,429 | 33,328 | 77,910 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Capital expenditures incurred, but not yet paid | 4,979 | 5,556 | 3,438 |
Assets acquired under capital lease | 4,102 | ' | ' |
Non-cash capital contribution to noncontrolling interest | 53 | 1,732 | 4,626 |
Receivable from affiliate of Parent, not yet paid | ' | ' | 2,400 |
OTHER CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid (refunds received) for income taxes, net | 2,326 | 3,140 | -10,785 |
Cash paid for interest | $73,872 | $78,899 | $82,021 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Total | Common Stock | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) | Total Stockholder's Equity | Noncontrolling Interest |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
BEGINNING BALANCE at Jan. 29, 2011 | $485,811 | ' | $508,617 | ($23,044) | $238 | $485,811 | ' |
BEGINNING BALANCE (in shares) at Jan. 29, 2011 | ' | 1,000 | ' | ' | ' | ' | ' |
Share-based compensation | 5,907 | ' | 5,907 | ' | ' | 5,907 | ' |
Investment by Parent | 14,865 | ' | 14,865 | ' | ' | 14,865 | ' |
Capital contribution to noncontrolling interest | 9,103 | ' | ' | ' | ' | ' | 9,103 |
Investment by affiliate of Parent | 2,400 | ' | 2,400 | ' | ' | 2,400 | ' |
Dividend payment to Parent | -12,200 | ' | -12,200 | ' | ' | -12,200 | ' |
Translation adjustments and unrealized net gains (losses) on cash flow hedges, net of tax | -6,063 | ' | ' | ' | -6,063 | -6,063 | ' |
Net loss (income) attributable to noncontrolling interest | -5,839 | ' | ' | ' | ' | ' | -5,839 |
Net loss attributable to The Gymboree Corporation | -45,345 | ' | ' | -45,345 | ' | -45,345 | ' |
ENDING BALANCE at Jan. 28, 2012 | 448,639 | ' | 519,589 | -68,389 | -5,825 | 445,375 | 3,264 |
ENDING BALANCE (in shares) at Jan. 28, 2012 | ' | 1,000 | ' | ' | ' | ' | ' |
Share-based compensation | 4,260 | ' | 4,260 | ' | ' | 4,260 | ' |
Capital contribution to noncontrolling interest | 3,334 | ' | ' | ' | ' | ' | 3,334 |
Dividend payment to Parent | -3,273 | ' | -3,273 | ' | ' | -3,273 | ' |
Tax impact of investment by affiliate of Parent | -889 | ' | -889 | ' | ' | -889 | ' |
Translation adjustments and unrealized net gains (losses) on cash flow hedges, net of tax | -31 | ' | ' | ' | -89 | -89 | 58 |
Net loss (income) attributable to noncontrolling interest | -2,561 | ' | ' | ' | ' | ' | -2,561 |
Net loss attributable to The Gymboree Corporation | -7,842 | ' | ' | -7,842 | ' | -7,842 | ' |
ENDING BALANCE at Feb. 02, 2013 | 441,637 | ' | 519,687 | -76,231 | -5,914 | 437,542 | 4,095 |
ENDING BALANCE (in shares) at Feb. 02, 2013 | ' | 1,000 | ' | ' | ' | ' | ' |
Share-based compensation | 5,809 | ' | 5,809 | ' | ' | 5,809 | ' |
Capital contribution to noncontrolling interest | 14,366 | ' | ' | ' | ' | ' | 14,366 |
Dividend payment to Parent | -7,564 | ' | -7,564 | ' | ' | -7,564 | ' |
Translation adjustments and unrealized net gains (losses) on cash flow hedges, net of tax | 1,245 | ' | ' | ' | 1,034 | 1,034 | 211 |
Net loss (income) attributable to noncontrolling interest | -3,324 | ' | ' | ' | ' | ' | -3,324 |
Net loss attributable to The Gymboree Corporation | -203,027 | ' | ' | -203,027 | ' | -203,027 | ' |
ENDING BALANCE at Feb. 01, 2014 | $249,142 | ' | $517,932 | ($279,258) | ($4,880) | $233,794 | $15,348 |
ENDING BALANCE (in shares) at Feb. 01, 2014 | ' | 1,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholder's Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Unrealized net gain (loss) on cash flow hedges, tax (expense) benefit | $0 | $67 | $3,915 |
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 | |||||||||||||
Nature of the Business | |||||||||||||
The Gymboree Corporation (the “Company,” “we” or “us”) is a specialty retailer, offering collections of high-quality apparel and accessories for children. As of February 1, 2014, we operated 1,323 retail stores, as follows: 626 Gymboree® stores (including 576 in the United States, 43 in Canada, 1 in Puerto Rico and 6 in Australia), 167 Gymboree Outlet stores (165 in the United States and 2 in Puerto Rico), 140 Janie and Jack® shops, and 390 Crazy 8® stores in the United States, as well as 3 online stores at www.gymboree.com, www.janieandjack.com and www.crazy8.com. We also offer directed parent-child developmental play programs at 708 franchised and Company-operated Gymboree Play & Music® centers in the United States and 41 other countries. In addition, as of February 1, 2014, third-party overseas franchisees operated 68 Gymboree stores in the Middle East, South Korea, Latin America and China, including 17 Gymboree retail stores operated by Gymboree (China) Commercial and Trading Co. Ltd. (“Gymboree China”). Gymboree China and Gymboree (Tianjin) Educational Information Consultation Co. Ltd. (“Gymboree Tianjin”) are collectively referred to as the “VIEs.” Gymboree Tianjin provides various services on Gymboree Play & Music’s behalf to Gymboree Play & Music’s franchisees in China. Third-party overseas franchisees also operated 3 Crazy 8 stores in the Middle East as of February 1, 2014. | |||||||||||||
Basis of Presentation | |||||||||||||
On November 23, 2010 (the “Transaction Date”), The Gymboree Corporation completed a merger (the “Merger”) with Giraffe Acquisition Corporation (“Acquisition Sub”) in accordance with an Agreement and Plan of Merger (the “Merger Agreement”) with Giraffe Holding, Inc. (“Parent”), and Acquisition Sub, a wholly owned subsidiary of Parent, with the Merger funded through a combination of debt and equity financing (collectively, the “Transactions”). The Company is continuing as the surviving corporation and a 100%-owned indirect subsidiary of the Parent. At the Transaction Date, investment funds sponsored by Bain Capital Partners, LLC (“Bain Capital”) indirectly owned a controlling interest in Parent. | |||||||||||||
In December 2011, pursuant to a contribution, exchange and subscription agreement, the shareholders of Parent contributed in the aggregate 104,600,007 shares of Class A Common Stock and 11,622,223 shares of Class L Common Stock of Parent, representing all of Parent’s outstanding Common Stock, and approximately $12.2 million in cash to Gymboree Holding, Ltd., a Cayman Islands exempted company, in exchange for 104,600,007 Class A Common Shares, 11,622,223 Class L Common Shares and 1,220,003 Class C Common Shares of Gymboree Holding, Ltd., representing all of the outstanding Common Shares of Gymboree Holding, Ltd. (the “Asia Transaction”). Following the consummation of the Asia Transaction, Gymboree Holding, Ltd. became indirectly a 60% owner of Gymboree China and Gymboree Tianjin (collectively, the “VIEs”). While we do not control these two entities, they have been determined to be variable interest entities, as discussed in Note 21, and have been consolidated by the Company. Investment funds sponsored by Bain Capital own a controlling interest in Gymboree Holding, Ltd., which indirectly controls Parent. | |||||||||||||
To fund the Asia Transaction and the indirect investment in the VIEs, on November 3, 2011, (i) the Company declared and distributed an aggregate amount of $12.2 million in cash to its sole shareholder, Giraffe Intermediate B, Inc., a Delaware corporation and indirectly wholly owned subsidiary of Parent (“Giraffe B”), (ii) Giraffe B declared and distributed an aggregate amount of $12.2 million in cash to its sole shareholder, Giraffe Intermediate A, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Giraffe A”) and (iii) Giraffe A declared and distributed an aggregate amount of $12.2 million in cash to its sole shareholder, Parent, Parent then declared a dividend in the aggregate amount of $12.2 million to the holders of the Common Stock of Parent (the “Dividend”). The Dividend was then contributed to Gymboree Holding, Ltd. to fund part of the investment in the VIEs in return for Class C Common Shares of Gymboree Holding, Ltd. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include entities in which we retain a controlling financial interest or entities that meet the definition of a VIE for which we are deemed to be the primary beneficiary. In performing our analysis of whether we are the primary beneficiary, at initial investment and at each quarterly reporting period, we consider whether we individually have the power to direct the activities of the VIE that most significantly affect the entity’s performance and also have the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We also consider whether we are a member of a related party group that collectively meets the power and benefits criteria and, if so, whether we are most closely associated with the VIE. Intercompany accounts and transactions have been eliminated. | |||||||||||||
Fiscal Year | |||||||||||||
Our fiscal year ends on the Saturday closest to January 31. Fiscal years 2013, 2012, and 2011 ended on February 1, 2014, February 2, 2013 and January 28, 2012, respectively. Fiscal years 2013 and 2011 include 52 weeks and fiscal year 2012 includes 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Financial Instruments | |||||||||||||
Cash Equivalents | |||||||||||||
Cash equivalents consist of highly liquid investment instruments with a maturity of three months or less at date of purchase. Our cash equivalents are placed primarily in money market funds. We value these investments at their original purchase prices plus interest that has accrued at the stated rate. Income related to these securities is recorded in interest income in the consolidated statements of operations. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting for cash flow hedges generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. At times, cash balances held at financial institutions are in excess of federally insured limits. | |||||||||||||
In fiscal 2013, 2012 and fiscal 2011, we purchased approximately 66%, 72% and 80%, respectively, of our inventory through one agent, which may potentially subject us to risks of concentration related to sourcing of our inventory. | |||||||||||||
Accounts Receivable | |||||||||||||
We record accounts receivable net of an allowance for doubtful accounts. Accounts receivable primarily include amounts due from major credit card companies, amounts due from franchisees for royalties and consumer product sales, and amounts due from landlord construction allowances. We estimate our allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due and our previous loss history. The provision for doubtful accounts receivable is included in selling, general and administrative expenses (“SG&A”). Write-offs were insignificant for all periods presented. | |||||||||||||
Merchandise Inventories | |||||||||||||
Merchandise inventories are recorded at the lower of cost or market (“LCM”), determined on a weighted-average basis. We review our inventory levels to identify slow-moving merchandise and broken assortments (items no longer in stock in a sufficient range of sizes) and record an adjustment when the future estimated selling price is less than cost. We take a physical count of inventories in all stores once a year and in some stores twice a year, and perform cycle counts throughout the year in our Dixon distribution center. We performed a physical count of inventories at our third-party fulfillment center in Ohio in the fourth quarter of fiscal 2013. We record an inventory shrink adjustment based upon physical counts and also provide for estimated shrink adjustments for the period between the last physical inventory count and each balance sheet date. Our inventory shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. Our LCM estimate can be affected by changes in consumer demand and the promotional environment. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment acquired after the Transaction Date are recorded at cost. Property and equipment acquired in the Merger are stated at estimated fair value as of the Transaction Date, less accumulated depreciation and amortization recorded subsequent to the Merger. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from approximately 3 to 25 years, except for our distribution center in Dixon, California, which has a useful life of 39 years. Leasehold improvements, which include an allocation of directly-related internal payroll costs for employees dedicated to real estate construction projects, are amortized over the lesser of the applicable lease term, which ranges from 5 to 13 years, or the estimated useful life of the improvements. Assets recorded under capital lease are amortized over the lease term. Software costs are amortized using the straight-line method based on an estimated useful life of 3 to 7 years. Repair and maintenance costs are expensed as incurred. | |||||||||||||
The Company capitalizes development-stage website development costs such as direct external costs and direct payroll related costs. When development is substantially complete, the Company amortizes the website costs on a straight-line basis over the expected life, which is generally 3 years. Preliminary project costs and post-implementation costs such as training, maintenance and support are expensed as incurred. | |||||||||||||
Store Asset Impairment | |||||||||||||
Store assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the undiscounted future cash flows from the asset group are less than the carrying value, a loss is recognized equal to the difference between the carrying value of the asset group and its fair value. The fair value of the asset group is estimated based on discounted future cash flows using a discount rate commensurate with the risk. The asset group is determined at the store level, which is the lowest level for which identifiable cash flows are available. Decisions to close a store or facility can also result in accelerated depreciation over the revised useful life. For locations to be closed that are under long-term leases, we record a charge for lease buyout expense or the difference between our rent and the rate at which we expect to be able to sublease the properties and related costs, as appropriate. Most closures occur upon the lease expiration. The estimate of future cash flows is based on historical experience and typically third-party advice or market data. These estimates can be affected by factors such as future store profitability, real estate demand and economic conditions that can be difficult to predict. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill | |||||||||||||
In connection with the Merger, we allocated goodwill to our reporting units, which we concluded were the same as our operating segments (see Note 20): Gymboree Retail (including an online store), Gymboree Outlet, Janie and Jack (including an online store), Crazy 8 (including an online store), Gymboree Play & Music and International Retail Franchise. We allocated goodwill to the reporting units by calculating the fair value of each reporting unit and deriving the implied fair value of each reporting unit’s goodwill as of the Merger. | |||||||||||||
Goodwill is not amortized, but is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our annual goodwill impairment test was performed for our annual test date, which is the end of our tenth fiscal period each year (see Note 3). Other events that could result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. | |||||||||||||
We review goodwill for impairment by performing a two-step goodwill impairment test. The first step of the two-step goodwill impairment test is to compare the fair value of the reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step of the two-step goodwill impairment test is required to measure the goodwill impairment loss. The second step includes valuing all the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. | |||||||||||||
Calculating the fair value of a reporting unit and the implied fair value of reporting unit goodwill requires significant judgment. The use of different assumptions, estimates or judgments in either step of the goodwill impairment testing process, such as the estimated future cash flows of reporting units, the discount rate used to discount such cash flows, or the estimated fair value of the reporting units’ tangible and intangible assets and liabilities, could significantly increase or decrease the estimated fair value of a reporting unit or its net assets. | |||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||
Indefinite-lived intangible assets primarily represent trade names for each of our brands. We do not amortize intangible assets with indefinite useful lives. We perform an annual impairment assessment each year at the end of our tenth fiscal period for indefinite-lived intangible assets, or more frequently if indicators of potential impairment exist and indicate it is more likely than not that the carrying value of the assets may not be recoverable. Our annual impairment test of indefinite-lived intangible assets was performed during the fourth quarter of fiscal 2013 (see Note 3). Recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount of the asset to the future discounted cash flows that the asset is expected to generate using the relief from royalty method. If we determine that an individual asset is impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. Calculating the fair value of indefinite-lived intangible assets requires significant judgment. The use of different assumptions, estimates or judgments, such as the estimated future cash flows, royalty rates or the discount rate used to discount such cash flows, could significantly increase or decrease the estimated fair value of our indefinite-lived intangible assets. | |||||||||||||
Other Intangible Assets and Liabilities | |||||||||||||
Other intangible assets primarily represent below market leases, franchise agreements and reacquired franchise rights. Other intangible liabilities represent above market leases and are included in deferred liabilities. Other intangible assets and liabilities are amortized on a straight-line basis over their estimated useful lives. | |||||||||||||
We review other intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of these other intangible assets is measured by comparing the carrying amount of the asset to the future undiscounted cash flows that the asset is expected to generate. If the undiscounted future cash flows are less than the carrying amount, the purchased other intangible assets with finite lives are considered to be impaired. The amount of the impairment is measured as the difference between the carrying amount of these assets and their estimated fair value. The fair value of the asset is estimated based on discounted future cash flows using a discount rate commensurate with the risk. Our estimate of future cash flows requires assumptions and judgment, including forecasting future sales and expenses and estimating useful lives of the assets. The use of different assumptions, estimates or judgments, such as the estimated future cash flows or the discount rate used to discount such cash flows, could significantly increase or decrease the estimated fair value of our other intangible assets with finite lives. | |||||||||||||
Income Taxes | |||||||||||||
We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. We maintain valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is warranted, we take into account such factors as actual earnings over the previous 12 quarters on a cumulative basis, carryback and carryforward periods, and tax planning strategies that could potentially enhance the likelihood of realization of a deferred tax asset. We recorded a valuation allowance in fiscal 2013 as described in Note 14. We are subject to periodic audits by the Internal Revenue Service and other taxing authorities. These audits may challenge certain of our tax positions such as the timing and amount of deductions and allocation of taxable income to the various tax jurisdictions. As of fiscal year-end 2013 and 2012, we had unrecognized tax benefits of $6.6 million and $8.6 million, respectively. Determining income tax expense for tax contingencies requires management to make assumptions that are subject to factors such as proposed assessments by tax authorities, changes in facts and circumstances, issuance of new regulations, and resolution of tax audits. Actual results could materially differ from these estimates and could significantly affect the effective tax rate and cash flows in future years. | |||||||||||||
Rent Expense | |||||||||||||
Many of our operating leases contain free rent periods and predetermined fixed increases of the minimum rental rate during the initial lease term. For these leases, we recognize the related rental expense on a straight-line basis over the life of the lease, starting at the time we take possession of the property. Certain leases provide for contingent rents that are not measurable at inception. These amounts are excluded from minimum rent and are included in the determination of rent expense when it is probable that an expense has been incurred and the amount is reasonably estimable. | |||||||||||||
Lease Allowances | |||||||||||||
As part of many lease agreements, we receive allowances from landlords. The allowances are included in lease incentives and other deferred liabilities and are amortized as a reduction of rent expense on a straight-line basis over the term of the lease, starting at the time we take possession of the property. | |||||||||||||
Self-Insurance | |||||||||||||
We are partially self-insured for workers’ compensation insurance. We record a liability based on claims filed and an actuarially determined amount of claims incurred, but not yet reported. This liability totaled $5.1 million and $4.2 million as of fiscal year-end 2013 and 2012, respectively. Any actuarial projection of losses is subject to a high degree of variability due to external factors, including future inflation rates, litigation trends, legal interpretations, benefit level changes and claim settlement patterns. We also record a liability for employee-related health care benefits that are partially self-insured or fully self-insured, by considering claims filed and estimates of claims incurred, but not yet reported. This liability totaled $1.4 million and $0.8 million as of fiscal year-end 2013 and 2012, respectively. If the actual amount of claims filed exceeds our estimates, reserves recorded may not be sufficient and additional accruals may be required in future periods. These liabilities are included in accrued liabilities. | |||||||||||||
Foreign Currency Translation | |||||||||||||
Assets and liabilities of foreign subsidiaries are translated into United States dollars at the exchange rates effective on the balance sheet date. Revenues, costs of sales, expenses and other income are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded as other comprehensive income within stockholders’ equity. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue is recognized at the point of sale in retail stores. Online revenue is recorded when we estimate merchandise is delivered to the customer. Online customers generally receive merchandise within three to six days of shipment. Shipping fees received from customers are included in net sales and the associated shipping costs are included in cost of goods sold. We also sell gift cards in our retail store locations, through our online stores and through third parties. Revenue is recognized in the period that the gift card is redeemed. We recognize unredeemed gift card and merchandise credit balances when we can determine the portion of the liability for which redemption is remote (generally three years after issuance). These amounts are recorded as other income within SG&A expenses and totaled $1.9 million, $1.6 million, $1.3 million, in fiscal 2013, 2012 and 2011, respectively. From time to time, customers may earn Gymbucks coupons and redeem them for merchandise at a discount during the redemption period. A liability is recorded for coupons earned, but not redeemed, within an accounting period. Sales are presented net of sales return reserve, which is estimated based on historical return trends. Net retail sales also include revenue from our co-branded credit card. We present taxes collected from customers and remitted to governmental authorities on a net basis (excluded from revenues). | |||||||||||||
A summary of activity in the sales return reserve for the fiscal years ended (in thousands) is as follows: | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Balance, beginning of period | $ | 2,508 | $ | 2,363 | $ | 2,224 | |||||||
Provision for sales return | 28,154 | 28,976 | 30,804 | ||||||||||
Actual sales returns | (29,228) | (28,831) | (30,665) | ||||||||||
Balance, end of period | $ | 1,434 | $ | 2,508 | $ | 2,363 | |||||||
For the Gymboree Play & Music operations, initial franchise and transfer fees for all sites sold in a territory are recognized as revenue when the franchisee has paid the initial franchise or transfer fee, in the form of cash and/or a note payable, the franchisee has fully executed a franchise agreement and we have substantially completed our obligations under such agreement. We receive royalties based on each franchisee’s gross receipts from operations. Such royalty fees are recorded when earned. We also recognize revenues from consumer products and equipment sold to franchisees at the time title transfers to the franchisees. | |||||||||||||
For our retail franchise business, revenues consist of initial franchise fees, royalties and/or sales of authorized product. Initial franchise fees relating to area franchise sales are recognized as revenue when the franchisee has met all material conditions and we have substantially completed our obligations under such agreement, typically upon store opening. Royalties are generally based on each franchisee’s gross receipts from operations and are recorded when earned. Revenues from consumer products sold to franchisees are recorded at the time title transfers to the franchisees. We present taxes withheld by international franchises and remitted to governmental authorities on a gross basis (included in revenues). | |||||||||||||
Loyalty Program | |||||||||||||
Customers who enroll in the Gymboree Rewards program earn points with every purchase at Gymboree and Gymboree Outlet stores. Those customers who reach a cumulative purchase threshold receive a coupon that can be used towards the future purchase of goods at Gymboree and Gymboree Outlet stores. We estimate the cost of rewards that will ultimately be redeemed and record this cost as a reduction of net retail sales as reward points are earned. This liability was approximately $1.4 million and $2.3 million as of February 1, 2014 and February 2, 2013, respectively, and is included in accrued liabilities. | |||||||||||||
Co-Branded Credit Card | |||||||||||||
We have co-branded credit card agreements (the “Agreements”) with a third-party bank and Visa U.S.A. Inc. for the issuance of a Visa credit card bearing the Gymboree brand and administration of an associated incentive program for cardholders. We recognize revenues related to the Agreements as follows: | |||||||||||||
— | New account fees are recognized as retail revenues as earned. | ||||||||||||
— | Credit card usage fees are recognized as retail revenues as actual credit card usage occurs. | ||||||||||||
— | Rewards earned are recorded as gift card liabilities and recognized as retail revenues when the gift cards are redeemed. | ||||||||||||
During fiscal 2013, 2012 and fiscal 2011, we recognized approximately $1.5 million, $1.6 million and $1.5 million in revenue from these Agreements, respectively. These amounts are included in net retail sales in the accompanying consolidated statements of operations. | |||||||||||||
Cost of Goods Sold | |||||||||||||
Cost of goods sold (“COGS”) includes cost of goods, buying department expenses (including related depreciation), occupancy expenses (including amortization of below and above market leases), and shipping costs. Cost of goods consists of cost of merchandise, inbound freight and other inventory-related costs, such as shrinkage costs and lower of cost or market adjustments. Buying expenses include costs incurred to design, produce and allocate merchandise. Occupancy expenses consist of rent and other lease-required costs, including common area maintenance and utilities. Shipping costs consist of third-party delivery services to customers. As we record certain distribution expenses as a component of SG&A expenses and do not include such costs in cost of goods sold, our cost of goods sold and gross profit may not be comparable to those of other companies. Distribution expenses recorded as a component of SG&A expenses amounted to $37.9 million in fiscal 2013, $33.4 million in fiscal 2012, and $29.5 million in fiscal 2011. | |||||||||||||
Selling, General and Administrative Expenses | |||||||||||||
SG&A expenses consist of non-occupancy-related costs associated with our retail stores, distribution center and shared corporate services. These costs include payroll and benefits, depreciation and amortization, credit card fees, advertising, store pre-opening costs and other general expenses. Our distribution costs recorded in SG&A expenses represent primarily outbound shipping and handling expenses to our stores. | |||||||||||||
Store Pre-opening Costs | |||||||||||||
Store pre-opening costs are expensed as incurred. | |||||||||||||
Advertising | |||||||||||||
We capitalize direct costs for the development, production, and circulation of direct response advertising and amortize such costs over the expected sales realization cycle, typically four to six weeks. Deferred direct response costs, included in prepaid expenses, were $0.5 million as of February 1, 2014 and $0.4 million as of February 2, 2013. | |||||||||||||
All other advertising costs are expensed as incurred. Advertising expense, including costs related to direct mail campaigns, totaled approximately $20.5 million, $20.8 million and $18.6 million for fiscal 2013, 2012 and fiscal 2011, respectively. | |||||||||||||
Share-Based Compensation | |||||||||||||
We recognize compensation expense on a straight-line basis for options and awards with time-based service conditions. | |||||||||||||
Recently Issued Accounting Standards | |||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or 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 and should not be combined with deferred tax assets. The guidance is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. We will adopt this guidance in the first quarter of fiscal 2014 and have determined that it will not have a material impact our consolidated financial statements. |
Investment_by_Parent
Investment by Parent | 12 Months Ended |
Feb. 01, 2014 | |
Investment by Parent | ' |
2. Investment by Parent | |
In January 2011, Parent entered into subscription agreements with certain members of our management team. Under the subscription agreements, such members of the management team purchased an aggregate of 1,580,769 Class A Shares and 175,641 Class L Shares of Parent. The aggregate cash consideration paid for the shares was $7.9 million. This amount was indirectly contributed to us by Parent. | |
In February 2011, investment funds sponsored by Bain Capital purchased an aggregate of 419,231 Class A Shares and 46,581 Class L Shares of Parent for $2.1 million. In addition, an unrelated party purchased an aggregate of 1,000,000 Class A Shares and 111,111 Class L Shares of Parent for $5.0 million. These amounts were indirectly contributed to us by Parent in fiscal 2011. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets and Liabilities | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets and Liabilities | ' | ||||||||||||||||||||||||
3. Goodwill and Intangible Assets and Liabilities | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Goodwill allocated to our reportable segments as of fiscal year-end 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Retail Stores ` | Gymboree Play | International Retail | Total | ||||||||||||||||||||||
Segment | & Music Segment | Franchise Segment | |||||||||||||||||||||||
Balance as of January 28, 2012 | |||||||||||||||||||||||||
Goodwill | $ | 887,372 | $ | 16,389 | $ | 23,636 | $ | 927,397 | |||||||||||||||||
Accumulated impairment losses | -28,300 | - | - | (28,300) | |||||||||||||||||||||
859,072 | 16,389 | 23,636 | 899,097 | ||||||||||||||||||||||
Balance as of February 2, 2013 | |||||||||||||||||||||||||
Goodwill | 887,241 | 16,389 | 23,636 | 927,266 | |||||||||||||||||||||
Accumulated impairment losses | -28,300 | - | - | (28,300) | |||||||||||||||||||||
858,941 | 16,389 | 23,636 | 898,966 | ||||||||||||||||||||||
Balance as of February 1, 2014 | |||||||||||||||||||||||||
Goodwill | 887,241 | 16,389 | 23,636 | 927,266 | |||||||||||||||||||||
Accumulated impairment losses | -168,489 | - | - | (168,489) | |||||||||||||||||||||
$ | 718,752 | $ | 16,389 | $ | 23,636 | $ | 758,777 | ||||||||||||||||||
Goodwill impairment and other changes in goodwill during fiscal 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||||||
Retail Stores | Gymboree Play | International Retail | Total | ||||||||||||||||||||||
Segment | & Music Segment | Franchise Segment | |||||||||||||||||||||||
Fiscal 2011 - Impairment losses | $ | -28,300 | $ | - | $ | - | $ | (28,300) | |||||||||||||||||
Fiscal 2012 - Other | $ | -131 | $ | - | $ | - | $ | (131) | |||||||||||||||||
Fiscal 2013 - Impairment losses | $ | -140,189 | $ | - | $ | - | $ | (140,189) | |||||||||||||||||
The retail stores segment above includes approximately $36.9 million, $39.8 million and $39.8 million in goodwill allocated to our international geographical segment as of February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||||||||||||||||||||||
Goodwill Impairment | |||||||||||||||||||||||||
Goodwill is allocated to our reporting units, which are the same as our operating segments: Gymboree Retail (including an online store), Gymboree Outlet, Janie and Jack (including an online store), Crazy 8 (including an online store), Gymboree Play & Music and International Retail Franchise. We tested goodwill for impairment as of our annual test date, which is the end of our tenth fiscal period each year. Based on the results of the first step of the Company’s impairment test, we determined that the fair value of the Janie and Jack, Gymboree Play & Music and International Retail Franchise reporting units each exceeded their carrying values by at least 20%. We also determined that the fair value of the Crazy 8, Gymboree Retail and Gymboree Outlet reporting units, components of our retail stores reporting segment, were below their carrying values. As a result, we performed step two of the goodwill impairment test to measure the goodwill impairment loss specific to these reporting units. Under Step two, the fair values of all Crazy 8, Gymboree Retail and Gymboree Outlet reporting unit tangible and intangible assets and liabilities were estimated, for the purpose of deriving an estimate of the implied fair value of goodwill for each reporting unit. The implied fair value of each reporting unit’s goodwill was then compared to its carrying value to determine the amount of goodwill impairment. | |||||||||||||||||||||||||
The goodwill impairment analysis for the reporting units was based on our projection of revenues, gross margin, operating costs and cash flows considering historical and estimated future results, general economic and market conditions as well as the impact of planned business and operational strategies. We based our fair value estimates on assumptions we believed to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates. The valuations employed present value techniques to measure fair value and considered market factors. We primarily used an income approach to value these reporting units. The discount rates used in the income approach ranged from 12.0% to 15.5%. We also considered a market approach. Assumptions used in the market approach include valuation multiples based on actual transactions which have occurred in the marketplace and valuation multiples based on publicly traded companies which have similar characteristics to us. Finally, specific weights were applied to the components of each approach to estimate the total implied fair value. These weights are estimates by management and are developed based on the specific characteristics, risks and uncertainties of each reporting unit. | |||||||||||||||||||||||||
During the fourth quarter of 2013, due to the impact of weak results in fiscal 2013, particularly in the fourth quarter, we concluded that there was goodwill impairment in the Crazy 8, Gymboree Retail and Gymboree Outlet reporting units of $85.3 million, $38.8 million and $16.1 million, respectively. The impairment charge is subject to finalization of fair values, which we will complete in fiscal 2014. We believe that the preliminary estimate of impairment is reasonable and represents our best estimate of the impairment charge to be incurred; however, it is possible that material adjustments to the preliminary estimate may be required as the analysis is finalized. | |||||||||||||||||||||||||
We will continue to perform our annual impairment assessment each year, or more frequently if indicators of potential impairment exist. | |||||||||||||||||||||||||
Goodwill impairment tests performed in fiscal 2012 indicated that goodwill was not impaired for any of our reporting units and there were no triggering events since that time that necessitated an impairment test outside of the normal annual assessment. | |||||||||||||||||||||||||
During the fourth quarter of 2011, due to higher average unit costs resulting from higher commodity prices (primarily cotton) and a higher level of markdown selling, we concluded that there was goodwill impairment in the Gymboree Outlet reporting unit (a component of our retail stores segment). We recorded impairment for goodwill of $28.3 million in the fourth quarter of fiscal 2011. | |||||||||||||||||||||||||
Intangible Assets and Liabilities | |||||||||||||||||||||||||
Intangible assets and liabilities consist of the following (in thousands): | |||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||
Gross | Accumulated | Net Amount | |||||||||||||||||||||||
Carrying | Amortization | ||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||||||||||
