Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | Jun. 12, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ck0000786110 | |
Entity Registrant Name | GYMBOREE CORP | |
Entity Central Index Key | 786110 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Net sales: | ||
Net sales | $276,069 | $272,010 |
Cost of goods sold, including buying and occupancy expenses | -170,712 | -163,652 |
Gross profit | 105,357 | 108,358 |
Selling, general and administrative expenses | -104,710 | -102,290 |
Operating income | 647 | 6,068 |
Interest income | 19 | 47 |
Interest expense | -21,076 | -20,374 |
Other expense, net | -110 | -368 |
(Loss) income before income taxes | -20,520 | -14,627 |
Income tax expense | -1,960 | -376 |
Net (loss) income | -22,480 | -15,003 |
Net (income) loss attributable to noncontrolling interest | -545 | 1,572 |
Net loss attributable to The Gymboree Corporation | -23,025 | -13,431 |
Retail Stores | ||
Net sales: | ||
Net sales | 261,732 | 259,124 |
Gymboree Play & Music | ||
Net sales: | ||
Net sales | 8,648 | 6,832 |
International Retail Franchise | ||
Net sales: | ||
Net sales | $5,689 | $6,054 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Net loss | ($22,480) | ($15,003) | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, net of tax | 956 | -397 | |
Unrealized net gain on cash flow hedges, net of tax expense of $198 and $0 | 261 | 22 | |
Total other comprehensive income (loss) | 1,217 | -375 | -6,793 |
Comprehensive loss | -21,263 | -15,378 | |
Comprehensive (income) loss attributable to noncontrolling interest | -612 | 2,047 | |
Comprehensive loss attributable to The Gymboree Corporation | ($21,875) | ($13,331) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Unrealized net gain on cash flow hedges, tax expense | $198 | $0 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $22,363 | $18,520 | $24,773 |
Accounts receivable, net of allowance of $2,304, $1,939 and $1,228 | 25,515 | 25,248 | 22,394 |
Merchandise inventories | 208,908 | 198,337 | 170,411 |
Prepaid income taxes | 2,759 | 2,599 | 2,986 |
Prepaid expenses | 18,561 | 6,821 | 18,623 |
Deferred income taxes | 7,263 | 6,824 | 14,236 |
Total current assets | 285,369 | 258,349 | 253,423 |
Property and equipment: | |||
Land and buildings | 22,428 | 22,428 | 22,428 |
Leasehold improvements | 199,869 | 198,098 | 201,067 |
Furniture, fixtures and equipment | 125,481 | 123,943 | 119,115 |
Total property and equipment | 347,778 | 344,469 | 342,610 |
Less accumulated depreciation and amortization | -171,378 | -162,038 | -139,134 |
Net property and equipment | 176,400 | 182,431 | 203,476 |
Goodwill | 374,308 | 373,834 | 758,777 |
Other intangible assets, net | 342,816 | 343,552 | 559,003 |
Deferred financing costs | 23,984 | 25,622 | 30,754 |
Other assets | 3,683 | 4,155 | 10,288 |
Total assets | 1,206,560 | 1,187,943 | 1,815,721 |
Current liabilities: | |||
Accounts payable | 105,426 | 87,032 | 73,345 |
Accrued liabilities | 106,669 | 94,805 | 107,648 |
Line of credit borrowings | 42,000 | 33,000 | 10,000 |
Current obligation under capital lease | 565 | 552 | 515 |
Total current liabilities | 254,660 | 215,389 | 191,508 |
Long-term liabilities: | |||
Long-term debt | 1,114,127 | 1,114,048 | 1,113,817 |
Long-term obligation under capital lease | 2,704 | 2,850 | 3,269 |
Lease incentives and other liabilities | 52,858 | 53,677 | 50,534 |
Unrecognized tax benefits | 5,151 | 5,048 | 6,304 |
Deferred income taxes | 129,865 | 129,196 | 215,232 |
Total liabilities | 1,559,365 | 1,520,208 | 1,580,664 |
Commitments and contingencies | |||
Stockholders' (deficit) equity: | |||
Common stock, including additional paid-in capital ($0.001 par value: 1,000 shares authorized, issued and outstanding) | 523,124 | 522,403 | 519,207 |
Accumulated deficit | -876,388 | -853,363 | -292,689 |
Accumulated other comprehensive loss | -10,081 | -11,231 | -4,780 |
Total stockholders' (deficit) equity | -363,345 | -342,191 | 221,738 |
Noncontrolling interest | 10,540 | 9,926 | 13,319 |
Total (deficit) equity | -352,805 | -332,265 | 235,057 |
Total liabilities and stockholders' (deficit) equity | $1,206,560 | $1,187,943 | $1,815,721 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable, allowance | $2,304 | $1,939 | $1,228 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 1,000 | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 | 1,000 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($22,480) | ($15,003) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 10,700 | 11,178 |
Amortization of deferred financing costs and accretion of original issue discount | 1,886 | 1,776 |
Interest rate cap contracts-adjustment to market | 778 | 461 |
(Gain) loss on disposal/impairment of assets | -539 | 359 |
Deferred income taxes | 264 | -33 |
Share-based compensation expense | 720 | 1,276 |
Other | -198 | 18 |
Change in assets and liabilities: | ||
Accounts receivable | -168 | -553 |
Merchandise inventories | -10,958 | 4,776 |
Prepaid income taxes | -154 | -1,013 |
Prepaid expenses and other assets | -11,739 | 1,087 |
Accounts payable | 18,375 | -28,602 |
Accrued liabilities | 11,350 | 8,897 |
Lease incentives and other liabilities | -476 | 693 |
Net cash used in operating activities | -2,639 | -14,683 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -3,140 | -9,353 |
Proceeds from sale of assets | 353 | |
Other | 8 | -56 |
Net cash (used in) provided by investing activities | -2,779 | -9,409 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from ABL facility | 130,000 | 78,000 |
Payments on ABL facility | -121,000 | -68,000 |
Payments on capital lease | -133 | -121 |
Net cash provided by (used in) financing activities | 8,867 | 9,879 |
Effect of exchange rate fluctuations on cash and cash equivalents | 394 | -443 |
Net increase (decrease) in cash and cash equivalents | 3,843 | -14,656 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 18,520 | 39,429 |
End of period | 22,363 | 24,773 |
OTHER CASH FLOW INFORMATION: | ||
Cash (received) paid for income taxes, net | -3,664 | 1,380 |
Cash paid for interest | $10,390 | $10,104 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
2-May-15 | |
Basis of Presentation | 1. Basis of Presentation |
The unaudited interim condensed consolidated financial statements, which include The Gymboree Corporation (the “Company,” “we” or “us”) and our 100%-owned subsidiaries, as well as Gymboree (China) Commercial and Trading Co. Ltd. (“Gymboree China”) and Gymboree (Tianjin) Educational Information Consultation Co. Ltd. (“Gymboree Tianjin”) (collectively, the “VIEs”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with generally accepted accounting principles have been omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended January 31, 2015 filed with the Securities and Exchange Commission on May 1, 2015. | |
The accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly our financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented. The results of operations for the 13 weeks ended May 2, 2015 (“first quarter of fiscal 2015”) are not necessarily indicative of the operating results that may be expected for the 52-week period ending January 30, 2016 (“fiscal 2015”) or any future period. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
2-May-15 | |
Recently Issued Accounting Standards | 2. Recently Issued Accounting Standards |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments do not affect the current guidance on the recognition and measurement of debt issuance costs. This ASU would be applied retrospectively to all prior periods and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. This ASU will require the Company to reclassify deferred financing costs, currently presented as assets on the condensed consolidated balance sheets, and net those costs with long-term debt. This ASU will have no effect on the Company’s condensed consolidated statements of operations or its liquidity. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The amendments are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We have not yet determined the impact of the new standard on our condensed consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance on principles and definitions to reduce diversity in the timing and content of disclosures when evaluating whether there is substantial doubt about an organization’s ability to continue as a going concern. This ASU is effective in the annual period ending after December 15, 2016, with early adoption permitted. We have not yet determined the impact of the new standard on our condensed consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. generally accepted accounting principles and International Financial Reporting Standards. This ASU is effective for fiscal years and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets). In April 2015, the FASB proposed a deferral of this ASU’s effective date by one year, to December 15, 2017. The proposed deferral allows early adoption at the original effective date. We have not yet determined the impact of the new standard on our condensed consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
Fair Value Measurements | 3. Fair Value Measurements | ||||||||||||||||||||||||
We record our money market funds, interest rate caps and forward foreign exchange contracts 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 – Inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques. | |||||||||||||||||||||||||
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 May 2, 2015, January 31, 2015 and May 3, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). There were no transfers into or out of Level 1 and Level 2 during the 13 weeks ended May 2, 2015 and May 3, 2014, or for the year ended January 31, 2015. | |||||||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest rate caps | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Total | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||||||||||
Total | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||||||||||
31-Jan-15 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest rate caps | $ | — | $ | 17 | $ | — | $ | 17 | |||||||||||||||||
Forward foreign exchange contracts | — | 96 | — | 96 | |||||||||||||||||||||
Total | $ | — | $ | 113 | $ | — | $ | 113 | |||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Money market funds | $ | 900 | $ | — | $ | — | $ | 900 | |||||||||||||||||
Interest rate caps | — | 433 | — | 433 | |||||||||||||||||||||
Forward foreign exchange contracts | — | 100 | — | 100 | |||||||||||||||||||||
Total | $ | 900 | $ | 533 | $ | — | $ | 1,433 | |||||||||||||||||
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 discounting future cash receipts. The variable cash receipts were based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves and volatilities. 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 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 May 2, 2015, January 31, 2015 and May 3, 2014, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate cap positions and determined 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. These current market yields are considered Level 2 inputs. The estimated fair value of long-term debt is as follows (in thousands): | |||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan | $ | 768,127 | $ | 611,436 | $ | 768,048 | $ | 530,680 | $ | 767,817 | $ | 619,127 | |||||||||||||
Notes | 346,000 | 166,080 | 346,000 | 128,020 | 346,000 | 221,440 | |||||||||||||||||||
Total | $ | 1,114,127 | $ | 777,516 | $ | 1,114,048 | $ | 658,700 | $ | 1,113,817 | $ | 840,567 | |||||||||||||
We had no other financial assets or liabilities measured at fair value as of May 2, 2015, January 31, 2015 and May 3, 2014. | |||||||||||||||||||||||||
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 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. We recorded no impairment charges during the first quarter of fiscal 2015 and 2014. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets and Liabilities | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Goodwill and Intangible Assets and Liabilities | 4. Goodwill and Intangible Assets and Liabilities | ||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill allocated to our reportable segments as of May 2, 2015, January 31, 2015 and May 3, 2014 is as follows (in thousands): | |||||||||||||||||
Retail Stores | Gymboree Play | International Retail | Total | ||||||||||||||
Segment | & Music Segment | Franchise Segment | |||||||||||||||
Balance as of May 2, 2015 | |||||||||||||||||
Goodwill | $ | 887,241 | $ | 16,389 | $ | 23,636 | $ | 927,266 | |||||||||
Accumulated impairment losses | (547,285 | ) | — | — | (547,285 | ) | |||||||||||
Effect of exchange rate fluctuations | (5,673 | ) | — | — | (5,673 | ) | |||||||||||
$ | 334,283 | $ | 16,389 | $ | 23,636 | $ | 374,308 | ||||||||||
Balance as of January 31, 2015 | |||||||||||||||||
Goodwill | $ | 887,241 | $ | 16,389 | $ | 23,636 | $ | 927,266 | |||||||||
Accumulated impairment losses | (547,285 | ) | — | — | (547,285 | ) | |||||||||||
Effect of exchange rate fluctuations | (6,147 | ) | — | — | (6,147 | ) | |||||||||||
$ | 333,809 | $ | 16,389 | $ | 23,636 | $ | 373,834 | ||||||||||
Balance as of May 3, 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 | |||||||||||||||||
During the first quarter of fiscal 2015 and 2014, we did not identify impairment indicators for goodwill. During fiscal 2014, we recognized goodwill impairment in the Gymboree Retail, Gymboree Outlet, and Crazy 8 reporting units, components of our retail stores reporting segment, of approximately $252.3 million, $67.2 million and $59.3 million, respectively. | |||||||||||||||||
Intangible Assets and Liabilities | |||||||||||||||||
Intangible assets and liabilities consist of the following (in thousands): | |||||||||||||||||
May 2, 2015 | |||||||||||||||||
Gross Carrying | Accumulated | Accumulated | Net Amount | ||||||||||||||
Amount | Amortization | Impairment | |||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,012 | $ | — | $ | (229,600 | ) | $ | 337,412 | ||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 770 | (688 | ) | — | 82 | ||||||||||||
Below market leases | 4,839 | (3,319 | ) | — | 1,520 | ||||||||||||
Co-branded credit card agreement | 4,000 | (2,727 | ) | — | 1,273 | ||||||||||||
Franchise agreements and reacquired franchise rights | 6,625 | (4,096 | ) | — | 2,529 | ||||||||||||
16,234 | (10,830 | ) | — | 5,404 | |||||||||||||
Total other intangible assets | $ | 583,246 | $ | (10,830 | ) | $ | (229,600 | ) | $ | 342,816 | |||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other liabilities) | $ | (11,400 | ) | $ | 7,196 | $ | — | $ | (4,204 | ) | |||||||
The decrease in the gross carrying amount of below market leases from January 31, 2015 to May 2, 2015 reflects the write off of certain fully amortized intangible assets. | |||||||||||||||||
January 31, 2015 | |||||||||||||||||
Gross Carrying | Accumulated | Accumulated | Net Amount | ||||||||||||||
Amount | Amortization | Impairment | |||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,012 | $ | — | $ | (229,600 | ) | $ | 337,412 | ||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 770 | (605 | ) | — | 165 | ||||||||||||
Below market leases | 5,274 | (3,486 | ) | — | 1,788 | ||||||||||||
Co-branded credit card agreement | 4,000 | (2,573 | ) | — | 1,427 | ||||||||||||
Franchise agreements and reacquired franchise rights | 6,625 | (3,865 | ) | — | 2,760 | ||||||||||||
16,669 | (10,529 | ) | — | 6,140 | |||||||||||||
Total other intangible assets | $ | 583,681 | $ | (10,529 | ) | $ | (229,600 | ) | $ | 343,552 | |||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other liabilities) | $ | (11,400 | ) | $ | 6,795 | $ | — | $ | (4,605 | ) | |||||||
The decrease in the gross carrying amount of customer relationships, below market leases, franchise agreements and reacquired franchise rights, and above market leases from May 3, 2014 to January 31, 2015, reflects the write off of certain fully amortized intangibles. | |||||||||||||||||