Trade names | |||||||||||||||||||||||||
Balance as of February 2, 2013 | $ | 567,494 | $ | 567,494 | |||||||||||||||||||||
Impairment losses | (17,000) | (17,000) | |||||||||||||||||||||||
Balance as of February 1, 2014 | 550,494 | 550,494 | |||||||||||||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||||||||||
Customer relationships | 37,551 | $ | (36,803) | 748 | |||||||||||||||||||||
Below market leases | 7,055 | (4,195) | 2,860 | ||||||||||||||||||||||
Co-branded credit card agreement | 4,000 | (1,958) | 2,042 | ||||||||||||||||||||||
Franchise agreements and reacquired franchise rights | 6,632 | (2,952) | 3,680 | ||||||||||||||||||||||
55,238 | (45,908) | 9,330 | |||||||||||||||||||||||
Total other intangible assets | $ | 605,732 | $ | (45,908) | $ | 559,824 | |||||||||||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631) | $ | 9,999 | $ | (6,632) | |||||||||||||||||||
February 2, 2013 | |||||||||||||||||||||||||
Gross | Accumulated | Net Amount | |||||||||||||||||||||||
Carrying | Amortization | ||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||||||||||
Trade names | $ | 567,494 | $ | 567,494 | |||||||||||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||||||||||
Customer relationships | 36,400 | $ | (34,525) | 1,875 | |||||||||||||||||||||
Below market leases | 7,055 | (3,037) | 4,018 | ||||||||||||||||||||||
Co-branded credit card agreement | 4,000 | (1,342) | 2,658 | ||||||||||||||||||||||
Franchise agreements | 6,600 | (2,004) | 4,596 | ||||||||||||||||||||||
54,055 | (40,908) | 13,147 | |||||||||||||||||||||||
Total other intangible assets | $ | 621,549 | $ | (40,908) | $ | 580,641 | |||||||||||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631) | $ | 7,382 | $ | (9,249) | |||||||||||||||||||
Our annual impairment test of indefinite-lived intangible assets was performed at the end of the Company’s tenth fiscal period of fiscal 2013. Due to the impact of weak results in fiscal 2013, particularly in the fourth quarter, we recorded an impairment charge of $17.0 million related to trade names of our retail segment, which is included as a component of goodwill and intangible asset impairment. | |||||||||||||||||||||||||
The Company assigned the following useful lives to its intangible assets: | |||||||||||||||||||||||||
Useful Life | Location of | ||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||
Trade names | Indefinite | - | |||||||||||||||||||||||
Customer relationships | 2 – 2.3 years | SG&A | |||||||||||||||||||||||
Below market leases | Remaining lease term | COGS | |||||||||||||||||||||||
Co-branded credit card agreement | 6.5 years | SG&A | |||||||||||||||||||||||
Retail franchise agreement | 6 years | SG&A | |||||||||||||||||||||||
Gymboree Play & Music reacquired franchise rights | Remaining contractual term | SG&A | |||||||||||||||||||||||
Gymboree Play & Music franchise agreements | 14 years | SG&A | |||||||||||||||||||||||
Above market leases | Remaining lease term | COGS | |||||||||||||||||||||||
Net amortization income (expense) is presented below for the fiscal years ended (in thousands): | |||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||
Cost of goods sold: | |||||||||||||||||||||||||
Amortization income | $ | 1,446 | $ | 1,868 | $ | 2,090 | |||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||||
Amortization expense | $ | (3,842) | $ | (17,360) | $ | (17,500) | |||||||||||||||||||
We estimate that amortization expense (income) related to intangible assets and liabilities will be as follows in each of the next five fiscal years (in thousands): | |||||||||||||||||||||||||
Fiscal | Below Market | Above Market | Other | Total | |||||||||||||||||||||
Leases | Leases | Intangibles | |||||||||||||||||||||||
2014 | 1,059 | (2,023) | 2,117 | 1,153 | |||||||||||||||||||||
2015 | 835 | (1,579) | 1,731 | 987 | |||||||||||||||||||||
2016 | 483 | (1,428) | 1,400 | 455 | |||||||||||||||||||||
2017 | 342 | (1,016) | 332 | (342) | |||||||||||||||||||||
2018 | 110 | (464) | 136 | (218) | |||||||||||||||||||||
Thereafter | 31 | (122) | 754 | 663 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
4. Derivative Financial Instruments | |||||||||||||||
We enter into forward foreign exchange contracts with respect to certain purchases in United States dollars of inventory to be sold in our retail stores in Canada. The purpose of these contracts is to protect our margins on the eventual sale of the inventory from fluctuations in the exchange rate for Canadian and U.S. dollars. The term of these forward foreign exchange contracts is generally less than one year. These contracts are treated as cash-flow hedges. Amounts reported in accumulated other comprehensive income (loss) related to these forward foreign exchange contracts will be reclassified to cost of goods sold over a three-month period. We also enter into forward foreign exchange contracts with respect to short-term intercompany balances between U.S. and foreign entities in Canada and Australia. The purpose of these contracts is to protect us from fluctuations in the exchange rates upon the settlement of such balances. These contracts are not designated as hedges. Consequently, changes in the fair value of these contracts are included in other income. | |||||||||||||||
In December 2010, we paid approximately $12.1 million to enter into interest rate caps to hedge against rising interest rates associated with our Term Loan (see Note 8) above the strike rate of the cap through December 23, 2016, the maturity date of the caps. The interest rate caps were designated on the date of execution as cash-flow hedges. The premium, and any related amounts reported in accumulated other comprehensive loss, are being amortized to interest expense through December 23, 2016, as interest payments are made on the underlying Term Loan. During fiscal 2013, 2012 and 2011, we reclassified approximately $1.1 million, $0.3 million and $0.1 million, respectively, from accumulated other comprehensive loss to interest expense. We estimate that approximately $2.1 million will be reclassified from accumulated other comprehensive loss to interest expense within the next 12 months. | |||||||||||||||
For a derivative instrument designated as a cash-flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (loss) and is subsequently recognized in earnings when the hedged exposure is recognized in earnings. Gains or losses on the derivative representing either hedge components excluded from the assessment of effectiveness or hedge ineffectiveness are recognized in earnings. | |||||||||||||||
We had the following outstanding derivatives designated as cash flow hedges (US dollars in thousands): | |||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||
Number of | Notional | Number of | Notional | ||||||||||||
Instruments | (USD) | Instruments | (USD) | ||||||||||||
Interest rate derivatives | |||||||||||||||
Purchased interest rate caps | 4 | $ | 700,000 | 4 | $ | 700,000 | |||||||||
Foreign exchange derivatives | |||||||||||||||
Forward foreign exchange contracts | 6 | 5,029 | 6 | 6,377 | |||||||||||
Total | 10 | $ | 705,029 | 10 | $ | 706,377 | |||||||||
In addition to the cash flow hedges above, as of February 1, 2014 and February 2, 2013, the Company had two forward foreign exchange contracts with a notional amount of $10.3 million and one forward foreign exchange contract with a notional amount of $1.0 million, respectively, that were not designated as hedges. | |||||||||||||||
The table below presents the fair value of all of our derivative financial instruments as well as their classification on the consolidated balance sheets (in thousands). | |||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||
Derivative Assets | Derivative Assets | Derivative Liabilities | |||||||||||||
Other Assets | |||||||||||||||
Purchased Interest Rate Caps | $ | 599 | $ | 964 | $ | - | |||||||||
Forward foreign exchange contracts | 348 | - | - | ||||||||||||
Accrued Liabilities | |||||||||||||||
Forward foreign exchange contracts | - | - | 18 | ||||||||||||
Total | $ | 947 | $ | 964 | $ | 18 | |||||||||
The tables below present the effect of all of our derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) (in thousands). No amounts were reclassified from accumulated other comprehensive loss into earnings as a result of forecasted transactions that failed to occur or as a result of hedge ineffectiveness. | |||||||||||||||
Year Ended February 1, 2014 | |||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||
Portion) | (Effective Portion) | ||||||||||||||
Interest rate caps | $ | (365) | Interest expense | $ | (1,135) | ||||||||||
Forward foreign exchange contracts | 715 | Cost of goods sold | 266 | ||||||||||||
Total | $ | 350 | $ | (869) | |||||||||||
Year Ended February 2, 2013 | |||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||
Portion) | (Effective Portion) | ||||||||||||||
Interest rate caps | $ | (396) | Interest expense | $ | (300) | ||||||||||
Forward foreign exchange contracts | (33) | Cost of goods sold | 81 | ||||||||||||
Total | $ | (429) | $ | (219) | |||||||||||
Year Ended January 28, 2012 | |||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||
Recognized in OCI on | (Losses) Reclassified from | Reclassified from | |||||||||||||
Derivative (Effective | Accumulated OCI into | Accumulated OCI | |||||||||||||
Portion) | Income (Effective | into Income | |||||||||||||
Portion) | (Effective Portion) | ||||||||||||||
Interest rate caps | $ | (10,667) | Interest expense | $ | (51) | ||||||||||
Forward foreign exchange contracts | 173 | Cost of goods sold | (71) | ||||||||||||
Total | $ | (10,494) | $ | (122) | |||||||||||
In the tables above, the amounts of gain (loss) recognized in OCI for the effective portion of our interest rate caps and forward foreign exchange contracts for fiscal 2012 have been corrected from the previously disclosed amounts of ($97) and ($45), respectively. Further, the amounts of gain (loss) reclassified from accumulated OCI into income (effective portion) for the forward foreign exchange contracts for fiscal 2012 have been corrected from the previously disclosed amounts of ($80). This correction had no impact on the accompanying consolidated balance sheet or statements of operations and comprehensive income (loss). |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||
5. Fair Value Measurements | |||||||||||||||||||||||
We record our money market funds, forward foreign exchange contracts and interest rate caps at fair value. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||
Level 2 – Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. | |||||||||||||||||||||||
Level 3 – Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |||||||||||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||
The tables below present our assets and liabilities measured at fair value on a recurring basis as of February 1, 2014 and February 2, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no transfers into or out of Level 1 and Level 2 during fiscal 2013 or 2012. | |||||||||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | 14,571 | $ | - | $ | - | $ | 14,571 | |||||||||||||||
Interest rate caps | - | 599 | - | 599 | |||||||||||||||||||
Forward foreign exchange contracts | - | 348 | - | 348 | |||||||||||||||||||
Total | $ | 14,571 | $ | 947 | $ | - | $ | 15,518 | |||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | 17,297 | $ | - | $ | - | $ | 17,297 | |||||||||||||||
Interest rate caps | - | 964 | - | 964 | |||||||||||||||||||
Total | $ | 17,297 | $ | 964 | $ | - | $ | 18,261 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Forward foreign exchange contracts | $ | - | $ | 18 | $ | - | $ | 18 | |||||||||||||||
Our cash equivalents, which are primarily placed in money market funds, are valued at their original purchase prices plus interest that has accrued at the stated rate. | |||||||||||||||||||||||
The fair value of our interest rate caps was determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) were based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, were incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of these contracts for the effect of nonperformance risk, we have considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. | |||||||||||||||||||||||
Although we have determined that the majority of the inputs used to value our interest rate caps fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of February 1, 2014 and February 2, 2013, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate cap positions and determined that the credit valuation adjustment was not significant to the overall valuation. As a result, we classified our interest rate caps derivative valuations in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
The fair value of our forward foreign exchange contracts was determined using the market approach and Level 2 inputs. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. | |||||||||||||||||||||||
The carrying value of cash and cash equivalents, receivables and payables balances approximate their estimated fair values due to the short maturities of these instruments. We estimate the fair value of our long-term debt using current market yields of similar debt. These current market yields are considered Level 2 inputs. The estimated fair value of long-term debt is as follows (in thousands): | |||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan | $ | 767,742 | $ | 692,192 | $ | 767,455 | $ | 749,874 | |||||||||||||||
Notes | 346,000 | 308,805 | 371,000 | 348,740 | |||||||||||||||||||
$ | 1,113,742 | $ | 1,000,997 | $ | 1,138,455 | $ | 1,098,614 | ||||||||||||||||
We had no other financial assets or liabilities measured at fair value as of fiscal year-end 2013 and 2012. | |||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||
Our non-financial assets, which primarily consist of goodwill, other intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial assets are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering external market participant assumptions. | |||||||||||||||||||||||
In the fourth quarter of fiscal 2013, we recorded $140.2 million of goodwill impairment related to our Crazy 8, Gymboree Retail and Gymboree Outlet reporting units and $17.0 million of impairment related to our indefinite-lived intangible assets (see Note 3). We did not recognize any goodwill impairment charges during fiscal 2012 and recorded $28.3 million in goodwill impairment related to the Gymboree Outlet reporting unit in the fourth quarter of fiscal 2011. | |||||||||||||||||||||||
During fiscal 2013, 2012 and 2011, we recorded an impairment charge of $7.6 million, $1.9 million and $3.7 million, respectively, related to assets for under-performing stores. The fair market value of these non-financial assets was determined using the income approach and Level 3 inputs, which required management to make significant estimates about future cash flows. Management estimates the amount and timing of future cash flows based on historical operating results and its experience and knowledge of the retail market in which each store operates. During fiscal 2013, we also recorded $3.1 million of impairment related to an abandonment of assets. These impairment charges are included in SG&A expenses in the accompanying consolidated statement of operations. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Accrued Liabilities | ' | ||||||||
6. Accrued Liabilities | |||||||||
Accrued liabilities consist of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Store operating expenses and other corporate expenses | $ | 48,251 | $ | 41,654 | |||||
Accrued interest | 9,897 | 10,307 | |||||||
Employee compensation | 13,757 | 12,091 | |||||||
Unredeemed gift cards, gift certificates, merchandise credits and customer deposits | 26,753 | 22,852 | |||||||
Sales taxes | 1,645 | 3,539 | |||||||
Total | $ | 100,303 | $ | 90,443 | |||||
Line_of_Credit
Line of Credit | 12 Months Ended |
Feb. 01, 2014 | |
Line of Credit | ' |
7. Line of Credit | |
We have a senior secured asset-based revolving credit facility, which was amended and restated in March 2012 to, among other things, lower the interest rate and extend the maturity date (as so amended and restated, the “ABL”). As a result of this amendment, we recorded a loss on extinguishment of debt of $1.2 million during fiscal 2012 for the write-off of deferred financing costs related to the ABL. The ABL provides senior secured financing of up to $225 million, subject to a borrowing base. Availability under the ABL is subject to the assets of the Company, any subsidiary co-borrowers and any subsidiary guarantors that are available to collateralize the borrowings thereunder, and is reduced by the level of outstanding letters of credit. As of February 1, 2014, there was $31.2 million of commercial and standby letters of credit outstanding and no borrowings outstanding. | |
As of February 1, 2014, availability under the ABL was approximately $127.6 million. Average borrowings for fiscal 2013 and 2012 under the ABL amounted to $4.3 million and $0.1 million, respectively. | |
The ABL provides us the right to request up to $125 million of additional commitments under this facility (or, if less, the amount permitted under the Term Loan described in Note 8), subject to the satisfaction of certain conditions. Principal amounts outstanding under the ABL are due and payable in full in March 2017. Borrowings under the ABL bear interest at a rate per annum equal to, at our option, either (a) a base rate determined by reference to the highest of (1) the prime rate of Bank of America, N.A., (2) the federal funds effective rate plus 0.50%, and (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%, or (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs (“Adjusted LIBOR”), in each case plus an applicable margin. In addition to paying interest on outstanding principal under the ABL, we are required to pay a commitment fee on unutilized commitments thereunder, which is 0.375% per annum under the amended ABL. | |
If at any time the aggregate amount of outstanding loans, unreimbursed letter of credit drawings and undrawn letters of credit under the ABL exceeds the lesser of (a) the commitment amount and (b) the borrowing base, we will be required to repay outstanding loans and/or cash collateralize letters of credit in an aggregate amount equal to such excess, with no reduction of the commitment amount. The ABL contains financial and other covenants that, among other things, restrict our ability to incur additional indebtedness and pay dividends. As of February 1, 2014, we were in compliance with these covenants. The obligations under the ABL are secured, subject to certain exceptions, by substantially all of our assets. Our 100%-owned domestic subsidiaries have fully and unconditionally guaranteed our obligations under the ABL. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Long-Term Debt | ' | ||||||||
8. Long-Term Debt | |||||||||
Long-term debt consists of (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Senior secured term loan facility, net of discount of $1,360 and $1,647 | $ | 767,742 | $ | 767,455 | |||||
9.125% senior notes | 346,000 | 371,000 | |||||||
Long-term debt | $ | 1,113,742 | $ | 1,138,455 | |||||
Term Loan | |||||||||
We have an agreement with several lenders for an $820 million senior secured Term Loan, with a maturity date of February 2018. The Term Loan allows us to request additional tranches of term loans in an aggregate amount not to exceed $200 million, subject to the satisfaction of certain conditions, provided that such amount will be subject to reduction by the amount of any additional commitments incurred under the ABL described in Note 7. The interest rate for borrowings under the Term Loan is, at our option, a base rate plus an additional marginal rate of 2.5% or the Adjusted LIBOR rate (with a 1.5% floor) plus an additional rate of 3.5%. As of February 1, 2014, the interest rate under our Term Loan was 5%. | |||||||||
The Term Loan requires us to make quarterly payments equal to 0.25% of the original $820 million principal amount of the Term Loan made on the closing date plus accrued and unpaid interest thereon, with the balance due in February 2018. The Term Loan also has mandatory and voluntary pre-payment provisions, including a requirement that we prepay the Term Loan with a certain percentage of our annual excess cash flow. | |||||||||
We calculated our excess cash flow using fiscal 2013 operating results and concluded that we are not required to make any excess cash flow payments on the Term Loan during fiscal 2014. During fiscal 2012, we made one quarterly amortization payment of $2.1 million, prepaid $15.6 million of our Term Loan with our excess cash flow, and made a voluntary prepayment of $25.0 million. The excess cash flow payment made during fiscal 2012 was calculated based on fiscal 2011 operating results. We applied the voluntary prepayment and the excess cash flow prepayment toward our remaining quarterly amortization payments payable under the Term Loan in fiscal 2013 and 2012 and will apply the remainder of such prepayments toward our quarterly amortization payments payable under the Term Loan in fiscal 2014 through fiscal 2016. | |||||||||
In February 2011, we refinanced the Term Loan through an amendment and restatement of our existing credit agreement to lower the interest rate, remove certain financial covenants and extend the maturity date from November 2017 to February 2018. During fiscal 2011, we recorded a loss on extinguishment of debt of approximately $19.6 million as a result of the refinancing, which included the write-off of approximately $14.1 million in deferred financing costs and $1.8 million of original issue discount (“OID”) related to the original Term Loan. | |||||||||
The obligations under the Term Loan are secured, subject to certain exceptions, by substantially all of our assets and those of our 100%-owned domestic subsidiaries. Our 100%-owned domestic subsidiaries also have fully and unconditionally guaranteed the Company’s obligations under the Term Loan. | |||||||||
Notes | |||||||||
In fiscal 2010, we issued $400 million aggregate principal amount of 9.125% senior notes due in December 2018 (the “Notes”). Interest on the Notes is payable semi-annually. If the Company or our subsidiaries sell certain assets, we generally must either invest the net cash proceeds from such sale in our business within a certain period of time, use the proceeds to prepay senior secured debt, or make an offer to purchase a principal amount of the Notes equal to the excess net cash proceeds at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest. Upon a change in control, we may also be required to make an offer to purchase all of the Notes at a redemption price equal to 101% of the principal amount of the Notes redeemed plus accrued and unpaid interest. The Notes also contain optional redemption provisions, but subject to certain exceptions, we will not be entitled to redeem the Notes at our option prior to December 1, 2014. The Notes are unsecured senior obligations of The Gymboree Corporation. The Company’s 100%-owned domestic subsidiaries have fully and unconditionally guaranteed the Company’s obligations under the Notes (see Note 22). The guarantees of the Notes are joint and several and will terminate upon the following circumstances: (A) the sale, exchange, disposition or transfer (by merger or otherwise) of (x) the capital stock of the guarantor providing the applicable guarantee, if after such sale, exchange, disposition or transfer such guarantor is no longer a subsidiary of The Gymboree Corporation, or (y) all or substantially all of the assets of such guarantor, (B) the release or discharge of the guarantee by such guarantor of the other indebtedness which resulted in the creation of the subsidiary guarantee by such guarantor under the Indenture, (C) the designation of such guarantor as an “unrestricted subsidiary” under the Indenture or (D) the legal defeasance, covenant defeasance or satisfaction and discharge of the Indenture, in each such case specified in clauses (A) through (D) above in accordance with the requirements therefore set forth in the Indenture. | |||||||||
During the third quarter of fiscal 2013, we repurchased Notes with an aggregate principal amount of $25 million for $24.8 million in cash through privately negotiated transactions (the “2013 Repurchase”). We recorded a $0.2 million gain on extinguishment of debt and a $1.0 million charge related to the write-off of deferred financing costs associated with the extinguished debt. During the fourth quarter of fiscal 2012, we repurchased Notes with an aggregate principal amount of $29 million for $26.6 million in cash in privately negotiated transactions (the “2012 Repurchase”). We recorded a $2.4 million gain on extinguishment of debt and a $1.4 million charge related to the write-off of deferred financing costs associated with the extinguished debt. | |||||||||
Interest expense was $81.6 million, $85.6 million and $89.8 million for fiscal 2013, 2012 and 2011, respectively, including $6.8 million, $6.9 million and $6.8 million, respectively, of amortization of deferred financing costs and accretion of OID. Accretion of OID was not material for fiscal 2013, 2012 or 2011. | |||||||||
Future minimum principal payments on long-term debt excluding OID of $1.4 million as of February 1, 2014 are as follows (in thousands): | |||||||||
Fiscal years | Principal Payments | ||||||||
2014 | $ | - | |||||||
2015 | - | ||||||||
2016 | - | ||||||||
2017 | 6,502 | ||||||||
2018 | 1,108,600 | ||||||||
Total | $ | 1,115,102 | |||||||
Deferred_Financing_Costs
Deferred Financing Costs | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Deferred Financing Costs | ' | ||||
9. Deferred Financing Costs | |||||
We recorded approximately $63.3 million of deferred financing costs related to the financing transactions. In February 2011, we refinanced the Term Loan through an amendment and restatement of our existing credit agreement and, as a result of the refinancing, approximately $14.1 million of deferred financing costs were written off. In March 2012, we amended and restated the ABL and, as a result, approximately $1.2 million of deferred financing costs were written off. In connection with the 2013 Repurchase and the 2012 Repurchase, we wrote off $1.0 million and $1.4 million, respectively, of deferred financing costs. | |||||
Deferred financing costs allocated to the Term Loan and Notes are amortized over the term of the related financing agreements using the effective interest method. Deferred financing costs allocated to the ABL are amortized on a straight-line basis over 6.4 years. The weighted-average remaining amortization period is approximately 4.3 years. Amortization of deferred financing costs is recorded in interest expense and was approximately $6.5 million for each of the fiscal years 2013, 2012 and 2011. | |||||
Amortization expense for each of the next five fiscal years is estimated below (in thousands): | |||||
Fiscal | |||||
2014 | 6,833 | ||||
2015 | 7,269 | ||||
2016 | 7,741 | ||||
2017 | 7,269 | ||||
2018 | 3,343 | ||||
Total | $ | 32,455 | |||
Lease_Incentives_and_Other_Def
Lease Incentives and Other Deferred Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Lease Incentives and Other Deferred Liabilities | ' | ||||||||
10. Lease Incentives and Other Deferred Liabilities | |||||||||
Lease incentives and other deferred liabilities consist of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Above market leases | $ | 6,632 | $ | 9,249 | |||||
Deferred rent | 15,583 | 11,269 | |||||||
Lease allowances | 24,673 | 18,059 | |||||||
Other | 3,544 | 1,527 | |||||||
Total | $ | 50,432 | $ | 40,104 | |||||
Capital_Lease
Capital Lease | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Capital Lease | ' | ||||
11. Capital Lease | |||||
During fiscal 2013, we outsourced the fulfillment of www.gymboree.com online customer orders to a third-party fulfillment center in Ohio, under an operating services agreement. The agreement provides us with warehousing, fulfillment and logistics services and requires annual payments of approximately $8.8 million commencing in the third quarter of fiscal 2013 and ending in the second quarter of fiscal 2019. Certain assets under the operating services agreement, including leasehold improvements, equipment and software, are treated as a capital lease which commenced in the third quarter of fiscal 2013 and ends in fiscal 2019. Assets recorded under this capital lease were recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of the capital lease assets is included in the line item “Selling, general and administrative expenses” in our consolidated statements of operations. As of fiscal year-end 2013, the following assets under capital lease are included under the line “Property and equipment” in our consolidated balance sheet (in thousands): | |||||
February 1, | |||||
2014 | |||||
Leasehold improvements | $ | 1,776 | |||
Furniture, fixtures and equipment | 2,326 | ||||
Total assets under capital lease | 4,102 | ||||
Less: Accumulated amortization | (297) | ||||
Net assets under capital lease | $ | 3,805 | |||
Annual future minimum obligations under capital leases for each of the next five years and thereafter, as of fiscal year-end 2013 are as follows (in thousands): | |||||
Fiscal Years | Capital Leases | ||||
2014 | $ | 838 | |||
2015 | 838 | ||||
2016 | 838 | ||||
2017 | 838 | ||||
2018 | 838 | ||||
Thereafter | 876 | ||||
Total minimum lease payments | 5,066 | ||||
Less amount representing interest | (1,161) | ||||
Total future minimum lease payments | 3,905 | ||||
Less current portion of obligation under capital lease | (503) | ||||
Obligations under capital lease, less current portion | $ | 3,402 | |||
The Company capitalized asset retirement costs and recorded a related asset retirement obligation of $2.0 million at inception of the capital lease for restoration of the leased property to its original condition upon completion of the agreement. These items are included in “Leasehold improvements” and “Lease incentives and other deferred liabilities,” respectively in our consolidated balance sheet. Total amortization and accretion expense related to the asset retirement obligation of the capital lease were not material for fiscal 2013. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Stockholders' Equity | ' | ||||||||||||||
12. Stockholders’ Equity | |||||||||||||||
2010 Equity Incentive Plan | |||||||||||||||
Parent maintains the Giraffe Holding, Inc. 2010 Equity Incentive Plan (the “2010 Plan”) under which non-qualified stock options and other equity-based awards may be granted to eligible employees and directors of, and consultants and advisors to, Parent and its subsidiaries. A maximum of 11,622,231 shares of Parent’s Class A common stock (“Class A common stock”) and 1,291,359 shares of Parent’s Class L common stock (“Class L common stock”) may be delivered in satisfaction of awards granted under the 2010 Plan. As of February 1, 2014, there were 3,159,837 shares of Class A common stock and 351,093 shares of Class L common stock available for the grant of future awards under the 2010 Plan. Shares of stock delivered under the 2010 Plan may be authorized but unissued shares of stock or previously issued shares of stock acquired by Parent. | |||||||||||||||
Class L common stock is a combination of preferred stock and common stock. Each share of Class L common stock, whenever issued, has a “liquidation preference” that initially equals $36.00 and will grow at a rate equal to fifteen percent (15%) per year, compounded quarterly. Each share of Class L common stock also includes all of the economic rights included in one share of Class A common stock. | |||||||||||||||
Class A common stock behaves like standard common stock. Class A common stock does not have a specified liquidation preference like the Class L common stock described above. The shares of Class A common stock will participate in all future appreciation of the value of Parent after the Class L common stock liquidation preference has been satisfied. The holders of Class A common stock and Class L common stock generally vote as a single class. | |||||||||||||||
Upon liquidation, after the payment of all required distributions to the holders of Class L common stock, the holders of all of the common shares (both Class A and Class L) will receive all remaining distributions ratably as a single class. The Class A and Class L common stock will share ratably in any non-liquidating distributions. Class L common stock will convert into Class A common stock if Parent is taken public in the future. Upon a sale of all or substantially all of the business or assets of Parent and its subsidiaries, holders of a majority of the shares of Class L common stock may elect to convert the Class L common stock into Class A common stock. | |||||||||||||||
Stock Options | |||||||||||||||
The following table summarizes the stock option activity for fiscal 2013: | |||||||||||||||
Number of shares | Weighted- | Weighted-average | |||||||||||||
(in thousands) | average exercise | remaining | |||||||||||||
price per share | contractual life | ||||||||||||||
(in years) | |||||||||||||||
Outstanding at February 2, 2013 | 672 | $ | 45.44 | 8.1 | |||||||||||
Granted | 435 | 45.00 | |||||||||||||
Forfeited | (211) | 45.42 | |||||||||||||
Outstanding at February 1, 2014 | 896 | 45.23 | 7.5 | ||||||||||||
Vested and expected to vest at February 1, 2014 (1) | 809 | $ | 45.22 | 7.3 | |||||||||||
Exercisable at February 1, 2014 | 348 | $ | 45.18 | 5.4 | |||||||||||
-1 | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total unvested options outstanding. | ||||||||||||||
The outstanding options granted by Parent to employees of the Company allow each grantee to purchase units of shares of Parent’s Class A and Class L common stock. Each unit consists of nine shares of Parent’s Class A and one share of Class L common stock. Options granted pursuant to the 2010 Plan were granted with an exercise price equal to the fair value of a unit. The fair value of a unit was determined to be $45.00, $47.44 and $45.00 for fiscal 2013, 2012 and 2011, respectively, by the Company using the Option Pricing Method, which considers the various equity securities as call options on the total equity value, giving consideration to the rights and preferences of each class of equity. The various classes of equity are modeled as call options that give their owners the right, but not the obligation, to buy the underlying equity value at a predetermined (or exercise) price. The options each have a term of ten years and vest over a five-year period based only on time-based service conditions. | |||||||||||||||
The weighted-average fair value of options granted under the 2010 Plan was estimated to be $30.49, $31.80 and $29.17 per unit on the date of grant using the Black-Scholes option valuation model for fiscal 2013, 2012 and 2011, respectively. For purposes of this model, no dividends have been assumed. Expected stock price volatility was determined based on the historical and implied volatilities of comparable companies and based on each of the guideline company’s longest term traded options, where available. The risk-free interest rate was based on United States Treasury yields in effect at the time of the grant for notes with comparable terms as the awards. | |||||||||||||||
The fair value of each stock option granted was estimated using the assumptions below for the fiscal years ended: | |||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
Expected dividend rate | 0.00% | 0.00% | 0.00% | ||||||||||||
Expected volatility | 75.20% | 74.40% | 70.00% | ||||||||||||
Risk-free interest rate | 1.40% | 1.20% | 1.70% | ||||||||||||
Expected lives (years) | 6.5 | 6.5 | 6.5 | ||||||||||||
As of February 1, 2014, there was approximately $13.8 million of unrecognized compensation (net of estimated forfeitures) cost related to stock options, which is expected to be recognized over a weighted-average period of 3.7 years. | |||||||||||||||
Restricted Stock Units | |||||||||||||||
Stock-based compensation cost for restricted stock units (“RSUs”) is measured based on the value of the Company’s stock on the grant date. RSU awards vest over a three-year period based only on time-based service conditions. The expense for these awards, net of estimated forfeitures, is recorded over the requisite service period based on the number of awards that are expected to be earned. | |||||||||||||||
A summary of RSU activity under the Company’s Incentive Plan was as follows: | |||||||||||||||
Number of shares | Weighted-average | ||||||||||||||
(in thousands) | grant date fair value | ||||||||||||||
Outstanding at February 2, 2013 | - | $ | - | ||||||||||||
Granted | 44 | 45.00 | |||||||||||||
Vested | (9) | 45.00 | |||||||||||||
Outstanding at February 1, 2014 | 35 | 45.00 | |||||||||||||
As of February 1, 2014, there was $1.4 million of total unrecognized compensation cost (net of estimated forfeitures) related to unvested RSUs that is expected to be recognized over a weighted average period of 2.4 years. As of February 1, 2014, the aggregate intrinsic value of the outstanding RSUs was $1.6 million. | |||||||||||||||
Share-based compensation expense | |||||||||||||||
Share-based compensation expense included as a component of SG&A expenses was $5.8 million, $4.3 million and $5.9 million in fiscal 2013, 2012 and 2011, respectively. We include an estimate of forfeitures in determining share-based compensation expense. | |||||||||||||||
We recognized $1.4 million, $0.7 million and $2.4 million of income tax benefits, before valuation allowance, related to share-based compensation expense for fiscal 2013, 2012 and 2011, respectively. In the third quarter of fiscal 2013, we established a valuation allowance against certain deferred tax assets, which eliminates existing tax benefits related to share-based compensation expense in the current and prior years. For fiscal 2013, 2012 and fiscal 2011 we reported no excess tax benefits as financing cash inflows. | |||||||||||||||
2013 Gymboree China Phantom Equity Incentive Plan | |||||||||||||||
Units awarded under the Company’s 2013 Gymboree China Phantom Equity Incentive Plan (the “Phantom Plan”) represent a hypothetical equity interest in Gymboree Hong Kong Limited, the unconsolidated direct parent of the VIEs (“Gymboree HK”). The Company is a member of a related party group that controls Gymboree HK. Units may be granted to eligible employees and directors of, and consultants and advisors to, the Company and its subsidiaries. Each award gives the holder of the award the conditional right to receive, in accordance with the terms of the Phantom Plan and the award, a specified interest in the value of the “Pool.” For this purpose, the “Pool” means an amount of cash equal to 10% of the amount by which the sum of the amount of cash and the fair market value of marketable securities, in each case, received by Bain Fund X, L.P. and its permitted transferees in respect of shares of common stock of Gymboree HK they beneficially own exceeds a number equal to $12 million plus the amount of any additional equity investment, whether direct or indirect, by the Bain Fund X, L.P. and its permitted transferees in Gymboree HK. Under a form of award adopted under the Phantom Plan on September 12, 2013, each award will conditionally vest as to 20% of the Units subject to the award on each of the first five anniversaries of the date specified by the Plan administrator, subject to continued employment or service with the Company through the applicable anniversary. | |||||||||||||||
Under that form of award, each award will only vest and become payable if a “Payment Event” (an occurrence of sale or a qualified IPO as defined in the Phantom Plan) occurs at a time when the award is outstanding. Upon the occurrence of a Payment Event, the Company is obligated to make a payment in cash to the holder of the award equal to the product of (i) the value of the Pool and (ii) (A) the number of conditionally vested Units that were outstanding under the participant’s award immediately prior to the Payment Event divided by (B) 1,000,000. All Units subject to the award will conditionally vest in full upon the occurrence of a “Sale” (as defined in the Phantom Plan). If the Payment Event is not a Sale, any portion of an award that is not then conditionally vested will remain eligible to conditionally vest in accordance with its original conditional vesting schedule. With respect to Units that conditionally vest after the occurrence of a Payment Event, if any, on the date such Units conditionally vest, the Company will make a payment in cash to the holder of the award equal to product of (i) the value of the Pool and (ii) (A) the number of Units that conditionally vested on such date divided by (B) 1,000,000. | |||||||||||||||
During fiscal 2013, the compensation committee of the Board of Directors of the Company, which currently serves as the administrator of the Phantom Plan, granted 0.8 million awards under the Phantom Plan. Cancellations of awards under the Phantom Plan totaled 0.1 million for fiscal 2013. Since payment is contingent upon a Payment Event, share-based compensation expense will be recorded on these awards in the period that a Payment Event occurs. |
Dividend_Payment_to_Parent
Dividend Payment to Parent | 12 Months Ended |
Feb. 01, 2014 | |
Dividend Payment to Parent | ' |
13. Dividend Payment to Parent | |
During fiscal 2013, we distributed $6.7 million in the form of a dividend to Parent, which was used by Parent’s shareholders to fund part of their equity investment in the VIE (see Note 21). During fiscal 2013 and 2012, we also distributed in the form of a dividend to Parent, $0.9 million and $3.3 million, respectively, which was used by Parent’s shareholders to repurchase shares. During fiscal 2011, we distributed $12.2 million in the form of a dividend to Parent, which was used by Parent’s shareholders to fund their equity investment in the VIE (see Note 1). Total equity investments received by the VIE as capital contributions from affiliate of Parent during fiscal 2013, 2012 and 2011, were $15.9 million, $1.6 million and $4.5 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
14. Income Taxes | |||||||||||||
The pre-tax (loss) income attributable to foreign and domestic operations was as follows for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Foreign | $ | (4,372) | $ | 3,910 | $ | (1,847) | |||||||
United States | (203,435) | (19,949) | (55,963) | ||||||||||
Total | $ | (207,807) | $ | (16,039) | $ | (57,810) | |||||||
The provision (benefit) for income taxes consists of the following for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 2,065 | $ | (1,967) | $ | (2,104) | |||||||
State | 2,214 | 1,476 | 1,621 | ||||||||||
Foreign | (2,882) | 1,864 | 2,803 | ||||||||||
Total current | 1,397 | 1,373 | 2,320 | ||||||||||
Deferred: | |||||||||||||
Federal | (3,291) | (4,909) | (7,342) | ||||||||||
State | 1,821 | (1,441) | (1,409) | ||||||||||
Foreign | (1,383) | (659) | (195) | ||||||||||
Total deferred | (2,853) | (7,009) | (8,946) | ||||||||||
Total provision (benefit) | $ | (1,456) | $ | (5,636) | $ | (6,626) | |||||||
A reconciliation of the statutory federal income tax rate with our effective income tax rate was as follows for the fiscal years ended: | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Statutory federal rate | 35.0 % | 35.0 % | 35.0 % | ||||||||||
State income taxes, net of income tax benefit | 1.1 | 5.4 | 0.4 | ||||||||||
Non-deductible transaction costs | - | (0.2) | - | ||||||||||
Increase in valuation allowances | (12.7) | (3.1) | (1.1) | ||||||||||
Impact of foreign operations (net of foreign tax deductions/credit) | (0.6) | (7.3) | (6.3) | ||||||||||
Nondeductible goodwill impairment | (23.6) | - | (17.1) | ||||||||||
NQ: Cancellation | (0.3) | (5.0) | - | ||||||||||
Reserves | 0.4 | (4.6) | (0.2) | ||||||||||
Federal credits | 0.9 | 12.3 | 0.5 | ||||||||||
Enhanced charitable contributions | 0.3 | 2.5 | 0.7 | ||||||||||
Other | - | 5.5 | (0.4) | ||||||||||
Effective tax rate | 0.5 | 40.5 | 11.5 | ||||||||||
Noncontrolling interest | 0.2 | (5.4) | - | ||||||||||
Total effective tax rate | 0.7 % | 35.1 % | 11.5 % | ||||||||||
Temporary differences and carryforwards, which give rise to deferred tax assets and liabilities, were as follows (in thousands): | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Inventory valuation | $ | 4,803 | $ | 6,631 | |||||||||
Deferred revenue | 3,193 | 2,265 | |||||||||||
State taxes | 7,052 | 6,501 | |||||||||||
Reserves | 9,341 | 6,200 | |||||||||||
Stock compensation | 4,603 | 3,184 | |||||||||||
Deferred rent | 7,814 | 6,607 | |||||||||||
Net operating loss carryforwards | 25,500 | 20,272 | |||||||||||
Charitable contribution carryovers | 4,092 | 1,931 | |||||||||||
Tax credits | 7,035 | 5,531 | |||||||||||
Other | 6,297 | 4,059 | |||||||||||
Gross deferred tax assets | 79,730 | 63,181 | |||||||||||
Valuation allowance | (31,918) | (4,380) | |||||||||||
Total deferred tax assets | $ | 47,812 | $ | 58,801 | |||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expenses | (2,136) | (1,799) | |||||||||||
Fixed asset basis differences | (24,737) | (30,340) | |||||||||||
Intangibles | (214,201) | (222,072) | |||||||||||
Other | (6,304) | (6,901) | |||||||||||
Total deferred tax liabilities | $ | (247,378) | $ | (261,112) | |||||||||
Net deferred tax liabilities | $ | (199,566) | $ | (202,311) | |||||||||
Other credits totaling $3.4 million and charitable contribution carryovers totaling $1.9 million previously reported as “Deferred tax assets: Other” for fiscal 2012 were reclassified to “Deferred tax assets: tax credits” and “Deferred tax assets: charitable contribution carryovers,” respectively to conform to the fiscal 2013 presentation. | |||||||||||||
We establish a valuation allowance when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. We consider all available positive and negative evidence, including prior operating results, the nature and reason for any losses, our forecast of future taxable income from reversing taxable temporary differences and the dates on which any deferred tax assets are expected to expire, in evaluating whether a valuation allowance is required. As a result of weighing the available objective evidence as of February 1, 2014, we increased our valuation allowance against certain deferred tax assets by $27.5 million in fiscal 2013. The valuation allowance as of February 1, 2014 represents a valuation allowance against all deferred tax assets in federal and consolidated state jurisdictions. We intend to maintain a valuation allowance until sufficient positive evidence exists to support its reversal. | |||||||||||||
As of fiscal year-end 2013, we also concluded it is “more likely than not” that $5.4 million of our net deferred tax assets will be realized. However, this realization is contingent on future events. The amount actually realized could vary if there are differences in the timing or amount of future reversals of existing deferred tax liabilities. If we determine that we will not realize all or part of these deferred tax assets, we will record an additional valuation allowance against our deferred tax assets and an associated charge to income tax expense in the period such determination is made. | |||||||||||||
As of fiscal year-end 2013, our net operating loss carryforwards and tax credit carryforwards, with expiration dates, were as follows (in millions): | |||||||||||||
February 1, 2014 | Expiration Dates | ||||||||||||
Federal net operating loss | $ | 58.3 | 2030 to 2033 | ||||||||||
State net operating loss | 34.5 | 2023 to 2033 | |||||||||||
China net operating loss | 9.1 | 2016 to 2018 | |||||||||||
Tax credits | 6.3 | 2015 to 2033 | |||||||||||
Other tax credits | 1.4 | Indefinite | |||||||||||
We had unrecognized tax benefits of $6.6 million, $8.6 million and $7.3 million as of fiscal year-end 2013, 2012 and 2011, respectively. Below is a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Balance at beginning of period | $ | 8,562 | $ | 7,316 | $ | 7,324 | |||||||
Gross increases - tax positions in current period | 814 | 712 | 714 | ||||||||||
Gross increases - tax positions in prior period | 335 | 1,600 | 140 | ||||||||||
Gross decreases - tax positions in prior period | (2,187) | 3 | (52) | ||||||||||
Settlements | (178) | (618) | - | ||||||||||
Lapsed statutes of limitations | (353) | (448) | (806) | ||||||||||
Decreases based on currency translation adjustments | (428) | (3) | (4) | ||||||||||
Balance at end of period | $ | 6,565 | $ | 8,562 | $ | 7,316 | |||||||
As of fiscal year-end 2013, 2012 and 2011, $3.6 million, $7.4 million and $6.1 million, respectively, of unrecognized tax benefits would affect the effective tax rate if recognized. Additionally, as of fiscal year-end 2013, 2012 and 2011, $3.0 million, $1.1 million and $1.2 million, respectively, of unrecognized tax benefits would result in adjustments to other tax accounts if recognized. | |||||||||||||
We recognize interest and penalties on income tax contingencies in income tax expense. Income tax expense included benefits of $102,000 and $342,000, and a charge of $46,000 in fiscal 2013, 2012 and fiscal 2011, respectively, related to interest expense on income taxes. Income tax expense also included benefits of $70,000, $9,000 and $39,000 in fiscal 2013, 2012 and 2011, respectively, related to penalties on income taxes. As of February 1, 2014, we had a liability for interest on income taxes of $889,000 and a liability for penalties on income taxes of $626,000. As of February 2, 2013, we had a liability for interest on income taxes of $1.1 million and a liability for penalties on income taxes of $696,000. | |||||||||||||
We believe that it is reasonably possible that the total amount of unrecognized tax benefits of $6.6 million as of February 1, 2014 will decrease by as much as $1.9 million during the next twelve months due to the resolution of certain tax contingencies and lapses of applicable statutes of limitations. | |||||||||||||
The Company and its domestic subsidiaries file income tax returns with federal, state and local tax authorities within the United States. Our foreign affiliates file income tax returns in various foreign jurisdictions, the most significant of which is Canada. With few exceptions, we are no longer subject to United States federal, state, local or foreign examinations by tax authorities for tax years before 2007. | |||||||||||||
During the third quarter of 2013, the U. S. Department of the Treasury (“Treasury”) released final tangible property regulations under Sections 162(a) and 263(a) of the Internal Revenue Code of 1986 (the “Code”), regarding the deduction and capitalization of expenditures related to tangible property. Treasury also released proposed regulations under Section 168 of the Code regarding dispositions of tangible property. These final and proposed regulations will be effective for the Company’s tax year ending January 31, 2015. Final revenue procedures for certain provisions were released in January 2014. We evaluated the impact of these regulations and have determined that it will not have a material impact our consolidated financial statements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
15. Accumulated Other Comprehensive Loss | |||||||||||||
The following table shows the components of accumulated other comprehensive income (loss) (“OCI”), net of tax for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Foreign currency translation | $ | 623 | $ | 808 | $ | 754 | |||||||
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,982, $3,982 and $3,915 | (5,503) | (6,722) | (6,579) | ||||||||||
Total accumulated other comprehensive loss | $ | (4,880) | $ | (5,914) | $ | (5,825) | |||||||
Changes in accumulated OCI balance by component were as follows for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,722) | $ | 808 | $ | (5,914) | |||||||
Other comprehensive income (loss) recognized before reclassifications | 350 | 26 | 376 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 869 | - | 869 | ||||||||||
Net current-period other comprehensive income (loss) | 1,219 | 26 | 1,245 | ||||||||||
Other comprehensive income attributable to noncontrolling interest | - | (211) | (211) | ||||||||||
Ending balance | $ | (5,503) | $ | 623 | $ | (4,880) | |||||||
February 2, 2013 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,579) | $ | 754 | $ | (5,825) | |||||||
Other comprehensive (loss) income before reclassifications | (429) | 112 | (317) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 219 | - | 219 | ||||||||||
Tax benefit | 67 | - | 67 | ||||||||||
Net current-period other comprehensive (loss) income | (143) | 112 | (31) | ||||||||||
Other comprehensive income attributable to noncontrolling interest | - | (58) | (58) | ||||||||||
Ending balance | $ | (6,722) | $ | 808 | $ | (5,914) | |||||||
January 28, 2012 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (208) | $ | 446 | $ | 238 | |||||||
Other comprehensive (loss) income recognized before reclassifications | (10,494) | 308 | (10,186) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 122 | - | 122 | ||||||||||
Other | 86 | - | 86 | ||||||||||
Tax benefit | 3,915 | - | 3,915 | ||||||||||
Net current-period other comprehensive (loss) income | (6,371) | 308 | (6,063) | ||||||||||
Ending balance | $ | (6,579) | $ | 754 | $ | (5,825) | |||||||
401k_Plan
401(k) Plan | 12 Months Ended |
Feb. 01, 2014 | |
401(k) Plan | ' |
16. 401(k) Plan | |
We maintain a voluntary defined contribution 401(k) plan (the “Plan”) covering employees who have met certain service and eligibility requirements. Employees may elect to contribute up to 75% of their compensation to the Plan, not to exceed the dollar limit set by law. Beginning in January 2013, we contribute $1.00 to the plan for each $1.00 contributed by an employee, up to 4% of the employee’s salary. Matching contributions to the Plan totaled approximately $2.1 million and $0.2 million for fiscal 2013 and 2012, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Feb. 01, 2014 | |
Related Party Transactions | ' |
17. Related Party Transactions | |
Management Agreement | |
On October 23, 2010, Acquisition Sub and Parent entered into a management agreement with Bain Capital pursuant to which Bain Capital agreed to provide certain management services to Acquisition Sub and Parent until December 31, 2020 (unless terminated earlier), with evergreen one-year extensions thereafter. We have assumed the obligations of Acquisition Sub under this agreement by operation of law as a result of the Transaction. In April 2012, Parent, Bain Capital and the Company entered into a first amended and restated management agreement. Pursuant to such agreement (as amended and restated), Bain Capital is entitled to receive an aggregate annual management fee equal to $3 million, which fee will be reduced by $270,000 until such time as Bain Capital notifies the Company in writing, and reimbursement for out-of-pocket expenses incurred by it or its affiliates in connection with the provision of services pursuant to the agreement or otherwise related to its investment. We paid Bain Capital approximately $3.6 million, $3.1 million, and $3.3 million in management fees and reimbursement of out-of-pocket expenses during fiscal 2013, 2012, and 2011, respectively. These amounts are recorded as a component of SG&A expenses in our consolidated statement of operations. | |
The management agreement provides that Bain Capital is entitled to receive fees in connection with certain subsequent financing, acquisition, disposition and change of control transactions of 1% of the gross transaction value of any such transaction. The management agreement includes customary exculpation and indemnification provisions in favor of Bain Capital and its affiliates. The management agreement may be terminated by Bain Capital at any time and will terminate automatically upon an initial public offering or a change of control unless the Company and the counterparty to the management agreement determine otherwise. Upon termination, each provider of management services will be entitled to a termination fee calculated based on the present value of the annual fees due during the remaining period from the date of termination to December 31, 2020, or the then-applicable scheduled date for termination of the management agreement. | |
Franchise Agreements | |
In November 2011, Gymboree Play Programs, Inc. (“GPPI”), a wholly owned subsidiary of the Company, entered into a five-year Master Service Agreement (the “Master Service Agreement”) with Gymboree Tianjin, an affiliate of the Company and indirect subsidiary of Gymboree Holding, Ltd., to service all of the unit franchises in the People’s Republic of China (“PRC”) Territory and provide certain services to the Company in connection with such unit franchises. Under the terms of the Master Service Agreement, Gymboree Tianjin will purchase product and equipment from us and collect royalties and franchise fees from unit franchises within the PRC Territory on our behalf. As consideration for Gymboree Tianjin’s obligations under the Master Service Agreement, Tianjin will be entitled to retain a fee from the payment due to GPPI. In November 2012, we modified the Master Service Agreement to enable Gymboree Tianjin to enter into agreements directly with the Unit Franchises and issue tax invoices to the Unit Franchises. Effective November 2012, GPPI no longer records royalty revenue, franchise fee revenue and expenses for fees charged by Gymboree Tianjin. Royalties and franchise fees collected by Gymboree Tianjin are reported by Gymboree Tianjin as revenue, in exchange for servicing all of the unit franchises in the PRC. Fees earned for ongoing consultation services provided to Gymboree Tianjin are reported as revenue by us and expenses by Gymboree Tianjin. The modified Master Service Agreement has been accounted for on a prospective basis. Intercompany revenues and expenses have been eliminated upon consolidation. | |
In December 2011, we entered into a ten-year Retail Store Franchise Agreement with Gymboree China, an affiliate of the Company and indirect subsidiary of Gymboree Holding, Ltd., to develop, own and operate Gymboree branded retail stores and website(s) to market and sell Gymboree branded products in the PRC Territory under the Gymboree license and trademarks. Under the terms of the agreement, Gymboree China will purchase inventory from us and pay us royalties on retail sales within the PRC Territory. All intercompany revenues and charges have been eliminated in consolidation. | |
Receivable from Bain Capital Asia Integral Investors, L.P. | |
In the fourth quarter of fiscal 2011, we recorded a receivable of $2.4 million due from Bain Capital Asia Integral Investors, L.P. (“Bain Asia”) in consideration for our having provided services, including due diligence in the PRC, relating to Bain Asia’s investment in Gymboree Tianjin. This receivable was paid in the first quarter of fiscal 2012. This transaction was treated as an increase to additional paid-in capital as of January 28, 2012. | |
Other Transactions | |
During fiscal 2013, we sold inventory to a company owned by funds associated with Bain Capital and purchased services from another company owned by funds associated with Bain Capital for $9.9 million and $2.6 million, respectively. During fiscal 2012, we sold inventory to a company owned by funds associated with Bain Capital and purchased services from another company owned by funds associated with Bain Capital for $5.8 million and $1.5 million, respectively. |
Gymboree_Play_Music_Franchisee
Gymboree Play & Music Franchisee Termination | 12 Months Ended |
Feb. 01, 2014 | |
Gymboree Play & Music Franchisee Termination | ' |
18. Gymboree Play & Music Franchisee Termination | |
In the third quarter of fiscal 2011, we terminated our agreement with a Gymboree Play & Music master franchisee in China. Costs associated with the termination of this master franchise relationship resulted in a $7.2 million charge to SG&A expenses in the third quarter of fiscal 2011. We assumed the role of master franchisor in China upon this termination. We subsequently entered into a Master Service Agreement with Gymboree Tianjin to service all of the unit franchises in the PRC Territory and provide us certain services in connection with such unit franchises (see Note 17). |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
19. Commitments and Contingencies | |||||||||||||||||||||
We lease our retail store locations, corporate headquarters, certain warehouse space and certain fixtures and equipment under operating leases. The leases expire at various dates through fiscal 2025. Store leases typically have 10-year terms and some include a cancellation clause if minimum revenue levels are not achieved during a specified 12-month period during the lease term. Some leases are structured with a minimum rent component plus a percentage rent based on the store’s net sales in excess of a certain threshold. Substantially all of the leases require us to pay insurance, utilities, real estate taxes, and common area repair and maintenance expenses. Future minimum rental payments under non-cancelable operating leases at February 1, 2014 are as follows (in thousands): | |||||||||||||||||||||
Fiscal | |||||||||||||||||||||
2014 | 96,753 | ||||||||||||||||||||
2015 | 90,414 | ||||||||||||||||||||
2016 | 83,072 | ||||||||||||||||||||
2017 | 72,370 | ||||||||||||||||||||
2018 | 56,330 | ||||||||||||||||||||
Thereafter | 138,677 | ||||||||||||||||||||
Total | $ | 537,616 | |||||||||||||||||||
Rent expense for all operating leases totaled $155.5 million, $145.7 million and $138.3 million in fiscal 2013, 2012 and 2011, respectively, and includes common area maintenance expenses, real estate taxes, utilities, percentage rent expense and other lease required expenses of $54.4 million, $50.5 million and $46.8 million in fiscal 2013, 2012 and 2011, respectively. Percentage rent expense was approximately $0.8 million, $0.5 million and $0.5 million in fiscal 2013, 2012 and 2011, respectively. Rent expense for fiscal 2013, 2012 and 2011 includes approximately $1.4 million, $1.9 million and $2.1 million, respectively, in income related to amortization of above and below market leases. | |||||||||||||||||||||
Amounts representing estimated inventory and other purchase obligations used in the normal course of business as of February 1, 2014 are as follows: | |||||||||||||||||||||
Payments due by period | |||||||||||||||||||||
Less than | |||||||||||||||||||||
($ in thousands) | 1 year | 1-3 years | 3-5 years | After 5 years | Total | ||||||||||||||||
Inventory purchase obligations (1) | $ | 235,424 | $ | - | $ | - | $ | - | $ | 235,424 | |||||||||||
Other purchase obligations (2) | 23,268 | 24,709 | 17,524 | 7,707 | 73,208 | ||||||||||||||||
Total contractual cash obligations | $ | 258,692 | $ | 24,709 | $ | 17,524 | $ | 7,707 | $ | 308,632 | |||||||||||
-1 | Inventory purchase obligations include outstanding purchase orders for merchandise inventories that are enforceable and legally binding on the Company and that specify all significant terms (including fixed or minimum quantities to be purchased), fixed, minimum or variable price provisions, and the approximate timing of the transaction. | ||||||||||||||||||||
-2 | Other purchase obligations include annual commitments of approximately $8.8 million, from fiscal 2014 to the second quarter of fiscal 2019, under the operating services agreement related to a third party fulfillment center (see Note 11). Also included in other purchase obligations are commitments for information technology, professional services and fixtures and equipment. | ||||||||||||||||||||
Contingencies | |||||||||||||||||||||
From time to time, we are subject to various legal actions arising in the ordinary course of our business. Many of these legal actions raise complex factual and legal issues, which are subject to uncertainties. We cannot predict with reasonable assurance the outcome of these legal actions brought against us. Accordingly, any settlements or resolutions in these legal actions may occur and affect our net income in the quarter of such settlement or resolution. However, we do not believe that the outcome of any legal actions would have a material effect on our condensed consolidated financial statements taken as a whole. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||||
20. Segment Information | |||||||||||||||||||||||||||||||||||
We have four reportable segments: retail (including online stores), Gymboree Play & Music, International Retail Franchise, and one reportable segment related to the activities of our consolidated VIEs. These reportable segments were identified based on how our business is managed and evaluated by our chief operating decision maker. The retail stores segment includes four operating segments (brands), which sell high-quality apparel for children: Gymboree Retail (including an online store), Gymboree Outlet, Janie and Jack (including an online store), and Crazy 8 (including an online store). These four operating segments have been aggregated into one reportable segment because these operating segments have similar historical economic characteristics and/or are expected to have similar economic characteristics and similar long-term financial performance in the future. Gross margin is the principal measure we consider in determining whether the economic characteristics are similar. In addition, each operating segment has similar products, production processes and type or class of customer. We believe that disaggregating our operating segments would not provide material additional information. Corporate overhead (costs related to our distribution center and shared corporate services) is included in the retail stores segment. | |||||||||||||||||||||||||||||||||||
Summary financial data of each reportable segment were as follows for the fiscal years ended (in thousands): | |||||||||||||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||||||||||||
Net sales | $ | 1,191,498 | $ | 15,066 | $ | 22,252 | $ | 20,685 | $ | -4,932 | $ | 1,244,569 | |||||||||||||||||||||||
Operating (loss) income | $ | (137,833) | $ | 6,815 | $ | 9,715 | $ | -3,888 | $ | 93 | $ | -125,098 | |||||||||||||||||||||||
Total assets | $ | 1,728,186 | $ | 60,942 | $ | 29,256 | $ | 23,208 | $ | -1,488 | $ | 1,840,104 | |||||||||||||||||||||||
2-Feb-13 | |||||||||||||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||||||||||||
Net sales | $ | 1,232,985 | $ | 20,988 | $ | 16,893 | $ | 14,242 | $ | -9,444 | $ | 1,275,664 | |||||||||||||||||||||||
Operating income (loss) | $ | 58,726 | $ | 5,710 | $ | 7,285 | $ | -1,815 | $ | -256 | $ | 69,650 | |||||||||||||||||||||||
Total assets | $ | 1,940,737 | $ | 64,343 | $ | 29,129 | $ | 13,469 | $ | -4,465 | $ | 2,043,213 | |||||||||||||||||||||||
28-Jan-12 | |||||||||||||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||||||||||||
Net sales | $ | 1,164,163 | $ | 13,881 | $ | 10,232 | $ | 1,195 | $ | -1,183 | $ | 1,188,288 | |||||||||||||||||||||||
Operating income (loss) | $ | 55,695 | $ | -1,779 | $ | 3,397 | $ | -5,812 | $ | - | $ | 51,501 | |||||||||||||||||||||||
Total assets | $ | 2,014,343 | $ | 64,155 | $ | 28,878 | $ | 7,394 | $ | -983 | $ | 2,113,787 | |||||||||||||||||||||||
Interest expense, depreciation and amortization expense and capital expenditures have not been separately disclosed above as the amounts primarily relate to the retail segment. The Gymboree Play & Music, Retail Franchise and VIE reportable segments recorded intersegment revenues of $4.4 million, $0.5 million and $0, respectively, for the year ended February 1, 2014, $2.3 million, $0.2 million and $6.9 million, respectively, for the year ended February 2, 2013 and $0, $0 and $1.2 million, respectively, for the year ended January 28, 2012. | |||||||||||||||||||||||||||||||||||
We attribute retail store revenues to individual countries based on the selling location. For Gymboree International Retail Franchise, all sales were attributed to the United States geographic segment. | |||||||||||||||||||||||||||||||||||
Effective November 2012, as a result of a modification to the Master Service Agreement with Gymboree Tianjin, China Play & Music franchisee sales are attributable to the international geographic segment and all other Gymboree Play & Music sales are attributable to the U.S. geographic segment (see Note 17). | |||||||||||||||||||||||||||||||||||
Long-lived assets include net property and equipment, goodwill, other intangibles, deferred financing costs and other assets. Summary financial data of each of our two geographical segments, United States and international were as follows for the fiscal years ended (in thousands): | |||||||||||||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||||||||||||
United States | International | ||||||||||||||||||||||||||||||||||
Net sales | $ | 1,172,490 | $ | 72,079 | |||||||||||||||||||||||||||||||
Long-lived assets | $ | 1,513,381 | $ | 55,683 | |||||||||||||||||||||||||||||||
February 2, 2013 | |||||||||||||||||||||||||||||||||||
United States | International | ||||||||||||||||||||||||||||||||||
Net sales | $ | 1,215,159 | $ | 60,505 | |||||||||||||||||||||||||||||||
Long-lived assets | $ | 1,678,790 | $ | 53,991 | |||||||||||||||||||||||||||||||
January 28, 2012 | |||||||||||||||||||||||||||||||||||
United States | International | ||||||||||||||||||||||||||||||||||
Net sales | $ | 1,138,856 | $ | 49,432 | |||||||||||||||||||||||||||||||
Long-lived assets | $ | 1,700,741 | $ | 52,264 |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||
21. Variable Interest Entities | |||||||||||||||||||||||
Gymboree China, Gymboree Tianjin and the Company are indirectly controlled by Gymboree Holding, Ltd. and investment funds sponsored by Bain Capital. Gymboree China and Gymboree Tianjin have been determined to be variable interest entities, and we (as well as our 100%-owned subsidiaries) are a member of a related party group that controls the VIEs and absorbs the economics of the VIEs. Based on our relationship with the VIEs, we determined that we are most closely associated with the VIEs, and therefore, consolidate them as the primary beneficiary. However, as we have a 0% ownership interest in the VIEs, 100% of the results of operations of the VIEs are recorded as noncontrolling interest. The assets of the VIEs cannot be used by us. The liabilities of the VIEs are comprised mainly of short-term accrued expenses, and their creditors have no recourse to our general credit or assets. | |||||||||||||||||||||||
The following tables reflect the impact of the VIEs on the condensed consolidated balance sheets as of February 1, 2014 and February 2, 2013 and the condensed consolidated statements of operations for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 (in thousands): | |||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||
Balance Before | |||||||||||||||||||||||
Consolidation | As | ||||||||||||||||||||||
of VIEs | VIEs | Eliminations | Reported | ||||||||||||||||||||
Cash and cash equivalents | $ | 25,635 | $ | 13,794 | $ | - | $ | 39,429 | |||||||||||||||
Other current assets | 228,129 | 4,970 | (1,488) | 231,611 | |||||||||||||||||||
Total current assets | 253,764 | 18,764 | (1,488) | 271,040 | |||||||||||||||||||
Non-current assets | 1,564,620 | 4,444 | - | 1,569,064 | |||||||||||||||||||
Total assets | $ | 1,818,384 | $ | 23,208 | $ | (1,488) | $ | 1,840,104 | |||||||||||||||
Current liabilities | $ | 196,631 | $ | 7,490 | $ | (1,356) | $ | 202,765 | |||||||||||||||
Non-current liabilities | 1,387,828 | 370 | (1) | 1,388,197 | |||||||||||||||||||
Total liabilities | 1,584,459 | 7,860 | (1,357) | 1,590,962 | |||||||||||||||||||
Total stockholders’ equity | 233,925 | - | (131) | 233,794 | |||||||||||||||||||
Noncontrolling interest | - | 15,348 | - | 15,348 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,818,384 | $ | 23,208 | $ | -1,488 | $ | 1,840,104 | |||||||||||||||
2-Feb-13 | |||||||||||||||||||||||
Balance Before | |||||||||||||||||||||||
Consolidation | As | ||||||||||||||||||||||
of VIEs | VIEs | Eliminations | Reported | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,223 | $ | 6,105 | $ | - | $ | 33,328 | |||||||||||||||
Other current assets | 276,121 | 5,448 | (4,465) | 277,104 | |||||||||||||||||||
Total current assets | 303,344 | 11,553 | (4,465) | 310,432 | |||||||||||||||||||
Non-current assets | 1,730,865 | 1,916 | - | 1,732,781 | |||||||||||||||||||
Total assets | $ | 2,034,209 | $ | 13,469 | $ | (4,465) | $ | 2,043,213 | |||||||||||||||
Current liabilities | $ | 175,555 | $ | 9,244 | $ | (4,223) | $ | 180,576 | |||||||||||||||
Non-current liabilities | 1,420,870 | 130 | - | 1,421,000 | |||||||||||||||||||
Total liabilities | 1,596,425 | 9,374 | (4,223) | 1,601,576 | |||||||||||||||||||
Total stockholders’ equity | 437,784 | - | (242) | 437,542 | |||||||||||||||||||
Noncontrolling interest | - | 4,095 | - | 4,095 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,034,209 | $ | 13,469 | $ | (4,465) | $ | 2,043,213 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Year Ended February 1, 2014 | |||||||||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||||||||
Consolidation | Reported | ||||||||||||||||||||||
of VIEs | |||||||||||||||||||||||
Net sales | $ | 1,228,816 | $ | 20,685 | $ | (4,932) | $ | 1,244,569 | |||||||||||||||
Cost of goods sold | (762,595) | (6,517) | 557 | (768,555) | |||||||||||||||||||
Operating expenses | (587,524) | (18,056) | 4,468 | (601,112) | |||||||||||||||||||
Operating loss | (121,303) | (3,888) | 93 | (125,098) | |||||||||||||||||||
Other non-operating (expense) income | (82,954) | 247 | (2) | (82,709) | |||||||||||||||||||
Loss before income taxes | (204,257) | (3,641) | 91 | (207,807) | |||||||||||||||||||
Income tax benefit | 1,138 | 317 | 1 | 1,456 | |||||||||||||||||||
Net loss | (203,119) | (3,324) | 92 | (206,351) | |||||||||||||||||||
Net loss attributable to noncontrolling interest | - | 3,324 | - | 3,324 | |||||||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (203,119) | $ | - | $ | 92 | $ | (203,027) | |||||||||||||||
Year Ended February 2, 2013 | |||||||||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||||||||
Consolidation | Reported | ||||||||||||||||||||||
of VIEs | |||||||||||||||||||||||
Net sales | $ | 1,270,866 | $ | 14,242 | $ | (9,444) | $ | 1,275,664 | |||||||||||||||
Cost of goods sold | (791,961) | (3,585) | 1,274 | (794,272) | |||||||||||||||||||
Operating expenses | (407,184) | (12,472) | 7,914 | (411,742) | |||||||||||||||||||
Operating income (loss) | 71,721 | (1,815) | (256) | 69,650 | |||||||||||||||||||
Other non-operating (expense) income | (85,810) | 121 | - | (85,689) | |||||||||||||||||||
Loss before income taxes | (14,089) | (1,694) | (256) | (16,039) | |||||||||||||||||||
Income tax benefit (expense) | 6,503 | (867) | - | 5,636 | |||||||||||||||||||
Net loss | (7,586) | (2,561) | (256) | (10,403) | |||||||||||||||||||
Net loss attributable to noncontrolling interest | - | 2,561 | - | 2,561 | |||||||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (7,586) | $ | - | $ | (256) | $ | (7,842) | |||||||||||||||
Year Ended January 28, 2012 | |||||||||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||||||||
Consolidation | Reported | ||||||||||||||||||||||
of VIEs | |||||||||||||||||||||||
Net sales | $ | 1,188,276 | $ | 1,195 | $ | (1,183) | $ | 1,188,288 | |||||||||||||||
Cost of goods sold | (728,169) | (177) | - | (728,346) | |||||||||||||||||||
Operating expenses | (402,794) | (6,830) | 1,183 | (408,441) | |||||||||||||||||||
Operating income (loss) | 57,313 | (5,812) | - | 51,501 | |||||||||||||||||||
Other non-operating expense | (109,303) | (8) | - | (109,311) | |||||||||||||||||||
Loss before income taxes | (51,990) | (5,820) | - | (57,810) | |||||||||||||||||||
Income tax benefit (expense) | 6,645 | (19) | - | 6,626 | |||||||||||||||||||
Net loss | (45,345) | (5,839) | - | (51,184) | |||||||||||||||||||
Net loss attributable to noncontrolling interest | - | 5,839 | - | 5,839 | |||||||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (45,345) | $ | - | $ | - | $ | (45,345) | |||||||||||||||
Condensed_Guarantor_Data
Condensed Guarantor Data | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Condensed Guarantor Data | ' | ||||||||||||||||||||||||
22. Condensed Guarantor Data | |||||||||||||||||||||||||