May 3, 2014 | |||||||||||||||||
Gross Carrying | Accumulated | Accumulated | Net Amount | ||||||||||||||
Amount | Amortization | Impairment | |||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,494 | $ | — | $ | (17,000 | ) | $ | 550,494 | ||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 37,551 | (36,975 | ) | — | 576 | ||||||||||||
Below market leases | 7,055 | (4,457 | ) | — | 2,598 | ||||||||||||
Co-branded credit card agreement | 4,000 | (2,112 | ) | — | 1,888 | ||||||||||||
Franchise agreements and reacquired franchise rights | 6,632 | (3,185 | ) | — | 3,447 | ||||||||||||
55,238 | (46,729 | ) | — | 8,509 | |||||||||||||
Total other intangible assets | $ | 622,732 | $ | (46,729 | ) | $ | (17,000 | ) | $ | 559,003 | |||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other liabilities) | $ | (16,631 | ) | $ | 10,508 | $ | — | $ | (6,123 | ) | |||||||
Indefinite-Lived Intangible Assets Impairment | |||||||||||||||||
During the first quarter of fiscal 2015 and 2014, we did not identify impairment indicators for indefinite-lived intangible assets. During fiscal 2014, we recognized a $212.6 million impairment charge related to trade names of our retail stores segment. | |||||||||||||||||
Net amortization income (expense) is presented below for the periods ended (in thousands): | |||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | ||||||||||||||||
2-May-15 | 3-May-14 | ||||||||||||||||
Cost of goods sold—Amortization income | $ | 133 | $ | 247 | |||||||||||||
Selling, general and administrative expenses—Amortization expense | $ | (468 | ) | $ | (535 | ) | |||||||||||
Line_of_Credit
Line of Credit | 3 Months Ended |
2-May-15 | |
Line of Credit | 5. Line of Credit |
We have a senior secured asset-based revolving credit facility (“ABL”) that provides 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. Line of credit borrowings outstanding under the ABL as of May 2, 2015, January 31, 2015 and May 3, 2014 were $42.0 million, $33.0 million and $10.0 million, respectively. Amounts available under the ABL are reduced by letter of credit utilization totaling $38.1 million as of May 2, 2015. Undrawn availability under the ABL, after being reduced by outstanding borrowings and letter of credit utilization, was $90.8 million as of May 2, 2015. Average borrowings under the ABL for the 13 weeks ended May 2, 2015 and May 3, 2014 amounted to $54.1 million and $9.7 million, respectively. Average borrowings under the ABL for the year ended January 31, 2015 amounted to $32.0 million. 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. As of May 2, 2015, the interest rate was 5.5% on the first $12.0 million of line of credit borrowings outstanding under the ABL and 4.0% on the remaining $30.0 million of line of credit borrowings outstanding under the ABL. 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. 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 6), subject to the satisfaction of certain conditions. | |
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 Facility contains financial and other covenants that, among other things, restrict our ability to incur additional indebtedness and pay dividends. The ABL Facility also contains a financial covenant that is tested when availability under the facility falls below a specified threshold. As of May 2, 2015, we were not required to test compliance with this covenant. 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 | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Long-Term Debt | 6. Long-Term Debt | ||||||||||||
Long-term debt consists of (in thousands): | |||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||
Term loan due February 2018, Adjusted LIBOR (with a floor of 1.5%)plus 3.5%, net of discount of $975, $1,054 and $1,285 | $ | 768,127 | $ | 768,048 | $ | 767,817 | |||||||
Senior notes due December 2018, 9.125% | 346,000 | 346,000 | 346,000 | ||||||||||
Long-term debt | $ | 1,114,127 | $ | 1,114,048 | $ | 1,113,817 | |||||||
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 such amount will be subject to reduction by the amount of any additional commitments incurred under the ABL described in Note 5. 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 May 2, 2015, 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 2014 operating results and concluded we are not required to make any excess cash flow payments on the Term Loan during fiscal 2015. Excess cash flow payments on the Term Loan for fiscal 2016 will be calculated with our fiscal 2015 annual operating results. Voluntary prepayments and the excess cash flow prepayments made in prior fiscal years were applied toward our remaining quarterly amortization payments payable under the Term Loan through fiscal 2016. Our next quarterly payment payable under the Term Loan is due in the first quarter of fiscal 2017. | |||||||||||||
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. We may redeem the Notes, in whole or in part, upon at least 30 days prior notice, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on December 1 of each of the years indicated below: | |||||||||||||
Year | Percentage | ||||||||||||
2014 | 104.563 | % | |||||||||||
2015 | 102.281 | % | |||||||||||
2016 and thereafter | 100 | % | |||||||||||
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 15). 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. | |||||||||||||
Future minimum principal payments on long-term debt, excluding accretion of original issue discount (“OID”) of $1.0 million as of May 2, 2015, are as follows (in thousands): | |||||||||||||
Fiscal years | Principal Payments | ||||||||||||
2015 | $ | — | |||||||||||
2016 | — | ||||||||||||
2017 | 6,502 | ||||||||||||
2018 | 1,108,600 | ||||||||||||
Total | $ | 1,115,102 | |||||||||||
Interest Expense on Long-Term Debt and ABL | |||||||||||||
Total interest expense reported in the condensed consolidated statements of operations includes interest expense on long-term debt and borrowings under the ABL of $21.0 million and $20.4 million for the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. Amortization of deferred financing costs and accretion of OID are also included in interest expense. | |||||||||||||
Deferred Financing Costs and OID | |||||||||||||
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 3.0 years as of May 2, 2015. Amortization of deferred financing costs is recorded in interest expense and was $1.8 million and $1.7 million during the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. Accretion of OID, which was not material for both the 13 weeks ended May 2, 2015 and May 3, 2014, is also recorded in interest expense. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
Derivative Financial Instruments | 7. Derivative Financial Instruments | ||||||||||||||||||||||||
We enter into forward foreign exchange contracts with respect to certain purchases in United States dollars (“U.S. 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 loss related to these forward foreign exchange contracts will be reclassified to COGS 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 the $700 million principal of our Term Loan (see Note 6) 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 the 13 weeks ended May 2, 2015 and May 3, 2014, respectively, we reclassified approximately $0.8 million and $0.5 million, respectively, from accumulated other comprehensive loss to interest expense. We estimate approximately $4.3 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 (U.S. dollars in thousands): | |||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
Number of | Notional | Number of | Notional | Number of | Notional | ||||||||||||||||||||
Instruments | (USD) | Instruments | (USD) | Instruments | (USD) | ||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||
Purchased interest rate caps | 4 | $ | 700,000 | 4 | $ | 700,000 | 4 | $ | 700,000 | ||||||||||||||||
Foreign exchange derivatives | |||||||||||||||||||||||||
Forward foreign exchange contracts | 3 | 2,343 | 6 | 4,633 | 3 | 3,065 | |||||||||||||||||||
Total | 7 | $ | 702,343 | 10 | $ | 704,633 | 7 | $ | 703,065 | ||||||||||||||||
In addition to the cash flow hedges described above, the Company was party to one forward foreign exchange contract with a notional amount of $12.2 million that was not designated as a hedge as of May 3, 2014. The Company was not a party to any forward foreign exchange contracts that were not designated as hedges as of May 2, 2015 and January 31, 2015. | |||||||||||||||||||||||||
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) (see Note 3). | |||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||||
Assets | Liabilities | Assets | Assets | ||||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Purchased interest rate caps | $ | 9 | $ | — | $ | 17 | $ | 433 | |||||||||||||||||
Forward foreign exchange contracts | — | — | 96 | 100 | |||||||||||||||||||||
Total | $ | 9 | $ | — | $ | 113 | $ | 533 | |||||||||||||||||
Accrued Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 55 | $ | — | $ | — | |||||||||||||||||
Total | $ | — | $ | 55 | $ | — | $ | — | |||||||||||||||||
The tables below present the effect of all of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive loss (in thousands). No amounts were reclassified from accumulated other comprehensive loss (OCI) into earnings as a result of forecasted transactions that failed to occur or as a result of hedge ineffectiveness (see Note 11). | |||||||||||||||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI into | |||||||||||||||||||||||
Portion) | into Income (Effective | Income (Effective | |||||||||||||||||||||||
Portion) | Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (8 | ) | Interest expense | $ | (778 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (146 | ) | Cost of goods sold | 165 | |||||||||||||||||||||
Total | $ | (154 | ) | $ | (613 | ) | |||||||||||||||||||
13 Weeks Ended May 3, 2014 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI into | |||||||||||||||||||||||
Portion) | into Income (Effective | Income (Effective | |||||||||||||||||||||||
Portion) | Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (166 | ) | Interest expense | $ | (461 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (51 | ) | Cost of goods sold | 222 | |||||||||||||||||||||
Total | $ | (217 | ) | $ | (239 | ) | |||||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
2-May-15 | |
Share-Based Compensation | 8. Share-Based Compensation |
Share-based compensation expense included as a component of selling, general and administrative (SG&A) expenses was $0.7 million and $1.3 million during the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. We include an estimate of forfeitures in determining share-based compensation expense. |
Income_Taxes
Income Taxes | 3 Months Ended |
2-May-15 | |
Income Taxes | 9. Income Taxes |
As of May 2, 2015, January 31, 2015 and May 3, 2014, unrecognized tax benefits were $6.8 million, $5.6 million and $6.6 million, respectively. We believe it is reasonably possible that the total amount of unrecognized tax benefits of $6.8 million as of May 2, 2015 will decrease by as much as $0.7 million during the next twelve months due to the resolution of certain tax contingencies and lapses of applicable statutes of limitations. | |
As of May 2, 2015, January 31, 2015 and May 3, 2014, the total valuation allowance against deferred tax assets was $67.3 million, $58.6 million and $35.5 million, respectively. 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 in evaluating whether a valuation allowance is required, including prior earnings history, 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 continue to have a valuation allowance against all net deferred tax assets in U.S. federal, unitary U.S. state and Australian jurisdictions, excluding indefinite-lived deferred tax assets and liabilities, and against the tax benefit on losses from our VIEs. We intend to maintain a valuation allowance until sufficient positive evidence exists to support its reversal. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
2-May-15 | |
Commitments and Contingencies | 10. Commitments and Contingencies |
Commitments | |
There have been no significant changes to our contractual obligations and commercial commitments as disclosed in our Annual Report on Form 10-K as of January 31, 2015 (see Notes 6, 7, 10 and 13), other than those which occur in the normal course of business (see Note 16). | |
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 the outcome of any legal actions would have a material effect on our condensed consolidated financial statements taken as a whole. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Accumulated Other Comprehensive Loss | 11. Accumulated Other Comprehensive Loss | ||||||||||||
The following table shows the components of accumulated other comprehensive loss (“OCI”), net of tax, for the periods ended (in thousands): | |||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||
Foreign currency translation | $ | (6,154 | ) | $ | (7,043 | ) | $ | 701 | |||||
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,784, $3,982 and $3,982 | (3,927 | ) | (4,188 | ) | (5,481 | ) | |||||||
Total accumulated other comprehensive loss | $ | (10,081 | ) | $ | (11,231 | ) | $ | (4,780 | ) | ||||
Changes in accumulated OCI balance by component were as follows as of and for the periods ended (in thousands): | |||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||
Derivatives | Foreign Currency | Total Accumulated | |||||||||||
Comprehensive (Loss) | |||||||||||||
Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (4,188 | ) | $ | (7,043 | ) | $ | (11,231 | ) | ||||
Other comprehensive (loss) income recognized before reclassifications | (154 | ) | 956 | 802 | |||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 613 | — | 613 | ||||||||||
Tax expense | (198 | ) | — | (198 | ) | ||||||||
Net current-period other comprehensive income | 261 | 956 | 1,217 | ||||||||||
Other comprehensive income attributable to noncontrolling interest | — | (67 | ) | (67 | ) | ||||||||
Ending balance | $ | (3,927 | ) | $ | (6,154 | ) | $ | (10,081 | ) | ||||
Year Ended January 31, 2015 | |||||||||||||
Derivatives | Foreign Currency | Total Accumulated | |||||||||||
Comprehensive (Loss) | |||||||||||||
Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (5,503 | ) | $ | 623 | $ | (4,880 | ) | |||||
Other comprehensive loss recognized before reclassifications | (292 | ) | (8,108 | ) | (8,400 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 1,607 | — | 1,607 | ||||||||||
Net current-period other comprehensive income (loss) | 1,315 | (8,108 | ) | (6,793 | ) | ||||||||
Other comprehensive loss attributable to noncontrolling interest | — | 442 | 442 | ||||||||||
Ending balance | $ | (4,188 | ) | $ | (7,043 | ) | $ | (11,231 | ) | ||||
13 Weeks Ended May 3, 2014 | |||||||||||||
Derivatives | Foreign | Total Accumulated | |||||||||||
Currency | Comprehensive (Loss) | ||||||||||||
Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (5,503 | ) | $ | 623 | $ | (4,880 | ) | |||||
Other comprehensive loss recognized before reclassifications | (217 | ) | (397 | ) | (614 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 239 | — | 239 | ||||||||||
Net current-period other comprehensive income (loss) | 22 | (397 | ) | (375 | ) | ||||||||
Other comprehensive loss attributable to noncontrolling interest | — | 475 | 475 | ||||||||||
Ending balance | $ | (5,481 | ) | $ | 701 | $ | (4,780 | ) | |||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
2-May-15 | |
Related Party Transactions | 12. Related Party Transactions |
Related Party Transactions –Excluding VIEs | |
We incurred approximately $0.9 million and $0.8 million in management fees and reimbursement of out-of-pocket expenses from Bain Capital Partners LLC (“Bain Capital”) during the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. As of May 2, 2015, January 31, 2015 and May 3, 2014, we had a payable balance of $1.1 million, $0.2 million and $0.1 million, respectively, to Bain Capital. | |