The Company’s 100%-owned domestic subsidiaries have fully and unconditionally guaranteed the Notes, subject to the customary automatic release provisions described above (see Note 8). The following condensed consolidating financial information presents the financial position, results of operations, comprehensive income (loss) and cash flows of The Gymboree Corporation and the guarantor and non-guarantor subsidiaries. The VIEs financial results are included in those of the non-guarantor subsidiaries. Intercompany transactions are eliminated. | |||||||||||||||||||||||||
Advance Pricing Agreement | |||||||||||||||||||||||||
During the third quarter of fiscal 2013, we established the terms of a bilateral Advance Pricing Agreement (“APA”) between the United States and Canadian tax authorities. The APA established a methodology for determining arm’s length transfer prices between our United States and Canadian subsidiaries. The APA required us to recalculate transfer prices from fiscal years 2007 through 2012 using this methodology. Consequently, we recorded in our Canadian subsidiary, included in our non-guarantor balance sheet, a $10.3 million increase to both our February 3, 2013 accumulated deficit and intercompany payable to our U.S. subsidiaries related to fiscal years 2007 through 2012. Correspondingly, our U.S. subsidiaries, included in our The Gymboree Corporation and guarantor balance sheets, recorded a $4.1 million and $6.2 million increase, respectively, in both our February 3, 2013 retained earnings and intercompany receivable from our Canadian subsidiary. These adjustments were eliminated in consolidation and do not impact our previously reported consolidated balance sheets and statements of operations. | |||||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||||||
ASSETS | The Gymboree | Guarantor | Non-guarantor | ||||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,479 | $ | 4,659 | $ | 19,291 | $ | - | $ | 39,429 | |||||||||||||||
Accounts receivable, net of allowance | 1,237 | 18,634 | 2,011 | - | 21,882 | ||||||||||||||||||||
Merchandise inventories | - | 170,126 | 5,823 | (454) | 175,495 | ||||||||||||||||||||
Prepaid income taxes | 1,659 | 284 | 36 | - | 1,979 | ||||||||||||||||||||
Prepaid expenses | 3,538 | 14,095 | 1,168 | - | 18,801 | ||||||||||||||||||||
Deferred income taxes | - | 13,303 | 918 | (767) | 13,454 | ||||||||||||||||||||
Intercompany receivable | - | 559,280 | - | (559,280) | - | ||||||||||||||||||||
Total current assets | 21,913 | 780,381 | 29,247 | (560,501) | 271,040 | ||||||||||||||||||||
Property and equipment, net | 14,288 | 182,421 | 9,599 | - | 206,308 | ||||||||||||||||||||
Goodwill | - | 721,844 | 36,933 | - | 758,777 | ||||||||||||||||||||
Other intangible assets, net | - | 558,962 | 862 | - | 559,824 | ||||||||||||||||||||
Deferred financing costs | 32,455 | - | - | - | 32,455 | ||||||||||||||||||||
Other assets | 15,139 | 2,340 | 10,920 | (16,699) | 11,700 | ||||||||||||||||||||
Investment in subsidiaries | 1,870,800 | - | - | (1,870,800) | - | ||||||||||||||||||||
Total assets | $ | 1,954,595 | $ | 2,245,948 | $ | 87,561 | $ | (2,448,000) | $ | 1,840,104 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 27,184 | $ | 73,218 | $ | 1,557 | $ | - | $ | 101,959 | |||||||||||||||
Accrued liabilities | 34,328 | 58,430 | 7,545 | - | 100,303 | ||||||||||||||||||||
Deferred income taxes | 654 | - | 113 | (767) | - | ||||||||||||||||||||
Current obligation under capital lease | - | 503 | - | - | 503 | ||||||||||||||||||||
Intercompany payable | 541,397 | - | 18,337 | (559,734) | - | ||||||||||||||||||||
Total current liabilities | 603,563 | 132,151 | 27,552 | (560,501) | 202,765 | ||||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||
Long-term debt | 1,113,742 | - | - | - | 1,113,742 | ||||||||||||||||||||
Long-term obligation under capital lease | - | 3,402 | - | - | 3,402 | ||||||||||||||||||||
Lease incentives and other liabilities | 3,496 | 48,117 | 4,976 | - | 56,589 | ||||||||||||||||||||
Deferred income taxes | - | 231,163 | - | (16,699) | 214,464 | ||||||||||||||||||||
Total liabilities | 1,720,801 | 414,833 | 32,528 | (577,200) | 1,590,962 | ||||||||||||||||||||
Total stockholders’ equity | 233,794 | 1,831,115 | 39,685 | (1,870,800) | 233,794 | ||||||||||||||||||||
Noncontrolling interest | - | - | 15,348 | - | 15,348 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,954,595 | $ | 2,245,948 | $ | 87,561 | $ | (2,448,000) | $ | 1,840,104 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||||||
ASSETS | The Gymboree | Guarantor | Non-guarantor | ||||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 18,431 | $ | 3,128 | $ | 11,769 | $ | - | $ | 33,328 | |||||||||||||||
Accounts receivable, net of allowance | 1,280 | 23,679 | 2,583 | - | 27,542 | ||||||||||||||||||||
Merchandise inventories | - | 193,003 | 4,907 | 25 | 197,935 | ||||||||||||||||||||
Prepaid income taxes | 1,821 | 682 | 400 | - | 2,903 | ||||||||||||||||||||
Prepaid expenses | 3,142 | 12,909 | 1,290 | - | 17,341 | ||||||||||||||||||||
Deferred income taxes | 15,488 | 16,528 | - | -633 | 31,383 | ||||||||||||||||||||
Intercompany receivable | - | 468,919 | - | -468,919 | - | ||||||||||||||||||||
Total current assets | 40,162 | 718,848 | 20,949 | -469,527 | 310,432 | ||||||||||||||||||||
Property and equipment, net | 15,679 | 180,021 | 9,625 | - | 205,325 | ||||||||||||||||||||
Goodwill | - | 859,166 | 39,800 | - | 898,966 | ||||||||||||||||||||
Other intangible assets, net | - | 580,492 | 149 | - | 580,641 | ||||||||||||||||||||
Deferred financing costs | 40,040 | - | - | - | 40,040 | ||||||||||||||||||||
Other assets | 15,409 | 2,061 | 7,067 | -16,728 | 7,809 | ||||||||||||||||||||
Investment in subsidiaries | 1,976,277 | - | - | -1,976,277 | - | ||||||||||||||||||||
Total assets | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | -2,462,532 | $ | 2,043,213 | |||||||||||||||
LIABILITIES AND | |||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 14,269 | $ | 74,589 | $ | 1,275 | $ | - | $ | 90,133 | |||||||||||||||
Accrued liabilities | 35,991 | 48,446 | 6,006 | - | 90,443 | ||||||||||||||||||||
Deferred income taxes | - | - | 633 | -633 | - | ||||||||||||||||||||
Intercompany payable | 456,934 | - | 11,960 | -468,894 | - | ||||||||||||||||||||
Total current liabilities | 507,194 | 123,035 | 19,874 | -469,527 | 180,576 | ||||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||
Long-term debt | 1,138,455 | - | - | - | 1,138,455 | ||||||||||||||||||||
Lease incentives and other liabilities | 4,376 | 38,693 | 4,883 | - | 47,952 | ||||||||||||||||||||
Deferred income taxes | - | 250,427 | 894 | -16,728 | 234,593 | ||||||||||||||||||||
Total liabilities | 1,650,025 | 412,155 | 25,651 | -486,255 | 1,601,576 | ||||||||||||||||||||
Total stockholders’ equity | 437,542 | 1,928,433 | 47,844 | -1,976,277 | 437,542 | ||||||||||||||||||||
Noncontrolling interest | - | - | 4,095 | - | 4,095 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | -2,462,532 | $ | 2,043,213 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Retail | $ | 1,885 | $ | 1,162,412 | $ | 62,893 | $ | (30,014) | $ | 1,197,176 | |||||||||||||||
Gymboree Play & Music | - | 10,677 | 15,008 | - | 25,685 | ||||||||||||||||||||
Retail Franchise | - | 21,708 | - | - | 21,708 | ||||||||||||||||||||
Intercompany revenue | 30,515 | 35,362 | 3,085 | (68,962) | - | ||||||||||||||||||||
Total net sales | 32,400 | 1,230,159 | 80,986 | (98,976) | 1,244,569 | ||||||||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (5,824) | (745,339) | (45,558) | 28,166 | (768,555) | ||||||||||||||||||||
Gross profit | 26,576 | 484,820 | 35,428 | (70,810) | 476,014 | ||||||||||||||||||||
Selling, general and administrative expenses | (66,445) | (411,476) | (36,808) | 70,806 | (443,923) | ||||||||||||||||||||
Goodwill and intangible asset impairment | - | (154,322) | (2,867) | - | (157,189) | ||||||||||||||||||||
Operating loss | (39,869) | (80,978) | (4,247) | (4) | (125,098) | ||||||||||||||||||||
Interest income | 63 | 35 | 89 | (1) | 186 | ||||||||||||||||||||
Interest expense | (81,405) | (153) | (1) | 1 | (81,558) | ||||||||||||||||||||
Loss on extinguishment of debt | (834) | - | - | - | (834) | ||||||||||||||||||||
Other income (expense), net | (105) | (4) | (396) | 2 | (503) | ||||||||||||||||||||
(Loss) income before income taxes | (122,150) | (81,100) | (4,555) | (2) | (207,807) | ||||||||||||||||||||
Income tax benefit (expense) | 18,346 | (19,898) | 3,008 | - | 1,456 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | (99,223) | - | - | 99,223 | - | ||||||||||||||||||||
Net loss | (203,027) | (100,998) | (1,547) | 99,221 | (206,351) | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | 3,324 | - | 3,324 | ||||||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (203,027) | $ | (100,998) | $ | 1,777 | $ | 99,221 | $ | (203,027) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Retail | $ | 1,910 | $ | 1,202,552 | $ | 60,727 | $ | (30,196) | $ | 1,234,993 | |||||||||||||||
Gymboree Play & Music | - | 18,661 | 5,280 | - | 23,941 | ||||||||||||||||||||
Retail Franchise | - | 16,730 | - | - | 16,730 | ||||||||||||||||||||
Intercompany revenue | 36,608 | 20,643 | 9,379 | (66,630) | - | ||||||||||||||||||||
Total net sales | 38,518 | 1,258,586 | 75,386 | (96,826) | 1,275,664 | ||||||||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (5,561) | (773,469) | (43,707) | 28,465 | (794,272) | ||||||||||||||||||||
Gross profit | 32,957 | 485,117 | 31,679 | (68,361) | 481,392 | ||||||||||||||||||||
Selling, general and administrative expenses | (58,547) | (393,471) | (27,929) | 68,205 | (411,742) | ||||||||||||||||||||
Operating (loss) income | (25,590) | 91,646 | 3,750 | (156) | 69,650 | ||||||||||||||||||||
Interest income | 71 | 11 | 95 | - | 177 | ||||||||||||||||||||
Interest expense | (85,640) | - | - | - | (85,640) | ||||||||||||||||||||
Loss on extinguishment of debt | (214) | - | - | - | (214) | ||||||||||||||||||||
Other income (expense), net | (77) | - | 65 | - | (12) | ||||||||||||||||||||
(Loss) income before income taxes | (111,450) | 91,657 | 3,910 | (156) | (16,039) | ||||||||||||||||||||
Income tax benefit (expense) | 45,627 | (37,896) | (2,095) | - | 5,636 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 57,981 | - | - | (57,981) | - | ||||||||||||||||||||
Net (loss) income | (7,842) | 53,761 | 1,815 | (58,137) | (10,403) | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | 2,561 | - | 2,561 | ||||||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (7,842) | $ | 53,761 | $ | 4,376 | $ | (58,137) | $ | (7,842) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Retail | $ | 1,457 | $ | 1,132,806 | $ | 52,453 | $ | (22,545) | $ | 1,164,171 | |||||||||||||||
Gymboree Play & Music | - | 13,881 | 4 | - | 13,885 | ||||||||||||||||||||
Retail Franchise | - | 10,232 | - | - | 10,232 | ||||||||||||||||||||
Intercompany revenue | 44,274 | 1,976 | 1,829 | (48,079) | - | ||||||||||||||||||||
Total net sales | 45,731 | 1,158,895 | 54,286 | (70,624) | 1,188,288 | ||||||||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (5,315) | (714,243) | (35,430) | 26,642 | (728,346) | ||||||||||||||||||||
Gross profit | 40,416 | 444,652 | 18,856 | (43,982) | 459,942 | ||||||||||||||||||||
Selling, general and administrative expenses | (49,418) | (353,894) | (20,776) | 43,947 | (380,141) | ||||||||||||||||||||
Goodwill impairment | - | (28,300) | - | - | (28,300) | ||||||||||||||||||||
Operating (loss) income | (9,002) | 62,458 | (1,920) | (35) | 51,501 | ||||||||||||||||||||
Interest income | 54 | 26 | 88 | - | 168 | ||||||||||||||||||||
Interest expense | (89,807) | - | - | - | (89,807) | ||||||||||||||||||||
Loss on extinguishment of debt | (19,563) | - | - | - | (19,563) | ||||||||||||||||||||
Other (expense) income, net | (92) | (2) | (15) | - | (109) | ||||||||||||||||||||
(Loss) income before income taxes | (118,410) | 62,482 | (1,847) | (35) | (57,810) | ||||||||||||||||||||
Income tax benefit (expense) | 46,122 | (36,941) | (2,555) | - | 6,626 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 26,943 | - | - | (26,943) | - | ||||||||||||||||||||
Net (loss) income | (45,345) | 25,541 | (4,402) | (26,978) | (51,184) | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | 5,839 | - | 5,839 | ||||||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (45,345) | $ | 25,541 | $ | 1,437 | $ | (26,978) | $ | (45,345) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net loss | $ | (203,027) | $ | (100,998) | $ | (1,547) | $ | 99,221 | $ | (206,351) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Foreign currency translation adjustments | (185) | - | 83 | 128 | 26 | ||||||||||||||||||||
Unrealized net gain on cash flow hedges, net of tax benefit of $0 | 1,219 | - | 449 | (449) | 1,219 | ||||||||||||||||||||
Total other comprehensive income, net of tax | 1,034 | - | 532 | (321) | 1,245 | ||||||||||||||||||||
Comprehensive loss | (201,993) | (100,998) | (1,015) | 98,900 | (205,106) | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | - | - | 3,113 | - | 3,113 | ||||||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (201,993) | $ | (100,998) | $ | 2,098 | $ | 98,900 | $ | (201,993) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net (loss) income | $ | (7,842) | $ | 53,761 | $ | 1,815 | $ | (58,137) | $ | (10,403) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Foreign currency translation adjustments | 54 | - | 88 | (30) | 112 | ||||||||||||||||||||
Unrealized net loss on cash flow hedges, net of tax benefit of $67 | (143) | - | (74) | 74 | (143) | ||||||||||||||||||||
Total other comprehensive (loss) income, net of tax | (89) | - | 14 | 44 | (31) | ||||||||||||||||||||
Comprehensive (loss) income | (7,931) | 53,761 | 1,829 | (58,093) | (10,434) | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | - | - | 2,503 | - | 2,503 | ||||||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (7,931) | $ | 53,761 | $ | 4,332 | $ | (58,093) | $ | (7,931) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net (loss) income | $ | (45,345) | $ | 25,541 | $ | (4,402) | $ | (26,978) | $ | (51,184) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Foreign currency translation adjustments | 308 | - | 346 | (346) | 308 | ||||||||||||||||||||
Unrealized net (loss) gain on cash flow hedges, net of tax benefit of $3,915 | (6,371) | - | 118 | (118) | (6,371) | ||||||||||||||||||||
Total other comprehensive (loss) income, net of tax | (6,063) | - | 464 | (464) | (6,063) | ||||||||||||||||||||
Comprehensive (loss) income | (51,408) | 25,541 | (3,938) | (27,442) | (57,247) | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | - | - | 5,839 | - | 5,839 | ||||||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (51,408) | $ | 25,541 | $ | 1,901 | $ | (27,442) | $ | (51,408) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (59,970) | $ | 134,236 | $ | 605 | $ | - | $ | 74,871 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | (3,187) | (45,263) | (4,182) | - | (52,632) | ||||||||||||||||||||
Dividend from subsidiary | 2,500 | - | - | (2,500) | - | ||||||||||||||||||||
Intercompany transfers | - | (84,681) | - | 84,681 | - | ||||||||||||||||||||
Other | - | (65) | (429) | - | (494) | ||||||||||||||||||||
Net cash used in investing activities | (687) | (130,009) | (4,611) | 82,181 | (53,126) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | 90,029 | - | (5,348) | (84,681) | - | ||||||||||||||||||||
Proceeds from ABL facility | 123,000 | - | - | - | 123,000 | ||||||||||||||||||||
Payments on ABL facility | (123,000) | - | - | - | (123,000) | ||||||||||||||||||||
Repurchase of notes | (24,760) | - | - | - | (24,760) | ||||||||||||||||||||
Payments on capital lease | - | (196) | - | - | (196) | ||||||||||||||||||||
Dividend to The Gymboree Corporation | - | (2,500) | - | 2,500 | - | ||||||||||||||||||||
Dividend payment to parent | (7,564) | - | - | - | (7,564) | ||||||||||||||||||||
Capital contribution received by noncontrolling interest | - | - | 15,886 | - | 15,886 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 57,705 | (2,696) | 10,538 | (82,181) | (16,634) | ||||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | - | - | 990 | - | 990 | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2,952) | 1,531 | 7,522 | - | 6,101 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||||||
Beginning of Period | 18,431 | 3,128 | 11,769 | - | 33,328 | ||||||||||||||||||||
End of Period | $ | 15,479 | $ | 4,659 | $ | 19,291 | $ | - | $ | 39,429 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (31,000) | $ | 100,856 | $ | 3,938 | $ | - | $ | 73,794 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | (2,723) | (41,154) | (3,974) | - | (47,851) | ||||||||||||||||||||
Dividend from subsidiary | 10,042 | - | - | (10,042) | - | ||||||||||||||||||||
Investment in subsidiaries | (180) | - | - | 180 | - | ||||||||||||||||||||
Intercompany transfers | - | (56,754) | - | 56,754 | - | ||||||||||||||||||||
Other | - | (207) | (635) | - | (842) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | 7,139 | (98,115) | (4,609) | 46,892 | (48,693) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | 54,910 | - | 1,844 | (56,754) | - | ||||||||||||||||||||
Payments on Term Loan | (42,698) | - | - | - | (42,698) | ||||||||||||||||||||
Dividend to The Gymboree Corporation | - | (6,000) | (4,042) | 10,042 | - | ||||||||||||||||||||
Repurchase of Notes | (26,613) | - | - | - | (26,613) | ||||||||||||||||||||
Proceeds from ABL Facility | 14,000 | - | - | - | 14,000 | ||||||||||||||||||||
Payments on ABL Facility | (14,000) | - | - | - | (14,000) | ||||||||||||||||||||
Payments of deferred financing costs | (1,344) | - | - | - | (1,344) | ||||||||||||||||||||
Investment by Parent | - | - | 180 | (180) | - | ||||||||||||||||||||
Dividend Payment to Parent | (3,273) | - | - | - | (3,273) | ||||||||||||||||||||
Capital contribution received by noncontrolling interest | - | - | 1,602 | - | 1,602 | ||||||||||||||||||||
Investment by affiliate of Parent | 2,400 | - | - | - | 2,400 | ||||||||||||||||||||
Net cash used in financing activities | (16,618) | (6,000) | (416) | (46,892) | (69,926) | ||||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | - | - | 243 | - | 243 | ||||||||||||||||||||
Net decrease in cash and cash equivalents | (40,479) | (3,259) | (844) | - | (44,582) | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||||||
Beginning of Period | 58,910 | 6,387 | 12,613 | - | 77,910 | ||||||||||||||||||||
End of Period | $ | 18,431 | $ | 3,128 | $ | 11,769 | $ | - | $ | 33,328 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (19,793) | $ | 107,443 | $ | 3,895 | $ | - | $ | 91,545 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | (3,400) | (30,259) | (2,906) | - | (36,565) | ||||||||||||||||||||
Acquisition of business, net of cash acquired | (1,352) | - | - | - | (1,352) | ||||||||||||||||||||
Investment in subsidiaries | (110) | - | - | 110 | - | ||||||||||||||||||||
Intercompany transfers | - | (77,060) | - | 77,060 | - | ||||||||||||||||||||
Other | 4 | (267) | (32) | - | (295) | ||||||||||||||||||||
Net cash used in investing activities | (4,858) | (107,586) | (2,938) | 77,170 | (38,212) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | 76,604 | - | 456 | (77,060) | - | ||||||||||||||||||||
Proceeds from Term Loan | 820,000 | - | - | 820,000 | |||||||||||||||||||||
Payments on Term Loan | (828,200) | - | - | - | (828,200) | ||||||||||||||||||||
Proceeds from ABL Facility | 60,656 | - | - | 60,656 | |||||||||||||||||||||
Payments on ABL Facility | (60,656) | - | - | (60,656) | |||||||||||||||||||||
Payments of deferred financing costs | (6,665) | - | - | - | (6,665) | ||||||||||||||||||||
Investment by Parent | 14,865 | - | 110 | (110) | 14,865 | ||||||||||||||||||||
Dividend Payment to Parent | (12,200) | - | - | (12,200) | |||||||||||||||||||||
Capital contribution received by noncontrolling interest | - | - | 4,477 | - | 4,477 | ||||||||||||||||||||
Net cash provided by financing activities | 64,404 | - | 5,043 | (77,170) | (7,723) | ||||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | - | - | 176 | - | 176 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 39,753 | (143) | 6,176 | - | 45,786 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||||||
Beginning of Period | 19,157 | 6,530 | 6,437 | - | 32,124 | ||||||||||||||||||||
End of Period | $ | 58,910 | $ | 6,387 | $ | 12,613 | $ | - | $ | 77,910 | |||||||||||||||
The Company and its guarantor subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the guarantor subsidiary bank accounts and those of the Company. In addition, we pay expenses on behalf of our guarantor and non-guarantor subsidiaries on a regular basis. These types of transactions have been accounted for as intercompany transfers within investing and financing activities. | |||||||||||||||||||||||||
The Company’s transactions include interest, tax payments and intercompany sales transactions related to administrative costs incurred by the Company, which are billed to guarantor and non-guarantor subsidiaries on a cost plus basis. All intercompany transactions are presumed to be settled in cash and therefore are included in operating activities. Non-operating cash flow changes have been classified as investing and financing activities. | |||||||||||||||||||||||||
Subsequent to the issuance of the 2012 financial statements, management determined that within the condensed consolidating statement of cash flows, the intercompany transfers of the guarantor subsidiaries previously presented as financing activities should be classified as investing activities. The classification of these intercompany transfers has been corrected in the above condensed consolidating statements of cash flows for the years ended February 2, 2013 and January 28, 2012 to be presented within investing activities. This correction has no impact on the consolidated statement of cash flows for the years ended February 2, 2013 and January 28, 2012. The effect is summarized as follows: | |||||||||||||||||||||||||
Year Ended February 2, 2013 | |||||||||||||||||||||||||
Guarantor | Guarantor | Eliminations | Eliminations | ||||||||||||||||||||||
Subsidiaries | Subsidiaries | (As Previously | (As Corrected) | ||||||||||||||||||||||
(As Previously | (As Corrected) | Reported) | |||||||||||||||||||||||
Reported) | |||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | $ | - | $ | (56,754) | $ | - | $ | 56,754 | |||||||||||||||||
Net cash provided by (used in) investing activities | (41,361) | (98,115) | (9,862) | 46,892 | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | (56,754) | - | - | (56,754) | |||||||||||||||||||||
Net cash used in financing activities | (62,754) | (6,000) | 9,862 | (46,892) | |||||||||||||||||||||
Year Ended January 28, 2012 | |||||||||||||||||||||||||
Guarantor | Guarantor | Eliminations | Eliminations | ||||||||||||||||||||||
Subsidiaries | Subsidiaries | (As Previously | (As Corrected) | ||||||||||||||||||||||
(As Previously | (As Corrected) | Reported) | |||||||||||||||||||||||
Reported) | |||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | $ | - | $ | (77,060) | $ | - | $ | 77,060 | |||||||||||||||||
Net cash used in investing activities | (30,526) | (107,586) | 110 | 77,170 | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | (77,060) | - | - | (77,060) | |||||||||||||||||||||
Net cash provided by financing activities | (77,060) | - | (110) | (77,170) |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
23. Quarterly Financial Information (Unaudited) | |||||||||||||||||||||
The quarterly financial information presented below is derived from the Consolidated Statements of Operations (in thousands). In the fourth quarter of fiscal 2013, we recorded non-cash charges related to goodwill impairment of $140.2 million and trade name impairment of $17.0 million (see Note 3). The results of operations in the fourth quarter of fiscal 2013 include income tax expense of $6.9 million resulting from the increase of the valuation allowance against deferred tax assets. | |||||||||||||||||||||
Fiscal 2013 Quarter Ended | |||||||||||||||||||||
May 4, | August 3, | November 2, | February 1, | 2013 | |||||||||||||||||
2013 | 2013 | 2013 | 2014 | Total | |||||||||||||||||
Net sales | |||||||||||||||||||||
Retail | $ | 280,877 | $ | 278,944 | $ | 297,352 | $ | 340,003 | $ | 1,197,176 | |||||||||||
Gymboree Play & Music | 6,328 | 6,260 | 6,821 | 6,276 | 25,685 | ||||||||||||||||
Retail Franchise | 5,578 | 5,712 | 5,665 | 4,753 | 21,708 | ||||||||||||||||
Total net sales | 292,783 | 290,916 | 309,838 | 351,032 | 1,244,569 | ||||||||||||||||
Gross profit | 120,973 | 107,086 | 123,468 | 124,487 | 476,014 | ||||||||||||||||
Goodwill and intangible asset impairment | - | - | - | (157,189) | (157,189) | ||||||||||||||||
Operating income (loss) | 16,844 | 5,063 | 12,269 | (159,274) | (125,098) | ||||||||||||||||
Net loss | (2,848) | (9,325) | (24,398) | (169,780) | (206,351) | ||||||||||||||||
Net loss attributable to The Gymboree Corporation | (2,536) | (9,350) | (23,985) | (167,156) | (203,027) | ||||||||||||||||
Fiscal 2012 Quarter Ended | |||||||||||||||||||||
April 28, | July 28, | October 27, | February 2, | 2012 | |||||||||||||||||
2012 | 2012 | 2012 | 2013 | Total | |||||||||||||||||
Net sales | |||||||||||||||||||||
Retail | $ | 288,116 | $ | 259,114 | $ | 299,965 | $ | 387,798 | $ | 1,234,993 | |||||||||||
Gymboree Play & Music | 5,792 | 5,799 | 6,390 | 5,960 | 23,941 | ||||||||||||||||
Retail Franchise | 3,843 | 3,839 | 5,163 | 3,885 | 16,730 | ||||||||||||||||
Total net sales | 297,751 | 268,752 | 311,518 | 397,643 | 1,275,664 | ||||||||||||||||
Gross profit | 121,824 | 89,188 | 125,603 | 144,777 | 481,392 | ||||||||||||||||
Operating income (loss) | 30,085 | (6,407) | 26,587 | 19,385 | 69,650 | ||||||||||||||||
Net income (loss) | 4,170 | (14,066) | 4,910 | (5,417) | (10,403) | ||||||||||||||||
Net income (loss) attributable to The Gymboree Corporation | 4,996 | (13,268) | 6,121 | (5,691) | (7,842) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
On November 23, 2010 (the “Transaction Date”), The Gymboree Corporation completed a merger (the “Merger”) with Giraffe Acquisition Corporation (“Acquisition Sub”) in accordance with an Agreement and Plan of Merger (the “Merger Agreement”) with Giraffe Holding, Inc. (“Parent”), and Acquisition Sub, a wholly owned subsidiary of Parent, with the Merger funded through a combination of debt and equity financing (collectively, the “Transactions”). The Company is continuing as the surviving corporation and a 100%-owned indirect subsidiary of the Parent. At the Transaction Date, investment funds sponsored by Bain Capital Partners, LLC (“Bain Capital”) indirectly owned a controlling interest in Parent. | |||||||||||||
In December 2011, pursuant to a contribution, exchange and subscription agreement, the shareholders of Parent contributed in the aggregate 104,600,007 shares of Class A Common Stock and 11,622,223 shares of Class L Common Stock of Parent, representing all of Parent’s outstanding Common Stock, and approximately $12.2 million in cash to Gymboree Holding, Ltd., a Cayman Islands exempted company, in exchange for 104,600,007 Class A Common Shares, 11,622,223 Class L Common Shares and 1,220,003 Class C Common Shares of Gymboree Holding, Ltd., representing all of the outstanding Common Shares of Gymboree Holding, Ltd. (the “Asia Transaction”). Following the consummation of the Asia Transaction, Gymboree Holding, Ltd. became indirectly a 60% owner of Gymboree China and Gymboree Tianjin (collectively, the “VIEs”). While we do not control these two entities, they have been determined to be variable interest entities, as discussed in Note 21, and have been consolidated by the Company. Investment funds sponsored by Bain Capital own a controlling interest in Gymboree Holding, Ltd., which indirectly controls Parent. | |||||||||||||
To fund the Asia Transaction and the indirect investment in the VIEs, on November 3, 2011, (i) the Company declared and distributed an aggregate amount of $12.2 million in cash to its sole shareholder, Giraffe Intermediate B, Inc., a Delaware corporation and indirectly wholly owned subsidiary of Parent (“Giraffe B”), (ii) Giraffe B declared and distributed an aggregate amount of $12.2 million in cash to its sole shareholder, Giraffe Intermediate A, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Giraffe A”) and (iii) Giraffe A declared and distributed an aggregate amount of $12.2 million in cash to its sole shareholder, Parent, Parent then declared a dividend in the aggregate amount of $12.2 million to the holders of the Common Stock of Parent (the “Dividend”). The Dividend was then contributed to Gymboree Holding, Ltd. to fund part of the investment in the VIEs in return for Class C Common Shares of Gymboree Holding, Ltd. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include entities in which we retain a controlling financial interest or entities that meet the definition of a VIE for which we are deemed to be the primary beneficiary. In performing our analysis of whether we are the primary beneficiary, at initial investment and at each quarterly reporting period, we consider whether we individually have the power to direct the activities of the VIE that most significantly affect the entity’s performance and also have the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We also consider whether we are a member of a related party group that collectively meets the power and benefits criteria and, if so, whether we are most closely associated with the VIE. Intercompany accounts and transactions have been eliminated. | |||||||||||||
Fiscal Year | ' | ||||||||||||
Fiscal Year | |||||||||||||
Our fiscal year ends on the Saturday closest to January 31. Fiscal years 2013, 2012, and 2011 ended on February 1, 2014, February 2, 2013 and January 28, 2012, respectively. Fiscal years 2013 and 2011 include 52 weeks and fiscal year 2012 includes 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents | |||||||||||||
Cash equivalents consist of highly liquid investment instruments with a maturity of three months or less at date of purchase. Our cash equivalents are placed primarily in money market funds. We value these investments at their original purchase prices plus interest that has accrued at the stated rate. Income related to these securities is recorded in interest income in the consolidated statements of operations. | |||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting for cash flow hedges generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions. | |||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. At times, cash balances held at financial institutions are in excess of federally insured limits. | |||||||||||||
In fiscal 2013, 2012 and fiscal 2011, we purchased approximately 66%, 72% and 80%, respectively, of our inventory through one agent, which may potentially subject us to risks of concentration related to sourcing of our inventory. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable | |||||||||||||
We record accounts receivable net of an allowance for doubtful accounts. Accounts receivable primarily include amounts due from major credit card companies, amounts due from franchisees for royalties and consumer product sales, and amounts due from landlord construction allowances. We estimate our allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due and our previous loss history. The provision for doubtful accounts receivable is included in selling, general and administrative expenses (“SG&A”). Write-offs were insignificant for all periods presented. | |||||||||||||
Merchandise Inventories | ' | ||||||||||||
Merchandise Inventories | |||||||||||||
Merchandise inventories are recorded at the lower of cost or market (“LCM”), determined on a weighted-average basis. We review our inventory levels to identify slow-moving merchandise and broken assortments (items no longer in stock in a sufficient range of sizes) and record an adjustment when the future estimated selling price is less than cost. We take a physical count of inventories in all stores once a year and in some stores twice a year, and perform cycle counts throughout the year in our Dixon distribution center. We performed a physical count of inventories at our third-party fulfillment center in Ohio in the fourth quarter of fiscal 2013. We record an inventory shrink adjustment based upon physical counts and also provide for estimated shrink adjustments for the period between the last physical inventory count and each balance sheet date. Our inventory shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. Our LCM estimate can be affected by changes in consumer demand and the promotional environment. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment acquired after the Transaction Date are recorded at cost. Property and equipment acquired in the Merger are stated at estimated fair value as of the Transaction Date, less accumulated depreciation and amortization recorded subsequent to the Merger. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from approximately 3 to 25 years, except for our distribution center in Dixon, California, which has a useful life of 39 years. Leasehold improvements, which include an allocation of directly-related internal payroll costs for employees dedicated to real estate construction projects, are amortized over the lesser of the applicable lease term, which ranges from 5 to 13 years, or the estimated useful life of the improvements. Assets recorded under capital lease are amortized over the lease term. Software costs are amortized using the straight-line method based on an estimated useful life of 3 to 7 years. Repair and maintenance costs are expensed as incurred. | |||||||||||||
The Company capitalizes development-stage website development costs such as direct external costs and direct payroll related costs. When development is substantially complete, the Company amortizes the website costs on a straight-line basis over the expected life, which is generally 3 years. Preliminary project costs and post-implementation costs such as training, maintenance and support are expensed as incurred. | |||||||||||||
Store Asset Impairment | ' | ||||||||||||
Store Asset Impairment | |||||||||||||
Store assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the undiscounted future cash flows from the asset group are less than the carrying value, a loss is recognized equal to the difference between the carrying value of the asset group and its fair value. The fair value of the asset group is estimated based on discounted future cash flows using a discount rate commensurate with the risk. The asset group is determined at the store level, which is the lowest level for which identifiable cash flows are available. Decisions to close a store or facility can also result in accelerated depreciation over the revised useful life. For locations to be closed that are under long-term leases, we record a charge for lease buyout expense or the difference between our rent and the rate at which we expect to be able to sublease the properties and related costs, as appropriate. Most closures occur upon the lease expiration. The estimate of future cash flows is based on historical experience and typically third-party advice or market data. These estimates can be affected by factors such as future store profitability, real estate demand and economic conditions that can be difficult to predict. | |||||||||||||
Goodwill | ' | ||||||||||||
Goodwill | |||||||||||||
In connection with the Merger, we allocated goodwill to our reporting units, which we concluded were the same as our operating segments (see Note 20): Gymboree Retail (including an online store), Gymboree Outlet, Janie and Jack (including an online store), Crazy 8 (including an online store), Gymboree Play & Music and International Retail Franchise. We allocated goodwill to the reporting units by calculating the fair value of each reporting unit and deriving the implied fair value of each reporting unit’s goodwill as of the Merger. | |||||||||||||
Goodwill is not amortized, but is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our annual goodwill impairment test was performed for our annual test date, which is the end of our tenth fiscal period each year (see Note 3). Other events that could result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. | |||||||||||||
We review goodwill for impairment by performing a two-step goodwill impairment test. The first step of the two-step goodwill impairment test is to compare the fair value of the reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step of the two-step goodwill impairment test is required to measure the goodwill impairment loss. The second step includes valuing all the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. | |||||||||||||
Calculating the fair value of a reporting unit and the implied fair value of reporting unit goodwill requires significant judgment. The use of different assumptions, estimates or judgments in either step of the goodwill impairment testing process, such as the estimated future cash flows of reporting units, the discount rate used to discount such cash flows, or the estimated fair value of the reporting units’ tangible and intangible assets and liabilities, could significantly increase or decrease the estimated fair value of a reporting unit or its net assets. | |||||||||||||
Indefinite-Lived Intangible Assets | ' | ||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||
Indefinite-lived intangible assets primarily represent trade names for each of our brands. We do not amortize intangible assets with indefinite useful lives. We perform an annual impairment assessment each year at the end of our tenth fiscal period for indefinite-lived intangible assets, or more frequently if indicators of potential impairment exist and indicate it is more likely than not that the carrying value of the assets may not be recoverable. Our annual impairment test of indefinite-lived intangible assets was performed during the fourth quarter of fiscal 2013 (see Note 3). Recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount of the asset to the future discounted cash flows that the asset is expected to generate using the relief from royalty method. If we determine that an individual asset is impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. Calculating the fair value of indefinite-lived intangible assets requires significant judgment. The use of different assumptions, estimates or judgments, such as the estimated future cash flows, royalty rates or the discount rate used to discount such cash flows, could significantly increase or decrease the estimated fair value of our indefinite-lived intangible assets. | |||||||||||||
Other Intangible Assets and Liabilities | ' | ||||||||||||
Other Intangible Assets and Liabilities | |||||||||||||
Other intangible assets primarily represent below market leases, franchise agreements and reacquired franchise rights. Other intangible liabilities represent above market leases and are included in deferred liabilities. Other intangible assets and liabilities are amortized on a straight-line basis over their estimated useful lives. | |||||||||||||
We review other intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of these other intangible assets is measured by comparing the carrying amount of the asset to the future undiscounted cash flows that the asset is expected to generate. If the undiscounted future cash flows are less than the carrying amount, the purchased other intangible assets with finite lives are considered to be impaired. The amount of the impairment is measured as the difference between the carrying amount of these assets and their estimated fair value. The fair value of the asset is estimated based on discounted future cash flows using a discount rate commensurate with the risk. Our estimate of future cash flows requires assumptions and judgment, including forecasting future sales and expenses and estimating useful lives of the assets. The use of different assumptions, estimates or judgments, such as the estimated future cash flows or the discount rate used to discount such cash flows, could significantly increase or decrease the estimated fair value of our other intangible assets with finite lives. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. We maintain valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is warranted, we take into account such factors as actual earnings over the previous 12 quarters on a cumulative basis, carryback and carryforward periods, and tax planning strategies that could potentially enhance the likelihood of realization of a deferred tax asset. We recorded a valuation allowance in fiscal 2013 as described in Note 14. We are subject to periodic audits by the Internal Revenue Service and other taxing authorities. These audits may challenge certain of our tax positions such as the timing and amount of deductions and allocation of taxable income to the various tax jurisdictions. As of fiscal year-end 2013 and 2012, we had unrecognized tax benefits of $6.6 million and $8.6 million, respectively. Determining income tax expense for tax contingencies requires management to make assumptions that are subject to factors such as proposed assessments by tax authorities, changes in facts and circumstances, issuance of new regulations, and resolution of tax audits. Actual results could materially differ from these estimates and could significantly affect the effective tax rate and cash flows in future years. | |||||||||||||
Rent Expense | ' | ||||||||||||
Rent Expense | |||||||||||||
Many of our operating leases contain free rent periods and predetermined fixed increases of the minimum rental rate during the initial lease term. For these leases, we recognize the related rental expense on a straight-line basis over the life of the lease, starting at the time we take possession of the property. Certain leases provide for contingent rents that are not measurable at inception. These amounts are excluded from minimum rent and are included in the determination of rent expense when it is probable that an expense has been incurred and the amount is reasonably estimable. | |||||||||||||
Lease Allowances | ' | ||||||||||||
Lease Allowances | |||||||||||||
As part of many lease agreements, we receive allowances from landlords. The allowances are included in lease incentives and other deferred liabilities and are amortized as a reduction of rent expense on a straight-line basis over the term of the lease, starting at the time we take possession of the property. | |||||||||||||
Self-Insurance | ' | ||||||||||||
Self-Insurance | |||||||||||||
We are partially self-insured for workers’ compensation insurance. We record a liability based on claims filed and an actuarially determined amount of claims incurred, but not yet reported. This liability totaled $5.1 million and $4.2 million as of fiscal year-end 2013 and 2012, respectively. Any actuarial projection of losses is subject to a high degree of variability due to external factors, including future inflation rates, litigation trends, legal interpretations, benefit level changes and claim settlement patterns. We also record a liability for employee-related health care benefits that are partially self-insured or fully self-insured, by considering claims filed and estimates of claims incurred, but not yet reported. This liability totaled $1.4 million and $0.8 million as of fiscal year-end 2013 and 2012, respectively. If the actual amount of claims filed exceeds our estimates, reserves recorded may not be sufficient and additional accruals may be required in future periods. These liabilities are included in accrued liabilities. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation | |||||||||||||
Assets and liabilities of foreign subsidiaries are translated into United States dollars at the exchange rates effective on the balance sheet date. Revenues, costs of sales, expenses and other income are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded as other comprehensive income within stockholders’ equity. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenue is recognized at the point of sale in retail stores. Online revenue is recorded when we estimate merchandise is delivered to the customer. Online customers generally receive merchandise within three to six days of shipment. Shipping fees received from customers are included in net sales and the associated shipping costs are included in cost of goods sold. We also sell gift cards in our retail store locations, through our online stores and through third parties. Revenue is recognized in the period that the gift card is redeemed. We recognize unredeemed gift card and merchandise credit balances when we can determine the portion of the liability for which redemption is remote (generally three years after issuance). These amounts are recorded as other income within SG&A expenses and totaled $1.9 million, $1.6 million, $1.3 million, in fiscal 2013, 2012 and 2011, respectively. From time to time, customers may earn Gymbucks coupons and redeem them for merchandise at a discount during the redemption period. A liability is recorded for coupons earned, but not redeemed, within an accounting period. Sales are presented net of sales return reserve, which is estimated based on historical return trends. Net retail sales also include revenue from our co-branded credit card. We present taxes collected from customers and remitted to governmental authorities on a net basis (excluded from revenues). | |||||||||||||
A summary of activity in the sales return reserve for the fiscal years ended (in thousands) is as follows: | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Balance, beginning of period | $ | 2,508 | $ | 2,363 | $ | 2,224 | |||||||
Provision for sales return | 28,154 | 28,976 | 30,804 | ||||||||||
Actual sales returns | (29,228) | (28,831) | (30,665) | ||||||||||
Balance, end of period | $ | 1,434 | $ | 2,508 | $ | 2,363 | |||||||
For the Gymboree Play & Music operations, initial franchise and transfer fees for all sites sold in a territory are recognized as revenue when the franchisee has paid the initial franchise or transfer fee, in the form of cash and/or a note payable, the franchisee has fully executed a franchise agreement and we have substantially completed our obligations under such agreement. We receive royalties based on each franchisee’s gross receipts from operations. Such royalty fees are recorded when earned. We also recognize revenues from consumer products and equipment sold to franchisees at the time title transfers to the franchisees. | |||||||||||||
For our retail franchise business, revenues consist of initial franchise fees, royalties and/or sales of authorized product. Initial franchise fees relating to area franchise sales are recognized as revenue when the franchisee has met all material conditions and we have substantially completed our obligations under such agreement, typically upon store opening. Royalties are generally based on each franchisee’s gross receipts from operations and are recorded when earned. Revenues from consumer products sold to franchisees are recorded at the time title transfers to the franchisees. We present taxes withheld by international franchises and remitted to governmental authorities on a gross basis (included in revenues). | |||||||||||||
Loyalty Program | ' | ||||||||||||
Loyalty Program | |||||||||||||
Customers who enroll in the Gymboree Rewards program earn points with every purchase at Gymboree and Gymboree Outlet stores. Those customers who reach a cumulative purchase threshold receive a coupon that can be used towards the future purchase of goods at Gymboree and Gymboree Outlet stores. We estimate the cost of rewards that will ultimately be redeemed and record this cost as a reduction of net retail sales as reward points are earned. This liability was approximately $1.4 million and $2.3 million as of February 1, 2014 and February 2, 2013, respectively, and is included in accrued liabilities. | |||||||||||||
Co-Branded Credit Card | ' | ||||||||||||
Co-Branded Credit Card | |||||||||||||
We have co-branded credit card agreements (the “Agreements”) with a third-party bank and Visa U.S.A. Inc. for the issuance of a Visa credit card bearing the Gymboree brand and administration of an associated incentive program for cardholders. We recognize revenues related to the Agreements as follows: | |||||||||||||
— | New account fees are recognized as retail revenues as earned. | ||||||||||||
— | Credit card usage fees are recognized as retail revenues as actual credit card usage occurs. | ||||||||||||
— | Rewards earned are recorded as gift card liabilities and recognized as retail revenues when the gift cards are redeemed. | ||||||||||||
During fiscal 2013, 2012 and fiscal 2011, we recognized approximately $1.5 million, $1.6 million and $1.5 million in revenue from these Agreements, respectively. These amounts are included in net retail sales in the accompanying consolidated statements of operations. | |||||||||||||
Cost of Goods Sold | ' | ||||||||||||
Cost of Goods Sold | |||||||||||||
Cost of goods sold (“COGS”) includes cost of goods, buying department expenses (including related depreciation), occupancy expenses (including amortization of below and above market leases), and shipping costs. Cost of goods consists of cost of merchandise, inbound freight and other inventory-related costs, such as shrinkage costs and lower of cost or market adjustments. Buying expenses include costs incurred to design, produce and allocate merchandise. Occupancy expenses consist of rent and other lease-required costs, including common area maintenance and utilities. Shipping costs consist of third-party delivery services to customers. As we record certain distribution expenses as a component of SG&A expenses and do not include such costs in cost of goods sold, our cost of goods sold and gross profit may not be comparable to those of other companies. Distribution expenses recorded as a component of SG&A expenses amounted to $37.9 million in fiscal 2013, $33.4 million in fiscal 2012, and $29.5 million in fiscal 2011. | |||||||||||||
Selling, General and Administrative Expenses | ' | ||||||||||||
Selling, General and Administrative Expenses | |||||||||||||
SG&A expenses consist of non-occupancy-related costs associated with our retail stores, distribution center and shared corporate services. These costs include payroll and benefits, depreciation and amortization, credit card fees, advertising, store pre-opening costs and other general expenses. Our distribution costs recorded in SG&A expenses represent primarily outbound shipping and handling expenses to our stores. | |||||||||||||
Store Pre-opening Costs | ' | ||||||||||||
Store Pre-opening Costs | |||||||||||||
Store pre-opening costs are expensed as incurred. | |||||||||||||
Advertising | ' | ||||||||||||
Advertising | |||||||||||||
We capitalize direct costs for the development, production, and circulation of direct response advertising and amortize such costs over the expected sales realization cycle, typically four to six weeks. Deferred direct response costs, included in prepaid expenses, were $0.5 million as of February 1, 2014 and $0.4 million as of February 2, 2013. | |||||||||||||
All other advertising costs are expensed as incurred. Advertising expense, including costs related to direct mail campaigns, totaled approximately $20.5 million, $20.8 million and $18.6 million for fiscal 2013, 2012 and fiscal 2011, respectively. | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
We recognize compensation expense on a straight-line basis for options and awards with time-based service conditions. | |||||||||||||
Recently Issued Accounting Standards | ' | ||||||||||||
Recently Issued Accounting Standards | |||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or 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 and should not be combined with deferred tax assets. The guidance is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. We will adopt this guidance in the first quarter of fiscal 2014 and have determined that it will not have a material impact our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Summary of Activity in Sales Return Reserve | ' | ||||||||||||
A summary of activity in the sales return reserve for the fiscal years ended (in thousands) is as follows: | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Balance, beginning of period | $ | 2,508 | $ | 2,363 | $ | 2,224 | |||||||
Provision for sales return | 28,154 | 28,976 | 30,804 | ||||||||||
Actual sales returns | (29,228) | (28,831) | (30,665) | ||||||||||
Balance, end of period | $ | 1,434 | $ | 2,508 | $ | 2,363 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Goodwill Allocated to Reportable Segments | ' | ||||||||||||||||||||||||
Goodwill allocated to our reportable segments as of fiscal year-end 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Retail Stores ` | Gymboree Play | International Retail | Total | ||||||||||||||||||||||
Segment | & Music Segment | Franchise Segment | |||||||||||||||||||||||
Balance as of January 28, 2012 | |||||||||||||||||||||||||
Goodwill | $ | 887,372 | $ | 16,389 | $ | 23,636 | $ | 927,397 | |||||||||||||||||
Accumulated impairment losses | -28,300 | - | - | (28,300) | |||||||||||||||||||||
859,072 | 16,389 | 23,636 | 899,097 | ||||||||||||||||||||||
Balance as of February 2, 2013 | |||||||||||||||||||||||||
Goodwill | 887,241 | 16,389 | 23,636 | 927,266 | |||||||||||||||||||||
Accumulated impairment losses | -28,300 | - | - | (28,300) | |||||||||||||||||||||
858,941 | 16,389 | 23,636 | 898,966 | ||||||||||||||||||||||
Balance as of February 1, 2014 | |||||||||||||||||||||||||
Goodwill | 887,241 | 16,389 | 23,636 | 927,266 | |||||||||||||||||||||
Accumulated impairment losses | -168,489 | - | - | (168,489) | |||||||||||||||||||||
$ | 718,752 | $ | 16,389 | $ | 23,636 | $ | 758,777 | ||||||||||||||||||
Goodwill Impairment and Other Changes in Goodwill | ' | ||||||||||||||||||||||||
Goodwill impairment and other changes in goodwill during fiscal 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||||||
Retail Stores | Gymboree Play | International Retail | Total | ||||||||||||||||||||||
Segment | & Music Segment | Franchise Segment | |||||||||||||||||||||||
Fiscal 2011 - Impairment losses | $ | -28,300 | $ | - | $ | - | $ | (28,300) | |||||||||||||||||
Fiscal 2012 - Other | $ | -131 | $ | - | $ | - | $ | (131) | |||||||||||||||||
Fiscal 2013 - Impairment losses | $ | -140,189 | $ | - | $ | - | $ | (140,189) | |||||||||||||||||
Intangible Assets and Liabilities | ' | ||||||||||||||||||||||||
Intangible assets and liabilities consist of the following (in thousands): | |||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||
Gross | Accumulated | Net Amount | |||||||||||||||||||||||
Carrying | Amortization | ||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||||||||||
Trade names | |||||||||||||||||||||||||
Balance as of February 2, 2013 | $ | 567,494 | $ | 567,494 | |||||||||||||||||||||
Impairment losses | (17,000) | (17,000) | |||||||||||||||||||||||
Balance as of February 1, 2014 | 550,494 | 550,494 | |||||||||||||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||||||||||
Customer relationships | 37,551 | $ | (36,803) | 748 | |||||||||||||||||||||
Below market leases | 7,055 | (4,195) | 2,860 | ||||||||||||||||||||||
Co-branded credit card agreement | 4,000 | (1,958) | 2,042 | ||||||||||||||||||||||
Franchise agreements and reacquired franchise rights | 6,632 | (2,952) | 3,680 | ||||||||||||||||||||||
55,238 | (45,908) | 9,330 | |||||||||||||||||||||||
Total other intangible assets | $ | 605,732 | $ | (45,908) | $ | 559,824 | |||||||||||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631) | $ | 9,999 | $ | (6,632) | |||||||||||||||||||
February 2, 2013 | |||||||||||||||||||||||||
Gross | Accumulated | Net Amount | |||||||||||||||||||||||
Carrying | Amortization | ||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||||||||||
Trade names | $ | 567,494 | $ | 567,494 | |||||||||||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||||||||||
Customer relationships | 36,400 | $ | (34,525) | 1,875 | |||||||||||||||||||||
Below market leases | 7,055 | (3,037) | 4,018 | ||||||||||||||||||||||
Co-branded credit card agreement | 4,000 | (1,342) | 2,658 | ||||||||||||||||||||||
Franchise agreements | 6,600 | (2,004) | 4,596 | ||||||||||||||||||||||
54,055 | (40,908) | 13,147 | |||||||||||||||||||||||
Total other intangible assets | $ | 621,549 | $ | (40,908) | $ | 580,641 | |||||||||||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631) | $ | 7,382 | $ | (9,249) | |||||||||||||||||||
Useful Lives of Intangible Assets | ' | ||||||||||||||||||||||||
The Company assigned the following useful lives to its intangible assets: | |||||||||||||||||||||||||
Useful Life | Location of | ||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||
Trade names | Indefinite | - | |||||||||||||||||||||||
Customer relationships | 2 – 2.3 years | SG&A | |||||||||||||||||||||||
Below market leases | Remaining lease term | COGS | |||||||||||||||||||||||
Co-branded credit card agreement | 6.5 years | SG&A | |||||||||||||||||||||||
Retail franchise agreement | 6 years | SG&A | |||||||||||||||||||||||
Gymboree Play & Music reacquired franchise rights | Remaining contractual term | SG&A | |||||||||||||||||||||||
Gymboree Play & Music franchise agreements | 14 years | SG&A | |||||||||||||||||||||||
Above market leases | Remaining lease term | COGS | |||||||||||||||||||||||
Net Amortization Expense (Income) | ' | ||||||||||||||||||||||||
Net amortization income (expense) is presented below for the fiscal years ended (in thousands): | |||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||
Cost of goods sold: | |||||||||||||||||||||||||
Amortization income | $ | 1,446 | $ | 1,868 | $ | 2,090 | |||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||||
Amortization expense | $ | (3,842) | $ | (17,360) | $ | (17,500) | |||||||||||||||||||
Estimated Amortization Expense Income Related to Intangible Assets and Liabilities | ' | ||||||||||||||||||||||||
We estimate that amortization expense (income) related to intangible assets and liabilities will be as follows in each of the next five fiscal years (in thousands): | |||||||||||||||||||||||||
Fiscal | Below Market | Above Market | Other | Total | |||||||||||||||||||||
Leases | Leases | Intangibles | |||||||||||||||||||||||
2014 | 1,059 | (2,023) | 2,117 | 1,153 | |||||||||||||||||||||
2015 | 835 | (1,579) | 1,731 | 987 | |||||||||||||||||||||
2016 | 483 | (1,428) | 1,400 | 455 | |||||||||||||||||||||
2017 | 342 | (1,016) | 332 | (342) | |||||||||||||||||||||
2018 | 110 | (464) | 136 | (218) | |||||||||||||||||||||
Thereafter | 31 | (122) | 754 | 663 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Outstanding Derivatives Designated as Cash Flow Hedges | ' | ||||||||||||||
We had the following outstanding derivatives designated as cash flow hedges (US dollars in thousands): | |||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||
Number of | Notional | Number of | Notional | ||||||||||||
Instruments | (USD) | Instruments | (USD) | ||||||||||||
Interest rate derivatives | |||||||||||||||
Purchased interest rate caps | 4 | $ | 700,000 | 4 | $ | 700,000 | |||||||||
Foreign exchange derivatives | |||||||||||||||
Forward foreign exchange contracts | 6 | 5,029 | 6 | 6,377 | |||||||||||
Total | 10 | $ | 705,029 | 10 | $ | 706,377 | |||||||||
Fair Value of Derivative Financial Instruments | ' | ||||||||||||||
The table below presents the fair value of all of our derivative financial instruments as well as their classification on the consolidated balance sheets (in thousands). | |||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||
Derivative Assets | Derivative Assets | Derivative Liabilities | |||||||||||||
Other Assets | |||||||||||||||
Purchased Interest Rate Caps | $ | 599 | $ | 964 | $ | - | |||||||||
Forward foreign exchange contracts | 348 | - | - | ||||||||||||
Accrued Liabilities | |||||||||||||||
Forward foreign exchange contracts | - | - | 18 | ||||||||||||
Total | $ | 947 | $ | 964 | $ | 18 | |||||||||
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ' | ||||||||||||||
The tables below present the effect of all of our derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) (in thousands). No amounts were reclassified from accumulated other comprehensive loss into earnings as a result of forecasted transactions that failed to occur or as a result of hedge ineffectiveness. | |||||||||||||||
Year Ended February 1, 2014 | |||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||
Portion) | (Effective Portion) | ||||||||||||||
Interest rate caps | $ | (365) | Interest expense | $ | (1,135) | ||||||||||
Forward foreign exchange contracts | 715 | Cost of goods sold | 266 | ||||||||||||
Total | $ | 350 | $ | (869) | |||||||||||
Year Ended February 2, 2013 | |||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||
Portion) | (Effective Portion) | ||||||||||||||
Interest rate caps | $ | (396) | Interest expense | $ | (300) | ||||||||||
Forward foreign exchange contracts | (33) | Cost of goods sold | 81 | ||||||||||||
Total | $ | (429) | $ | (219) | |||||||||||
Year Ended January 28, 2012 | |||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||
Recognized in OCI on | (Losses) Reclassified from | Reclassified from | |||||||||||||
Derivative (Effective | Accumulated OCI into | Accumulated OCI | |||||||||||||
Portion) | Income (Effective | into Income | |||||||||||||
Portion) | (Effective Portion) | ||||||||||||||
Interest rate caps | $ | (10,667) | Interest expense | $ | (51) | ||||||||||
Forward foreign exchange contracts | 173 | Cost of goods sold | (71) | ||||||||||||
Total | $ | (10,494) | $ | (122) | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||
The tables below present our assets and liabilities measured at fair value on a recurring basis as of February 1, 2014 and February 2, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no transfers into or out of Level 1 and Level 2 during fiscal 2013 or 2012. | |||||||||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | 14,571 | $ | - | $ | - | $ | 14,571 | |||||||||||||||
Interest rate caps | - | 599 | - | 599 | |||||||||||||||||||
Forward foreign exchange contracts | - | 348 | - | 348 | |||||||||||||||||||
Total | $ | 14,571 | $ | 947 | $ | - | $ | 15,518 | |||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | 17,297 | $ | - | $ | - | $ | 17,297 | |||||||||||||||
Interest rate caps | - | 964 | - | 964 | |||||||||||||||||||
Total | $ | 17,297 | $ | 964 | $ | - | $ | 18,261 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Forward foreign exchange contracts | $ | - | $ | 18 | $ | - | $ | 18 | |||||||||||||||
Estimated Fair Value of Long-Term Debt | ' | ||||||||||||||||||||||
The estimated fair value of long-term debt is as follows (in thousands): | |||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan | $ | 767,742 | $ | 692,192 | $ | 767,455 | $ | 749,874 | |||||||||||||||
Notes | 346,000 | 308,805 | 371,000 | 348,740 | |||||||||||||||||||
$ | 1,113,742 | $ | 1,000,997 | $ | 1,138,455 | $ | 1,098,614 | ||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consist of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Store operating expenses and other corporate expenses | $ | 48,251 | $ | 41,654 | |||||
Accrued interest | 9,897 | 10,307 | |||||||
Employee compensation | 13,757 | 12,091 | |||||||
Unredeemed gift cards, gift certificates, merchandise credits and customer deposits | 26,753 | 22,852 | |||||||
Sales taxes | 1,645 | 3,539 | |||||||
Total | $ | 100,303 | $ | 90,443 | |||||
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 | ||||||||
Senior secured term loan facility, net of discount of $1,360 and $1,647 | $ | 767,742 | $ | 767,455 | |||||
9.125% senior notes | 346,000 | 371,000 | |||||||
Long-term debt | $ | 1,113,742 | $ | 1,138,455 | |||||
Scheduled Future Minimum Principal Payments on Long Term Debt | ' | ||||||||
Future minimum principal payments on long-term debt excluding OID of $1.4 million as of February 1, 2014 are as follows (in thousands): | |||||||||
Fiscal years | Principal Payments | ||||||||
2014 | $ | - | |||||||
2015 | - | ||||||||
2016 | - | ||||||||
2017 | 6,502 | ||||||||
2018 | 1,108,600 | ||||||||
Total | $ | 1,115,102 | |||||||
Deferred_Financing_Costs_Table
Deferred Financing Costs (Tables) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Amortization Expenses for Next Five Years | ' | ||||
Amortization expense for each of the next five fiscal years is estimated below (in thousands): | |||||
Fiscal | |||||
2014 | 6,833 | ||||
2015 | 7,269 | ||||
2016 | 7,741 | ||||
2017 | 7,269 | ||||
2018 | 3,343 | ||||
Total | $ | 32,455 | |||
Lease_Incentives_and_Other_Def1
Lease Incentives and Other Deferred Liabilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Lease Incentives and Other Deferred Liabilities | ' | ||||||||
Lease incentives and other deferred liabilities consist of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Above market leases | $ | 6,632 | $ | 9,249 | |||||
Deferred rent | 15,583 | 11,269 | |||||||
Lease allowances | 24,673 | 18,059 | |||||||
Other | 3,544 | 1,527 | |||||||
Total | $ | 50,432 | $ | 40,104 | |||||
Capital_Lease_Tables
Capital Lease (Tables) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Assets under Capital Lease | ' | ||||
As of fiscal year-end 2013, the following assets under capital lease are included under the line “Property and equipment” in our consolidated balance sheet (in thousands): | |||||
February 1, | |||||
2014 | |||||
Leasehold improvements | $ | 1,776 | |||
Furniture, fixtures and equipment | 2,326 | ||||
Total assets under capital lease | 4,102 | ||||
Less: Accumulated amortization | (297) | ||||
Net assets under capital lease | $ | 3,805 | |||
Future Minimum Obligations under Capital Leases | ' | ||||
Annual future minimum obligations under capital leases for each of the next five years and thereafter, as of fiscal year-end 2013 are as follows (in thousands): | |||||
Fiscal Years | Capital Leases | ||||
2014 | $ | 838 | |||
2015 | 838 | ||||
2016 | 838 | ||||
2017 | 838 | ||||
2018 | 838 | ||||
Thereafter | 876 | ||||
Total minimum lease payments | 5,066 | ||||
Less amount representing interest | (1,161) | ||||
Total future minimum lease payments | 3,905 | ||||
Less current portion of obligation under capital lease | (503) | ||||
Obligations under capital lease, less current portion | $ | 3,402 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||
The following table summarizes the stock option activity for fiscal 2013: | |||||||||||||||
Number of shares | Weighted- | Weighted-average | |||||||||||||
(in thousands) | average exercise | remaining | |||||||||||||
price per share | contractual life | ||||||||||||||
(in years) | |||||||||||||||
Outstanding at February 2, 2013 | 672 | $ | 45.44 | 8.1 | |||||||||||
Granted | 435 | 45.00 | |||||||||||||
Forfeited | (211) | 45.42 | |||||||||||||
Outstanding at February 1, 2014 | 896 | 45.23 | 7.5 | ||||||||||||
Vested and expected to vest at February 1, 2014 (1) | 809 | $ | 45.22 | 7.3 | |||||||||||
Exercisable at February 1, 2014 | 348 | $ | 45.18 | 5.4 | |||||||||||
-1 | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total unvested options outstanding. | ||||||||||||||
Fair Value of Each Stock Option Granted | ' | ||||||||||||||
The fair value of each stock option granted was estimated using the assumptions below for the fiscal years ended: | |||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
Expected dividend rate | 0.00% | 0.00% | 0.00% | ||||||||||||
Expected volatility | 75.20% | 74.40% | 70.00% | ||||||||||||
Risk-free interest rate | 1.40% | 1.20% | 1.70% | ||||||||||||
Expected lives (years) | 6.5 | 6.5 | 6.5 | ||||||||||||
Summary of RSU Activity under Incentive Plan | ' | ||||||||||||||
A summary of RSU activity under the Company’s Incentive Plan was as follows: | |||||||||||||||
Number of shares | Weighted-average | ||||||||||||||
(in thousands) | grant date fair value | ||||||||||||||
Outstanding at February 2, 2013 | - | $ | - | ||||||||||||
Granted | 44 | 45.00 | |||||||||||||
Vested | (9) | 45.00 | |||||||||||||
Outstanding at February 1, 2014 | 35 | 45.00 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Amount of Pre Tax Loss Income Attributable to Foreign and Domestic Operations | ' | ||||||||||||
The pre-tax (loss) income attributable to foreign and domestic operations was as follows for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Foreign | $ | (4,372) | $ | 3,910 | $ | (1,847) | |||||||
United States | (203,435) | (19,949) | (55,963) | ||||||||||
Total | $ | (207,807) | $ | (16,039) | $ | (57,810) | |||||||
Provision or Benefit for Income Taxes | ' | ||||||||||||
The provision (benefit) for income taxes consists of the following for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 2,065 | $ | (1,967) | $ | (2,104) | |||||||
State | 2,214 | 1,476 | 1,621 | ||||||||||
Foreign | (2,882) | 1,864 | 2,803 | ||||||||||
Total current | 1,397 | 1,373 | 2,320 | ||||||||||
Deferred: | |||||||||||||
Federal | (3,291) | (4,909) | (7,342) | ||||||||||
State | 1,821 | (1,441) | (1,409) | ||||||||||
Foreign | (1,383) | (659) | (195) | ||||||||||
Total deferred | (2,853) | (7,009) | (8,946) | ||||||||||
Total provision (benefit) | $ | (1,456) | $ | (5,636) | $ | (6,626) | |||||||
Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate | ' | ||||||||||||
A reconciliation of the statutory federal income tax rate with our effective income tax rate was as follows for the fiscal years ended: | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Statutory federal rate | 35.0 % | 35.0 % | 35.0 % | ||||||||||
State income taxes, net of income tax benefit | 1.1 | 5.4 | 0.4 | ||||||||||
Non-deductible transaction costs | - | (0.2) | - | ||||||||||
Increase in valuation allowances | (12.7) | (3.1) | (1.1) | ||||||||||
Impact of foreign operations (net of foreign tax deductions/credit) | (0.6) | (7.3) | (6.3) | ||||||||||
Nondeductible goodwill impairment | (23.6) | - | (17.1) | ||||||||||
NQ: Cancellation | (0.3) | (5.0) | - | ||||||||||
Reserves | 0.4 | (4.6) | (0.2) | ||||||||||
Federal credits | 0.9 | 12.3 | 0.5 | ||||||||||
Enhanced charitable contributions | 0.3 | 2.5 | 0.7 | ||||||||||
Other | - | 5.5 | (0.4) | ||||||||||
Effective tax rate | 0.5 | 40.5 | 11.5 | ||||||||||
Noncontrolling interest | 0.2 | (5.4) | - | ||||||||||
Total effective tax rate | 0.7 % | 35.1 % | 11.5 % | ||||||||||
Temporary Differences and Carryforwards Which Give Rise to Deferred Tax Assets and Liabilities | ' | ||||||||||||
Temporary differences and carryforwards, which give rise to deferred tax assets and liabilities, were as follows (in thousands): | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Inventory valuation | $ | 4,803 | $ | 6,631 | |||||||||
Deferred revenue | 3,193 | 2,265 | |||||||||||
State taxes | 7,052 | 6,501 | |||||||||||
Reserves | 9,341 | 6,200 | |||||||||||
Stock compensation | 4,603 | 3,184 | |||||||||||
Deferred rent | 7,814 | 6,607 | |||||||||||
Net operating loss carryforwards | 25,500 | 20,272 | |||||||||||
Charitable contribution carryovers | 4,092 | 1,931 | |||||||||||
Tax credits | 7,035 | 5,531 | |||||||||||
Other | 6,297 | 4,059 | |||||||||||
Gross deferred tax assets | 79,730 | 63,181 | |||||||||||
Valuation allowance | (31,918) | (4,380) | |||||||||||
Total deferred tax assets | $ | 47,812 | $ | 58,801 | |||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expenses | (2,136) | (1,799) | |||||||||||
Fixed asset basis differences | (24,737) | (30,340) | |||||||||||
Intangibles | (214,201) | (222,072) | |||||||||||
Other | (6,304) | (6,901) | |||||||||||
Total deferred tax liabilities | $ | (247,378) | $ | (261,112) | |||||||||
Net deferred tax liabilities | $ | (199,566) | $ | (202,311) | |||||||||
Net Operating Loss Carryforwards and Tax Credit Carryforwards, with Expiration Dates | ' | ||||||||||||
As of fiscal year-end 2013, our net operating loss carryforwards and tax credit carryforwards, with expiration dates, were as follows (in millions): | |||||||||||||
February 1, 2014 | Expiration Dates | ||||||||||||
Federal net operating loss | $ | 58.3 | 2030 to 2033 | ||||||||||
State net operating loss | 34.5 | 2023 to 2033 | |||||||||||
China net operating loss | 9.1 | 2016 to 2018 | |||||||||||
Tax credits | 6.3 | 2015 to 2033 | |||||||||||
Other tax credits | 1.4 | Indefinite | |||||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
Below is a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Balance at beginning of period | $ | 8,562 | $ | 7,316 | $ | 7,324 | |||||||
Gross increases - tax positions in current period | 814 | 712 | 714 | ||||||||||
Gross increases - tax positions in prior period | 335 | 1,600 | 140 | ||||||||||
Gross decreases - tax positions in prior period | (2,187) | 3 | (52) | ||||||||||
Settlements | (178) | (618) | - | ||||||||||
Lapsed statutes of limitations | (353) | (448) | (806) | ||||||||||
Decreases based on currency translation adjustments | (428) | (3) | (4) | ||||||||||
Balance at end of period | $ | 6,565 | $ | 8,562 | $ | 7,316 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Gain or Loss Recognized in Other Comprehensive Income (Loss) ("OCI") and Reclassified from Accumulated OCI into Income | ' | ||||||||||||
The following table shows the components of accumulated other comprehensive income (loss) (“OCI”), net of tax for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||
Foreign currency translation | $ | 623 | $ | 808 | $ | 754 | |||||||
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,982, $3,982 and $3,915 | (5,503) | (6,722) | (6,579) | ||||||||||
Total accumulated other comprehensive loss | $ | (4,880) | $ | (5,914) | $ | (5,825) | |||||||
Changes in Accumulated OCI Balance by Component | ' | ||||||||||||
Changes in accumulated OCI balance by component were as follows for the fiscal years ended (in thousands): | |||||||||||||
February 1, 2014 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,722) | $ | 808 | $ | (5,914) | |||||||
Other comprehensive income (loss) recognized before reclassifications | 350 | 26 | 376 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 869 | - | 869 | ||||||||||
Net current-period other comprehensive income (loss) | 1,219 | 26 | 1,245 | ||||||||||
Other comprehensive income attributable to noncontrolling interest | - | (211) | (211) | ||||||||||
Ending balance | $ | (5,503) | $ | 623 | $ | (4,880) | |||||||
February 2, 2013 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,579) | $ | 754 | $ | (5,825) | |||||||
Other comprehensive (loss) income before reclassifications | (429) | 112 | (317) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 219 | - | 219 | ||||||||||
Tax benefit | 67 | - | 67 | ||||||||||
Net current-period other comprehensive (loss) income | (143) | 112 | (31) | ||||||||||
Other comprehensive income attributable to noncontrolling interest | - | (58) | (58) | ||||||||||
Ending balance | $ | (6,722) | $ | 808 | $ | (5,914) | |||||||
January 28, 2012 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (208) | $ | 446 | $ | 238 | |||||||
Other comprehensive (loss) income recognized before reclassifications | (10,494) | 308 | (10,186) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 122 | - | 122 | ||||||||||
Other | 86 | - | 86 | ||||||||||
Tax benefit | 3,915 | - | 3,915 | ||||||||||
Net current-period other comprehensive (loss) income | (6,371) | 308 | (6,063) | ||||||||||
Ending balance | $ | (6,579) | $ | 754 | $ | (5,825) | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Future Minimum Rental Payments under Non Cancelable Operating Leases | ' | ||||||||||||||||||||
Future minimum rental payments under non-cancelable operating leases at February 1, 2014 are as follows (in thousands): | |||||||||||||||||||||
Fiscal | |||||||||||||||||||||
2014 | 96,753 | ||||||||||||||||||||
2015 | 90,414 | ||||||||||||||||||||
2016 | 83,072 | ||||||||||||||||||||
2017 | 72,370 | ||||||||||||||||||||
2018 | 56,330 | ||||||||||||||||||||
Thereafter | 138,677 | ||||||||||||||||||||
Total | $ | 537,616 | |||||||||||||||||||
Amount Representing Estimated Inventory and Other Purchase Obligation | ' | ||||||||||||||||||||
Amounts representing estimated inventory and other purchase obligations used in the normal course of business as of February 1, 2014 are as follows: | |||||||||||||||||||||
Payments due by period | |||||||||||||||||||||
Less than | |||||||||||||||||||||
($ in thousands) | 1 year | 1-3 years | 3-5 years | After 5 years | Total | ||||||||||||||||
Inventory purchase obligations (1) | $ | 235,424 | $ | - | $ | - | $ | - | $ | 235,424 | |||||||||||
Other purchase obligations (2) | 23,268 | 24,709 | 17,524 | 7,707 | 73,208 | ||||||||||||||||