We incurred approximately $0.6 million and $0.6 million in expenses related to services purchased from LogicSource, a company owned by funds associated with Bain Capital, during the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. As of May 2, 2015, January 31, 2015 and May 3, 2014, we had a payable balance of $0.1 million, $0.3 million and $0.2 million, respectively, to LogicSource. | |
During the 13 weeks ended May 2, 2015 we sold inventory totaling $1.3 million to Burlington Stores, Inc. (“Burlington”), a company owned by funds associated with Bain Capital. We did not sell inventory to Burlington during the 13 weeks ended May 3, 2014. As of May 2, 2015, January 31, 2015 and May 3, 2014, we had no receivable balance from Burlington. The funds associated with Bain Capital sold their common shares of Burlington on March 31, 2015. As of April 1, 2015, Burlington was no longer a related party of the Company. | |
As of May 2, 2015, January 31, 2015 and May 3, 2014, we had a receivable balance of $0.2 million, $0.2 million and $0.8 million, respectively, from our indirect parent, Giraffe Holding, Inc., related to income taxes. | |
Related Party Transactions –VIEs | |
Our VIEs incurred $0.1 million and $0.1 million in management fees from Bain Capital Advisors (China) Ltd. during the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. As of May 2, 2015, January 31, 2015 and May 3, 2014, our VIEs had a balance of $0.2 million, $0.1 million and $0.1 million payable to Bain Capital Advisors (China) Ltd, respectively. | |
As of May 2, 2015, January 31, 2015 and May 3, 2014, our VIEs had a balance of $1.1 million payable to their indirect parent, Gymboree Investment Holding GP, Ltd., related to funds used to pay operating costs of the VIEs. | |
As of May 2, 2015, January 31, 2015 and May 3, 2014, our VIEs had a payable balance of $0.4 million due to Gymboree Hong Kong Limited, the unconsolidated direct parent of the VIEs, related to funds used to pay operating costs of the VIEs. The Company is part of a related party group that controls Gymboree Hong Kong Limited. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
Segment Information | 13. Segment Information | ||||||||||||||||||||||||
We have four reportable segments: retail stores (including online stores), Gymboree Play & Music, International Retail Franchise (“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, who is the Chief Executive Officer. 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 profit 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 and class of customer. We believe disaggregating our operating segments would not provide material additional information. Corporate overhead (costs related to our distribution centers and shared corporate services) is included in the retail stores segment. | |||||||||||||||||||||||||
Summary financial data of each reportable segment were as follows as of and for the periods ended (in thousands): | |||||||||||||||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||
Net sales | $ | 259,924 | $ | 4,357 | $ | 5,857 | $ | 8,611 | $ | (2,680 | ) | $ | 276,069 | ||||||||||||
Gross Profit | $ | 94,575 | $ | 2,774 | $ | 3,227 | $ | 6,384 | $ | (1,603 | ) | $ | 105,357 | ||||||||||||
13 Weeks Ended May 3, 2014 | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||
Net sales | $ | 257,928 | $ | 5,049 | $ | 6,167 | $ | 5,404 | $ | (2,538 | ) | $ | 272,010 | ||||||||||||
Gross Profit | $ | 99,292 | $ | 4,042 | $ | 3,372 | $ | 4,102 | $ | (2,450 | ) | $ | 108,358 | ||||||||||||
Total Assets | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||
2-May-15 | $ | 1,095,889 | $ | 59,916 | $ | 30,024 | $ | 22,865 | $ | (2,134 | ) | $ | 1,206,560 | ||||||||||||
31-Jan-15 | $ | 1,078,973 | $ | 60,190 | $ | 28,886 | $ | 21,449 | $ | (1,555 | ) | $ | 1,187,943 | ||||||||||||
3-May-14 | $ | 1,705,817 | $ | 60,229 | $ | 30,102 | $ | 21,804 | $ | (2,231 | ) | $ | 1,815,721 | ||||||||||||
Interest expense, depreciation and amortization expense and capital expenditures have not been separately disclosed above as the amounts primarily relate to the retail segment. Intersegment revenues for each reportable segment were as follows for the periods ended (in thousands): | |||||||||||||||||||||||||
Intersegment Revenues | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | |||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Total | |||||||||||||||||||||
13 Weeks Ended May 2, 2015 | $ | — | $ | 2,512 | $ | 168 | $ | — | $ | 2,680 | |||||||||||||||
13 Weeks Ended May 3, 2014 | $ | — | $ | 2,425 | $ | 113 | $ | — | $ | 2,538 | |||||||||||||||
We attribute retail store revenues to individual countries based on the selling location. For Gymboree International Retail Franchise, all sales were attributed to the U.S. geographic area. | |||||||||||||||||||||||||
China Play & Music sales are attributable to the international geographic segment and all other Gymboree Play & Music sales are attributable to the U.S. geographic area. | |||||||||||||||||||||||||
Net sales of our two geographical areas, United States and international, were as follows for the periods ended (in thousands): | |||||||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | ||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||||||||||||||
United States | $ | 258,582 | $ | 257,328 | |||||||||||||||||||||
International | 17,487 | 14,682 | |||||||||||||||||||||||
$ | 276,069 | $ | 272,010 | ||||||||||||||||||||||
Property and equipment, net, of our two geographical areas were as follows as of the periods ended (in thousands): | |||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
United States | $ | 166,121 | $ | 172,378 | $ | 193,459 | |||||||||||||||||||
International | 10,279 | 10,053 | 10,017 | ||||||||||||||||||||||
$ | 176,400 | $ | 182,431 | $ | 203,476 | ||||||||||||||||||||
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Variable Interest Entities | 14. Variable Interest Entities | ||||||||||||||||
Gymboree retail stores are operated in China by Gymboree China, while Gymboree Tianjin is Gymboree Play & Music’s master franchisee in China. 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 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 can only be used by the VIEs. 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 statements of operations for the 13 weeks ended May 2, 2015 and May 3, 2014 and the condensed consolidated balance sheets as of May 2, 2015, January 31, 2015 and May 3, 2014 (in thousands): | |||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
(In thousands) | |||||||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 270,138 | $ | 8,611 | $ | (2,680 | ) | $ | 276,069 | ||||||||
Cost of goods sold, including buying and occupancy expenses | (169,562 | ) | (2,227 | ) | 1,077 | (170,712 | ) | ||||||||||
Selling, general and administrative expenses | (100,988 | ) | (5,173 | ) | 1,451 | (104,710 | ) | ||||||||||
Operating (loss) income | (412 | ) | 1,211 | (152 | ) | 647 | |||||||||||
Other non operating expense | (21,157 | ) | (10 | ) | — | (21,167 | ) | ||||||||||
(Loss) income before income taxes | (21,569 | ) | 1,201 | (152 | ) | (20,520 | ) | ||||||||||
Income tax expense | (1,304 | ) | (656 | ) | — | (1,960 | ) | ||||||||||
Net (loss) income | (22,873 | ) | 545 | (152 | ) | (22,480 | ) | ||||||||||
Net income attributable to noncontrolling interest | — | (545 | ) | — | (545 | ) | |||||||||||
Net loss attributable to The Gymboree Corporation | $ | (22,873 | ) | $ | — | $ | (152 | ) | $ | (23,025 | ) | ||||||
13 Weeks Ended May 3, 2014 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 269,144 | $ | 5,404 | $ | (2,538 | ) | $ | 272,010 | ||||||||
Cost of goods sold, including buying and occupancy expenses | (162,438 | ) | (1,302 | ) | 88 | (163,652 | ) | ||||||||||
Selling, general and administrative expenses | (98,960 | ) | (5,793 | ) | 2,463 | (102,290 | ) | ||||||||||
Operating income (loss) | 7,746 | (1,691 | ) | 13 | 6,068 | ||||||||||||
Other non-operating expense | (20,591 | ) | (104 | ) | — | (20,695 | ) | ||||||||||
Loss before income taxes | (12,845 | ) | (1,795 | ) | 13 | (14,627 | ) | ||||||||||
Income tax (expense) benefit | (599 | ) | 223 | — | (376 | ) | |||||||||||
Net loss | (13,444 | ) | (1,572 | ) | 13 | (15,003 | ) | ||||||||||
Net loss attributable to noncontrolling interest | — | 1,572 | — | 1,572 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (13,444 | ) | $ | — | $ | 13 | $ | (13,431 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
(In thousands) | |||||||||||||||||
May 2, 2015 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 12,513 | $ | 9,850 | $ | — | $ | 22,363 | |||||||||
Other current assets | 257,220 | 7,920 | (2,134 | ) | 263,006 | ||||||||||||
Total current assets | 269,733 | 17,770 | (2,134 | ) | 285,369 | ||||||||||||
Non-current assets | 916,096 | 5,095 | — | 921,191 | |||||||||||||
Total assets | $ | 1,185,829 | $ | 22,865 | $ | (2,134 | ) | $ | 1,206,560 | ||||||||
Current liabilities | $ | 244,625 | $ | 11,840 | $ | (1,805 | ) | $ | 254,660 | ||||||||
Non-current liabilities | 1,304,220 | 485 | — | 1,304,705 | |||||||||||||
Total liabilities | 1,548,845 | 12,325 | (1,805 | ) | 1,559,365 | ||||||||||||
Total stockholders’ deficit | (363,016 | ) | — | (329 | ) | (363,345 | ) | ||||||||||
Noncontrolling interest | — | 10,540 | — | 10,540 | |||||||||||||
Total liabilities and stockholders’ deficit | $ | 1,185,829 | $ | 22,865 | $ | (2,134 | ) | $ | 1,206,560 | ||||||||
January 31, 2015 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 8,559 | $ | 9,961 | $ | — | $ | 18,520 | |||||||||
Other current assets | 235,123 | 6,261 | (1,555 | ) | 239,829 | ||||||||||||
Total current assets | 243,682 | 16,222 | (1,555 | ) | 258,349 | ||||||||||||
Non-current assets | 924,367 | 5,227 | — | 929,594 | |||||||||||||
Total assets | $ | 1,168,049 | $ | 21,449 | $ | (1,555 | ) | $ | 1,187,943 | ||||||||
Current liabilities | $ | 205,674 | $ | 11,088 | $ | (1,373 | ) | $ | 215,389 | ||||||||
Non-current liabilities | 1,304,384 | 435 | — | 1,304,819 | |||||||||||||
Total liabilities | 1,510,058 | 11,523 | (1,373 | ) | 1,520,208 | ||||||||||||
Total stockholders’ deficit | (342,009 | ) | — | (182 | ) | (342,191 | ) | ||||||||||
Noncontrolling interest | — | 9,926 | — | 9,926 | |||||||||||||
Total liabilities and stockholders’ deficit | $ | 1,168,049 | $ | 21,449 | $ | (1,555 | ) | $ | 1,187,943 | ||||||||
May 3, 2014 | |||||||||||||||||
Balance Before | |||||||||||||||||
Consolidation | As | ||||||||||||||||
of VIEs | VIEs | Eliminations | Reported | ||||||||||||||
Cash and cash equivalents | $ | 13,073 | $ | 11,700 | $ | — | $ | 24,773 | |||||||||
Other current assets | 225,247 | 5,634 | (2,231 | ) | 228,650 | ||||||||||||
Total current assets | 238,320 | 17,334 | (2,231 | ) | 253,423 | ||||||||||||
Non-current assets | 1,557,828 | 4,470 | — | 1,562,298 | |||||||||||||
Total assets | $ | 1,796,148 | $ | 21,804 | $ | (2,231 | ) | $ | 1,815,721 | ||||||||
Current liabilities | $ | 185,467 | $ | 8,131 | $ | (2,090 | ) | $ | 191,508 | ||||||||
Non-current liabilities | 1,388,802 | 354 | — | 1,389,156 | |||||||||||||
Total liabilities | 1,574,269 | 8,485 | (2,090 | ) | 1,580,664 | ||||||||||||
Total stockholders’ equity | 221,879 | — | (141 | ) | 221,738 | ||||||||||||
Noncontrolling interest | — | 13,319 | — | 13,319 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,796,148 | $ | 21,804 | $ | (2,231 | ) | $ | 1,815,721 | ||||||||
Condensed_Guarantor_Data
Condensed Guarantor Data | 3 Months Ended | ||||||||||||||||||||
2-May-15 | |||||||||||||||||||||
Condensed Guarantor Data | 15. 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 6). The following condensed consolidating financial information presents the results of operations, comprehensive income (loss), financial position 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. | |||||||||||||||||||||
During the first quarter of fiscal 2014, our Canadian subsidiary, which is part of the non-guarantor subsidiaries, issued common shares to The Gymboree Corporation valued at $18.5 million. No cash was exchanged since we immediately net settled $15.3 million and $3.2 million of intercompany liabilities payable to The Gymboree Corporation related to business operations and to our Advance Pricing Agreement between the United States and Canadian tax authorities, respectively. The $18.5 million is a non-cash investing and financing activity for purposes of condensed consolidating statements of cash flows. | |||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 2, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 405 | $ | 256,083 | $ | 11,220 | $ | (5,976 | ) | $ | 261,732 | ||||||||||
Gymboree Play & Music | — | 1,845 | 6,803 | — | 8,648 | ||||||||||||||||
Retail Franchise | — | 5,689 | — | — | 5,689 | ||||||||||||||||
Intercompany revenue | 15,325 | 2,981 | — | (18,306 | ) | — | |||||||||||||||
Total net sales | 15,730 | 266,598 | 18,023 | (24,282 | ) | 276,069 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (2,157 | ) | (165,573 | ) | (9,935 | ) | 6,953 | (170,712 | ) | ||||||||||||
Gross profit | 13,573 | 101,025 | 8,088 | (17,329 | ) | 105,357 | |||||||||||||||
Selling, general and administrative expenses | (15,535 | ) | (97,266 | ) | (9,003 | ) | 17,094 | (104,710 | ) | ||||||||||||
Operating (loss) income | (1,962 | ) | 3,759 | (915 | ) | (235 | ) | 647 | |||||||||||||
Interest income | — | 3 | 16 | — | 19 | ||||||||||||||||
Interest expense | (21,000 | ) | (76 | ) | — | — | (21,076 | ) | |||||||||||||
Other expense, net | (8 | ) | (76 | ) | (26 | ) | — | (110 | ) | ||||||||||||
(Loss) income before income taxes | (22,970 | ) | 3,610 | (925 | ) | (235 | ) | (20,520 | ) | ||||||||||||
Income tax benefit (expense) | 4,754 | (5,745 | ) | (969 | ) | — | (1,960 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | (4,809 | ) | — | — | 4,809 | — | |||||||||||||||
Net loss | (23,025 | ) | (2,135 | ) | (1,894 | ) | 4,574 | (22,480 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | (545 | ) | — | (545 | ) | ||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (23,025 | ) | $ | (2,135 | ) | $ | (2,439 | ) | $ | 4,574 | $ | (23,025 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 3, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 280 | $ | 252,597 | $ | 10,943 | $ | (4,696 | ) | $ | 259,124 | ||||||||||
Gymboree Play & Music | — | 2,624 | 4,208 | — | 6,832 | ||||||||||||||||
Retail Franchise | — | 6,054 | — | — | 6,054 | ||||||||||||||||
Intercompany revenue | 14,247 | 2,811 | — | (17,058 | ) | — | |||||||||||||||
Total net sales | 14,527 | 264,086 | 15,151 | (21,754 | ) | 272,010 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (1,252 | ) | (158,656 | ) | (8,506 | ) | 4,762 | (163,652 | ) | ||||||||||||
Gross profit | 13,275 | 105,430 | 6,645 | (16,992 | ) | 108,358 | |||||||||||||||
Selling, general and administrative expenses | (15,397 | ) | (94,093 | ) | (9,805 | ) | 17,005 | (102,290 | ) | ||||||||||||
Operating (loss) income | (2,122 | ) | 11,337 | (3,160 | ) | 13 | 6,068 | ||||||||||||||
Interest income | 1 | 44 | 43 | (41 | ) | 47 | |||||||||||||||
Interest expense | (20,286 | ) | (88 | ) | (41 | ) | 41 | (20,374 | ) | ||||||||||||
Other income (expense), net | (294 | ) | — | (74 | ) | — | (368 | ) | |||||||||||||
(Loss) income before income taxes | (22,701 | ) | 11,293 | (3,232 | ) | 13 | (14,627 | ) | |||||||||||||
Income tax benefit (expense) | 6,560 | (6,913 | ) | (23 | ) | — | (376 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | 2,710 | — | — | (2,710 | ) | — | |||||||||||||||
Net (loss) income | (13,431 | ) | 4,380 | (3,255 | ) | (2,697 | ) | (15,003 | ) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 1,572 | — | 1,572 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (13,431 | ) | $ | 4,380 | $ | (1,683 | ) | $ | (2,697 | ) | $ | (13,431 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 2, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net loss | $ | (23,025 | ) | $ | (2,135 | ) | $ | (1,894 | ) | $ | 4,574 | $ | (22,480 | ) | |||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | 889 | — | 950 | (883 | ) | 956 | |||||||||||||||