Total contractual cash obligations | $ | 258,692 | $ | 24,709 | $ | 17,524 | $ | 7,707 | $ | 308,632 | |||||||||||
-1 | Inventory purchase obligations include outstanding purchase orders for merchandise inventories that are enforceable and legally binding on the Company and that specify all significant terms (including fixed or minimum quantities to be purchased), fixed, minimum or variable price provisions, and the approximate timing of the transaction. | ||||||||||||||||||||
-2 | Other purchase obligations include annual commitments of approximately $8.8 million, from fiscal 2014 to the second quarter of fiscal 2019, under the operating services agreement related to a third party fulfillment center (see Note 11). Also included in other purchase obligations are commitments for information technology, professional services and fixtures and equipment. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||||
Financial Data of Each Reportable Segment | ' | ||||||||||||||||||||||||||||||||||
Summary financial data of each reportable segment were as follows for the fiscal years ended (in thousands): | |||||||||||||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||||||||||||
Net sales | $ | 1,191,498 | $ | 15,066 | $ | 22,252 | $ | 20,685 | $ | -4,932 | $ | 1,244,569 | |||||||||||||||||||||||
Operating (loss) income | $ | (137,833) | $ | 6,815 | $ | 9,715 | $ | -3,888 | $ | 93 | $ | -125,098 | |||||||||||||||||||||||
Total assets | $ | 1,728,186 | $ | 60,942 | $ | 29,256 | $ | 23,208 | $ | -1,488 | $ | 1,840,104 | |||||||||||||||||||||||
2-Feb-13 | |||||||||||||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||||||||||||
Net sales | $ | 1,232,985 | $ | 20,988 | $ | 16,893 | $ | 14,242 | $ | -9,444 | $ | 1,275,664 | |||||||||||||||||||||||
Operating income (loss) | $ | 58,726 | $ | 5,710 | $ | 7,285 | $ | -1,815 | $ | -256 | $ | 69,650 | |||||||||||||||||||||||
Total assets | $ | 1,940,737 | $ | 64,343 | $ | 29,129 | $ | 13,469 | $ | -4,465 | $ | 2,043,213 | |||||||||||||||||||||||
28-Jan-12 | |||||||||||||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||||||||||||
Net sales | $ | 1,164,163 | $ | 13,881 | $ | 10,232 | $ | 1,195 | $ | -1,183 | $ | 1,188,288 | |||||||||||||||||||||||
Operating income (loss) | $ | 55,695 | $ | -1,779 | $ | 3,397 | $ | -5,812 | $ | - | $ | 51,501 | |||||||||||||||||||||||
Total assets | $ | 2,014,343 | $ | 64,155 | $ | 28,878 | $ | 7,394 | $ | -983 | $ | 2,113,787 | |||||||||||||||||||||||
Financial Data of Each Geographical Segment | ' | ||||||||||||||||||||||||||||||||||
Summary financial data of each of our two geographical segments, United States and international were as follows for the fiscal years ended (in thousands): | |||||||||||||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||||||||||||
United States | International | ||||||||||||||||||||||||||||||||||
Net sales | $ | 1,172,490 | $ | 72,079 | |||||||||||||||||||||||||||||||
Long-lived assets | $ | 1,513,381 | $ | 55,683 | |||||||||||||||||||||||||||||||
February 2, 2013 | |||||||||||||||||||||||||||||||||||
United States | International | ||||||||||||||||||||||||||||||||||
Net sales | $ | 1,215,159 | $ | 60,505 | |||||||||||||||||||||||||||||||
Long-lived assets | $ | 1,678,790 | $ | 53,991 | |||||||||||||||||||||||||||||||
January 28, 2012 | |||||||||||||||||||||||||||||||||||
United States | International | ||||||||||||||||||||||||||||||||||
Net sales | $ | 1,138,856 | $ | 49,432 | |||||||||||||||||||||||||||||||
Long-lived assets | $ | 1,700,741 | $ | 52,264 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||
Impact of Variable Interest Entities on Condensed Consolidating Balance Sheets and Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||||
The following tables reflect the impact of the VIEs on the condensed consolidated balance sheets as of February 1, 2014 and February 2, 2013 and the condensed consolidated statements of operations for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 (in thousands): | |||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||
Balance Before | |||||||||||||||||||||||
Consolidation | As | ||||||||||||||||||||||
of VIEs | VIEs | Eliminations | Reported | ||||||||||||||||||||
Cash and cash equivalents | $ | 25,635 | $ | 13,794 | $ | - | $ | 39,429 | |||||||||||||||
Other current assets | 228,129 | 4,970 | (1,488) | 231,611 | |||||||||||||||||||
Total current assets | 253,764 | 18,764 | (1,488) | 271,040 | |||||||||||||||||||
Non-current assets | 1,564,620 | 4,444 | - | 1,569,064 | |||||||||||||||||||
Total assets | $ | 1,818,384 | $ | 23,208 | $ | (1,488) | $ | 1,840,104 | |||||||||||||||
Current liabilities | $ | 196,631 | $ | 7,490 | $ | (1,356) | $ | 202,765 | |||||||||||||||
Non-current liabilities | 1,387,828 | 370 | (1) | 1,388,197 | |||||||||||||||||||
Total liabilities | 1,584,459 | 7,860 | (1,357) | 1,590,962 | |||||||||||||||||||
Total stockholders’ equity | 233,925 | - | (131) | 233,794 | |||||||||||||||||||
Noncontrolling interest | - | 15,348 | - | 15,348 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,818,384 | $ | 23,208 | $ | -1,488 | $ | 1,840,104 | |||||||||||||||
2-Feb-13 | |||||||||||||||||||||||
Balance Before | |||||||||||||||||||||||
Consolidation | As | ||||||||||||||||||||||
of VIEs | VIEs | Eliminations | Reported | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,223 | $ | 6,105 | $ | - | $ | 33,328 | |||||||||||||||
Other current assets | 276,121 | 5,448 | (4,465) | 277,104 | |||||||||||||||||||
Total current assets | 303,344 | 11,553 | (4,465) | 310,432 | |||||||||||||||||||
Non-current assets | 1,730,865 | 1,916 | - | 1,732,781 | |||||||||||||||||||
Total assets | $ | 2,034,209 | $ | 13,469 | $ | (4,465) | $ | 2,043,213 | |||||||||||||||
Current liabilities | $ | 175,555 | $ | 9,244 | $ | (4,223) | $ | 180,576 | |||||||||||||||
Non-current liabilities | 1,420,870 | 130 | - | 1,421,000 | |||||||||||||||||||
Total liabilities | 1,596,425 | 9,374 | (4,223) | 1,601,576 | |||||||||||||||||||
Total stockholders’ equity | 437,784 | - | (242) | 437,542 | |||||||||||||||||||
Noncontrolling interest | - | 4,095 | - | 4,095 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,034,209 | $ | 13,469 | $ | (4,465) | $ | 2,043,213 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Year Ended February 1, 2014 | |||||||||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||||||||
Consolidation | Reported | ||||||||||||||||||||||
of VIEs | |||||||||||||||||||||||
Net sales | $ | 1,228,816 | $ | 20,685 | $ | (4,932) | $ | 1,244,569 | |||||||||||||||
Cost of goods sold | (762,595) | (6,517) | 557 | (768,555) | |||||||||||||||||||
Operating expenses | (587,524) | (18,056) | 4,468 | (601,112) | |||||||||||||||||||
Operating loss | (121,303) | (3,888) | 93 | (125,098) | |||||||||||||||||||
Other non-operating (expense) income | (82,954) | 247 | (2) | (82,709) | |||||||||||||||||||
Loss before income taxes | (204,257) | (3,641) | 91 | (207,807) | |||||||||||||||||||
Income tax benefit | 1,138 | 317 | 1 | 1,456 | |||||||||||||||||||
Net loss | (203,119) | (3,324) | 92 | (206,351) | |||||||||||||||||||
Net loss attributable to noncontrolling interest | - | 3,324 | - | 3,324 | |||||||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (203,119) | $ | - | $ | 92 | $ | (203,027) | |||||||||||||||
Year Ended February 2, 2013 | |||||||||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||||||||
Consolidation | Reported | ||||||||||||||||||||||
of VIEs | |||||||||||||||||||||||
Net sales | $ | 1,270,866 | $ | 14,242 | $ | (9,444) | $ | 1,275,664 | |||||||||||||||
Cost of goods sold | (791,961) | (3,585) | 1,274 | (794,272) | |||||||||||||||||||
Operating expenses | (407,184) | (12,472) | 7,914 | (411,742) | |||||||||||||||||||
Operating income (loss) | 71,721 | (1,815) | (256) | 69,650 | |||||||||||||||||||
Other non-operating (expense) income | (85,810) | 121 | - | (85,689) | |||||||||||||||||||
Loss before income taxes | (14,089) | (1,694) | (256) | (16,039) | |||||||||||||||||||
Income tax benefit (expense) | 6,503 | (867) | - | 5,636 | |||||||||||||||||||
Net loss | (7,586) | (2,561) | (256) | (10,403) | |||||||||||||||||||
Net loss attributable to noncontrolling interest | - | 2,561 | - | 2,561 | |||||||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (7,586) | $ | - | $ | (256) | $ | (7,842) | |||||||||||||||
Year Ended January 28, 2012 | |||||||||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||||||||
Consolidation | Reported | ||||||||||||||||||||||
of VIEs | |||||||||||||||||||||||
Net sales | $ | 1,188,276 | $ | 1,195 | $ | (1,183) | $ | 1,188,288 | |||||||||||||||
Cost of goods sold | (728,169) | (177) | - | (728,346) | |||||||||||||||||||
Operating expenses | (402,794) | (6,830) | 1,183 | (408,441) | |||||||||||||||||||
Operating income (loss) | 57,313 | (5,812) | - | 51,501 | |||||||||||||||||||
Other non-operating expense | (109,303) | (8) | - | (109,311) | |||||||||||||||||||
Loss before income taxes | (51,990) | (5,820) | - | (57,810) | |||||||||||||||||||
Income tax benefit (expense) | 6,645 | (19) | - | 6,626 | |||||||||||||||||||
Net loss | (45,345) | (5,839) | - | (51,184) | |||||||||||||||||||
Net loss attributable to noncontrolling interest | - | 5,839 | - | 5,839 | |||||||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (45,345) | $ | - | $ | - | $ | (45,345) | |||||||||||||||
Condensed_Guarantor_Data_Table
Condensed Guarantor Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||||||
ASSETS | The Gymboree | Guarantor | Non-guarantor | ||||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,479 | $ | 4,659 | $ | 19,291 | $ | - | $ | 39,429 | |||||||||||||||
Accounts receivable, net of allowance | 1,237 | 18,634 | 2,011 | - | 21,882 | ||||||||||||||||||||
Merchandise inventories | - | 170,126 | 5,823 | (454) | 175,495 | ||||||||||||||||||||
Prepaid income taxes | 1,659 | 284 | 36 | - | 1,979 | ||||||||||||||||||||
Prepaid expenses | 3,538 | 14,095 | 1,168 | - | 18,801 | ||||||||||||||||||||
Deferred income taxes | - | 13,303 | 918 | (767) | 13,454 | ||||||||||||||||||||
Intercompany receivable | - | 559,280 | - | (559,280) | - | ||||||||||||||||||||
Total current assets | 21,913 | 780,381 | 29,247 | (560,501) | 271,040 | ||||||||||||||||||||
Property and equipment, net | 14,288 | 182,421 | 9,599 | - | 206,308 | ||||||||||||||||||||
Goodwill | - | 721,844 | 36,933 | - | 758,777 | ||||||||||||||||||||
Other intangible assets, net | - | 558,962 | 862 | - | 559,824 | ||||||||||||||||||||
Deferred financing costs | 32,455 | - | - | - | 32,455 | ||||||||||||||||||||
Other assets | 15,139 | 2,340 | 10,920 | (16,699) | 11,700 | ||||||||||||||||||||
Investment in subsidiaries | 1,870,800 | - | - | (1,870,800) | - | ||||||||||||||||||||
Total assets | $ | 1,954,595 | $ | 2,245,948 | $ | 87,561 | $ | (2,448,000) | $ | 1,840,104 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 27,184 | $ | 73,218 | $ | 1,557 | $ | - | $ | 101,959 | |||||||||||||||
Accrued liabilities | 34,328 | 58,430 | 7,545 | - | 100,303 | ||||||||||||||||||||
Deferred income taxes | 654 | - | 113 | (767) | - | ||||||||||||||||||||
Current obligation under capital lease | - | 503 | - | - | 503 | ||||||||||||||||||||
Intercompany payable | 541,397 | - | 18,337 | (559,734) | - | ||||||||||||||||||||
Total current liabilities | 603,563 | 132,151 | 27,552 | (560,501) | 202,765 | ||||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||
Long-term debt | 1,113,742 | - | - | - | 1,113,742 | ||||||||||||||||||||
Long-term obligation under capital lease | - | 3,402 | - | - | 3,402 | ||||||||||||||||||||
Lease incentives and other liabilities | 3,496 | 48,117 | 4,976 | - | 56,589 | ||||||||||||||||||||
Deferred income taxes | - | 231,163 | - | (16,699) | 214,464 | ||||||||||||||||||||
Total liabilities | 1,720,801 | 414,833 | 32,528 | (577,200) | 1,590,962 | ||||||||||||||||||||
Total stockholders’ equity | 233,794 | 1,831,115 | 39,685 | (1,870,800) | 233,794 | ||||||||||||||||||||
Noncontrolling interest | - | - | 15,348 | - | 15,348 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,954,595 | $ | 2,245,948 | $ | 87,561 | $ | (2,448,000) | $ | 1,840,104 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||||||
ASSETS | The Gymboree | Guarantor | Non-guarantor | ||||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 18,431 | $ | 3,128 | $ | 11,769 | $ | - | $ | 33,328 | |||||||||||||||
Accounts receivable, net of allowance | 1,280 | 23,679 | 2,583 | - | 27,542 | ||||||||||||||||||||
Merchandise inventories | - | 193,003 | 4,907 | 25 | 197,935 | ||||||||||||||||||||
Prepaid income taxes | 1,821 | 682 | 400 | - | 2,903 | ||||||||||||||||||||
Prepaid expenses | 3,142 | 12,909 | 1,290 | - | 17,341 | ||||||||||||||||||||
Deferred income taxes | 15,488 | 16,528 | - | -633 | 31,383 | ||||||||||||||||||||
Intercompany receivable | - | 468,919 | - | -468,919 | - | ||||||||||||||||||||
Total current assets | 40,162 | 718,848 | 20,949 | -469,527 | 310,432 | ||||||||||||||||||||
Property and equipment, net | 15,679 | 180,021 | 9,625 | - | 205,325 | ||||||||||||||||||||
Goodwill | - | 859,166 | 39,800 | - | 898,966 | ||||||||||||||||||||
Other intangible assets, net | - | 580,492 | 149 | - | 580,641 | ||||||||||||||||||||
Deferred financing costs | 40,040 | - | - | - | 40,040 | ||||||||||||||||||||
Other assets | 15,409 | 2,061 | 7,067 | -16,728 | 7,809 | ||||||||||||||||||||
Investment in subsidiaries | 1,976,277 | - | - | -1,976,277 | - | ||||||||||||||||||||
Total assets | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | -2,462,532 | $ | 2,043,213 | |||||||||||||||
LIABILITIES AND | |||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | 14,269 | $ | 74,589 | $ | 1,275 | $ | - | $ | 90,133 | |||||||||||||||
Accrued liabilities | 35,991 | 48,446 | 6,006 | - | 90,443 | ||||||||||||||||||||
Deferred income taxes | - | - | 633 | -633 | - | ||||||||||||||||||||
Intercompany payable | 456,934 | - | 11,960 | -468,894 | - | ||||||||||||||||||||
Total current liabilities | 507,194 | 123,035 | 19,874 | -469,527 | 180,576 | ||||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||
Long-term debt | 1,138,455 | - | - | - | 1,138,455 | ||||||||||||||||||||
Lease incentives and other liabilities | 4,376 | 38,693 | 4,883 | - | 47,952 | ||||||||||||||||||||
Deferred income taxes | - | 250,427 | 894 | -16,728 | 234,593 | ||||||||||||||||||||
Total liabilities | 1,650,025 | 412,155 | 25,651 | -486,255 | 1,601,576 | ||||||||||||||||||||
Total stockholders’ equity | 437,542 | 1,928,433 | 47,844 | -1,976,277 | 437,542 | ||||||||||||||||||||
Noncontrolling interest | - | - | 4,095 | - | 4,095 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | -2,462,532 | $ | 2,043,213 | |||||||||||||||
Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Retail | $ | 1,885 | $ | 1,162,412 | $ | 62,893 | $ | (30,014) | $ | 1,197,176 | |||||||||||||||
Gymboree Play & Music | - | 10,677 | 15,008 | - | 25,685 | ||||||||||||||||||||
Retail Franchise | - | 21,708 | - | - | 21,708 | ||||||||||||||||||||
Intercompany revenue | 30,515 | 35,362 | 3,085 | (68,962) | - | ||||||||||||||||||||
Total net sales | 32,400 | 1,230,159 | 80,986 | (98,976) | 1,244,569 | ||||||||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (5,824) | (745,339) | (45,558) | 28,166 | (768,555) | ||||||||||||||||||||
Gross profit | 26,576 | 484,820 | 35,428 | (70,810) | 476,014 | ||||||||||||||||||||
Selling, general and administrative expenses | (66,445) | (411,476) | (36,808) | 70,806 | (443,923) | ||||||||||||||||||||
Goodwill and intangible asset impairment | - | (154,322) | (2,867) | - | (157,189) | ||||||||||||||||||||
Operating loss | (39,869) | (80,978) | (4,247) | (4) | (125,098) | ||||||||||||||||||||
Interest income | 63 | 35 | 89 | (1) | 186 | ||||||||||||||||||||
Interest expense | (81,405) | (153) | (1) | 1 | (81,558) | ||||||||||||||||||||
Loss on extinguishment of debt | (834) | - | - | - | (834) | ||||||||||||||||||||
Other income (expense), net | (105) | (4) | (396) | 2 | (503) | ||||||||||||||||||||
(Loss) income before income taxes | (122,150) | (81,100) | (4,555) | (2) | (207,807) | ||||||||||||||||||||
Income tax benefit (expense) | 18,346 | (19,898) | 3,008 | - | 1,456 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | (99,223) | - | - | 99,223 | - | ||||||||||||||||||||
Net loss | (203,027) | (100,998) | (1,547) | 99,221 | (206,351) | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | 3,324 | - | 3,324 | ||||||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (203,027) | $ | (100,998) | $ | 1,777 | $ | 99,221 | $ | (203,027) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Retail | $ | 1,910 | $ | 1,202,552 | $ | 60,727 | $ | (30,196) | $ | 1,234,993 | |||||||||||||||
Gymboree Play & Music | - | 18,661 | 5,280 | - | 23,941 | ||||||||||||||||||||
Retail Franchise | - | 16,730 | - | - | 16,730 | ||||||||||||||||||||
Intercompany revenue | 36,608 | 20,643 | 9,379 | (66,630) | - | ||||||||||||||||||||
Total net sales | 38,518 | 1,258,586 | 75,386 | (96,826) | 1,275,664 | ||||||||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (5,561) | (773,469) | (43,707) | 28,465 | (794,272) | ||||||||||||||||||||
Gross profit | 32,957 | 485,117 | 31,679 | (68,361) | 481,392 | ||||||||||||||||||||
Selling, general and administrative expenses | (58,547) | (393,471) | (27,929) | 68,205 | (411,742) | ||||||||||||||||||||
Operating (loss) income | (25,590) | 91,646 | 3,750 | (156) | 69,650 | ||||||||||||||||||||
Interest income | 71 | 11 | 95 | - | 177 | ||||||||||||||||||||
Interest expense | (85,640) | - | - | - | (85,640) | ||||||||||||||||||||
Loss on extinguishment of debt | (214) | - | - | - | (214) | ||||||||||||||||||||
Other income (expense), net | (77) | - | 65 | - | (12) | ||||||||||||||||||||
(Loss) income before income taxes | (111,450) | 91,657 | 3,910 | (156) | (16,039) | ||||||||||||||||||||
Income tax benefit (expense) | 45,627 | (37,896) | (2,095) | - | 5,636 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 57,981 | - | - | (57,981) | - | ||||||||||||||||||||
Net (loss) income | (7,842) | 53,761 | 1,815 | (58,137) | (10,403) | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | 2,561 | - | 2,561 | ||||||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (7,842) | $ | 53,761 | $ | 4,376 | $ | (58,137) | $ | (7,842) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Retail | $ | 1,457 | $ | 1,132,806 | $ | 52,453 | $ | (22,545) | $ | 1,164,171 | |||||||||||||||
Gymboree Play & Music | - | 13,881 | 4 | - | 13,885 | ||||||||||||||||||||
Retail Franchise | - | 10,232 | - | - | 10,232 | ||||||||||||||||||||
Intercompany revenue | 44,274 | 1,976 | 1,829 | (48,079) | - | ||||||||||||||||||||
Total net sales | 45,731 | 1,158,895 | 54,286 | (70,624) | 1,188,288 | ||||||||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (5,315) | (714,243) | (35,430) | 26,642 | (728,346) | ||||||||||||||||||||
Gross profit | 40,416 | 444,652 | 18,856 | (43,982) | 459,942 | ||||||||||||||||||||
Selling, general and administrative expenses | (49,418) | (353,894) | (20,776) | 43,947 | (380,141) | ||||||||||||||||||||
Goodwill impairment | - | (28,300) | - | - | (28,300) | ||||||||||||||||||||
Operating (loss) income | (9,002) | 62,458 | (1,920) | (35) | 51,501 | ||||||||||||||||||||
Interest income | 54 | 26 | 88 | - | 168 | ||||||||||||||||||||
Interest expense | (89,807) | - | - | - | (89,807) | ||||||||||||||||||||
Loss on extinguishment of debt | (19,563) | - | - | - | (19,563) | ||||||||||||||||||||
Other (expense) income, net | (92) | (2) | (15) | - | (109) | ||||||||||||||||||||
(Loss) income before income taxes | (118,410) | 62,482 | (1,847) | (35) | (57,810) | ||||||||||||||||||||
Income tax benefit (expense) | 46,122 | (36,941) | (2,555) | - | 6,626 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 26,943 | - | - | (26,943) | - | ||||||||||||||||||||
Net (loss) income | (45,345) | 25,541 | (4,402) | (26,978) | (51,184) | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | - | - | 5,839 | - | 5,839 | ||||||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (45,345) | $ | 25,541 | $ | 1,437 | $ | (26,978) | $ | (45,345) | |||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net loss | $ | (203,027) | $ | (100,998) | $ | (1,547) | $ | 99,221 | $ | (206,351) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Foreign currency translation adjustments | (185) | - | 83 | 128 | 26 | ||||||||||||||||||||
Unrealized net gain on cash flow hedges, net of tax benefit of $0 | 1,219 | - | 449 | (449) | 1,219 | ||||||||||||||||||||
Total other comprehensive income, net of tax | 1,034 | - | 532 | (321) | 1,245 | ||||||||||||||||||||
Comprehensive loss | (201,993) | (100,998) | (1,015) | 98,900 | (205,106) | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | - | - | 3,113 | - | 3,113 | ||||||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (201,993) | $ | (100,998) | $ | 2,098 | $ | 98,900 | $ | (201,993) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net (loss) income | $ | (7,842) | $ | 53,761 | $ | 1,815 | $ | (58,137) | $ | (10,403) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Foreign currency translation adjustments | 54 | - | 88 | (30) | 112 | ||||||||||||||||||||
Unrealized net loss on cash flow hedges, net of tax benefit of $67 | (143) | - | (74) | 74 | (143) | ||||||||||||||||||||
Total other comprehensive (loss) income, net of tax | (89) | - | 14 | 44 | (31) | ||||||||||||||||||||
Comprehensive (loss) income | (7,931) | 53,761 | 1,829 | (58,093) | (10,434) | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | - | - | 2,503 | - | 2,503 | ||||||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (7,931) | $ | 53,761 | $ | 4,332 | $ | (58,093) | $ | (7,931) | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net (loss) income | $ | (45,345) | $ | 25,541 | $ | (4,402) | $ | (26,978) | $ | (51,184) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Foreign currency translation adjustments | 308 | - | 346 | (346) | 308 | ||||||||||||||||||||
Unrealized net (loss) gain on cash flow hedges, net of tax benefit of $3,915 | (6,371) | - | 118 | (118) | (6,371) | ||||||||||||||||||||
Total other comprehensive (loss) income, net of tax | (6,063) | - | 464 | (464) | (6,063) | ||||||||||||||||||||
Comprehensive (loss) income | (51,408) | 25,541 | (3,938) | (27,442) | (57,247) | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | - | - | 5,839 | - | 5,839 | ||||||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (51,408) | $ | 25,541 | $ | 1,901 | $ | (27,442) | $ | (51,408) | |||||||||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (59,970) | $ | 134,236 | $ | 605 | $ | - | $ | 74,871 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | (3,187) | (45,263) | (4,182) | - | (52,632) | ||||||||||||||||||||
Dividend from subsidiary | 2,500 | - | - | (2,500) | - | ||||||||||||||||||||
Intercompany transfers | - | (84,681) | - | 84,681 | - | ||||||||||||||||||||
Other | - | (65) | (429) | - | (494) | ||||||||||||||||||||
Net cash used in investing activities | (687) | (130,009) | (4,611) | 82,181 | (53,126) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | 90,029 | - | (5,348) | (84,681) | - | ||||||||||||||||||||
Proceeds from ABL facility | 123,000 | - | - | - | 123,000 | ||||||||||||||||||||
Payments on ABL facility | (123,000) | - | - | - | (123,000) | ||||||||||||||||||||
Repurchase of notes | (24,760) | - | - | - | (24,760) | ||||||||||||||||||||
Payments on capital lease | - | (196) | - | - | (196) | ||||||||||||||||||||
Dividend to The Gymboree Corporation | - | (2,500) | - | 2,500 | - | ||||||||||||||||||||
Dividend payment to parent | (7,564) | - | - | - | (7,564) | ||||||||||||||||||||
Capital contribution received by noncontrolling interest | - | - | 15,886 | - | 15,886 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 57,705 | (2,696) | 10,538 | (82,181) | (16,634) | ||||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | - | - | 990 | - | 990 | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2,952) | 1,531 | 7,522 | - | 6,101 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||||||
Beginning of Period | 18,431 | 3,128 | 11,769 | - | 33,328 | ||||||||||||||||||||
End of Period | $ | 15,479 | $ | 4,659 | $ | 19,291 | $ | - | $ | 39,429 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (31,000) | $ | 100,856 | $ | 3,938 | $ | - | $ | 73,794 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | (2,723) | (41,154) | (3,974) | - | (47,851) | ||||||||||||||||||||
Dividend from subsidiary | 10,042 | - | - | (10,042) | - | ||||||||||||||||||||
Investment in subsidiaries | (180) | - | - | 180 | - | ||||||||||||||||||||
Intercompany transfers | - | (56,754) | - | 56,754 | - | ||||||||||||||||||||
Other | - | (207) | (635) | - | (842) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | 7,139 | (98,115) | (4,609) | 46,892 | (48,693) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | 54,910 | - | 1,844 | (56,754) | - | ||||||||||||||||||||
Payments on Term Loan | (42,698) | - | - | - | (42,698) | ||||||||||||||||||||
Dividend to The Gymboree Corporation | - | (6,000) | (4,042) | 10,042 | - | ||||||||||||||||||||
Repurchase of Notes | (26,613) | - | - | - | (26,613) | ||||||||||||||||||||
Proceeds from ABL Facility | 14,000 | - | - | - | 14,000 | ||||||||||||||||||||
Payments on ABL Facility | (14,000) | - | - | - | (14,000) | ||||||||||||||||||||
Payments of deferred financing costs | (1,344) | - | - | - | (1,344) | ||||||||||||||||||||
Investment by Parent | - | - | 180 | (180) | - | ||||||||||||||||||||
Dividend Payment to Parent | (3,273) | - | - | - | (3,273) | ||||||||||||||||||||
Capital contribution received by noncontrolling interest | - | - | 1,602 | - | 1,602 | ||||||||||||||||||||
Investment by affiliate of Parent | 2,400 | - | - | - | 2,400 | ||||||||||||||||||||
Net cash used in financing activities | (16,618) | (6,000) | (416) | (46,892) | (69,926) | ||||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | - | - | 243 | - | 243 | ||||||||||||||||||||
Net decrease in cash and cash equivalents | (40,479) | (3,259) | (844) | - | (44,582) | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||||||
Beginning of Period | 58,910 | 6,387 | 12,613 | - | 77,910 | ||||||||||||||||||||
End of Period | $ | 18,431 | $ | 3,128 | $ | 11,769 | $ | - | $ | 33,328 | |||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (19,793) | $ | 107,443 | $ | 3,895 | $ | - | $ | 91,545 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | (3,400) | (30,259) | (2,906) | - | (36,565) | ||||||||||||||||||||
Acquisition of business, net of cash acquired | (1,352) | - | - | - | (1,352) | ||||||||||||||||||||
Investment in subsidiaries | (110) | - | - | 110 | - | ||||||||||||||||||||
Intercompany transfers | - | (77,060) | - | 77,060 | - | ||||||||||||||||||||
Other | 4 | (267) | (32) | - | (295) | ||||||||||||||||||||
Net cash used in investing activities | (4,858) | (107,586) | (2,938) | 77,170 | (38,212) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | 76,604 | - | 456 | (77,060) | - | ||||||||||||||||||||
Proceeds from Term Loan | 820,000 | - | - | 820,000 | |||||||||||||||||||||
Payments on Term Loan | (828,200) | - | - | - | (828,200) | ||||||||||||||||||||
Proceeds from ABL Facility | 60,656 | - | - | 60,656 | |||||||||||||||||||||
Payments on ABL Facility | (60,656) | - | - | (60,656) | |||||||||||||||||||||
Payments of deferred financing costs | (6,665) | - | - | - | (6,665) | ||||||||||||||||||||
Investment by Parent | 14,865 | - | 110 | (110) | 14,865 | ||||||||||||||||||||
Dividend Payment to Parent | (12,200) | - | - | (12,200) | |||||||||||||||||||||
Capital contribution received by noncontrolling interest | - | - | 4,477 | - | 4,477 | ||||||||||||||||||||
Net cash provided by financing activities | 64,404 | - | 5,043 | (77,170) | (7,723) | ||||||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | - | - | 176 | - | 176 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 39,753 | (143) | 6,176 | - | 45,786 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||||||
Beginning of Period | 19,157 | 6,530 | 6,437 | - | 32,124 | ||||||||||||||||||||
End of Period | $ | 58,910 | $ | 6,387 | $ | 12,613 | $ | - | $ | 77,910 | |||||||||||||||
Intercompany Transfers of Guarantor Subsidiaries Previously Presented as Financing Activities Classified as Investing Activities | ' | ||||||||||||||||||||||||
The classification of these intercompany transfers has been corrected in the above condensed consolidating statements of cash flows for the years ended February 2, 2013 and January 28, 2012 to be presented within investing activities. This correction has no impact on the consolidated statement of cash flows for the years ended February 2, 2013 and January 28, 2012. The effect is summarized as follows: | |||||||||||||||||||||||||
Year Ended February 2, 2013 | |||||||||||||||||||||||||
Guarantor | Guarantor | Eliminations | Eliminations | ||||||||||||||||||||||
Subsidiaries | Subsidiaries | (As Previously | (As Corrected) | ||||||||||||||||||||||
(As Previously | (As Corrected) | Reported) | |||||||||||||||||||||||
Reported) | |||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | $ | - | $ | (56,754) | $ | - | $ | 56,754 | |||||||||||||||||
Net cash provided by (used in) investing activities | (41,361) | (98,115) | (9,862) | 46,892 | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | (56,754) | - | - | (56,754) | |||||||||||||||||||||
Net cash used in financing activities | (62,754) | (6,000) | 9,862 | (46,892) | |||||||||||||||||||||
Year Ended January 28, 2012 | |||||||||||||||||||||||||
Guarantor | Guarantor | Eliminations | Eliminations | ||||||||||||||||||||||
Subsidiaries | Subsidiaries | (As Previously | (As Corrected) | ||||||||||||||||||||||
(As Previously | (As Corrected) | Reported) | |||||||||||||||||||||||
Reported) | |||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | $ | - | $ | (77,060) | $ | - | $ | 77,060 | |||||||||||||||||
Net cash used in investing activities | (30,526) | (107,586) | 110 | 77,170 | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany transfers | (77,060) | - | - | (77,060) | |||||||||||||||||||||
Net cash provided by financing activities | (77,060) | - | (110) | (77,170) |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
The quarterly financial information presented below is derived from the Consolidated Statements of Operations (in thousands). In the fourth quarter of fiscal 2013, we recorded non-cash charges related to goodwill impairment of $140.2 million and trade name impairment of $17.0 million (see Note 3). The results of operations in the fourth quarter of fiscal 2013 include income tax expense of $6.9 million resulting from the increase of the valuation allowance against deferred tax assets. | |||||||||||||||||||||
Fiscal 2013 Quarter Ended | |||||||||||||||||||||
May 4, | August 3, | November 2, | February 1, | 2013 | |||||||||||||||||
2013 | 2013 | 2013 | 2014 | Total | |||||||||||||||||
Net sales | |||||||||||||||||||||
Retail | $ | 280,877 | $ | 278,944 | $ | 297,352 | $ | 340,003 | $ | 1,197,176 | |||||||||||
Gymboree Play & Music | 6,328 | 6,260 | 6,821 | 6,276 | 25,685 | ||||||||||||||||
Retail Franchise | 5,578 | 5,712 | 5,665 | 4,753 | 21,708 | ||||||||||||||||
Total net sales | 292,783 | 290,916 | 309,838 | 351,032 | 1,244,569 | ||||||||||||||||
Gross profit | 120,973 | 107,086 | 123,468 | 124,487 | 476,014 | ||||||||||||||||
Goodwill and intangible asset impairment | - | - | - | (157,189) | (157,189) | ||||||||||||||||
Operating income (loss) | 16,844 | 5,063 | 12,269 | (159,274) | (125,098) | ||||||||||||||||
Net loss | (2,848) | (9,325) | (24,398) | (169,780) | (206,351) | ||||||||||||||||
Net loss attributable to The Gymboree Corporation | (2,536) | (9,350) | (23,985) | (167,156) | (203,027) | ||||||||||||||||
Fiscal 2012 Quarter Ended | |||||||||||||||||||||
April 28, | July 28, | October 27, | February 2, | 2012 | |||||||||||||||||
2012 | 2012 | 2012 | 2013 | Total | |||||||||||||||||
Net sales | |||||||||||||||||||||
Retail | $ | 288,116 | $ | 259,114 | $ | 299,965 | $ | 387,798 | $ | 1,234,993 | |||||||||||
Gymboree Play & Music | 5,792 | 5,799 | 6,390 | 5,960 | 23,941 | ||||||||||||||||
Retail Franchise | 3,843 | 3,839 | 5,163 | 3,885 | 16,730 | ||||||||||||||||
Total net sales | 297,751 | 268,752 | 311,518 | 397,643 | 1,275,664 | ||||||||||||||||
Gross profit | 121,824 | 89,188 | 125,603 | 144,777 | 481,392 | ||||||||||||||||
Operating income (loss) | 30,085 | (6,407) | 26,587 | 19,385 | 69,650 | ||||||||||||||||
Net income (loss) | 4,170 | (14,066) | 4,910 | (5,417) | (10,403) | ||||||||||||||||
Net income (loss) attributable to The Gymboree Corporation | 4,996 | (13,268) | 6,121 | (5,691) | (7,842) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Nov. 30, 2011 | Nov. 30, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2013 | Dec. 31, 2011 | Jan. 29, 2011 | 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. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 01, 2014 | Dec. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Nov. 30, 2011 | Nov. 30, 2011 | |
Store | Minimum | Maximum | Co Branded Credit Card Agreements | Co Branded Credit Card Agreements | Co Branded Credit Card Agreements | Other Income | Other Income | Other Income | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Healthcare | Healthcare | Leasehold Improvements | Leasehold Improvements | Computer Software | Computer Software | Common Class A | Common Class L | Common Class C | California | The Gymboree Corporation | The Gymboree Corporation | The Gymboree Corporation | The Gymboree Corporation | Parent Child Developmental Play Programs under the Gymboree Play & Music brand | Parent Child Developmental Play Programs under the Gymboree Play & Music brand | Online Stores | Gymboree Stores | Gymboree Stores | Gymboree Stores | Gymboree Stores | Gymboree Stores | Gymboree Stores | Gymboree Stores | Gymboree Outlet Stores | Gymboree Outlet Stores | Gymboree Outlet Stores | Janie And Jack Shops | Crazy 8 Stores | Crazy 8 Stores | Subsidiaries | Giraffe Intermediate-B Incorporated | Giraffe Intermediate-A Incorporated | ||||||||
Retail Stores | Retail Stores | Retail Stores | Minimum | Maximum | Minimum | Maximum | Common Class A | Common Class L | UNITED STATES | Other Countries | Store | Store | UNITED STATES | Middle East South Korea Latin america And China | CHINA | CANADA | PUERTO RICO | AUSTRALIA | Store | UNITED STATES | PUERTO RICO | Store | Store | Middle East [Member] | ||||||||||||||||||||||||||||
Store | Store | Store | Store | Store | Store | Store | Store | Store | Store | Store | ||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail stores | ' | ' | 1,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 626 | 576 | 68 | 17 | 43 | 1 | 6 | 167 | 165 | 2 | 140 | 390 | 3 | ' | ' | ' |
Number of franchise and Company-operated centers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 708 | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, date | ' | 23-Nov-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Ownership in Subsidiaries | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Contribution, exchange and subscription agreement, shares issued | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,600,007 | 11,622,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash contributed from Company's balance sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,600,007 | 11,622,223 | 1,220,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in Gymboree China | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of cash dividend declared and distributed | 12,200,000 | ' | 7,564,000 | 3,273,000 | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | 12,200,000 |
Cash equivalents maturity period | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risks, inventory purchases | ' | ' | 66.00% | 72.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of assets | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '13 years | ' | ' | ' | ' | ' | '39 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | ' | ' | 6,565,000 | 8,562,000 | 7,316,000 | 6,565,000 | ' | 7,324,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Workers' compensation liability | ' | ' | 5,100,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Online customers, merchandise shipment period | ' | ' | ' | ' | ' | ' | ' | ' | '3 days | '6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unredeemed gift cards recognition period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from unredeemed gift card and merchandise credit balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 1,600,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loyalty program, earned liability | ' | ' | 1,400,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,600,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,900,000 | 33,400,000 | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected sales realization cycle | ' | ' | ' | ' | ' | ' | ' | ' | '28 days | '42 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred direct response costs | ' | ' | 500,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | ' | ' | $20,500,000 | $20,800,000 | $18,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Activity_in_Sales_R
Summary of Activity in Sales Return Reserve (Detail) (Allowance for Sales Returns, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Allowance for Sales Returns | ' | ' | ' |
Revenue Recognition, Allowances [Line Items] | ' | ' | ' |
Balance, beginning of period | $2,508 | $2,363 | $2,224 |
Provision for sales return | 28,154 | 28,976 | 30,804 |
Actual sales returns | -29,228 | -28,831 | -30,665 |
Balance, end of period | $1,434 | $2,508 | $2,363 |
Investment_by_Parent_Additiona
Investment by Parent - Additional Information (Detail) (USD $) | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Feb. 28, 2011 |
Investment Funds | ' |
Investment [Line Items] | ' |
Number of shares issued, value | $2.10 |
Common Class A | Investment Funds | ' |
Investment [Line Items] | ' |
Number of shares issued, shares | 419,231 |
Common Class L | Investment Funds | ' |
Investment [Line Items] | ' |
Number of shares issued, shares | 46,581 |
Management | ' |
Investment [Line Items] | ' |
Number of shares issued, value | 7.9 |
Management | Common Class A | ' |
Investment [Line Items] | ' |
Number of shares issued, shares | 1,580,769 |
Management | Common Class L | ' |
Investment [Line Items] | ' |
Number of shares issued, shares | 175,641 |
Unrelated party | ' |
Investment [Line Items] | ' |
Number of shares issued, value | $5 |
Unrelated party | Common Class A | ' |
Investment [Line Items] | ' |
Number of shares issued, shares | 1,000,000 |
Unrelated party | Common Class L | ' |
Investment [Line Items] | ' |
Number of shares issued, shares | 111,111 |
Goodwill_Allocated_to_Reportab
Goodwill Allocated to Reportable Segments (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | $927,266 | $927,266 | $927,397 |
Accumulated impairment losses | -168,489 | -28,300 | -28,300 |
Goodwill | 758,777 | 898,966 | 899,097 |
Retail Stores | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 887,241 | 887,241 | 887,372 |
Accumulated impairment losses | -168,489 | -28,300 | -28,300 |
Goodwill | 718,752 | 858,941 | 859,072 |
Gymboree Play & Music | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 16,389 | 16,389 | 16,389 |
Goodwill | 16,389 | 16,389 | 16,389 |
International Retail Franchise | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill gross | 23,636 | 23,636 | 23,636 |
Goodwill | $23,636 | $23,636 | $23,636 |
Goodwill_Impairment_and_Other_
Goodwill Impairment and Other Changes in Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Goodwill [Line Items] | ' | ' | ' | ' |
Fiscal 2012 - Other | ' | ' | ($131) | ' |
Fiscal 2011 & 2013 - Impairment losses | -140,189 | -140,189 | 0 | -28,300 |
Retail Stores | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Fiscal 2012 - Other | ' | ' | -131 | ' |
Fiscal 2011 & 2013 - Impairment losses | ' | -140,189 | ' | -28,300 |
Gymboree Play & Music | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Fiscal 2012 - Other | ' | ' | 0 | ' |
Fiscal 2011 & 2013 - Impairment losses | ' | 0 | ' | 0 |
International Retail Franchise | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Fiscal 2012 - Other | ' | ' | 0 | ' |
Fiscal 2011 & 2013 - Impairment losses | ' | $0 | ' | $0 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets and Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 02, 2013 |
Janie And Jack Shops | Crazy 8 Stores | Gymboree Stores | Gymboree Outlet Stores | Gymboree Outlet Stores | Trade names | Trade names | Minimum | Maximum | Retail Stores | Retail Stores | Retail Stores | Retail Stores | Retail Stores | Retail Stores | Gymboree Play & Music | Gymboree Play & Music | Gymboree Play & Music | International Retail Franchise | International Retail Franchise | International Retail Franchise | |||||
international geographical segment | international geographical segment | international geographical segment | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $758,777 | $758,777 | $898,966 | $899,097 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $718,752 | $859,072 | $858,941 | $36,900 | $39,800 | $39,800 | $16,389 | $16,389 | $16,389 | $23,636 | $23,636 | $23,636 |
Percentage of excess fair value over carrying value | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | 20.00% | ' | ' |
Discount rate used in income approach | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 15.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment for goodwill | 140,189 | 140,189 | 0 | 28,300 | ' | 85,300 | 38,800 | 16,100 | 28,300 | ' | ' | ' | ' | 140,189 | 28,300 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Trade names impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,000 | $17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | Trade names | Trade names | Customer relationships | Customer relationships | Below Market Leases | Below Market Leases | Co-branded credit card agreement | Co-branded credit card agreement | Franchise agreements and reacquired franchise rights | Franchise agreements and reacquired franchise rights | ||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization, beginning balance | ' | ' | ' | $567,494 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 605,732 | 621,549 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses | ' | ' | -17,000 | -17,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization, ending balance | ' | ' | 550,494 | 550,494 | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets subject to amortization, gross carrying amount | 55,238 | 54,055 | ' | ' | 37,551 | 36,400 | 7,055 | 7,055 | 4,000 | 4,000 | 6,632 | 6,600 |
Accumulated Amortization | -45,908 | -40,908 | ' | ' | -36,803 | -34,525 | -4,195 | -3,037 | -1,958 | -1,342 | -2,952 | -2,004 |
Intangible assets subject to amortization, net amount | 9,330 | 13,147 | ' | ' | 748 | 1,875 | 2,860 | 4,018 | 2,042 | 2,658 | 3,680 | 4,596 |
Net Amount | $559,824 | $580,641 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Liabilities_Detail
Intangible Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Liabilities [Line Items] | ' | ' |
Gross carrying amount | ($16,631) | ($16,631) |
Accumulated amount | 9,999 | 7,382 |
Net amount | ($6,632) | ($9,249) |
Useful_Lives_of_Intangible_Ass
Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Feb. 01, 2014 | |
Trade names | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life | 'Indefinite |
Selling, General and Administrative Expenses | Customer relationships | Maximum | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '2 years 3 months 18 days |
Selling, General and Administrative Expenses | Customer relationships | Minimum | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '2 years |
Selling, General and Administrative Expenses | Co-branded credit card agreement | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '6 years 6 months |
Selling, General and Administrative Expenses | International Retail Franchise | Franchise Agreements | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '6 years |
Selling, General and Administrative Expenses | Gymboree Play & Music | Franchise Agreements | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '14 years |
Selling, General and Administrative Expenses | Gymboree Play & Music | Reacquired franchise rights | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life, period | 'Remaining contractual term |
Cost of Sales | Below Market Leases | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life, period | 'Remaining lease term |
Cost of Sales | Above Market Leases | ' |
Intangible Assets [Line Items] | ' |
Intangible assets, useful life, period | 'Remaining lease term |
Net_Amortization_Expense_or_In
Net Amortization Expense or Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cost of Sales | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense (Income) | $1,446 | $1,868 | $2,090 |
Selling, General and Administrative Expenses | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense (Income) | ($3,842) | ($17,360) | ($17,500) |
Estimated_Amortization_Expense
Estimated Amortization Expense Income Related to Intangible Assets and Liabilities (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | $1,153 |
2015 | 987 |
2016 | 455 |
2017 | -342 |
2018 | -218 |
Thereafter | 663 |
Below Market Leases | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | 1,059 |
2015 | 835 |
2016 | 483 |
2017 | 342 |
2018 | 110 |
Thereafter | 31 |
Above Market Leases | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | -2,023 |
2015 | -1,579 |
2016 | -1,428 |
2017 | -1,016 |
2018 | -464 |
Thereafter | -122 |
Other Intangibles | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | 2,117 |
2015 | 1,731 |
2016 | 1,400 |
2017 | 332 |
2018 | 136 |
Thereafter | $754 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Nov. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 28, 2012 | Feb. 28, 2012 | Dec. 31, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | |
Contract | Contract | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Interest rate derivatives | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Derivatives Not Designated As Cash Flow Hedges | Derivatives Not Designated As Cash Flow Hedges | |||
Forward foreign exchange contracts | Forward foreign exchange contracts | Forward foreign exchange contracts | Previously Reported | Previously Reported | Foreign exchange derivatives | Foreign exchange derivatives | |||||||||
Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | Forward foreign exchange contracts | Purchased Caps | |||||||||||
Cost of Goods Sold | Interest Expense | ||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward exchange contracts term | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate caps, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Dec-16 | ' | ' | ' | ' | ' |
Payment for interest rate caps hedging | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,100,000 | ' | ' | ' | ' | ' |
Reclassified from other comprehensive loss to interest expense | ' | 81,558,000 | 85,640,000 | 89,807,000 | ' | ' | ' | ' | ' | ' | 1,100,000 | 300,000 | 100,000 | ' | ' |
Reclassified from accumulated other comprehensive loss to interest expense within the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' |
Number of forward foreign exchange contract not designated as a hedge | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward foreign exchange contract not designated as a hedge, notional amount | ' | 705,029,000 | 706,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | 1,000,000 |
Amount of Gain / (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | 350,000 | -429,000 | -10,494,000 | 715,000 | -33,000 | 173,000 | -45,000 | -97,000 | ' | ' | ' | ' | ' | ' |
Amount of Gain / (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | ($869,000) | ($219,000) | ($122,000) | $266,000 | $81,000 | ($71,000) | ($80,000) | ' | ' | ' | ' | ' | ' | ' |
Outstanding_Derivatives_Design
Outstanding Derivatives Designated as Cash Flow Hedges (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | Derivative | Derivative |
Derivative [Line Items] | ' | ' |
Number of Instruments | 10 | 10 |
Notional | $705,029 | $706,377 |
Derivatives Designated As Cash Flow Hedges | Interest rate derivatives | Purchased Caps | ' | ' |
Derivative [Line Items] | ' | ' |
Number of Instruments | 4 | 4 |
Notional | 700,000 | 700,000 |
Derivatives Designated As Cash Flow Hedges | Foreign exchange derivatives | Forward foreign exchange contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Number of Instruments | 6 | 6 |
Notional | $5,029 | $6,377 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $947 | $964 |
Derivative Liabilities | ' | 18 |
Interest rate derivatives | Purchased Caps | Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 599 | 964 |
Foreign exchange derivatives | Forward foreign exchange contracts | Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 348 | ' |
Foreign exchange derivatives | Forward foreign exchange contracts | Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | $18 |
Effect_of_Derivative_Financial
Effect of Derivative Financial Instruments on Condensed Consolidated Statements 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 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains/ (Losses) Recognized in OCI on Derivative (Effective Portion) | $350 | ($429) | ($10,494) |
Gain / (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -869 | -219 | -122 |
Interest rate derivatives | Interest Rate Caps | Interest Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains/ (Losses) Recognized in OCI on Derivative (Effective Portion) | -365 | -396 | -10,667 |
Gain / (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1,135 | -300 | -51 |
Foreign exchange derivatives | Forward foreign exchange contracts | Cost of Goods Sold | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains/ (Losses) Recognized in OCI on Derivative (Effective Portion) | 715 | -33 | 173 |
Gain / (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $266 | $81 | ($71) |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | $15,518 | $18,261 |
Interest Rate Caps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 599 | 964 |
Forward foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 348 | ' |
Forward foreign exchange contracts | ' | 18 |
Money Market Funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 14,571 | 17,297 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 14,571 | 17,297 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Money Market Funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 14,571 | 17,297 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 947 | 964 |
Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 599 | 964 |
Significant Other Observable Inputs (Level 2) | Forward foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Fair Value | 348 | ' |
Forward foreign exchange contracts | ' | $18 |
Estimated_Fair_Value_of_LongTe
Estimated Fair Value of Long-Term Debt (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Amount | $1,113,742 | $1,138,455 |
Fair Value | 1,000,997 | 1,098,614 |
Term Loan | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Amount | 767,742 | 767,455 |
Fair Value | 692,192 | 749,874 |
Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Amount | 346,000 | 371,000 |
Fair Value | $308,805 | $348,740 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Gymboree Outlet Stores | Gymboree Outlet Stores | Abandoned Assets | Trade names | Trade names | Under-Performing Stores | Under-Performing Stores | Under-Performing Stores | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long lived assets, Impairment | ' | ' | ' | ' | ' | ' | ' | $17,000,000 | $17,000,000 | ' | ' | ' |
Impairment for goodwill | 140,189,000 | 140,189,000 | 0 | 28,300,000 | 16,100,000 | 28,300,000 | ' | ' | ' | ' | ' | ' |
Long lived assets, Impairment | ' | ' | ' | ' | ' | ' | $3,100,000 | ' | ' | $7,600,000 | $1,900,000 | $3,700,000 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Store operating expenses and other corporate expenses | $48,251 | $41,654 |
Accrued interest | 9,897 | 10,307 |
Employee compensation | 13,757 | 12,091 |
Unredeemed gift cards, gift certificates, merchandise credits and customer deposits | 26,753 | 22,852 |
Sales taxes | 1,645 | 3,539 |
Total | $100,303 | $90,443 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2012 | Feb. 01, 2014 | Feb. 02, 2013 |
Commercial and Standby Letters of Credit | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, outstanding | ' | $31.20 | ' |
Senior Secured Asset Based Revolving Credit Facility | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Write off of deferred financing costs | 1.2 | ' | 1.2 |
Line of credit, borrowing capacity | ' | 225 | ' |
Line of credit, outstanding | ' | 0 | ' |
Line of credit, available balance | ' | 127.6 | ' |
Line of credit, average borrowing | ' | 4.3 | 0.1 |
Line of credit, Principal amounts outstanding due date | ' | '2017-03 | ' |
Senior Secured Asset Based Revolving Credit Facility | Federal Funds Effective Rate | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, interest rate | ' | 0.50% | ' |
Senior Secured Asset Based Revolving Credit Facility | One Month Adjusted London Interbank Offered Rate | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, interest rate | ' | 1.00% | ' |
Senior Secured Asset Based Revolving Credit Facility | Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, additional commitments | ' | $125 | ' |
Senior Secured Asset Based Revolving Credit Facility | After Amendment | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, commitment fee | ' | 0.38% | ' |
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 | $1,113,742 | $1,138,455 |
Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 767,742 | 767,455 |
Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $346,000 | $371,000 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior secured term loan facility, discount | $1,360 | $1,647 |
Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes, interest rate | 9.13% | 9.13% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 28, 2011 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Nov. 02, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | Feb. 02, 2013 | |
Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Notes | Notes | Notes | Notes | Notes | Notes | ||||
Interest Rate Floor | Additional Marginal Rate | Additional Rate on Term Loan | Bank Term Loan | Voluntary Prepayment | Maximum | Change in Control of Company | Minimum | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, amount | ' | ' | ' | ' | ' | ' | $820,000,000 | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | $400,000,000 | ' | ' |
Long-term debt, due date | ' | ' | ' | ' | ' | ' | '2018-02 | ' | ' | ' | ' | ' | ' | ' | '2018-12 | ' | '2018-12 | ' | ' |
Long-term debt, allowed additional tranches of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' |
Long-term debt, interest rate above basis rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
London interbank offering rate floor | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, payment percentage | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, voluntary prepaid with a certain percentage of excess cash flow | ' | ' | ' | ' | 15,600,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' |
Payments on Term Loan | ' | 42,698,000 | 828,200,000 | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | -834,000 | -214,000 | -19,563,000 | ' | ' | -19,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, loss on extinguishment of debt, write-off of deferred financing costs | ' | ' | ' | 14,100,000 | ' | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,400,000 | 1,000,000 | 1,400,000 | ' | ' |
Long-term debt, loss on extinguishment of debt, write-off of original issue discount | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.13% | 9.13% | 9.13% | ' | ' |
Long-term debt, redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 101.00% | ' |
Long-term debt, redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-14 |
Aggregate principal amount of Notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 29,000,000 | ' | ' | ' | ' |
Payments on Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,800,000 | 26,600,000 | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 2,400,000 | ' | ' | ' | ' |
Termination loans, description | ' | '(A) the sale, exchange, disposition or transfer (by merger or otherwise) of (x) the capital stock of the guarantor providing the applicable guarantee, if after such sale, exchange, disposition or transfer such guarantor is no longer a subsidiary of The Gymboree Corporation, or (y) all or substantially all of the assets of such guarantor, (B) the release or discharge of the guarantee by such guarantor of the other indebtedness which resulted in the creation of the subsidiary guarantee by such guarantor under the Indenture, (C) the designation of such guarantor as an bunrestricted subsidiaryb under the Indenture or (D) the legal defeasance, covenant defeasance or satisfaction and discharge of the Indenture, in each such case specified in clauses (A) through (D) above in accordance with the requirements therefore set forth in the Indenture. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, Interest expense | 81,558,000 | 85,640,000 | 89,807,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt interest expense, amortization of deferred financing costs and accretion of OID | 6,798,000 | 6,902,000 | 6,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan facility, discount | ' | ' | ' | ' | $1,647,000 | ' | $1,360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled_Future_Minimum_Princ
Scheduled Future Minimum Principal Payments on Long Term Debt (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' |
Principal payments in 2014 | ' |
Principal payments in 2015 | ' |
Principal payments in 2016 | ' |
Principal payments in 2017 | 6,502 |
Principal payments in 2018 | 1,108,600 |
Total | $1,115,102 |
Deferred_Financing_Costs_Addit
Deferred Financing Costs - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 30, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Mar. 31, 2012 | Feb. 02, 2013 | Feb. 28, 2011 | Jan. 28, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 |
Senior Secured Asset Based Revolving Credit Facility | Senior Secured Asset Based Revolving Credit Facility | Term Loan | Term Loan | Notes | Notes | Notes | Notes | |||||
Debt Issuance Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred financing costs | ' | ' | ' | ' | $1.20 | $1.20 | $14.10 | $14.10 | $1 | $1.40 | $1 | $1.40 |
Deferred financing costs | 63.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, amortization period | ' | '6 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, weighted-average remaining amortization period | '4 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, amortization expense | ' | $6.50 | $6.50 | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated_Amortization_Expense1
Estimated Amortization Expense (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized and Other Assets Disclosure [Line Items] | ' | ' |
2014 | $6,833 | ' |
2015 | 7,269 | ' |
2016 | 7,741 | ' |
2017 | 7,269 | ' |
2018 | 3,343 | ' |
Total | $32,455 | $40,040 |
Lease_Incentives_and_Other_Def2
Lease Incentives and Other Deferred Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Lease Liability Activity [Line Items] | ' | ' |
Above market leases | $6,632 | $9,249 |
Deferred rent | 15,583 | 11,269 |
Lease allowances | 24,673 | 18,059 |
Other | 3,544 | 1,527 |
Total | $50,432 | $40,104 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | Feb. 01, 2014 |
Capital Leased Assets [Line Items] | ' |
Capital leased asset | $4,102,000 |
Asset retirement obligation | 2,000,000 |
Lease Agreements | ' |
Capital Leased Assets [Line Items] | ' |
Capital leased asset | $8,800,000 |
Assets_under_Capital_Lease_Det
Assets under Capital Lease (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Capital Leased Assets [Line Items] | ' |
Total assets under capital lease | $4,102 |
Less: Accumulated amortization | -297 |
Net assets under capital lease | 3,805 |
Leasehold Improvements | ' |
Capital Leased Assets [Line Items] | ' |
Total assets under capital lease | 1,776 |
Furniture, Fixtures and Equipment | ' |
Capital Leased Assets [Line Items] | ' |
Total assets under capital lease | $2,326 |
Future_Minimum_Obligations_und
Future Minimum Obligations under Capital Leases (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Capital Lease Obligations [Line Items] | ' |
2014 | $838 |
2015 | 838 |
2016 | 838 |
2017 | 838 |
2018 | 838 |
Thereafter | 876 |
Total minimum lease payments | 5,066 |
Less amount representing interest | -1,161 |
Total future minimum lease payments | 3,905 |
Less current portion of obligation under capital lease | -503 |
Obligations under capital lease, less current portion | $3,402 |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Sep. 12, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Common Class A | Common Class L | China Phantom Equity Incentive Plan | China Phantom Equity Incentive Plan | Restricted Stock Units (RSUs) | 2010 Plan | 2010 Plan | Stock Option Plan 2010 | Stock Option Plan 2010 | Stock Option Plan 2010 | ||||
Common Class A | Common Class L | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Incentive Plan, shares authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | 11,622,231 | 1,291,359 | ' | ' | ' |
Equity Incentive Plan, available for the grant of future awards | ' | ' | ' | ' | ' | ' | ' | ' | 3,159,837 | 351,093 | ' | ' | ' |
Preferred stock liquidation preference per share | $36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock liquidation preference growth rate per year | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock in each units of shares | ' | ' | ' | 9 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45 | $47.44 | $45 |
Options granted, term | '7 years 6 months | '8 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years |
Equity Incentive Plan, vesting period | ' | ' | ' | ' | ' | '5 years | ' | '3 years | ' | ' | '5 years | '5 years | '5 years |
Weighted-average fair value of options granted | $45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30.49 | $31.80 | $29.17 |
Unrecognized compensation cost net of estimated forfeitures | $13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, weighted average recognition period | '3 years 8 months 12 days | ' | ' | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' |
Restricted stock units, total unrecognized compensation cost (net of estimated forfeitures) | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' |
Restricted stock units, aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' |
Share-based compensation expense | 5,809,000 | 4,260,000 | 5,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation income tax benefits, before valuation allowance | 1,400,000 | 700,000 | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pool equal to the percentage of cash and fair market value of securities | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Conditional rights to receive the value of the pool greater than amount | ' | ' | ' | ' | ' | ' | $12,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of units vest on each of the first five anniversaries | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Number of units granted under the plan | 44,000 | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Cancellations of awards, total | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | |
Number of shares | ' | ' | |
Outstanding at beginning of year | 672 | ' | |
Granted | 435 | ' | |
Forfeited | -211 | ' | |
Outstanding at end of year | 896 | 672 | |
Vested and expected to vest at end of year | 809 | [1] | ' |
Exercisable at end of year | 348 | ' | |
Weighted-average exercise price per share | ' | ' | |
Outstanding at beginning of year | $45.44 | ' | |
Granted | $45 | ' | |
Forfeited | $45.42 | ' | |
Outstanding at end of year | $45.23 | $45.44 | |
Vested and expected to vest at end of year | $45.22 | [1] | ' |
Exercisable at end of year | $45.18 | ' | |
Weighted-average remaining contractual life (in years) | ' | ' | |
Weighted-average remaining contractual life at end of year | '7 years 6 months | '8 years 1 month 6 days | |
Vested and expected to vest at end of year | '7 years 3 months 18 days | [1] | ' |
Exercisable at end of year | '5 years 4 months 24 days | ' | |
[1] | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total unvested options outstanding. |
Fair_Value_of_Each_Stock_Optio
Fair Value of Each Stock Option Granted (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Expected volatility | 75.20% | 74.40% | 70.00% |
Risk-free interest rate | 1.40% | 1.20% | 1.70% |
Expected lives (years) | '6 years 6 months | '6 years 6 months | '6 years 6 months |
Summary_of_RSU_Activity_under_
Summary of RSU Activity under Incentive Plan (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 |
Number of shares | ' |
Granted | 44 |
Vested | -9 |
Ending balance | 35 |
Weighted-average grant date fair value | ' |
Granted | $45 |
Vested | $45 |
Ending balance | $45 |
Dividend_Payment_to_Parent_Add
Dividend Payment to Parent - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Dividends Payable [Line Items] | ' | ' | ' | ' |
Dividend payment to Parent | $12,200,000 | $7,564,000 | $3,273,000 | $12,200,000 |
Total equity investments received by VIE as capital contributions | ' | 15,900,000 | 1,600,000 | 4,500,000 |
Used by Parent to repurchase shares of its stock | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' |
Dividend payment to Parent | ' | 900,000 | 3,300,000 | 12,200,000 |
Used by Parent's shareholders to fund their equity investment in the VIE | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' |
Dividend payment to Parent | ' | $6,700,000 | ' | ' |
Amount_Pre_Tax_Loss_Income_Att
Amount Pre Tax Loss Income Attributable to Foreign and Domestic Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Foreign | ($4,372) | $3,910 | ($1,847) |
United States | -203,435 | -19,949 | -55,963 |
(Loss) income before income taxes | ($207,807) | ($16,039) | ($57,810) |
Provision_or_Benefit_for_Incom
Provision or Benefit for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Current: | ' | ' | ' |
Federal | $2,065 | ($1,967) | ($2,104) |
State | 2,214 | 1,476 | 1,621 |
Foreign | -2,882 | 1,864 | 2,803 |
Total current | 1,397 | 1,373 | 2,320 |
Deferred: | ' | ' | ' |
Federal | -3,291 | -4,909 | -7,342 |
State | 1,821 | -1,441 | -1,409 |
Foreign | -1,383 | -659 | -195 |
Total deferred | -2,853 | -7,009 | -8,946 |
Total provision (benefit) | ($1,456) | ($5,636) | ($6,626) |
Reconciliation_of_Statutory_Fe
Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory federal rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of income tax benefit | 1.10% | 5.40% | 0.40% |
Non-deductible transaction costs | ' | -0.20% | ' |
Increase in valuation allowances | -12.70% | -3.10% | -1.10% |
Impact of foreign operations (net of foreign tax deductions/credit) | -0.60% | -7.30% | -6.30% |
Nondeductible goodwill impairment | -23.60% | ' | -17.10% |
NQ: Cancellation | -0.30% | -5.00% | ' |
Reserves | 0.40% | -4.60% | -0.20% |
Federal credits | 0.90% | 12.30% | 0.50% |
Enhanced charitable contributions | 0.30% | 2.50% | 0.70% |
Other | ' | 5.50% | -0.40% |
Effective tax rate | 0.50% | 40.50% | 11.50% |
Noncontrolling interest | 0.20% | -5.40% | ' |
Total effective tax rate | 0.70% | 35.10% | 11.50% |
Temporary_Differences_and_Carr
Temporary Differences and Carryforwards Which Give Rise to Deferred Tax Assets And Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Inventory valuation | $4,803 | $6,631 |
Deferred revenue | 3,193 | 2,265 |
State taxes | 7,052 | 6,501 |
Reserves | 9,341 | 6,200 |
Stock compensation | 4,603 | 3,184 |
Deferred rent | 7,814 | 6,607 |
Net operating loss carryforwards | 25,500 | 20,272 |
Charitable contribution carryovers | 4,092 | 1,931 |
Tax credits | 7,035 | 5,531 |
Other | 6,297 | 4,059 |
Gross deferred tax assets | 79,730 | 63,181 |
Valuation allowance | -31,918 | -4,380 |
Total deferred tax assets | 47,812 | 58,801 |
Deferred tax liabilities: | ' | ' |
Prepaid expenses | -2,136 | -1,799 |
Fixed asset basis differences | -24,737 | -30,340 |
Intangibles | -214,201 | -222,072 |
Other | -6,304 | -6,901 |
Total deferred tax liabilities | -247,378 | -261,112 |
Net deferred tax liabilities | ($199,566) | ($202,311) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2013 | Jan. 29, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Deferred tax assets tax credits | $7,035,000 | $5,531,000 | ' | ' | ' |
Charitable contribution carryovers | 4,092,000 | 1,931,000 | ' | ' | ' |
Increase to income tax expense | 27,500,000 | ' | ' | ' | ' |
Net deferred tax assets to be realized | 5,400,000 | ' | ' | ' | ' |
Total amount of unrecognized tax benefits | 6,565,000 | 8,562,000 | 7,316,000 | 6,565,000 | 7,324,000 |
Unrecognized tax benefits, if recognized would affect effective tax rate | 3,600,000 | 7,400,000 | 6,100,000 | ' | ' |
Unrecognized tax benefits, if recognized result in adjustments to other tax accounts, primarily deferred taxes | 3,000,000 | 1,100,000 | 1,200,000 | ' | ' |
Interest on income tax contingencies | 102,000 | 342,000 | 46,000 | ' | ' |
Penalties on income tax contingencies | 70,000 | 9,000 | 39,000 | ' | ' |
Liability for interest on income taxes | 889,000 | 1,100,000 | ' | ' | ' |
Liability for penalties on income taxes | 626,000 | 696,000 | ' | ' | ' |
Unrecognized tax benefits decrease during next twelve months | 1,900,000 | ' | ' | ' | ' |
Reclassification Adjustments | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Deferred tax assets tax credits | ' | $3,400,000 | ' | ' | ' |
Net_Operating_Loss_Carryforwar
Net Operating Loss Carryforwards and Tax Credit Carryforwards, with Expiration Dates (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss | $58.30 |
State and Local Jurisdiction | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss | 34.5 |
Foreign Tax Authority | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss | 9.1 |
Tax Credits | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carry forwards | 6.3 |
Other Tax Credits | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carry forwards | $1.40 |
Tax credit carryforwards, expiration description | 'Indefinite |
Minimum | Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2030 |
Minimum | State and Local Jurisdiction | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2023 |
Minimum | Foreign Tax Authority | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2016 |
Minimum | Tax Credits | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2015 |
Maximum | Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2033 |
Maximum | State and Local Jurisdiction | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2033 |
Maximum | Foreign Tax Authority | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2018 |
Maximum | Tax Credits | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards, expiration year | '2033 |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2013 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $8,562 | $7,316 | $7,324 | $6,565 |
Gross increases - tax positions in current period | 814 | 712 | 714 | ' |
Gross increases - tax positions in prior period | 335 | 1,600 | 140 | ' |
Gross decreases - tax positions in prior period | -2,187 | 3 | -52 | ' |
Settlements | -178 | -618 | ' | ' |
Lapsed statutes of limitations | -353 | -448 | -806 | ' |
Decreases based on currency translation adjustments | -428 | -3 | -4 | ' |
Balance at end of period | $6,565 | $8,562 | $7,316 | $6,565 |
Components_of_Accumulated_OCI_
Components of Accumulated OCI, net of Taxes (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
In Thousands, unless otherwise specified | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Foreign currency translation | $623 | $808 | $754 | $446 |
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,982, $3,982 and $3,915 | -5,503 | -6,722 | -6,579 | ' |
Total accumulated other comprehensive loss | ($4,880) | ($5,914) | ($5,825) | $238 |
Components_of_Accumulated_OCI_1
Components of Accumulated OCI, net of Taxes (Parenthetical) (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated changes in fair value of derivative financial instruments, tax benefit | $3,982 | $3,982 | $3,915 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income Balance by Component (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance,Derivatives | ($6,722) | ($6,579) | ($208) |
Other comprehensive income (loss) recognized before reclassifications, Derivatives | 350 | -429 | -10,494 |
Amounts reclassified from accumulated other comprehensive loss to earnings, Derivatives | 869 | 219 | 122 |
Other, Derivatives | ' | ' | 86 |
Tax benefit (expense), Derivatives | 0 | 67 | 3,915 |
Net current-period other comprehensive income (loss), Derivatives | 1,219 | -143 | -6,371 |
Other comprehensive income (loss) attributable to noncontrolling interest, Derivatives | ' | ' | ' |
Ending balance, Derivatives | -5,503 | -6,722 | -6,579 |
Beginning balance, Foreign Currency | 808 | 754 | 446 |
Other comprehensive income (loss) recognized before reclassifications, Foreign Currency | 26 | 112 | 308 |
Amounts reclassified from accumulated other comprehensive loss to earnings, Foreign Currency | ' | ' | ' |
Other, Foreign Currency | ' | ' | ' |
Tax benefit (expense), Foreign Currency | ' | ' | ' |
Net current-period other comprehensive income (loss), Foreign Currency | 26 | 112 | 308 |
Other comprehensive income (loss) attributable to noncontrolling interest, Foreign Currency | -211 | -58 | ' |
Ending balance, Foreign Currency | 623 | 808 | 754 |
Beginning balance | -5,914 | -5,825 | 238 |
Other comprehensive income (loss) recognized before reclassifications | 376 | -317 | -10,186 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 869 | 219 | 122 |
Other | ' | ' | 86 |
Tax benefit (expense) | ' | 67 | 3,915 |
Total other comprehensive (loss) income, net of tax | 1,245 | -31 | -6,063 |
Other comprehensive income (loss) attributable to noncontrolling interest | -211 | -58 | ' |
Ending balance | ($4,880) | ($5,914) | ($5,825) |
401k_Plan_Additional_Informati
401k Plan - Additional Information (Detail) (Defined Contribution 401 K Plan, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Defined Contribution 401 K Plan | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' |
Description of voluntary defined contribution 401(k) profit-sharing plan | 'We contribute $1.00 to the plan for each $1.00 contributed by an employee, up to 4% of the employee's salary. | ' |
Employer matching percentage of employee's salary | 4.00% | ' |
Total matching contributions to the Plan | $2.10 | $0.20 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2011 | Oct. 30, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 30, 2012 | Feb. 01, 2014 | Nov. 30, 2011 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | |
Bain Capital Partners Llc | Bain Capital Partners Llc | Bain Capital Partners Llc | Bain Capital Partners Llc | Bain Capital Partners Llc | Bain Capital Partners Llc | Gymboree Play Programs Incorporated | Bain Capital Asia Integral Investors Limited Partners | Company controlled by Bain Capital | Company controlled by Bain Capital | ||
Amended and Restated Service Agreement | Financing, acquisition, disposition and change of control transactions, fee percentage | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management services, expiration date | ' | 31-Dec-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management services, evergreen extensions period | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management services, aggregate annual management fee and reimbursement of out-of-pocket expenses | ' | ' | $3,600,000 | $3,100,000 | $3,300,000 | $3,000,000 | ' | ' | ' | ' | ' |
Management services, reduction from annual management fee | ' | ' | ' | ' | ' | 270,000 | ' | ' | ' | ' | ' |
Management services, percentage of fee from subsequent transactions | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Master Service Agreement term with Gymboree Tianjin | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Retail Store Franchise Agreement term with Gymboree China | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Account receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' |
Inventory sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | 5,800,000 |
Purchased Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,600,000 | $1,500,000 |
Gymboree_Play_and_Music_Franch
Gymboree Play and Music Franchisee Termination - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Oct. 29, 2011 |
Master Franchise Agreement [Line Items] | ' |