Unrealized net gain (loss) on cash flow hedges, net of tax expense of $198 | 261 | — | (311 | ) | 311 | 261 | |||||||||||||||
Total other comprehensive income, net of tax | 1,150 | — | 639 | (572 | ) | 1,217 | |||||||||||||||
Comprehensive loss | (21,875 | ) | (2,135 | ) | (1,255 | ) | 4,002 | (21,263 | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (612 | ) | — | (612 | ) | ||||||||||||||
Comprehensive loss attributable to The Gymboree Corporation | $ | (21,875 | ) | $ | (2,135 | ) | $ | (1,867 | ) | $ | 4,002 | $ | (21,875 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 3, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net (loss) income | $ | (13,431 | ) | $ | 4,380 | $ | (3,255 | ) | $ | (2,697 | ) | $ | (15,003 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | 78 | — | (369 | ) | (106 | ) | (397 | ) | |||||||||||||
Unrealized net gain (loss) on cash flow hedges, net of tax | 22 | — | (274 | ) | 274 | 22 | |||||||||||||||
Total other comprehensive income (loss), net of tax | 100 | — | (643 | ) | 168 | (375 | ) | ||||||||||||||
Comprehensive (loss) income | (13,331 | ) | 4,380 | (3,898 | ) | (2,529 | ) | (15,378 | ) | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 2,047 | — | 2,047 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (13,331 | ) | $ | 4,380 | $ | (1,851 | ) | $ | (2,529 | ) | $ | (13,331 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,564 | $ | 4,557 | $ | 16,242 | $ | — | $ | 22,363 | |||||||||||
Accounts receivable, net of allowance | 892 | 21,996 | 2,627 | — | 25,515 | ||||||||||||||||
Merchandise inventories | — | 201,010 | 8,642 | (744 | ) | 208,908 | |||||||||||||||
Prepaid income taxes | 1,860 | 427 | 472 | — | 2,759 | ||||||||||||||||
Prepaid expenses | 2,468 | 14,727 | 1,366 | — | 18,561 | ||||||||||||||||
Deferred income taxes | — | 15,992 | 804 | (9,533 | ) | 7,263 | |||||||||||||||
Intercompany receivable | 5,035 | 596,966 | — | (602,001 | ) | — | |||||||||||||||
Total current assets | 11,819 | 855,675 | 30,153 | (612,278 | ) | 285,369 | |||||||||||||||
Property and equipment, net | 11,965 | 153,567 | 10,868 | — | 176,400 | ||||||||||||||||
Goodwill | — | 362,021 | 12,287 | — | 374,308 | ||||||||||||||||
Other intangible assets, net | — | 342,662 | 154 | — | 342,816 | ||||||||||||||||
Deferred financing costs | 23,984 | — | — | — | 23,984 | ||||||||||||||||
Other assets | 5,393 | 1,254 | 3,856 | (6,820 | ) | 3,683 | |||||||||||||||
Investment in subsidiaries | 1,404,444 | — | — | (1,404,444 | ) | — | |||||||||||||||
Total assets | $ | 1,457,605 | $ | 1,715,179 | $ | 57,318 | $ | (2,023,542 | ) | $ | 1,206,560 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 19,712 | $ | 84,613 | $ | 1,101 | $ | — | $ | 105,426 | |||||||||||
Accrued liabilities | 32,954 | 62,429 | 11,163 | 123 | 106,669 | ||||||||||||||||
Deferred income taxes | 9,656 | — | — | (9,656 | ) | — | |||||||||||||||
Line of credit borrowings | 42,000 | — | — | — | 42,000 | ||||||||||||||||
Current obligation under capital lease | — | 565 | — | — | 565 | ||||||||||||||||
Intercompany payable | 597,708 | — | 5,037 | (602,745 | ) | — | |||||||||||||||
Total current liabilities | 702,030 | 147,607 | 17,301 | (612,278 | ) | 254,660 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | 1,114,127 | — | — | — | 1,114,127 | ||||||||||||||||
Long-term obligation under capital lease | — | 2,704 | — | — | 2,704 | ||||||||||||||||
Lease incentives and other liabilities | 4,793 | 48,485 | 4,731 | — | 58,009 | ||||||||||||||||
Deferred income taxes | — | 136,668 | 17 | (6,820 | ) | 129,865 | |||||||||||||||
Total liabilities | 1,820,950 | 335,464 | 22,049 | (619,098 | ) | 1,559,365 | |||||||||||||||
Total stockholders’ (deficit) equity | (363,345 | ) | 1,379,715 | 24,729 | (1,404,444 | ) | (363,345 | ) | |||||||||||||
Noncontrolling interest | — | — | 10,540 | — | 10,540 | ||||||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 1,457,605 | $ | 1,715,179 | $ | 57,318 | $ | (2,023,542 | ) | $ | 1,206,560 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,689 | $ | 3,202 | $ | 13,629 | $ | — | $ | 18,520 | |||||||||||
Accounts receivable, net of allowance | 938 | 18,339 | 5,971 | — | 25,248 | ||||||||||||||||
Merchandise inventories | — | 192,142 | 6,711 | (516 | ) | 198,337 | |||||||||||||||
Prepaid income taxes | 1,860 | 306 | 433 | — | 2,599 | ||||||||||||||||
Prepaid expenses | 3,388 | 2,833 | 600 | — | 6,821 | ||||||||||||||||
Deferred income taxes | — | 15,586 | 793 | (9,555 | ) | 6,824 | |||||||||||||||
Intercompany receivable | 3,470 | 608,994 | 720 | (613,184 | ) | — | |||||||||||||||
Total current assets | 11,345 | 841,402 | 28,857 | (623,255 | ) | 258,349 | |||||||||||||||
Property and equipment, net | 12,306 | 159,699 | 10,426 | — | 182,431 | ||||||||||||||||
Goodwill | — | 362,021 | 11,813 | — | 373,834 | ||||||||||||||||
Other intangible assets, net | — | 343,312 | 240 | — | 343,552 | ||||||||||||||||
Deferred financing costs | 25,622 | — | — | — | 25,622 | ||||||||||||||||
Other assets | 7,798 | 1,669 | 4,020 | (9,332 | ) | 4,155 | |||||||||||||||
Investment in subsidiaries | 1,408,447 | — | — | (1,408,447 | ) | — | |||||||||||||||
Total assets | $ | 1,465,518 | $ | 1,708,103 | $ | 55,356 | $ | (2,041,034 | ) | $ | 1,187,943 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 9,798 | $ | 76,557 | $ | 677 | $ | — | $ | 87,032 | |||||||||||
Accrued liabilities | 26,943 | 57,757 | 10,031 | 74 | 94,805 | ||||||||||||||||
Deferred income taxes | 9,504 | — | 125 | (9,629 | ) | — | |||||||||||||||
Line of credit borrowings | 33,000 | — | — | — | 33,000 | ||||||||||||||||
Current obligation under capital lease | — | 552 | — | — | 552 | ||||||||||||||||
Intercompany payable | 609,510 | 720 | 3,470 | (613,700 | ) | — | |||||||||||||||
Total current liabilities | 688,755 | 135,586 | 14,303 | (623,255 | ) | 215,389 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | 1,114,048 | — | — | — | 1,114,048 | ||||||||||||||||
Long-term obligation under capital lease | — | 2,850 | — | — | 2,850 | ||||||||||||||||
Lease incentives and other liabilities | 4,906 | 49,306 | 4,513 | — | 58,725 | ||||||||||||||||
Deferred income taxes | — | 138,511 | 17 | (9,332 | ) | 129,196 | |||||||||||||||
Total liabilities | 1,807,709 | 326,253 | 18,833 | (632,587 | ) | 1,520,208 | |||||||||||||||
Total stockholders’ (deficit) equity | (342,191 | ) | 1,381,850 | 26,597 | (1,408,447 | ) | (342,191 | ) | |||||||||||||
Noncontrolling interest | — | — | 9,926 | — | 9,926 | ||||||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 1,465,518 | $ | 1,708,103 | $ | 55,356 | $ | (2,041,034 | ) | $ | 1,187,943 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
May 3, 2014 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,978 | $ | 5,507 | $ | 17,288 | $ | — | $ | 24,773 | |||||||||||
Accounts receivable, net of allowance | 1,285 | 19,238 | 1,871 | — | 22,394 | ||||||||||||||||
Merchandise inventories | — | 164,920 | 5,960 | (469 | ) | 170,411 | |||||||||||||||
Prepaid income taxes | 1,936 | 395 | 655 | — | 2,986 | ||||||||||||||||
Prepaid expenses | 3,396 | 13,953 | 1,274 | — | 18,623 | ||||||||||||||||
Deferred income taxes | 378 | 13,255 | 724 | (121 | ) | 14,236 | |||||||||||||||
Intercompany receivable | — | 565,262 | — | (565,262 | ) | — | |||||||||||||||
Total current assets | 8,973 | 782,530 | 27,772 | (565,852 | ) | 253,423 | |||||||||||||||
Property and equipment, net | 12,526 | 180,663 | 10,287 | — | 203,476 | ||||||||||||||||
Goodwill | — | 721,844 | 36,933 | — | 758,777 | ||||||||||||||||
Other intangible assets, net | — | 558,320 | 683 | — | 559,003 | ||||||||||||||||
Deferred financing costs | 30,754 | — | — | — | 30,754 | ||||||||||||||||
Other assets | 12,677 | 1,961 | 9,908 | (14,258 | ) | 10,288 | |||||||||||||||
Investment in subsidiaries | 1,891,827 | — | — | (1,891,827 | ) | — | |||||||||||||||
Total assets | $ | 1,956,757 | $ | 2,245,318 | $ | 85,583 | $ | (2,471,937 | ) | $ | 1,815,721 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 6,366 | $ | 65,976 | $ | 1,003 | $ | — | $ | 73,345 | |||||||||||
Accrued liabilities | 38,439 | 62,400 | 6,809 | — | 107,648 | ||||||||||||||||
Deferred income taxes | — | — | 121 | (121 | ) | — | |||||||||||||||
Line of credit borrowings | 10,000 | — | — | — | 10,000 | ||||||||||||||||
Current obligation under capital lease | — | 515 | — | — | 515 | ||||||||||||||||
Intercompany payable | 562,899 | — | 2,832 | (565,731 | ) | — | |||||||||||||||
Total current liabilities | 617,704 | 128,891 | 10,765 | (565,852 | ) | 191,508 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | 1,113,817 | — | — | — | 1,113,817 | ||||||||||||||||
Long-term obligation under capital lease | — | 3,269 | — | — | 3,269 | ||||||||||||||||
Lease incentives and other liabilities | 3,498 | 48,174 | 5,166 | — | 56,838 | ||||||||||||||||
Deferred income taxes | — | 229,490 | — | (14,258 | ) | 215,232 | |||||||||||||||
Total liabilities | 1,735,019 | 409,824 | 15,931 | (580,110 | ) | 1,580,664 | |||||||||||||||
Total stockholders’ equity | 221,738 | 1,835,494 | 56,333 | (1,891,827 | ) | 221,738 | |||||||||||||||
Noncontrolling interest | — | — | 13,319 | — | 13,319 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,956,757 | $ | 2,245,318 | $ | 85,583 | $ | (2,471,937 | ) | $ | 1,815,721 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 2, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash used in operating activities | $ | (1,611 | ) | $ | (784 | ) | $ | (244 | ) | $ | — | $ | (2,639 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (291 | ) | (2,052 | ) | (797 | ) | — | (3,140 | ) | ||||||||||||
Proceeds from sale of assets | — | — | 353 | — | 353 | ||||||||||||||||
Intercompany transfers | (1,565 | ) | 5,047 | 720 | (4,202 | ) | — | ||||||||||||||
Other | — | (3 | ) | 11 | — | 8 | |||||||||||||||
Net cash (used in) provided by investing activities | (1,856 | ) | 2,992 | 287 | (4,202 | ) | (2,779 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | (5,658 | ) | (720 | ) | 2,176 | 4,202 | — | ||||||||||||||
Proceeds from ABL facility | 130,000 | — | — | — | 130,000 | ||||||||||||||||
Payments on ABL facility | (121,000 | ) | — | — | — | (121,000 | ) | ||||||||||||||
Payments on capital lease | — | (133 | ) | — | — | (133 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 3,342 | (853 | ) | 2,176 | 4,202 | 8,867 | |||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | 394 | — | 394 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (125 | ) | 1,355 | 2,613 | — | 3,843 | |||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 1,689 | 3,202 | 13,629 | — | 18,520 | ||||||||||||||||
End of Period | $ | 1,564 | $ | 4,557 | $ | 16,242 | $ | — | $ | 22,363 | |||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 3, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (32,373 | ) | $ | 21,239 | $ | (3,549 | ) | $ | — | $ | (14,683 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (511 | ) | (6,935 | ) | (1,907 | ) | — | (9,353 | ) | ||||||||||||
Intercompany transfers | — | (13,335 | ) | — | 13,335 | — | |||||||||||||||
Other | — | — | (56 | ) | — | (56 | ) | ||||||||||||||
Net cash used in investing activities | (511 | ) | (20,270 | ) | (1,963 | ) | 13,335 | (9,409 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | 9,383 | — | 3,952 | (13,335 | ) | — | |||||||||||||||
Proceeds from ABL facility | 78,000 | — | — | — | 78,000 | ||||||||||||||||
Payments on ABL facility | (68,000 | ) | — | — | — | (68,000 | ) | ||||||||||||||
Payments on capital lease | — | (121 | ) | — | — | (121 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 19,383 | (121 | ) | 3,952 | (13,335 | ) | 9,879 | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | (443 | ) | — | (443 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (13,501 | ) | 848 | (2,003 | ) | — | (14,656 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 15,479 | 4,659 | 19,291 | — | 39,429 | ||||||||||||||||
End of Period | $ | 1,978 | $ | 5,507 | $ | 17,288 | $ | — | $ | 24,773 | |||||||||||
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_Events
Subsequent Events | 3 Months Ended |
2-May-15 | |
Subsequent Events | 16. Subsequent Events |
On May 5, 2015, the Company entered into an agreement to sell and lease-back its distribution center located in Dixon, California. The Company received net proceeds of $25.9 million and entered into a 15-year lease agreement. The Company is required to use $10.9 million of the proceeds to fund capital expenditures and intends to use the remaining balance for working capital purposes. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
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 May 2, 2015, January 31, 2015 and May 3, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). There were no transfers into or out of Level 1 and Level 2 during the 13 weeks ended May 2, 2015 and May 3, 2014, or for the year ended January 31, 2015. | ||||||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest rate caps | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Total | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||||||||||
Total | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||||||||||
31-Jan-15 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest rate caps | $ | — | $ | 17 | $ | — | $ | 17 | |||||||||||||||||
Forward foreign exchange contracts | — | 96 | — | 96 | |||||||||||||||||||||
Total | $ | — | $ | 113 | $ | — | $ | 113 | |||||||||||||||||
3-May-14 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Money market funds | $ | 900 | $ | — | $ | — | $ | 900 | |||||||||||||||||
Interest rate caps | — | 433 | — | 433 | |||||||||||||||||||||
Forward foreign exchange contracts | — | 100 | — | 100 | |||||||||||||||||||||
Total | $ | 900 | $ | 533 | $ | — | $ | 1,433 | |||||||||||||||||
Estimated Fair Value of Long-Term Debt | The estimated fair value of long-term debt is as follows (in thousands): | ||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan | $ | 768,127 | $ | 611,436 | $ | 768,048 | $ | 530,680 | $ | 767,817 | $ | 619,127 | |||||||||||||
Notes | 346,000 | 166,080 | 346,000 | 128,020 | 346,000 | 221,440 | |||||||||||||||||||
Total | $ | 1,114,127 | $ | 777,516 | $ | 1,114,048 | $ | 658,700 | $ | 1,113,817 | $ | 840,567 | |||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Goodwill Allocated to Reportable Segments | Goodwill allocated to our reportable segments as of May 2, 2015, January 31, 2015 and May 3, 2014 is as follows (in thousands): | ||||||||||||||||
Retail Stores | Gymboree Play | International Retail | Total | ||||||||||||||
Segment | & Music Segment | Franchise Segment | |||||||||||||||
Balance as of May 2, 2015 | |||||||||||||||||
Goodwill | $ | 887,241 | $ | 16,389 | $ | 23,636 | $ | 927,266 | |||||||||
Accumulated impairment losses | (547,285 | ) | — | — | (547,285 | ) | |||||||||||
Effect of exchange rate fluctuations | (5,673 | ) | — | — | (5,673 | ) | |||||||||||
$ | 334,283 | $ | 16,389 | $ | 23,636 | $ | 374,308 | ||||||||||
Balance as of January 31, 2015 | |||||||||||||||||
Goodwill | $ | 887,241 | $ | 16,389 | $ | 23,636 | $ | 927,266 | |||||||||
Accumulated impairment losses | (547,285 | ) | — | — | (547,285 | ) | |||||||||||
Effect of exchange rate fluctuations | (6,147 | ) | — | — | (6,147 | ) | |||||||||||
$ | 333,809 | $ | 16,389 | $ | 23,636 | $ | 373,834 | ||||||||||
Balance as of May 3, 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 | ||||||||||
Intangible Assets and Liabilities | Intangible assets and liabilities consist of the following (in thousands): | ||||||||||||||||
May 2, 2015 | |||||||||||||||||
Gross Carrying | Accumulated | Accumulated | Net Amount | ||||||||||||||
Amount | Amortization | Impairment | |||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,012 | $ | — | $ | (229,600 | ) | $ | 337,412 | ||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 770 | (688 | ) | — | 82 | ||||||||||||
Below market leases | 4,839 | (3,319 | ) | — | 1,520 | ||||||||||||
Co-branded credit card agreement | 4,000 | (2,727 | ) | — | 1,273 | ||||||||||||
Franchise agreements and reacquired franchise rights | 6,625 | (4,096 | ) | — | 2,529 | ||||||||||||
16,234 | (10,830 | ) | — | 5,404 | |||||||||||||
Total other intangible assets | $ | 583,246 | $ | (10,830 | ) | $ | (229,600 | ) | $ | 342,816 | |||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other liabilities) | $ | (11,400 | ) | $ | 7,196 | $ | — | $ | (4,204 | ) | |||||||
The decrease in the gross carrying amount of below market leases from January 31, 2015 to May 2, 2015 reflects the write off of certain fully amortized intangible assets. | |||||||||||||||||
January 31, 2015 | |||||||||||||||||
Gross Carrying | Accumulated | Accumulated | Net Amount | ||||||||||||||
Amount | Amortization | Impairment | |||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,012 | $ | — | $ | (229,600 | ) | $ | 337,412 | ||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 770 | (605 | ) | — | 165 | ||||||||||||
Below market leases | 5,274 | (3,486 | ) | — | 1,788 | ||||||||||||
Co-branded credit card agreement | 4,000 | (2,573 | ) | — | 1,427 | ||||||||||||
Franchise agreements and reacquired franchise rights | 6,625 | (3,865 | ) | — | 2,760 | ||||||||||||
16,669 | (10,529 | ) | — | 6,140 | |||||||||||||
Total other intangible assets | $ | 583,681 | $ | (10,529 | ) | $ | (229,600 | ) | $ | 343,552 | |||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other liabilities) | $ | (11,400 | ) | $ | 6,795 | $ | — | $ | (4,605 | ) | |||||||
The decrease in the gross carrying amount of customer relationships, below market leases, franchise agreements and reacquired franchise rights, and above market leases from May 3, 2014 to January 31, 2015, reflects the write off of certain fully amortized intangibles. | |||||||||||||||||
May 3, 2014 | |||||||||||||||||
Gross Carrying | Accumulated | Accumulated | Net Amount | ||||||||||||||
Amount | Amortization | Impairment | |||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,494 | $ | — | $ | (17,000 | ) | $ | 550,494 | ||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 37,551 | (36,975 | ) | — | 576 | ||||||||||||
Below market leases | 7,055 | (4,457 | ) | — | 2,598 | ||||||||||||
Co-branded credit card agreement | 4,000 | (2,112 | ) | — | 1,888 | ||||||||||||
Franchise agreements and reacquired franchise rights | 6,632 | (3,185 | ) | — | 3,447 | ||||||||||||
55,238 | (46,729 | ) | — | 8,509 | |||||||||||||
Total other intangible assets | $ | 622,732 | $ | (46,729 | ) | $ | (17,000 | ) | $ | 559,003 | |||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other liabilities) | $ | (16,631 | ) | $ | 10,508 | $ | — | $ | (6,123 | ) | |||||||
Net Amortization Expense (Income) | Net amortization income (expense) is presented below for the periods ended (in thousands): | ||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | ||||||||||||||||
2-May-15 | 3-May-14 | ||||||||||||||||
Cost of goods sold—Amortization income | $ | 133 | $ | 247 | |||||||||||||
Selling, general and administrative expenses—Amortization expense | $ | (468 | ) | $ | (535 | ) | |||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Long-Term Debt | Long-term debt consists of (in thousands): | ||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||
Term loan due February 2018, Adjusted LIBOR (with a floor of 1.5%)plus 3.5%, net of discount of $975, $1,054 and $1,285 | $ | 768,127 | $ | 768,048 | $ | 767,817 | |||||||
Senior notes due December 2018, 9.125% | 346,000 | 346,000 | 346,000 | ||||||||||
Long-term debt | $ | 1,114,127 | $ | 1,114,048 | $ | 1,113,817 | |||||||
Schedule of Redemption Prices | We may redeem the Notes, in whole or in part, upon at least 30 days prior notice, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on December 1 of each of the years indicated below: | ||||||||||||
Year | Percentage | ||||||||||||
2014 | 104.563 | % | |||||||||||
2015 | 102.281 | % | |||||||||||
2016 and thereafter | 100 | % | |||||||||||
Scheduled Future Minimum Principal Payments on Long-Term Debt, Excluding Accretion of Original Issue Discount | Future minimum principal payments on long-term debt, excluding accretion of original issue discount (“OID”) of $1.0 million as of May 2, 2015, are as follows (in thousands): | ||||||||||||
Fiscal years | Principal Payments | ||||||||||||
2015 | $ | — | |||||||||||
2016 | — | ||||||||||||
2017 | 6,502 | ||||||||||||
2018 | 1,108,600 | ||||||||||||
Total | $ | 1,115,102 | |||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
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) (see Note 3). | ||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||||
Assets | Liabilities | Assets | Assets | ||||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Purchased interest rate caps | $ | 9 | $ | — | $ | 17 | $ | 433 | |||||||||||||||||
Forward foreign exchange contracts | — | — | 96 | 100 | |||||||||||||||||||||
Total | $ | 9 | $ | — | $ | 113 | $ | 533 | |||||||||||||||||
Accrued Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 55 | $ | — | $ | — | |||||||||||||||||
Total | $ | — | $ | 55 | $ | — | $ | — | |||||||||||||||||
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Comprehensive Loss | The tables below present the effect of all of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive loss (in thousands). No amounts were reclassified from accumulated other comprehensive loss (OCI) into earnings as a result of forecasted transactions that failed to occur or as a result of hedge ineffectiveness (see Note 11). | ||||||||||||||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI into | |||||||||||||||||||||||
Portion) | into Income (Effective | Income (Effective | |||||||||||||||||||||||
Portion) | Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (8 | ) | Interest expense | $ | (778 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (146 | ) | Cost of goods sold | 165 | |||||||||||||||||||||
Total | $ | (154 | ) | $ | (613 | ) | |||||||||||||||||||
13 Weeks Ended May 3, 2014 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI into | |||||||||||||||||||||||
Portion) | into Income (Effective | Income (Effective | |||||||||||||||||||||||
Portion) | Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (166 | ) | Interest expense | $ | (461 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (51 | ) | Cost of goods sold | 222 | |||||||||||||||||||||
Total | $ | (217 | ) | $ | (239 | ) | |||||||||||||||||||
Designated as Hedging Instrument | |||||||||||||||||||||||||
Outstanding Derivatives - Cash Flow Hedges | We had the following outstanding derivatives designated as cash flow hedges (U.S. dollars in thousands): | ||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
Number of | Notional | Number of | Notional | Number of | Notional | ||||||||||||||||||||
Instruments | (USD) | Instruments | (USD) | Instruments | (USD) | ||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||
Purchased interest rate caps | 4 | $ | 700,000 | 4 | $ | 700,000 | 4 | $ | 700,000 | ||||||||||||||||
Foreign exchange derivatives | |||||||||||||||||||||||||
Forward foreign exchange contracts | 3 | 2,343 | 6 | 4,633 | 3 | 3,065 | |||||||||||||||||||
Total | 7 | $ | 702,343 | 10 | $ | 704,633 | 7 | $ | 703,065 | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Components of Accumulated OCI, net of Taxes | The following table shows the components of accumulated other comprehensive loss (“OCI”), net of tax, for the periods ended (in thousands): | ||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||
Foreign currency translation | $ | (6,154 | ) | $ | (7,043 | ) | $ | 701 | |||||
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,784, $3,982 and $3,982 | (3,927 | ) | (4,188 | ) | (5,481 | ) | |||||||
Total accumulated other comprehensive loss | $ | (10,081 | ) | $ | (11,231 | ) | $ | (4,780 | ) | ||||
Changes in Accumulated OCI Balance by Component | Changes in accumulated OCI balance by component were as follows as of and for the periods ended (in thousands): | ||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||
Derivatives | Foreign Currency | Total Accumulated | |||||||||||
Comprehensive (Loss) | |||||||||||||
Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (4,188 | ) | $ | (7,043 | ) | $ | (11,231 | ) | ||||
Other comprehensive (loss) income recognized before reclassifications | (154 | ) | 956 | 802 | |||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 613 | — | 613 | ||||||||||
Tax expense | (198 | ) | — | (198 | ) | ||||||||
Net current-period other comprehensive income | 261 | 956 | 1,217 | ||||||||||
Other comprehensive income attributable to noncontrolling interest | — | (67 | ) | (67 | ) | ||||||||
Ending balance | $ | (3,927 | ) | $ | (6,154 | ) | $ | (10,081 | ) | ||||
Year Ended January 31, 2015 | |||||||||||||
Derivatives | Foreign Currency | Total Accumulated | |||||||||||
Comprehensive (Loss) | |||||||||||||
Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (5,503 | ) | $ | 623 | $ | (4,880 | ) | |||||
Other comprehensive loss recognized before reclassifications | (292 | ) | (8,108 | ) | (8,400 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 1,607 | — | 1,607 | ||||||||||
Net current-period other comprehensive income (loss) | 1,315 | (8,108 | ) | (6,793 | ) | ||||||||
Other comprehensive loss attributable to noncontrolling interest | — | 442 | 442 | ||||||||||
Ending balance | $ | (4,188 | ) | $ | (7,043 | ) | $ | (11,231 | ) | ||||
13 Weeks Ended May 3, 2014 | |||||||||||||
Derivatives | Foreign | Total Accumulated | |||||||||||
Currency | Comprehensive (Loss) | ||||||||||||
Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (5,503 | ) | $ | 623 | $ | (4,880 | ) | |||||
Other comprehensive loss recognized before reclassifications | (217 | ) | (397 | ) | (614 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 239 | — | 239 | ||||||||||
Net current-period other comprehensive income (loss) | 22 | (397 | ) | (375 | ) | ||||||||
Other comprehensive loss attributable to noncontrolling interest | — | 475 | 475 | ||||||||||
Ending balance | $ | (5,481 | ) | $ | 701 | $ | (4,780 | ) | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
Financial Data of Each Reportable Segment | Summary financial data of each reportable segment were as follows as of and for the periods ended (in thousands): | ||||||||||||||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||
Net sales | $ | 259,924 | $ | 4,357 | $ | 5,857 | $ | 8,611 | $ | (2,680 | ) | $ | 276,069 | ||||||||||||
Gross Profit | $ | 94,575 | $ | 2,774 | $ | 3,227 | $ | 6,384 | $ | (1,603 | ) | $ | 105,357 | ||||||||||||
13 Weeks Ended May 3, 2014 | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||
Net sales | $ | 257,928 | $ | 5,049 | $ | 6,167 | $ | 5,404 | $ | (2,538 | ) | $ | 272,010 | ||||||||||||
Gross Profit | $ | 99,292 | $ | 4,042 | $ | 3,372 | $ | 4,102 | $ | (2,450 | ) | $ | 108,358 | ||||||||||||
Total Assets | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | Intersegment | ||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Elimination | Total | ||||||||||||||||||||
2-May-15 | $ | 1,095,889 | $ | 59,916 | $ | 30,024 | $ | 22,865 | $ | (2,134 | ) | $ | 1,206,560 | ||||||||||||
31-Jan-15 | $ | 1,078,973 | $ | 60,190 | $ | 28,886 | $ | 21,449 | $ | (1,555 | ) | $ | 1,187,943 | ||||||||||||
3-May-14 | $ | 1,705,817 | $ | 60,229 | $ | 30,102 | $ | 21,804 | $ | (2,231 | ) | $ | 1,815,721 | ||||||||||||
Net Sales and Property and Equipment, Net of Each Geographical Areas | Net sales of our two geographical areas, United States and international, were as follows for the periods ended (in thousands): | ||||||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | ||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||||||||||||||
United States | $ | 258,582 | $ | 257,328 | |||||||||||||||||||||
International | 17,487 | 14,682 | |||||||||||||||||||||||
$ | 276,069 | $ | 272,010 | ||||||||||||||||||||||
Property and equipment, net, of our two geographical areas were as follows as of the periods ended (in thousands): | |||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||||
United States | $ | 166,121 | $ | 172,378 | $ | 193,459 | |||||||||||||||||||
International | 10,279 | 10,053 | 10,017 | ||||||||||||||||||||||
$ | 176,400 | $ | 182,431 | $ | 203,476 | ||||||||||||||||||||
Intersegment elimination | |||||||||||||||||||||||||
Intersegment Revenues for Each Reportable Segment | Intersegment revenues for each reportable segment were as follows for the periods ended (in thousands): | ||||||||||||||||||||||||
Intersegment Revenues | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | |||||||||||||||||||||||
Stores | Play & Music | Franchise | VIEs | Total | |||||||||||||||||||||
13 Weeks Ended May 2, 2015 | $ | — | $ | 2,512 | $ | 168 | $ | — | $ | 2,680 | |||||||||||||||
13 Weeks Ended May 3, 2014 | $ | — | $ | 2,425 | $ | 113 | $ | — | $ | 2,538 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
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 statements of operations for the 13 weeks ended May 2, 2015 and May 3, 2014 and the condensed consolidated balance sheets as of May 2, 2015, January 31, 2015 and May 3, 2014 (in thousands): | ||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
(In thousands) | |||||||||||||||||
13 Weeks Ended May 2, 2015 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 270,138 | $ | 8,611 | $ | (2,680 | ) | $ | 276,069 | ||||||||
Cost of goods sold, including buying and occupancy expenses | (169,562 | ) | (2,227 | ) | 1,077 | (170,712 | ) | ||||||||||
Selling, general and administrative expenses | (100,988 | ) | (5,173 | ) | 1,451 | (104,710 | ) | ||||||||||
Operating (loss) income | (412 | ) | 1,211 | (152 | ) | 647 | |||||||||||
Other non operating expense | (21,157 | ) | (10 | ) | — | (21,167 | ) | ||||||||||
(Loss) income before income taxes | (21,569 | ) | 1,201 | (152 | ) | (20,520 | ) | ||||||||||
Income tax expense | (1,304 | ) | (656 | ) | — | (1,960 | ) | ||||||||||
Net (loss) income | (22,873 | ) | 545 | (152 | ) | (22,480 | ) | ||||||||||
Net income attributable to noncontrolling interest | — | (545 | ) | — | (545 | ) | |||||||||||
Net loss attributable to The Gymboree Corporation | $ | (22,873 | ) | $ | — | $ | (152 | ) | $ | (23,025 | ) | ||||||
13 Weeks Ended May 3, 2014 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 269,144 | $ | 5,404 | $ | (2,538 | ) | $ | 272,010 | ||||||||
Cost of goods sold, including buying and occupancy expenses | (162,438 | ) | (1,302 | ) | 88 | (163,652 | ) | ||||||||||
Selling, general and administrative expenses | (98,960 | ) | (5,793 | ) | 2,463 | (102,290 | ) | ||||||||||
Operating income (loss) | 7,746 | (1,691 | ) | 13 | 6,068 | ||||||||||||
Other non-operating expense | (20,591 | ) | (104 | ) | — | (20,695 | ) | ||||||||||
Loss before income taxes | (12,845 | ) | (1,795 | ) | 13 | (14,627 | ) | ||||||||||
Income tax (expense) benefit | (599 | ) | 223 | — | (376 | ) | |||||||||||
Net loss | (13,444 | ) | (1,572 | ) | 13 | (15,003 | ) | ||||||||||
Net loss attributable to noncontrolling interest | — | 1,572 | — | 1,572 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (13,444 | ) | $ | — | $ | 13 | $ | (13,431 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
(In thousands) | |||||||||||||||||
May 2, 2015 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 12,513 | $ | 9,850 | $ | — | $ | 22,363 | |||||||||
Other current assets | 257,220 | 7,920 | (2,134 | ) | 263,006 | ||||||||||||
Total current assets | 269,733 | 17,770 | (2,134 | ) | 285,369 | ||||||||||||
Non-current assets | 916,096 | 5,095 | — | 921,191 | |||||||||||||
Total assets | $ | 1,185,829 | $ | 22,865 | $ | (2,134 | ) | $ | 1,206,560 | ||||||||
Current liabilities | $ | 244,625 | $ | 11,840 | $ | (1,805 | ) | $ | 254,660 | ||||||||
Non-current liabilities | 1,304,220 | 485 | — | 1,304,705 | |||||||||||||
Total liabilities | 1,548,845 | 12,325 | (1,805 | ) | 1,559,365 | ||||||||||||
Total stockholders’ deficit | (363,016 | ) | — | (329 | ) | (363,345 | ) | ||||||||||