Costs associated with the termination of agreement with a Gymboree Play & Music master franchisee in China | $7.20 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating leases expiration year | '2025 | ' | ' |
Operating leases, rent expense | $155.50 | $145.70 | $138.30 |
Operating leases, other expenses | 54.4 | 50.5 | 46.8 |
Operating leases, percentage rent expense | 0.8 | 0.5 | 0.5 |
Above And Below Market Leases | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating leases, rent expense | $1.40 | $1.90 | $2.10 |
Retail Stores | ' | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating leases term | '10 years | ' | ' |
Future_Minimum_Rental_Payments
Future Minimum Rental Payments Under Non Cancelable Operating Leases (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $96,753 |
2015 | 90,414 |
2016 | 83,072 |
2017 | 72,370 |
2018 | 56,330 |
Thereafter | 138,677 |
Total | $537,616 |
Amount_Representing_Estimated_
Amount Representing Estimated Inventory and Other Purchase Obligation (Detail) (USD $) | Feb. 01, 2014 | |
In Thousands, unless otherwise specified | ||
Schedule Of Commitments And Contingencies [Line Items] | ' | |
Less than 1 year | $258,692 | |
1-3 years | 24,709 | |
Payments due by period 3-5 years | 17,524 | |
After 5 years | 7,707 | |
Total | 308,632 | |
Inventory Purchase Obligation | ' | |
Schedule Of Commitments And Contingencies [Line Items] | ' | |
Less than 1 year | 235,424 | [1] |
Total | 235,424 | [1] |
Other Purchase Obligations | ' | |
Schedule Of Commitments And Contingencies [Line Items] | ' | |
Less than 1 year | 23,268 | [2] |
1-3 years | 24,709 | [2] |
Payments due by period 3-5 years | 17,524 | [2] |
After 5 years | 7,707 | [2] |
Total | $73,208 | [2] |
[1] | Inventory purchase obligations include outstanding purchase orders for merchandise inventories that are enforceable and legally binding on the Company and that specify all significant terms (including fixed or minimum quantities to be purchased), fixed, minimum or variable price provisions, and the approximate timing of the transaction. | |
[2] | Other purchase obligations include annual commitments of approximately $8.8 million, from fiscal 2014 to the second quarter of fiscal 2019, under the operating services agreement related to a third party fulfillment center (see Note 11). Also included in other purchase obligations are commitments for information technology, professional services and fixtures and equipment. |
Amount_Representing_Estimated_1
Amount Representing Estimated Inventory and Other Purchase Obligation (Parenthetical) (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Commitments And Contingencies [Line Items] | ' |
Capital leased asset | $4,102 |
Lease Agreements | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' |
Capital leased asset | $8,800 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 4 | ' | ' |
Retail Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 4 | ' | ' |
Gymboree Play & Music | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Intersegment revenue | $4.40 | $2.30 | $0 |
International Retail Franchise | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Intersegment revenue | 0.5 | 0.2 | 0 |
VIEs | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Intersegment revenue | $0 | $6.90 | $1.20 |
Financial_Data_of_Each_Reporta
Financial Data of Each Reportable Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | $351,032 | $309,838 | $290,916 | $292,783 | $397,643 | $311,518 | $268,752 | $297,751 | $1,244,569 | $1,275,664 | $1,188,288 |
Reportable segment, operating (loss) income | -159,274 | 12,269 | 5,063 | 16,844 | 19,385 | 26,587 | -6,407 | 30,085 | -125,098 | 69,650 | 51,501 |
Reportable segment, Total assets | 1,840,104 | ' | ' | ' | 2,043,213 | ' | ' | ' | 1,840,104 | 2,043,213 | 2,113,787 |
Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | 340,003 | 297,352 | 278,944 | 280,877 | 387,798 | 299,965 | 259,114 | 288,116 | 1,197,176 | 1,234,993 | 1,164,171 |
Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | 6,276 | 6,821 | 6,260 | 6,328 | 5,960 | 6,390 | 5,799 | 5,792 | 25,685 | 23,941 | 13,885 |
International Retail Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | 4,753 | 5,665 | 5,712 | 5,578 | 3,885 | 5,163 | 3,839 | 3,843 | 21,708 | 16,730 | 10,232 |
Operating Segments | Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,191,498 | 1,232,985 | 1,164,163 |
Reportable segment, operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -137,833 | 58,726 | 55,695 |
Reportable segment, Total assets | 1,728,186 | ' | ' | ' | 1,940,737 | ' | ' | ' | 1,728,186 | 1,940,737 | 2,014,343 |
Operating Segments | Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,066 | 20,988 | 13,881 |
Reportable segment, operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 6,815 | 5,710 | -1,779 |
Reportable segment, Total assets | 60,942 | ' | ' | ' | 64,343 | ' | ' | ' | 60,942 | 64,343 | 64,155 |
Operating Segments | International Retail Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | ' | ' | ' | ' | ' | ' | ' | ' | 22,252 | 16,893 | 10,232 |
Reportable segment, operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 9,715 | 7,285 | 3,397 |
Reportable segment, Total assets | 29,256 | ' | ' | ' | 29,129 | ' | ' | ' | 29,256 | 29,129 | 28,878 |
Operating Segments | VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | ' | ' | ' | ' | ' | ' | ' | ' | 20,685 | 14,242 | 1,195 |
Reportable segment, operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,888 | -1,815 | -5,812 |
Reportable segment, Total assets | 23,208 | ' | ' | ' | 13,469 | ' | ' | ' | 23,208 | 13,469 | 7,394 |
Intersegment elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment, sales | ' | ' | ' | ' | ' | ' | ' | ' | -4,932 | -9,444 | -1,183 |
Reportable segment, operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 93 | -256 | ' |
Reportable segment, Total assets | ($1,488) | ' | ' | ' | ($4,465) | ' | ' | ' | ($1,488) | ($4,465) | ($983) |
Financial_Data_of_Each_Geograp
Financial Data of Each Geographical Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $351,032 | $309,838 | $290,916 | $292,783 | $397,643 | $311,518 | $268,752 | $297,751 | $1,244,569 | $1,275,664 | $1,188,288 |
Long-lived assets | 1,569,064 | ' | ' | ' | 1,732,781 | ' | ' | ' | 1,569,064 | 1,732,781 | ' |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,172,490 | 1,215,159 | 1,138,856 |
Long-lived assets | 1,513,381 | ' | ' | ' | 1,678,790 | ' | ' | ' | 1,513,381 | 1,678,790 | 1,700,741 |
international geographical segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 72,079 | 60,505 | 49,432 |
Long-lived assets | $55,683 | ' | ' | ' | $53,991 | ' | ' | ' | $55,683 | $53,991 | $52,264 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (VIEs) | 12 Months Ended |
Feb. 01, 2014 | |
VIEs | ' |
Variable Interest Entity [Line Items] | ' |
Variable interest entity, percentage of ownership interest | 0.00% |
Variable interest entity, percentage of result of operation recorded as noncontrolling interest | 100.00% |
Impact_of_VIES_on_Condensed_Co
Impact of VIES on Condensed Consolidated Balance sheets (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $39,429 | $33,328 | $77,910 | $32,124 |
Other current assets | 231,611 | 277,104 | ' | ' |
Total current assets | 271,040 | 310,432 | ' | ' |
Non-current assets | 1,569,064 | 1,732,781 | ' | ' |
Total assets | 1,840,104 | 2,043,213 | 2,113,787 | ' |
Current liabilities | 202,765 | 180,576 | ' | ' |
Non-current liabilities | 1,388,197 | 1,421,000 | ' | ' |
Total liabilities | 1,590,962 | 1,601,576 | ' | ' |
Total stockholders' equity | 233,794 | 437,542 | ' | ' |
Noncontrolling interest | 15,348 | 4,095 | ' | ' |
Total liabilities and stockholders' equity | 1,840,104 | 2,043,213 | ' | ' |
Eliminations | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Other current assets | -1,488 | -4,465 | ' | ' |
Total current assets | -1,488 | -4,465 | ' | ' |
Total assets | -1,488 | -4,465 | ' | ' |
Current liabilities | -1,356 | -4,223 | ' | ' |
Non-current liabilities | -1 | ' | ' | ' |
Total liabilities | -1,357 | -4,223 | ' | ' |
Total stockholders' equity | -131 | -242 | ' | ' |
Total liabilities and stockholders' equity | -1,488 | -4,465 | ' | ' |
Balance Before Consolidation of VIEs | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 25,635 | 27,223 | ' | ' |
Other current assets | 228,129 | 276,121 | ' | ' |
Total current assets | 253,764 | 303,344 | ' | ' |
Non-current assets | 1,564,620 | 1,730,865 | ' | ' |
Total assets | 1,818,384 | 2,034,209 | ' | ' |
Current liabilities | 196,631 | 175,555 | ' | ' |
Non-current liabilities | 1,387,828 | 1,420,870 | ' | ' |
Total liabilities | 1,584,459 | 1,596,425 | ' | ' |
Total stockholders' equity | 233,925 | 437,784 | ' | ' |
Total liabilities and stockholders' equity | 1,818,384 | 2,034,209 | ' | ' |
VIEs | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 13,794 | 6,105 | ' | ' |
Other current assets | 4,970 | 5,448 | ' | ' |
Total current assets | 18,764 | 11,553 | ' | ' |
Non-current assets | 4,444 | 1,916 | ' | ' |
Total assets | 23,208 | 13,469 | ' | ' |
Current liabilities | 7,490 | 9,244 | ' | ' |
Non-current liabilities | 370 | 130 | ' | ' |
Total liabilities | 7,860 | 9,374 | ' | ' |
Noncontrolling interest | 15,348 | 4,095 | ' | ' |
Total liabilities and stockholders' equity | $23,208 | $13,469 | ' | ' |
Impact_of_VIES_on_Condensed_Co1
Impact of VIES on Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $351,032 | $309,838 | $290,916 | $292,783 | $397,643 | $311,518 | $268,752 | $297,751 | $1,244,569 | $1,275,664 | $1,188,288 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -768,555 | -794,272 | -728,346 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -601,112 | -411,742 | -408,441 |
Operating (loss) income | -159,274 | 12,269 | 5,063 | 16,844 | 19,385 | 26,587 | -6,407 | 30,085 | -125,098 | 69,650 | 51,501 |
Other non-operating (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -82,709 | -85,689 | -109,311 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -207,807 | -16,039 | -57,810 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,456 | 5,636 | 6,626 |
Net loss | -169,780 | -24,398 | -9,325 | -2,848 | -5,417 | 4,910 | -14,066 | 4,170 | -206,351 | -10,403 | -51,184 |
Net loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,324 | 2,561 | 5,839 |
Net loss attributable to The Gymboree Corporation | -167,156 | -23,985 | -9,350 | -2,536 | -5,691 | 6,121 | -13,268 | 4,996 | -203,027 | -7,842 | -45,345 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | -4,932 | -9,444 | -1,183 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 557 | 1,274 | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,468 | 7,914 | 1,183 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 93 | -256 | ' |
Other non-operating (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 91 | -256 | ' |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | 92 | -256 | ' |
Net loss attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 92 | -256 | ' |
Balance Before Consolidation of VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,228,816 | 1,270,866 | 1,188,276 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -762,595 | -791,961 | -728,169 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -587,524 | -407,184 | -402,794 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -121,303 | 71,721 | 57,313 |
Other non-operating (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -82,954 | -85,810 | -109,303 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -204,257 | -14,089 | -51,990 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,138 | 6,503 | 6,645 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -203,119 | -7,586 | -45,345 |
Net loss attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -203,119 | -7,586 | -45,345 |
VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 20,685 | 14,242 | 1,195 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -6,517 | -3,585 | -177 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -18,056 | -12,472 | -6,830 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,888 | -1,815 | -5,812 |
Other non-operating (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 121 | -8 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,641 | -1,694 | -5,820 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 317 | -867 | -19 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -3,324 | -2,561 | -5,839 |
Net loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $3,324 | $2,561 | $5,839 |
Condensed_Guarantor_Data_Addit
Condensed Guarantor Data - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Domestic subsidiaries, ownership percentage | 100.00% | ' |
Increase in accumulated deficit | ($279,258) | ($76,231) |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany payable | 18,337 | 11,960 |
Non-Guarantor Subsidiaries | Intersegment elimination | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Increase in accumulated deficit | ' | -10,300 |
Intercompany payable | ' | 10,300 |
The Gymboree Corporation | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany payable | 541,397 | 456,934 |
The Gymboree Corporation | Intersegment elimination | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Increase in accumulated deficit | ' | 4,100 |
Intercompany receivable | ' | 4,100 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Intercompany receivable | 559,280 | 468,919 |
Guarantor Subsidiaries | Intersegment elimination | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Increase in accumulated deficit | ' | 6,200 |
Intercompany receivable | ' | $6,200 |
Condensed_Consolidating_Balanc
Condensed 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 | $39,429 | $33,328 | $77,910 | $32,124 |
Accounts receivable, net of allowance | 21,882 | 27,542 | ' | ' |
Merchandise inventories | 175,495 | 197,935 | ' | ' |
Prepaid income taxes | 1,979 | 2,903 | ' | ' |
Prepaid expenses | 18,801 | 17,341 | ' | ' |
Deferred income taxes | 13,454 | 31,383 | ' | ' |
Total current assets | 271,040 | 310,432 | ' | ' |
Property and equipment, net | 206,308 | 205,325 | ' | ' |
Goodwill | 758,777 | 898,966 | 899,097 | ' |
Other intangible assets, net | 559,824 | 580,641 | ' | ' |
Deferred financing costs | 32,455 | 40,040 | ' | ' |
Other assets | 11,700 | 7,809 | ' | ' |
Total assets | 1,840,104 | 2,043,213 | 2,113,787 | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 101,959 | 90,133 | ' | ' |
Accrued liabilities | 100,303 | 90,443 | ' | ' |
Current obligation under capital lease | 503 | ' | ' | ' |
Total current liabilities | 202,765 | 180,576 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt | 1,113,742 | 1,138,455 | ' | ' |
Long-term obligation under capital lease | 3,402 | ' | ' | ' |
Lease incentives and other liabilities | 56,589 | 47,952 | ' | ' |
Deferred income taxes | 214,464 | 234,593 | ' | ' |
Total liabilities | 1,590,962 | 1,601,576 | ' | ' |
Total stockholders' equity | 233,794 | 437,542 | ' | ' |
Noncontrolling interest | 15,348 | 4,095 | ' | ' |
Total liabilities and stockholders' equity | 1,840,104 | 2,043,213 | ' | ' |
The Gymboree Corporation | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 15,479 | 18,431 | 58,910 | 19,157 |
Accounts receivable, net of allowance | 1,237 | 1,280 | ' | ' |
Prepaid income taxes | 1,659 | 1,821 | ' | ' |
Prepaid expenses | 3,538 | 3,142 | ' | ' |
Deferred income taxes | ' | 15,488 | ' | ' |
Total current assets | 21,913 | 40,162 | ' | ' |
Property and equipment, net | 14,288 | 15,679 | ' | ' |
Deferred financing costs | 32,455 | 40,040 | ' | ' |
Other assets | 15,139 | 15,409 | ' | ' |
Investment in subsidiaries | 1,870,800 | 1,976,277 | ' | ' |
Total assets | 1,954,595 | 2,087,567 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 27,184 | 14,269 | ' | ' |
Accrued liabilities | 34,328 | 35,991 | ' | ' |
Deferred income taxes | 654 | ' | ' | ' |
Intercompany payable | 541,397 | 456,934 | ' | ' |
Total current liabilities | 603,563 | 507,194 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term debt | 1,113,742 | 1,138,455 | ' | ' |
Lease incentives and other liabilities | 3,496 | 4,376 | ' | ' |
Total liabilities | 1,720,801 | 1,650,025 | ' | ' |
Total stockholders' equity | 233,794 | 437,542 | ' | ' |
Total liabilities and stockholders' equity | 1,954,595 | 2,087,567 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4,659 | 3,128 | 6,387 | 6,530 |
Accounts receivable, net of allowance | 18,634 | 23,679 | ' | ' |
Merchandise inventories | 170,126 | 193,003 | ' | ' |
Prepaid income taxes | 284 | 682 | ' | ' |
Prepaid expenses | 14,095 | 12,909 | ' | ' |
Deferred income taxes | 13,303 | 16,528 | ' | ' |
Intercompany receivable | 559,280 | 468,919 | ' | ' |
Total current assets | 780,381 | 718,848 | ' | ' |
Property and equipment, net | 182,421 | 180,021 | ' | ' |
Goodwill | 721,844 | 859,166 | ' | ' |
Other intangible assets, net | 558,962 | 580,492 | ' | ' |
Other assets | 2,340 | 2,061 | ' | ' |
Total assets | 2,245,948 | 2,340,588 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 73,218 | 74,589 | ' | ' |
Accrued liabilities | 58,430 | 48,446 | ' | ' |
Current obligation under capital lease | 503 | ' | ' | ' |
Total current liabilities | 132,151 | 123,035 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Long-term obligation under capital lease | 3,402 | ' | ' | ' |
Lease incentives and other liabilities | 48,117 | 38,693 | ' | ' |
Deferred income taxes | 231,163 | 250,427 | ' | ' |
Total liabilities | 414,833 | 412,155 | ' | ' |
Total stockholders' equity | 1,831,115 | 1,928,433 | ' | ' |
Total liabilities and stockholders' equity | 2,245,948 | 2,340,588 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 19,291 | 11,769 | 12,613 | 6,437 |
Accounts receivable, net of allowance | 2,011 | 2,583 | ' | ' |
Merchandise inventories | 5,823 | 4,907 | ' | ' |
Prepaid income taxes | 36 | 400 | ' | ' |
Prepaid expenses | 1,168 | 1,290 | ' | ' |
Deferred income taxes | 918 | ' | ' | ' |
Total current assets | 29,247 | 20,949 | ' | ' |
Property and equipment, net | 9,599 | 9,625 | ' | ' |
Goodwill | 36,933 | 39,800 | ' | ' |
Other intangible assets, net | 862 | 149 | ' | ' |
Other assets | 10,920 | 7,067 | ' | ' |
Total assets | 87,561 | 77,590 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 1,557 | 1,275 | ' | ' |
Accrued liabilities | 7,545 | 6,006 | ' | ' |
Deferred income taxes | 113 | 633 | ' | ' |
Intercompany payable | 18,337 | 11,960 | ' | ' |
Total current liabilities | 27,552 | 19,874 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Lease incentives and other liabilities | 4,976 | 4,883 | ' | ' |
Deferred income taxes | ' | 894 | ' | ' |
Total liabilities | 32,528 | 25,651 | ' | ' |
Total stockholders' equity | 39,685 | 47,844 | ' | ' |
Noncontrolling interest | 15,348 | 4,095 | ' | ' |
Total liabilities and stockholders' equity | 87,561 | 77,590 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Merchandise inventories | -454 | 25 | ' | ' |
Deferred income taxes | -767 | -633 | ' | ' |
Intercompany receivable | -559,280 | -468,919 | ' | ' |
Total current assets | -560,501 | -469,527 | ' | ' |
Other assets | -16,699 | -16,728 | ' | ' |
Investment in subsidiaries | -1,870,800 | -1,976,277 | ' | ' |
Total assets | -2,448,000 | -2,462,532 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Deferred income taxes | -767 | -633 | ' | ' |
Intercompany payable | -559,734 | -468,894 | ' | ' |
Total current liabilities | -560,501 | -469,527 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' |
Deferred income taxes | -16,699 | -16,728 | ' | ' |
Total liabilities | -577,200 | -486,255 | ' | ' |
Total stockholders' equity | -1,870,800 | -1,976,277 | ' | ' |
Total liabilities and stockholders' equity | ($2,448,000) | ($2,462,532) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $351,032 | $309,838 | $290,916 | $292,783 | $397,643 | $311,518 | $268,752 | $297,751 | $1,244,569 | $1,275,664 | $1,188,288 |
Cost of goods sold, including buying and occupancy expenses | ' | ' | ' | ' | ' | ' | ' | ' | -768,555 | -794,272 | -728,346 |
Gross profit | 124,487 | 123,468 | 107,086 | 120,973 | 144,777 | 125,603 | 89,188 | 121,824 | 476,014 | 481,392 | 459,942 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -443,923 | -411,742 | -380,141 |
Goodwill and intangible asset impairment | -157,189 | ' | ' | ' | ' | ' | ' | ' | -157,189 | ' | -28,300 |
Goodwill impairment | -140,189 | ' | ' | ' | ' | ' | ' | ' | -140,189 | 0 | -28,300 |
Operating (loss) income | -159,274 | 12,269 | 5,063 | 16,844 | 19,385 | 26,587 | -6,407 | 30,085 | -125,098 | 69,650 | 51,501 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 186 | 177 | 168 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -81,558 | -85,640 | -89,807 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -834 | -214 | -19,563 |
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -503 | -12 | -109 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -207,807 | -16,039 | -57,810 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,456 | 5,636 | 6,626 |
Net (loss) income | -169,780 | -24,398 | -9,325 | -2,848 | -5,417 | 4,910 | -14,066 | 4,170 | -206,351 | -10,403 | -51,184 |
Net loss (income) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,324 | 2,561 | 5,839 |
Net (loss) income attributable to The Gymboree Corporation | -167,156 | -23,985 | -9,350 | -2,536 | -5,691 | 6,121 | -13,268 | 4,996 | -203,027 | -7,842 | -45,345 |
Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 340,003 | 297,352 | 278,944 | 280,877 | 387,798 | 299,965 | 259,114 | 288,116 | 1,197,176 | 1,234,993 | 1,164,171 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | -140,189 | ' | -28,300 |
Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 6,276 | 6,821 | 6,260 | 6,328 | 5,960 | 6,390 | 5,799 | 5,792 | 25,685 | 23,941 | 13,885 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
International Retail Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 4,753 | 5,665 | 5,712 | 5,578 | 3,885 | 5,163 | 3,839 | 3,843 | 21,708 | 16,730 | 10,232 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 32,400 | 38,518 | 45,731 |
Cost of goods sold, including buying and occupancy expenses | ' | ' | ' | ' | ' | ' | ' | ' | -5,824 | -5,561 | -5,315 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 26,576 | 32,957 | 40,416 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -66,445 | -58,547 | -49,418 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -39,869 | -25,590 | -9,002 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 71 | 54 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -81,405 | -85,640 | -89,807 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -834 | -214 | -19,563 |
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -105 | -77 | -92 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -122,150 | -111,450 | -118,410 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 18,346 | 45,627 | 46,122 |
Equity in earnings (loss) of affiliates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -99,223 | 57,981 | 26,943 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -203,027 | -7,842 | -45,345 |
Net (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -203,027 | -7,842 | -45,345 |
The Gymboree Corporation | Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,885 | 1,910 | 1,457 |
The Gymboree Corporation | Intercompany revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 30,515 | 36,608 | 44,274 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,230,159 | 1,258,586 | 1,158,895 |
Cost of goods sold, including buying and occupancy expenses | ' | ' | ' | ' | ' | ' | ' | ' | -745,339 | -773,469 | -714,243 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 484,820 | 485,117 | 444,652 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -411,476 | -393,471 | -353,894 |
Goodwill and intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | -154,322 | ' | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,300 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -80,978 | 91,646 | 62,458 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 11 | 26 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -153 | ' | ' |
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -4 | ' | -2 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -81,100 | 91,657 | 62,482 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -19,898 | -37,896 | -36,941 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -100,998 | 53,761 | 25,541 |
Net (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -100,998 | 53,761 | 25,541 |
Guarantor Subsidiaries | Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,162,412 | 1,202,552 | 1,132,806 |
Guarantor Subsidiaries | Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,677 | 18,661 | 13,881 |
Guarantor Subsidiaries | International Retail Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 21,708 | 16,730 | 10,232 |
Guarantor Subsidiaries | Intercompany revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 35,362 | 20,643 | 1,976 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 80,986 | 75,386 | 54,286 |
Cost of goods sold, including buying and occupancy expenses | ' | ' | ' | ' | ' | ' | ' | ' | -45,558 | -43,707 | -35,430 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 35,428 | 31,679 | 18,856 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -36,808 | -27,929 | -20,776 |
Goodwill and intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | -2,867 | ' | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -4,247 | 3,750 | -1,920 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 89 | 95 | 88 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' |
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -396 | 65 | -15 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,555 | 3,910 | -1,847 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 3,008 | -2,095 | -2,555 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -1,547 | 1,815 | -4,402 |
Net loss (income) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,324 | 2,561 | 5,839 |
Net (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 1,777 | 4,376 | 1,437 |
Non-Guarantor Subsidiaries | Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 62,893 | 60,727 | 52,453 |
Non-Guarantor Subsidiaries | Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,008 | 5,280 | 4 |
Non-Guarantor Subsidiaries | Intercompany revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,085 | 9,379 | 1,829 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | -98,976 | -96,826 | -70,624 |
Cost of goods sold, including buying and occupancy expenses | ' | ' | ' | ' | ' | ' | ' | ' | 28,166 | 28,465 | 26,642 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -70,810 | -68,361 | -43,982 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 70,806 | 68,205 | 43,947 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -156 | -35 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -156 | -35 |
Equity in earnings (loss) of affiliates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 99,223 | -57,981 | -26,943 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 99,221 | -58,137 | -26,978 |
Net (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 99,221 | -58,137 | -26,978 |
Eliminations | Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | -30,014 | -30,196 | -22,545 |
Eliminations | Intercompany revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ($68,962) | ($66,630) | ($48,079) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income or Loss (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ($169,780) | ($24,398) | ($9,325) | ($2,848) | ($5,417) | $4,910 | ($14,066) | $4,170 | ($206,351) | ($10,403) | ($51,184) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 112 | 308 |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,219 | -143 | -6,371 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,245 | -31 | -6,063 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -205,106 | -10,434 | -57,247 |
Comprehensive loss (income) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,113 | 2,503 | 5,839 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -201,993 | -7,931 | -51,408 |
The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -203,027 | -7,842 | -45,345 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -185 | 54 | 308 |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,219 | -143 | -6,371 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,034 | -89 | -6,063 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -201,993 | -7,931 | -51,408 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -201,993 | -7,931 | -51,408 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -100,998 | 53,761 | 25,541 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -100,998 | 53,761 | 25,541 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -100,998 | 53,761 | 25,541 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -1,547 | 1,815 | -4,402 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 83 | 88 | 346 |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 449 | -74 | 118 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 532 | 14 | 464 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -1,015 | 1,829 | -3,938 |
Comprehensive loss (income) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,113 | 2,503 | 5,839 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 2,098 | 4,332 | 1,901 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 99,221 | -58,137 | -26,978 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 128 | -30 | -346 |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -449 | 74 | -118 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -321 | 44 | -464 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 98,900 | -58,093 | -27,442 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ' | ' | ' | ' | ' | ' | ' | ' | $98,900 | ($58,093) | ($27,442) |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Comprehensive Income or Loss (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Unrealized net gain (loss) on cash flow hedges, tax (expense) benefit | $0 | $67 | $3,915 |
Condensed_Consolidating_Statem3
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities | $74,871 | $73,794 | $91,545 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -52,632 | -47,851 | -36,565 |
Acquisition of business, net of cash acquired | ' | ' | -1,352 |
Other | -494 | -842 | -295 |
Net cash provided by (used in) investing activities | -53,126 | -48,693 | -38,212 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from Term Loan | ' | ' | 820,000 |
Payments on Term Loan | ' | -42,698 | -828,200 |
Repurchase of Notes | -24,760 | -26,613 | ' |
Proceeds from ABL facility | 123,000 | 14,000 | 60,656 |
Payments on ABL facility | -123,000 | -14,000 | -60,656 |
Payments of deferred financing costs | ' | -1,344 | -6,665 |
Payments on capital lease | -196 | ' | ' |
Investment by Parent | ' | ' | 14,865 |
Dividend payment to parent | -7,564 | -3,273 | -12,200 |
Capital contribution received by noncontrolling interest | 15,886 | 1,602 | 4,477 |
Investment by affiliate of Parent | ' | 2,400 | ' |
Net cash provided by (used in) financing activities | -16,634 | -69,926 | -7,723 |
Effect of exchange rate fluctuations on cash and cash equivalents | 990 | 243 | 176 |
Net (decrease) increase in cash and cash equivalents | 6,101 | -44,582 | 45,786 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of period | 33,328 | 77,910 | 32,124 |
End of period | 39,429 | 33,328 | 77,910 |
The Gymboree Corporation | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities | -59,970 | -31,000 | -19,793 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -3,187 | -2,723 | -3,400 |
Dividend from subsidiary | 2,500 | 10,042 | ' |
Acquisition of business, net of cash acquired | ' | ' | -1,352 |
Investment in subsidiaries | ' | -180 | -110 |
Other | ' | ' | 4 |
Net cash provided by (used in) investing activities | -687 | 7,139 | -4,858 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | 90,029 | 54,910 | 76,604 |
Proceeds from Term Loan | ' | ' | 820,000 |
Payments on Term Loan | ' | -42,698 | -828,200 |
Repurchase of Notes | -24,760 | -26,613 | ' |
Proceeds from ABL facility | 123,000 | 14,000 | 60,656 |
Payments on ABL facility | -123,000 | -14,000 | -60,656 |
Payments of deferred financing costs | ' | -1,344 | -6,665 |
Investment by Parent | ' | ' | 14,865 |
Dividend payment to parent | -7,564 | -3,273 | -12,200 |
Investment by affiliate of Parent | ' | 2,400 | ' |
Net cash provided by (used in) financing activities | 57,705 | -16,618 | 64,404 |
Net (decrease) increase in cash and cash equivalents | -2,952 | -40,479 | 39,753 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of period | 18,431 | 58,910 | 19,157 |
End of period | 15,479 | 18,431 | 58,910 |
Guarantor Subsidiaries | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities | 134,236 | 100,856 | 107,443 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -45,263 | -41,154 | -30,259 |
Intercompany transfers | -84,681 | ' | ' |
Intercompany transfers | ' | -56,754 | -77,060 |
Other | -65 | -207 | -267 |
Net cash provided by (used in) investing activities | -130,009 | -98,115 | -107,586 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Dividend to The Gymboree Corporation | -2,500 | -6,000 | ' |
Payments on capital lease | -196 | ' | ' |
Net cash provided by (used in) financing activities | -2,696 | -6,000 | ' |
Net (decrease) increase in cash and cash equivalents | 1,531 | -3,259 | -143 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of period | 3,128 | 6,387 | 6,530 |
End of period | 4,659 | 3,128 | 6,387 |
Non-Guarantor Subsidiaries | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities | 605 | 3,938 | 3,895 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -4,182 | -3,974 | -2,906 |
Other | -429 | -635 | -32 |
Net cash provided by (used in) investing activities | -4,611 | -4,609 | -2,938 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | -5,348 | 1,844 | 456 |
Dividend to The Gymboree Corporation | ' | -4,042 | ' |
Investment by Parent | ' | 180 | 110 |
Capital contribution received by noncontrolling interest | 15,886 | 1,602 | 4,477 |
Net cash provided by (used in) financing activities | 10,538 | -416 | 5,043 |
Effect of exchange rate fluctuations on cash and cash equivalents | 990 | 243 | 176 |
Net (decrease) increase in cash and cash equivalents | 7,522 | -844 | 6,176 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of period | 11,769 | 12,613 | 6,437 |
End of period | 19,291 | 11,769 | 12,613 |
Eliminations | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Dividend from subsidiary | -2,500 | -10,042 | ' |
Intercompany transfers | 84,681 | ' | ' |
Investment in subsidiaries | ' | 180 | 110 |
Intercompany transfers | ' | 56,754 | 77,060 |
Net cash provided by (used in) investing activities | 82,181 | 46,892 | 77,170 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | -84,681 | -56,754 | -77,060 |
Dividend to The Gymboree Corporation | 2,500 | 10,042 | ' |
Investment by Parent | ' | -180 | -110 |
Net cash provided by (used in) financing activities | ($82,181) | ($46,892) | ($77,170) |
Intercompany_Transfers_of_Guar
Intercompany Transfers of Guarantor Subsidiaries Previously Presented as Financing Activities Classified as Investing Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash provided by (used in) investing activities | ($53,126) | ($48,693) | ($38,212) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net cash provided by financing activities | -16,634 | -69,926 | -7,723 |
Guarantor Subsidiaries | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | ' | -56,754 | -77,060 |
Net cash provided by (used in) investing activities | -130,009 | -98,115 | -107,586 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net cash provided by financing activities | -2,696 | -6,000 | ' |
Guarantor Subsidiaries | Previously Reported | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash provided by (used in) investing activities | ' | -41,361 | -30,526 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | ' | -56,754 | -77,060 |
Net cash provided by financing activities | ' | -62,754 | -77,060 |
Eliminations | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | ' | 56,754 | 77,060 |
Net cash provided by (used in) investing activities | 82,181 | 46,892 | 77,170 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transfers | -84,681 | -56,754 | -77,060 |
Net cash provided by financing activities | -82,181 | -46,892 | -77,170 |
Eliminations | Previously Reported | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash provided by (used in) investing activities | ' | -9,862 | 110 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net cash provided by financing activities | ' | $9,862 | ($110) |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Goodwill impairment charge | $140,189,000 | $140,189,000 | $0 | $28,300,000 |
Increase of the valuation allowance against deferred tax assets | 6,900,000 | ' | ' | ' |
Trade names | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Trade names impairment | $17,000,000 | $17,000,000 | ' | ' |
Quarterly_Financial_Informatio3
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $351,032 | $309,838 | $290,916 | $292,783 | $397,643 | $311,518 | $268,752 | $297,751 | $1,244,569 | $1,275,664 | $1,188,288 |
Gross profit | 124,487 | 123,468 | 107,086 | 120,973 | 144,777 | 125,603 | 89,188 | 121,824 | 476,014 | 481,392 | 459,942 |
Goodwill and intangible asset impairment | -157,189 | ' | ' | ' | ' | ' | ' | ' | -157,189 | ' | -28,300 |
Operating income (loss) | -159,274 | 12,269 | 5,063 | 16,844 | 19,385 | 26,587 | -6,407 | 30,085 | -125,098 | 69,650 | 51,501 |
Net income (loss) | -169,780 | -24,398 | -9,325 | -2,848 | -5,417 | 4,910 | -14,066 | 4,170 | -206,351 | -10,403 | -51,184 |
Net income (loss) attributable to The Gymboree Corporation | -167,156 | -23,985 | -9,350 | -2,536 | -5,691 | 6,121 | -13,268 | 4,996 | -203,027 | -7,842 | -45,345 |
Retail Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 340,003 | 297,352 | 278,944 | 280,877 | 387,798 | 299,965 | 259,114 | 288,116 | 1,197,176 | 1,234,993 | 1,164,171 |
Gymboree Play & Music | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 6,276 | 6,821 | 6,260 | 6,328 | 5,960 | 6,390 | 5,799 | 5,792 | 25,685 | 23,941 | 13,885 |
International Retail Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $4,753 | $5,665 | $5,712 | $5,578 | $3,885 | $5,163 | $3,839 | $3,843 | $21,708 | $16,730 | $10,232 |