Noncontrolling interest | — | 10,540 | — | 10,540 | |||||||||||||
Total liabilities and stockholders’ deficit | $ | 1,185,829 | $ | 22,865 | $ | (2,134 | ) | $ | 1,206,560 | ||||||||
January 31, 2015 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 8,559 | $ | 9,961 | $ | — | $ | 18,520 | |||||||||
Other current assets | 235,123 | 6,261 | (1,555 | ) | 239,829 | ||||||||||||
Total current assets | 243,682 | 16,222 | (1,555 | ) | 258,349 | ||||||||||||
Non-current assets | 924,367 | 5,227 | — | 929,594 | |||||||||||||
Total assets | $ | 1,168,049 | $ | 21,449 | $ | (1,555 | ) | $ | 1,187,943 | ||||||||
Current liabilities | $ | 205,674 | $ | 11,088 | $ | (1,373 | ) | $ | 215,389 | ||||||||
Non-current liabilities | 1,304,384 | 435 | — | 1,304,819 | |||||||||||||
Total liabilities | 1,510,058 | 11,523 | (1,373 | ) | 1,520,208 | ||||||||||||
Total stockholders’ deficit | (342,009 | ) | — | (182 | ) | (342,191 | ) | ||||||||||
Noncontrolling interest | — | 9,926 | — | 9,926 | |||||||||||||
Total liabilities and stockholders’ deficit | $ | 1,168,049 | $ | 21,449 | $ | (1,555 | ) | $ | 1,187,943 | ||||||||
May 3, 2014 | |||||||||||||||||
Balance Before | |||||||||||||||||
Consolidation | As | ||||||||||||||||
of VIEs | VIEs | Eliminations | Reported | ||||||||||||||
Cash and cash equivalents | $ | 13,073 | $ | 11,700 | $ | — | $ | 24,773 | |||||||||
Other current assets | 225,247 | 5,634 | (2,231 | ) | 228,650 | ||||||||||||
Total current assets | 238,320 | 17,334 | (2,231 | ) | 253,423 | ||||||||||||
Non-current assets | 1,557,828 | 4,470 | — | 1,562,298 | |||||||||||||
Total assets | $ | 1,796,148 | $ | 21,804 | $ | (2,231 | ) | $ | 1,815,721 | ||||||||
Current liabilities | $ | 185,467 | $ | 8,131 | $ | (2,090 | ) | $ | 191,508 | ||||||||
Non-current liabilities | 1,388,802 | 354 | — | 1,389,156 | |||||||||||||
Total liabilities | 1,574,269 | 8,485 | (2,090 | ) | 1,580,664 | ||||||||||||
Total stockholders’ equity | 221,879 | — | (141 | ) | 221,738 | ||||||||||||
Noncontrolling interest | — | 13,319 | — | 13,319 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 1,796,148 | $ | 21,804 | $ | (2,231 | ) | $ | 1,815,721 | ||||||||
Condensed_Guarantor_Data_Table
Condensed Guarantor Data (Tables) | 3 Months Ended | ||||||||||||||||||||
2-May-15 | |||||||||||||||||||||
Condensed Consolidating Statements of Operations | THE GYMBOREE CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 2, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 405 | $ | 256,083 | $ | 11,220 | $ | (5,976 | ) | $ | 261,732 | ||||||||||
Gymboree Play & Music | — | 1,845 | 6,803 | — | 8,648 | ||||||||||||||||
Retail Franchise | — | 5,689 | — | — | 5,689 | ||||||||||||||||
Intercompany revenue | 15,325 | 2,981 | — | (18,306 | ) | — | |||||||||||||||
Total net sales | 15,730 | 266,598 | 18,023 | (24,282 | ) | 276,069 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (2,157 | ) | (165,573 | ) | (9,935 | ) | 6,953 | (170,712 | ) | ||||||||||||
Gross profit | 13,573 | 101,025 | 8,088 | (17,329 | ) | 105,357 | |||||||||||||||
Selling, general and administrative expenses | (15,535 | ) | (97,266 | ) | (9,003 | ) | 17,094 | (104,710 | ) | ||||||||||||
Operating (loss) income | (1,962 | ) | 3,759 | (915 | ) | (235 | ) | 647 | |||||||||||||
Interest income | — | 3 | 16 | — | 19 | ||||||||||||||||
Interest expense | (21,000 | ) | (76 | ) | — | — | (21,076 | ) | |||||||||||||
Other expense, net | (8 | ) | (76 | ) | (26 | ) | — | (110 | ) | ||||||||||||
(Loss) income before income taxes | (22,970 | ) | 3,610 | (925 | ) | (235 | ) | (20,520 | ) | ||||||||||||
Income tax benefit (expense) | 4,754 | (5,745 | ) | (969 | ) | — | (1,960 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | (4,809 | ) | — | — | 4,809 | — | |||||||||||||||
Net loss | (23,025 | ) | (2,135 | ) | (1,894 | ) | 4,574 | (22,480 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | (545 | ) | — | (545 | ) | ||||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (23,025 | ) | $ | (2,135 | ) | $ | (2,439 | ) | $ | 4,574 | $ | (23,025 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 3, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 280 | $ | 252,597 | $ | 10,943 | $ | (4,696 | ) | $ | 259,124 | ||||||||||
Gymboree Play & Music | — | 2,624 | 4,208 | — | 6,832 | ||||||||||||||||
Retail Franchise | — | 6,054 | — | — | 6,054 | ||||||||||||||||
Intercompany revenue | 14,247 | 2,811 | — | (17,058 | ) | — | |||||||||||||||
Total net sales | 14,527 | 264,086 | 15,151 | (21,754 | ) | 272,010 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (1,252 | ) | (158,656 | ) | (8,506 | ) | 4,762 | (163,652 | ) | ||||||||||||
Gross profit | 13,275 | 105,430 | 6,645 | (16,992 | ) | 108,358 | |||||||||||||||
Selling, general and administrative expenses | (15,397 | ) | (94,093 | ) | (9,805 | ) | 17,005 | (102,290 | ) | ||||||||||||
Operating (loss) income | (2,122 | ) | 11,337 | (3,160 | ) | 13 | 6,068 | ||||||||||||||
Interest income | 1 | 44 | 43 | (41 | ) | 47 | |||||||||||||||
Interest expense | (20,286 | ) | (88 | ) | (41 | ) | 41 | (20,374 | ) | ||||||||||||
Other income (expense), net | (294 | ) | — | (74 | ) | — | (368 | ) | |||||||||||||
(Loss) income before income taxes | (22,701 | ) | 11,293 | (3,232 | ) | 13 | (14,627 | ) | |||||||||||||
Income tax benefit (expense) | 6,560 | (6,913 | ) | (23 | ) | — | (376 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | 2,710 | — | — | (2,710 | ) | — | |||||||||||||||
Net (loss) income | (13,431 | ) | 4,380 | (3,255 | ) | (2,697 | ) | (15,003 | ) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 1,572 | — | 1,572 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (13,431 | ) | $ | 4,380 | $ | (1,683 | ) | $ | (2,697 | ) | $ | (13,431 | ) | |||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | THE GYMBOREE CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 2, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net loss | $ | (23,025 | ) | $ | (2,135 | ) | $ | (1,894 | ) | $ | 4,574 | $ | (22,480 | ) | |||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | 889 | — | 950 | (883 | ) | 956 | |||||||||||||||
Unrealized net gain (loss) on cash flow hedges, net of tax expense of $198 | 261 | — | (311 | ) | 311 | 261 | |||||||||||||||
Total other comprehensive income, net of tax | 1,150 | — | 639 | (572 | ) | 1,217 | |||||||||||||||
Comprehensive loss | (21,875 | ) | (2,135 | ) | (1,255 | ) | 4,002 | (21,263 | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (612 | ) | — | (612 | ) | ||||||||||||||
Comprehensive loss attributable to The Gymboree Corporation | $ | (21,875 | ) | $ | (2,135 | ) | $ | (1,867 | ) | $ | 4,002 | $ | (21,875 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 3, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net (loss) income | $ | (13,431 | ) | $ | 4,380 | $ | (3,255 | ) | $ | (2,697 | ) | $ | (15,003 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | 78 | — | (369 | ) | (106 | ) | (397 | ) | |||||||||||||
Unrealized net gain (loss) on cash flow hedges, net of tax | 22 | — | (274 | ) | 274 | 22 | |||||||||||||||
Total other comprehensive income (loss), net of tax | 100 | — | (643 | ) | 168 | (375 | ) | ||||||||||||||
Comprehensive (loss) income | (13,331 | ) | 4,380 | (3,898 | ) | (2,529 | ) | (15,378 | ) | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 2,047 | — | 2,047 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (13,331 | ) | $ | 4,380 | $ | (1,851 | ) | $ | (2,529 | ) | $ | (13,331 | ) | |||||||
Condensed Consolidating Balance Sheets | THE GYMBOREE CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,564 | $ | 4,557 | $ | 16,242 | $ | — | $ | 22,363 | |||||||||||
Accounts receivable, net of allowance | 892 | 21,996 | 2,627 | — | 25,515 | ||||||||||||||||
Merchandise inventories | — | 201,010 | 8,642 | (744 | ) | 208,908 | |||||||||||||||
Prepaid income taxes | 1,860 | 427 | 472 | — | 2,759 | ||||||||||||||||
Prepaid expenses | 2,468 | 14,727 | 1,366 | — | 18,561 | ||||||||||||||||
Deferred income taxes | — | 15,992 | 804 | (9,533 | ) | 7,263 | |||||||||||||||
Intercompany receivable | 5,035 | 596,966 | — | (602,001 | ) | — | |||||||||||||||
Total current assets | 11,819 | 855,675 | 30,153 | (612,278 | ) | 285,369 | |||||||||||||||
Property and equipment, net | 11,965 | 153,567 | 10,868 | — | 176,400 | ||||||||||||||||
Goodwill | — | 362,021 | 12,287 | — | 374,308 | ||||||||||||||||
Other intangible assets, net | — | 342,662 | 154 | — | 342,816 | ||||||||||||||||
Deferred financing costs | 23,984 | — | — | — | 23,984 | ||||||||||||||||
Other assets | 5,393 | 1,254 | 3,856 | (6,820 | ) | 3,683 | |||||||||||||||
Investment in subsidiaries | 1,404,444 | — | — | (1,404,444 | ) | — | |||||||||||||||
Total assets | $ | 1,457,605 | $ | 1,715,179 | $ | 57,318 | $ | (2,023,542 | ) | $ | 1,206,560 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 19,712 | $ | 84,613 | $ | 1,101 | $ | — | $ | 105,426 | |||||||||||
Accrued liabilities | 32,954 | 62,429 | 11,163 | 123 | 106,669 | ||||||||||||||||
Deferred income taxes | 9,656 | — | — | (9,656 | ) | — | |||||||||||||||
Line of credit borrowings | 42,000 | — | — | — | 42,000 | ||||||||||||||||
Current obligation under capital lease | — | 565 | — | — | 565 | ||||||||||||||||
Intercompany payable | 597,708 | — | 5,037 | (602,745 | ) | — | |||||||||||||||
Total current liabilities | 702,030 | 147,607 | 17,301 | (612,278 | ) | 254,660 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | 1,114,127 | — | — | — | 1,114,127 | ||||||||||||||||
Long-term obligation under capital lease | — | 2,704 | — | — | 2,704 | ||||||||||||||||
Lease incentives and other liabilities | 4,793 | 48,485 | 4,731 | — | 58,009 | ||||||||||||||||
Deferred income taxes | — | 136,668 | 17 | (6,820 | ) | 129,865 | |||||||||||||||
Total liabilities | 1,820,950 | 335,464 | 22,049 | (619,098 | ) | 1,559,365 | |||||||||||||||
Total stockholders’ (deficit) equity | (363,345 | ) | 1,379,715 | 24,729 | (1,404,444 | ) | (363,345 | ) | |||||||||||||
Noncontrolling interest | — | — | 10,540 | — | 10,540 | ||||||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 1,457,605 | $ | 1,715,179 | $ | 57,318 | $ | (2,023,542 | ) | $ | 1,206,560 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,689 | $ | 3,202 | $ | 13,629 | $ | — | $ | 18,520 | |||||||||||
Accounts receivable, net of allowance | 938 | 18,339 | 5,971 | — | 25,248 | ||||||||||||||||
Merchandise inventories | — | 192,142 | 6,711 | (516 | ) | 198,337 | |||||||||||||||
Prepaid income taxes | 1,860 | 306 | 433 | — | 2,599 | ||||||||||||||||
Prepaid expenses | 3,388 | 2,833 | 600 | — | 6,821 | ||||||||||||||||
Deferred income taxes | — | 15,586 | 793 | (9,555 | ) | 6,824 | |||||||||||||||
Intercompany receivable | 3,470 | 608,994 | 720 | (613,184 | ) | — | |||||||||||||||
Total current assets | 11,345 | 841,402 | 28,857 | (623,255 | ) | 258,349 | |||||||||||||||
Property and equipment, net | 12,306 | 159,699 | 10,426 | — | 182,431 | ||||||||||||||||
Goodwill | — | 362,021 | 11,813 | — | 373,834 | ||||||||||||||||
Other intangible assets, net | — | 343,312 | 240 | — | 343,552 | ||||||||||||||||
Deferred financing costs | 25,622 | — | — | — | 25,622 | ||||||||||||||||
Other assets | 7,798 | 1,669 | 4,020 | (9,332 | ) | 4,155 | |||||||||||||||
Investment in subsidiaries | 1,408,447 | — | — | (1,408,447 | ) | — | |||||||||||||||
Total assets | $ | 1,465,518 | $ | 1,708,103 | $ | 55,356 | $ | (2,041,034 | ) | $ | 1,187,943 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 9,798 | $ | 76,557 | $ | 677 | $ | — | $ | 87,032 | |||||||||||
Accrued liabilities | 26,943 | 57,757 | 10,031 | 74 | 94,805 | ||||||||||||||||
Deferred income taxes | 9,504 | — | 125 | (9,629 | ) | — | |||||||||||||||
Line of credit borrowings | 33,000 | — | — | — | 33,000 | ||||||||||||||||
Current obligation under capital lease | — | 552 | — | — | 552 | ||||||||||||||||
Intercompany payable | 609,510 | 720 | 3,470 | (613,700 | ) | — | |||||||||||||||
Total current liabilities | 688,755 | 135,586 | 14,303 | (623,255 | ) | 215,389 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | 1,114,048 | — | — | — | 1,114,048 | ||||||||||||||||
Long-term obligation under capital lease | — | 2,850 | — | — | 2,850 | ||||||||||||||||
Lease incentives and other liabilities | 4,906 | 49,306 | 4,513 | — | 58,725 | ||||||||||||||||
Deferred income taxes | — | 138,511 | 17 | (9,332 | ) | 129,196 | |||||||||||||||
Total liabilities | 1,807,709 | 326,253 | 18,833 | (632,587 | ) | 1,520,208 | |||||||||||||||
Total stockholders’ (deficit) equity | (342,191 | ) | 1,381,850 | 26,597 | (1,408,447 | ) | (342,191 | ) | |||||||||||||
Noncontrolling interest | — | — | 9,926 | — | 9,926 | ||||||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 1,465,518 | $ | 1,708,103 | $ | 55,356 | $ | (2,041,034 | ) | $ | 1,187,943 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
May 3, 2014 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,978 | $ | 5,507 | $ | 17,288 | $ | — | $ | 24,773 | |||||||||||
Accounts receivable, net of allowance | 1,285 | 19,238 | 1,871 | — | 22,394 | ||||||||||||||||
Merchandise inventories | — | 164,920 | 5,960 | (469 | ) | 170,411 | |||||||||||||||
Prepaid income taxes | 1,936 | 395 | 655 | — | 2,986 | ||||||||||||||||
Prepaid expenses | 3,396 | 13,953 | 1,274 | — | 18,623 | ||||||||||||||||
Deferred income taxes | 378 | 13,255 | 724 | (121 | ) | 14,236 | |||||||||||||||
Intercompany receivable | — | 565,262 | — | (565,262 | ) | — | |||||||||||||||
Total current assets | 8,973 | 782,530 | 27,772 | (565,852 | ) | 253,423 | |||||||||||||||
Property and equipment, net | 12,526 | 180,663 | 10,287 | — | 203,476 | ||||||||||||||||
Goodwill | — | 721,844 | 36,933 | — | 758,777 | ||||||||||||||||
Other intangible assets, net | — | 558,320 | 683 | — | 559,003 | ||||||||||||||||
Deferred financing costs | 30,754 | — | — | — | 30,754 | ||||||||||||||||
Other assets | 12,677 | 1,961 | 9,908 | (14,258 | ) | 10,288 | |||||||||||||||
Investment in subsidiaries | 1,891,827 | — | — | (1,891,827 | ) | — | |||||||||||||||
Total assets | $ | 1,956,757 | $ | 2,245,318 | $ | 85,583 | $ | (2,471,937 | ) | $ | 1,815,721 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 6,366 | $ | 65,976 | $ | 1,003 | $ | — | $ | 73,345 | |||||||||||
Accrued liabilities | 38,439 | 62,400 | 6,809 | — | 107,648 | ||||||||||||||||
Deferred income taxes | — | — | 121 | (121 | ) | — | |||||||||||||||
Line of credit borrowings | 10,000 | — | — | — | 10,000 | ||||||||||||||||
Current obligation under capital lease | — | 515 | — | — | 515 | ||||||||||||||||
Intercompany payable | 562,899 | — | 2,832 | (565,731 | ) | — | |||||||||||||||
Total current liabilities | 617,704 | 128,891 | 10,765 | (565,852 | ) | 191,508 | |||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | 1,113,817 | — | — | — | 1,113,817 | ||||||||||||||||
Long-term obligation under capital lease | — | 3,269 | — | — | 3,269 | ||||||||||||||||
Lease incentives and other liabilities | 3,498 | 48,174 | 5,166 | — | 56,838 | ||||||||||||||||
Deferred income taxes | — | 229,490 | — | (14,258 | ) | 215,232 | |||||||||||||||
Total liabilities | 1,735,019 | 409,824 | 15,931 | (580,110 | ) | 1,580,664 | |||||||||||||||
Total stockholders’ equity | 221,738 | 1,835,494 | 56,333 | (1,891,827 | ) | 221,738 | |||||||||||||||
Noncontrolling interest | — | — | 13,319 | — | 13,319 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,956,757 | $ | 2,245,318 | $ | 85,583 | $ | (2,471,937 | ) | $ | 1,815,721 | ||||||||||
Condensed Consolidating Statements of Cash Flows | THE GYMBOREE CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 2, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash used in operating activities | $ | (1,611 | ) | $ | (784 | ) | $ | (244 | ) | $ | — | $ | (2,639 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (291 | ) | (2,052 | ) | (797 | ) | — | (3,140 | ) | ||||||||||||
Proceeds from sale of assets | — | — | 353 | — | 353 | ||||||||||||||||
Intercompany transfers | (1,565 | ) | 5,047 | 720 | (4,202 | ) | — | ||||||||||||||
Other | — | (3 | ) | 11 | — | 8 | |||||||||||||||
Net cash (used in) provided by investing activities | (1,856 | ) | 2,992 | 287 | (4,202 | ) | (2,779 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | (5,658 | ) | (720 | ) | 2,176 | 4,202 | — | ||||||||||||||
Proceeds from ABL facility | 130,000 | — | — | — | 130,000 | ||||||||||||||||
Payments on ABL facility | (121,000 | ) | — | — | — | (121,000 | ) | ||||||||||||||
Payments on capital lease | — | (133 | ) | — | — | (133 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 3,342 | (853 | ) | 2,176 | 4,202 | 8,867 | |||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | 394 | — | 394 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (125 | ) | 1,355 | 2,613 | — | 3,843 | |||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 1,689 | 3,202 | 13,629 | — | 18,520 | ||||||||||||||||
End of Period | $ | 1,564 | $ | 4,557 | $ | 16,242 | $ | — | $ | 22,363 | |||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED MAY 3, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (32,373 | ) | $ | 21,239 | $ | (3,549 | ) | $ | — | $ | (14,683 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (511 | ) | (6,935 | ) | (1,907 | ) | — | (9,353 | ) | ||||||||||||
Intercompany transfers | — | (13,335 | ) | — | 13,335 | — | |||||||||||||||
Other | — | — | (56 | ) | — | (56 | ) | ||||||||||||||
Net cash used in investing activities | (511 | ) | (20,270 | ) | (1,963 | ) | 13,335 | (9,409 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | 9,383 | — | 3,952 | (13,335 | ) | — | |||||||||||||||
Proceeds from ABL facility | 78,000 | — | — | — | 78,000 | ||||||||||||||||
Payments on ABL facility | (68,000 | ) | — | — | — | (68,000 | ) | ||||||||||||||
Payments on capital lease | — | (121 | ) | — | — | (121 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 19,383 | (121 | ) | 3,952 | (13,335 | ) | 9,879 | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | (443 | ) | — | (443 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (13,501 | ) | 848 | (2,003 | ) | — | (14,656 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 15,479 | 4,659 | 19,291 | — | 39,429 | ||||||||||||||||
End of Period | $ | 1,978 | $ | 5,507 | $ | 17,288 | $ | — | $ | 24,773 | |||||||||||
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Level 1 into Level 2 transfer amount | $0 | $0 | $0 |
Liabilities Level 1 into Level 2 transfer amount | 0 | 0 | 0 |
Assets Level 2 into Level 1 transfer amount | 0 | 0 | 0 |
Liabilities Level 2 into Level 1 transfer amount | 0 | 0 | 0 |
Other financial assets measured at fair value | 0 | 0 | 0 |
Other financial liabilities measured at fair value | 0 | 0 | 0 |
Asset impairment charges | $0 | $0 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Fair Value | $9 | $113 | $1,433 |
Liabilities Fair Value | 55 | ||
Interest rate caps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Fair Value | 9 | 17 | 433 |
Forward foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Fair Value | 96 | 100 | |
Liabilities Fair Value | 55 | ||
Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Fair Value | 900 | ||
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 | 900 | ||
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 | 900 | ||
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Fair Value | 9 | 113 | 533 |
Liabilities Fair Value | 55 | ||
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 | 9 | 17 | 433 |
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 | 96 | 100 | |
Liabilities Fair Value | $55 |
Estimated_Fair_Value_of_LongTe
Estimated Fair Value of Long-Term Debt (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | $1,114,127 | $1,114,048 | $1,113,817 |
Fair Value | 777,516 | 658,700 | 840,567 |
Term Loan | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | 768,127 | 768,048 | 767,817 |
Fair Value | 611,436 | 530,680 | 619,127 |
Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | 346,000 | 346,000 | 346,000 |
Fair Value | $166,080 | $128,020 | $221,440 |
Goodwill_Allocated_to_Reportab
Goodwill Allocated to Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
Goodwill [Line Items] | |||
Goodwill gross | $927,266 | $927,266 | $927,266 |
Accumulated impairment losses | -547,285 | -547,285 | -168,489 |
Effect of exchange rate fluctuations | -5,673 | -6,147 | |
Goodwill | 374,308 | 373,834 | 758,777 |
Retail Stores | |||
Goodwill [Line Items] | |||
Goodwill gross | 887,241 | 887,241 | 887,241 |
Accumulated impairment losses | -547,285 | -547,285 | -168,489 |
Effect of exchange rate fluctuations | -5,673 | -6,147 | |
Goodwill | 334,283 | 333,809 | 718,752 |
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_and_Intangible_Assets2
Goodwill and Intangible Assets and Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Trade names | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Impairment of indefinite-lived intangible assets | $212.60 |
Retail Stores | Gymboree Stores | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Impairment for goodwill | 252.3 |
Retail Stores | Gymboree Outlet Stores | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Impairment for goodwill | 67.2 |
Retail Stores | Crazy 8 Stores | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Impairment for goodwill | $59.30 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Line Items] | |||
Gross Carrying Amount | $583,246 | $583,681 | $622,732 |
Intangible assets subject to amortization, gross carrying amount | 16,234 | 16,669 | 55,238 |
Accumulated Amortization | -10,830 | -10,529 | -46,729 |
Intangible assets subject to amortization, net amount | 5,404 | 6,140 | 8,509 |
Accumulated Impairment | -229,600 | -229,600 | -17,000 |
Net Amount | 342,816 | 343,552 | 559,003 |
Trade names | |||
Intangible Assets [Line Items] | |||
Intangible assets not subject to amortization, gross carrying amount | 567,012 | 567,012 | 567,494 |
Accumulated Impairment | -229,600 | -229,600 | -17,000 |
Intangible assets not subject to amortization, net amount | 337,412 | 337,412 | 550,494 |
Customer relationships | |||
Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, gross carrying amount | 770 | 770 | 37,551 |
Accumulated Amortization | -688 | -605 | -36,975 |
Intangible assets subject to amortization, net amount | 82 | 165 | 576 |
Below Market Leases | |||
Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, gross carrying amount | 4,839 | 5,274 | 7,055 |
Accumulated Amortization | -3,319 | -3,486 | -4,457 |
Intangible assets subject to amortization, net amount | 1,520 | 1,788 | 2,598 |
Co-branded credit card agreement | |||
Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, gross carrying amount | 4,000 | 4,000 | 4,000 |
Accumulated Amortization | -2,727 | -2,573 | -2,112 |
Intangible assets subject to amortization, net amount | 1,273 | 1,427 | 1,888 |
Franchise agreements and reacquired franchise rights | |||
Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, gross carrying amount | 6,625 | 6,625 | 6,632 |
Accumulated Amortization | -4,096 | -3,865 | -3,185 |
Intangible assets subject to amortization, net amount | $2,529 | $2,760 | $3,447 |
Intangible_Liabilities_Detail
Intangible Liabilities (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Intangible Liabilities [Line Items] | |||
Gross carrying amount | ($11,400) | ($11,400) | ($16,631) |
Accumulated amount | 7,196 | 6,795 | 10,508 |
Net amount | ($4,204) | ($4,605) | ($6,123) |
Net_Amortization_Expense_or_In
Net Amortization Expense or Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Cost of Goods Sold | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization income (expense) | $133 | $247 |
Selling, General and Administrative Expenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization income (expense) | ($468) | ($535) |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Line of Credit Facility [Line Items] | |||
Line of credit, outstanding | $42,000,000 | $10,000,000 | $33,000,000 |
Senior Secured Asset Based Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit, borrowing capacity | 225,000,000 | ||
Line of credit, outstanding | 42,000,000 | 10,000,000 | 33,000,000 |
Letter of credit, outstanding | 38,100,000 | ||
Line of credit, remaining borrowing capacity | 90,800,000 | ||
Line of credit, average borrowing | 54,100,000 | 9,700,000 | 32,000,000 |
Line of credit, Principal amounts outstanding due date | 2017-03 | ||
Line of credit, commitment fee | 0.38% | ||
Senior Secured Asset Based Revolving Credit Facility | Interest rate on the first $12.0 million of line of credit borrowings outstanding | |||
Line of Credit Facility [Line Items] | |||
Line of credit, outstanding | 12,000,000 | ||
Line of credit, effective interest rate | 5.50% | ||
Senior Secured Asset Based Revolving Credit Facility | Interest rate on remaining $30.0 million of line of credit borrowings outstanding | |||
Line of Credit Facility [Line Items] | |||
Line of credit, outstanding | 30,000,000 | ||
Line of credit, effective interest rate | 4.00% | ||
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 | Adjusted LIBOR 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 | $125,000,000 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term debt | $1,114,127 | $1,114,048 | $1,113,817 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | 768,127 | 768,048 | 767,817 |
Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $346,000 | $346,000 | $346,000 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Term Loan | |||
Debt Instrument [Line Items] | |||
London interbank offering rate floor | 1.50% | 1.50% | 1.50% |
Term loan, discount | 975 | 1,285 | 1,054 |
Long-term debt, due date | 2018-02 | ||
Term Loan | Adjusted LIBOR Rate | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate above basis rate | 3.50% | 3.50% | 3.50% |
Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, due date | 2018-12 | 2018-12 | 2018-12 |
Senior notes, interest rate | 9.13% | 9.13% | 9.13% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Debt Instrument [Line Items] | |||
Long-term debt and borrowings, interest expense | $21,076,000 | 20,374,000 | |
Deferred financing costs, amortization period | 6 years 4 months 24 days | ||
Deferred financing costs, weighted-average remaining amortization period | 3 years | ||
Deferred financing costs, amortization expense | 1,800,000 | 1,700,000 | |
Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, amount | 400,000,000 | ||
Long-term debt, due date | 2018-12 | 2018-12 | 2018-12 |
Long-term debt, interest rate | 9.13% | 9.13% | 9.13% |
Long-term debt, redemption price | 100.00% | ||
Notes | Change in Control of Company | |||
Debt Instrument [Line Items] | |||
Long-term debt, redemption price | 101.00% | ||
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, amount | 820,000,000 | ||
Long-term debt, due date | 2018-02 | ||
London interbank offering rate floor | 1.50% | 1.50% | 1.50% |
Interest rate under term loan | 5.00% | ||
Long-term debt, payment percentage | 0.25% | ||
Senior secured term loan facility, discount | 975,000 | 1,285,000 | 1,054,000 |
Term Loan | Base Rate | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate above basis rate | 2.50% | ||
Term Loan | Adjusted LIBOR Rate | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate above basis rate | 3.50% | 3.50% | 3.50% |
Term Loan | Maximum | |||
Debt Instrument [Line Items] | |||
Long-term debt, allowed additional tranches of loan | 200,000,000 | ||
Long-Term Debt and ABL | |||
Debt Instrument [Line Items] | |||
Long-term debt and borrowings, interest expense | $21,000,000 | 20,400,000 |
Schedule_of_Redemption_Prices_
Schedule of Redemption Prices (Detail) (Notes) | 3 Months Ended |
2-May-15 | |
Notes | |
Debt Instrument [Line Items] | |
2014 | 104.56% |
2015 | 102.28% |
2016 and thereafter | 100.00% |
Scheduled_Future_Minimum_Princ
Scheduled Future Minimum Principal Payments on Long-Term Debt, Excluding Accretion of Original Issue Discount (Detail) (USD $) | 2-May-15 |
In Thousands, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
Principal payments in 2015 | $0 |
Principal payments in 2016 | 0 |
Principal payments in 2017 | 6,502 |
Principal payments in 2018 | 1,108,600 |
Total | $1,115,102 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||
2-May-15 | 3-May-14 | Dec. 31, 2010 | Jan. 31, 2015 | |
Contract | ||||
Derivative [Line Items] | ||||
Forward exchange contracts term | 1 year | |||
Amount of Gain / (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($613,000) | ($239,000) | ||
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Forward foreign exchange contract not designated as a hedge | 0 | 1 | 0 | |
Not Designated as Hedging Instrument | Foreign exchange derivatives | ||||
Derivative [Line Items] | ||||
Forward foreign exchange contract not designated as a hedge, notional amount | 12,200,000 | |||
Term Loan | ||||
Derivative [Line Items] | ||||
Long-term debt, amount | 820,000,000 | |||
Derivatives | ||||
Derivative [Line Items] | ||||
Interest rate caps, maturity date | 23-Dec-16 | |||
Payment for interest rate caps hedging | 12,100,000 | |||
Reclassified from accumulated other comprehensive loss to interest expense within the next 12 months | 4,300,000 | |||
Derivatives | Term Loan | ||||
Derivative [Line Items] | ||||
Long-term debt, amount | 700,000,000 | |||
Derivatives | Interest Expense | ||||
Derivative [Line Items] | ||||
Amount of Gain / (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $800,000 | $500,000 |
Outstanding_Derivatives_Design
Outstanding Derivatives Designated as Cash Flow Hedges (Detail) (Designated as Hedging Instrument, USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | Derivative | Derivative | Derivative |
Derivative [Line Items] | |||
Number of derivative instruments | 7 | 10 | 7 |
Notional | $702,343 | $704,633 | $703,065 |
Interest rate derivatives | Interest rate caps | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments | 4 | 4 | 4 |
Notional | 700,000 | 700,000 | 700,000 |
Foreign exchange derivatives | Forward foreign exchange contracts | |||
Derivative [Line Items] | |||
Number of foreign currency exchange rate derivatives, designated as cash flow hedges | 3 | 6 | 3 |
Notional | $2,343 | $4,633 | $3,065 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | $9 | $113 | $533 |
Derivative Liabilities | 55 | ||
Foreign exchange derivatives | Forward foreign exchange contracts | Accrued Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 55 | ||
Foreign exchange derivatives | Forward foreign exchange contracts | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 96 | 100 | |
Interest rate derivatives | Interest rate caps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | $9 | $17 | $433 |
Effect_of_Derivative_Financial
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains / (Losses) Recognized in OCI on Derivative (Effective Portion) | ($154) | ($217) |
Gains / (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | -613 | -239 |
Interest rate derivatives | Interest rate caps | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains / (Losses) Recognized in OCI on Derivative (Effective Portion) | -8 | -166 |
Gains / (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | -778 | -461 |
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) | -146 | -51 |
Gains / (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | $165 | $222 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $720 | $1,276 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $6.80 | $5.60 | $6.60 |
Unrecognized tax benefits decrease during next twelve months | 0.7 | ||
Valuation allowance | $67.30 | $58.60 | $35.50 |
Components_of_Accumulated_OCI_
Components of Accumulated OCI, net of Taxes (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation | ($6,154) | ($7,043) | $701 | |
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,784, $3,982 and $3,982 | -3,927 | -4,188 | -5,481 | |
Total accumulated other comprehensive loss | ($10,081) | ($11,231) | ($4,780) | ($4,880) |
Components_of_Accumulated_OCI_1
Components of Accumulated OCI, net of Taxes (Parenthetical) (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated changes in fair value of derivative financial instruments, tax benefit | $3,784 | $3,982 | $3,982 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income Balance by Component (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($11,231) | ($4,880) | ($4,880) |
Other comprehensive (loss) income recognized before reclassifications | 802 | -614 | -8,400 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 613 | 239 | 1,607 |
Tax expense | -198 | ||
Total other comprehensive income (loss) | 1,217 | -375 | -6,793 |
Other comprehensive loss (income) attributable to noncontrolling interest | -67 | 475 | 442 |
Ending balance | -10,081 | -4,780 | -11,231 |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -4,188 | -5,503 | -5,503 |
Other comprehensive (loss) income recognized before reclassifications | -154 | -217 | -292 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 613 | 239 | 1,607 |
Tax expense | -198 | ||
Total other comprehensive income (loss) | 261 | 22 | 1,315 |
Ending balance | -3,927 | -5,481 | -4,188 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -7,043 | 623 | 623 |
Other comprehensive (loss) income recognized before reclassifications | 956 | -397 | -8,108 |
Total other comprehensive income (loss) | 956 | -397 | -8,108 |
Other comprehensive loss (income) attributable to noncontrolling interest | -67 | 475 | 442 |
Ending balance | ($6,154) | $701 | ($7,043) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Bain Capital Partners Llc | |||
Related Party Transaction [Line Items] | |||
Payment for management service fee and reimbursement of out-of-pocket expenses | $900,000 | $800,000 | |
Payable to related parties | 1,100,000 | 100,000 | 200,000 |
Bain Capital Partners Llc | VIEs | |||
Related Party Transaction [Line Items] | |||
Payment for management service fee and reimbursement of out-of-pocket expenses | 100,000 | 100,000 | |
Payable to related parties | 200,000 | 100,000 | 100,000 |
LogicSource | |||
Related Party Transaction [Line Items] | |||
Payable to related parties | 100,000 | 200,000 | 300,000 |
Purchased services | 600,000 | 600,000 | |
Burlington Stores Inc | |||
Related Party Transaction [Line Items] | |||
Inventory sold | 1,300,000 | 0 | |
Receivable from related parties | 0 | 0 | 0 |
Giraffe Holding, Inc | |||
Related Party Transaction [Line Items] | |||
Receivable from related parties | 200,000 | 800,000 | 200,000 |
Gymboree Investment Holding Gp Limited | VIEs | |||
Related Party Transaction [Line Items] | |||
Payable to related parties | 1,100,000 | 1,100,000 | 1,100,000 |
Gymboree Hong Kong Limited | VIEs | |||
Related Party Transaction [Line Items] | |||
Payable to related parties | $400,000 | $400,000 | $400,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
2-May-15 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Retail Stores | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 4 |
Financial_Data_of_Each_Reporta
Financial Data of Each Reportable Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | $276,069 | $272,010 | |
Reportable segment, gross profit | 105,357 | 108,358 | |
Reportable segment, Total assets | 1,206,560 | 1,815,721 | 1,187,943 |
VIEs | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 8,611 | 5,404 | |
Reportable segment, Total assets | 22,865 | 21,804 | 21,449 |
Retail Stores | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 261,732 | 259,124 | |
Gymboree Play & Music | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 8,648 | 6,832 | |
International Retail Franchise | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 5,689 | 6,054 | |
Operating Segments | VIEs | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 8,611 | 5,404 | |
Reportable segment, gross profit | 6,384 | 4,102 | |
Reportable segment, Total assets | 22,865 | 21,804 | 21,449 |
Operating Segments | Retail Stores | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 259,924 | 257,928 | |
Reportable segment, gross profit | 94,575 | 99,292 | |
Reportable segment, Total assets | 1,095,889 | 1,705,817 | 1,078,973 |
Operating Segments | Gymboree Play & Music | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 4,357 | 5,049 | |
Reportable segment, gross profit | 2,774 | 4,042 | |
Reportable segment, Total assets | 59,916 | 60,229 | 60,190 |
Operating Segments | International Retail Franchise | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | 5,857 | 6,167 | |
Reportable segment, gross profit | 3,227 | 3,372 | |
Reportable segment, Total assets | 30,024 | 30,102 | 28,886 |
Intersegment elimination | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | -2,680 | -2,538 | |
Reportable segment, gross profit | -1,603 | -2,450 | |
Reportable segment, Total assets | -2,134 | -2,231 | -1,555 |
Intersegment elimination | Gymboree Play & Music | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | -2,512 | -2,425 | |
Intersegment elimination | International Retail Franchise | |||
Segment Reporting Information [Line Items] | |||
Reportable segment, sales | ($168) | ($113) |
Intersegment_Revenues_for_Each
Intersegment Revenues for Each Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Segment Reporting Information [Line Items] | ||
Reportable segment, sales | $276,069 | $272,010 |
Gymboree Play & Music | ||
Segment Reporting Information [Line Items] | ||
Reportable segment, sales | 8,648 | 6,832 |
International Retail Franchise | ||
Segment Reporting Information [Line Items] | ||
Reportable segment, sales | 5,689 | 6,054 |
Intersegment elimination | ||
Segment Reporting Information [Line Items] | ||
Reportable segment, sales | -2,680 | -2,538 |
Intersegment elimination | Gymboree Play & Music | ||
Segment Reporting Information [Line Items] | ||
Reportable segment, sales | -2,512 | -2,425 |
Intersegment elimination | International Retail Franchise | ||
Segment Reporting Information [Line Items] | ||
Reportable segment, sales | ($168) | ($113) |
Net_Sales_and_Property_and_Equ
Net Sales and Property and Equipment, Net of Each Geographical Areas (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Geographic Reporting Disclosure [Line Items] | |||
Net sales | $276,069 | $272,010 | |
Property and equipment, net | 176,400 | 203,476 | 182,431 |
UNITED STATES | |||
Geographic Reporting Disclosure [Line Items] | |||
Net sales | 258,582 | 257,328 | |
Property and equipment, net | 166,121 | 193,459 | 172,378 |
International geographical segment | |||
Geographic Reporting Disclosure [Line Items] | |||
Net sales | 17,487 | 14,682 | |
Property and equipment, net | $10,279 | $10,017 | $10,053 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (VIEs) | 3 Months Ended |
2-May-15 | |
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 Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Variable Interest Entity [Line Items] | ||
Net sales | $276,069 | $272,010 |
Cost of goods sold, including buying and occupancy expenses | -170,712 | -163,652 |
Selling, general and administrative expenses | -104,710 | -102,290 |
Operating income | 647 | 6,068 |
Other non-operating expense | -21,167 | -20,695 |
(Loss) income before income taxes | -20,520 | -14,627 |
Income tax (expense) benefit | -1,960 | -376 |
Net (loss) income | -22,480 | -15,003 |
Net (income) loss attributable to noncontrolling interest | -545 | 1,572 |
Net loss attributable to The Gymboree Corporation | -23,025 | -13,431 |
Balance Before Consolidation of VIEs | ||
Variable Interest Entity [Line Items] | ||
Net sales | 270,138 | 269,144 |
Cost of goods sold, including buying and occupancy expenses | -169,562 | -162,438 |
Selling, general and administrative expenses | -100,988 | -98,960 |
Operating income | -412 | 7,746 |
Other non-operating expense | -21,157 | -20,591 |
(Loss) income before income taxes | -21,569 | -12,845 |
Income tax (expense) benefit | -1,304 | -599 |
Net (loss) income | -22,873 | -13,444 |
Net loss attributable to The Gymboree Corporation | -22,873 | -13,444 |
VIEs | ||
Variable Interest Entity [Line Items] | ||
Net sales | 8,611 | 5,404 |
Cost of goods sold, including buying and occupancy expenses | -2,227 | -1,302 |
Selling, general and administrative expenses | -5,173 | -5,793 |
Operating income | 1,211 | -1,691 |
Other non-operating expense | -10 | -104 |
(Loss) income before income taxes | 1,201 | -1,795 |
Income tax (expense) benefit | -656 | 223 |
Net (loss) income | 545 | -1,572 |
Net (income) loss attributable to noncontrolling interest | -545 | 1,572 |
VIE Eliminations | ||
Variable Interest Entity [Line Items] | ||
Net sales | -2,680 | -2,538 |
Cost of goods sold, including buying and occupancy expenses | 1,077 | 88 |
Selling, general and administrative expenses | 1,451 | 2,463 |
Operating income | -152 | 13 |
(Loss) income before income taxes | -152 | 13 |
Net (loss) income | -152 | 13 |
Net loss attributable to The Gymboree Corporation | ($152) | $13 |
Impact_of_VIES_on_Condensed_Co1
Impact of VIES on Condensed Consolidated Balance sheets (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $22,363 | $18,520 | $24,773 | $39,429 |
Other current assets | 263,006 | 239,829 | 228,650 | |
Total current assets | 285,369 | 258,349 | 253,423 | |
Non-current assets | 921,191 | 929,594 | 1,562,298 | |
Total assets | 1,206,560 | 1,187,943 | 1,815,721 | |
Current liabilities | 254,660 | 215,389 | 191,508 | |
Non-current liabilities | 1,304,705 | 1,304,819 | 1,389,156 | |
Total liabilities | 1,559,365 | 1,520,208 | 1,580,664 | |
Total stockholders' (deficit) equity | -363,345 | -342,191 | 221,738 | |
Noncontrolling interest | 10,540 | 9,926 | 13,319 | |
Total liabilities and stockholders' (deficit) equity | 1,206,560 | 1,187,943 | 1,815,721 | |
Balance Before Consolidation of VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 12,513 | 8,559 | 13,073 | |
Other current assets | 257,220 | 235,123 | 225,247 | |
Total current assets | 269,733 | 243,682 | 238,320 | |
Non-current assets | 916,096 | 924,367 | 1,557,828 | |
Total assets | 1,185,829 | 1,168,049 | 1,796,148 | |
Current liabilities | 244,625 | 205,674 | 185,467 | |
Non-current liabilities | 1,304,220 | 1,304,384 | 1,388,802 | |
Total liabilities | 1,548,845 | 1,510,058 | 1,574,269 | |
Total stockholders' (deficit) equity | -363,016 | -342,009 | 221,879 | |
Total liabilities and stockholders' (deficit) equity | 1,185,829 | 1,168,049 | 1,796,148 | |
VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 9,850 | 9,961 | 11,700 | |
Other current assets | 7,920 | 6,261 | 5,634 | |
Total current assets | 17,770 | 16,222 | 17,334 | |
Non-current assets | 5,095 | 5,227 | 4,470 | |
Total assets | 22,865 | 21,449 | 21,804 | |
Current liabilities | 11,840 | 11,088 | 8,131 | |
Non-current liabilities | 485 | 435 | 354 | |
Total liabilities | 12,325 | 11,523 | 8,485 | |
Noncontrolling interest | 10,540 | 9,926 | 13,319 | |
Total liabilities and stockholders' (deficit) equity | 22,865 | 21,449 | 21,804 | |
VIE Eliminations | ||||
Variable Interest Entity [Line Items] | ||||
Other current assets | -2,134 | -1,555 | -2,231 | |
Total current assets | -2,134 | -1,555 | -2,231 | |
Total assets | -2,134 | -1,555 | -2,231 | |
Current liabilities | -1,805 | -1,373 | -2,090 | |
Total liabilities | -1,805 | -1,373 | -2,090 | |
Total stockholders' (deficit) equity | -329 | -182 | -141 | |
Total liabilities and stockholders' (deficit) equity | ($2,134) | ($1,555) | ($2,231) |
Condensed_Guarantor_Data_Addit
Condensed Guarantor Data - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 2-May-15 |
Condensed Financial Statements, Captions [Line Items] | ||
Domestic subsidiaries, ownership percentage | 100.00% | |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Issuance of common stock in non-cash investing and financing activity | $18.50 | |
Non-Guarantor Subsidiaries | Business Operations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Issuance of common stock in non-cash investing and financing activity | 15.3 | |
Non-Guarantor Subsidiaries | Advanced Pricing Agreement | ||
Condensed Financial Statements, Captions [Line Items] | ||
Issuance of common stock in non-cash investing and financing activity | $3.20 |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Net sales: | ||
Net sales | $276,069 | $272,010 |
Cost of goods sold, including buying and occupancy expenses | -170,712 | -163,652 |
Gross profit | 105,357 | 108,358 |
Selling, general and administrative expenses | -104,710 | -102,290 |
Operating (loss) income | 647 | 6,068 |
Interest income | 19 | 47 |
Interest expense | -21,076 | -20,374 |
Other expense, net | -110 | -368 |
(Loss) income before income taxes | -20,520 | -14,627 |
Income tax (expense) benefit | -1,960 | -376 |
Net (loss) income | -22,480 | -15,003 |
Net (income) loss attributable to noncontrolling interest | -545 | 1,572 |
Net (loss) income attributable to The Gymboree Corporation | -23,025 | -13,431 |
Retail Stores | ||
Net sales: | ||
Net sales | 261,732 | 259,124 |
Gymboree Play & Music | ||
Net sales: | ||
Net sales | 8,648 | 6,832 |
International Retail Franchise | ||
Net sales: | ||
Net sales | 5,689 | 6,054 |
The Gymboree Corporation | ||
Net sales: | ||
Net sales | 15,730 | 14,527 |
Cost of goods sold, including buying and occupancy expenses | -2,157 | -1,252 |
Gross profit | 13,573 | 13,275 |
Selling, general and administrative expenses | -15,535 | -15,397 |
Operating (loss) income | -1,962 | -2,122 |
Interest income | 1 | |
Interest expense | -21,000 | -20,286 |
Other expense, net | -8 | -294 |
(Loss) income before income taxes | -22,970 | -22,701 |
Income tax (expense) benefit | 4,754 | 6,560 |
Equity in earnings of affiliates, net of tax | -4,809 | 2,710 |
Net (loss) income | -23,025 | -13,431 |
Net (loss) income attributable to The Gymboree Corporation | -23,025 | -13,431 |
The Gymboree Corporation | Retail Stores | ||
Net sales: | ||
Net sales | 405 | 280 |
The Gymboree Corporation | Intercompany revenue | ||
Net sales: | ||
Net sales | 15,325 | 14,247 |
Guarantor Subsidiaries | ||
Net sales: | ||
Net sales | 266,598 | 264,086 |
Cost of goods sold, including buying and occupancy expenses | -165,573 | -158,656 |
Gross profit | 101,025 | 105,430 |
Selling, general and administrative expenses | -97,266 | -94,093 |
Operating (loss) income | 3,759 | 11,337 |
Interest income | 3 | 44 |
Interest expense | -76 | -88 |
Other expense, net | -76 | |
(Loss) income before income taxes | 3,610 | 11,293 |
Income tax (expense) benefit | -5,745 | -6,913 |
Net (loss) income | -2,135 | 4,380 |
Net (loss) income attributable to The Gymboree Corporation | -2,135 | 4,380 |
Guarantor Subsidiaries | Retail Stores | ||
Net sales: | ||
Net sales | 256,083 | 252,597 |
Guarantor Subsidiaries | Gymboree Play & Music | ||
Net sales: | ||
Net sales | 1,845 | 2,624 |
Guarantor Subsidiaries | International Retail Franchise | ||
Net sales: | ||
Net sales | 5,689 | 6,054 |
Guarantor Subsidiaries | Intercompany revenue | ||
Net sales: | ||
Net sales | 2,981 | 2,811 |
Non-Guarantor Subsidiaries | ||
Net sales: | ||
Net sales | 18,023 | 15,151 |
Cost of goods sold, including buying and occupancy expenses | -9,935 | -8,506 |
Gross profit | 8,088 | 6,645 |
Selling, general and administrative expenses | -9,003 | -9,805 |
Operating (loss) income | -915 | -3,160 |
Interest income | 16 | 43 |
Interest expense | -41 | |
Other expense, net | -26 | -74 |
(Loss) income before income taxes | -925 | -3,232 |
Income tax (expense) benefit | -969 | -23 |
Net (loss) income | -1,894 | -3,255 |
Net (income) loss attributable to noncontrolling interest | -545 | 1,572 |
Net (loss) income attributable to The Gymboree Corporation | -2,439 | -1,683 |
Non-Guarantor Subsidiaries | Retail Stores | ||
Net sales: | ||
Net sales | 11,220 | 10,943 |
Non-Guarantor Subsidiaries | Gymboree Play & Music | ||
Net sales: | ||
Net sales | 6,803 | 4,208 |
Eliminations | ||
Net sales: | ||
Net sales | -24,282 | -21,754 |
Cost of goods sold, including buying and occupancy expenses | 6,953 | 4,762 |
Gross profit | -17,329 | -16,992 |
Selling, general and administrative expenses | 17,094 | 17,005 |
Operating (loss) income | -235 | 13 |
Interest income | -41 | |
Interest expense | 41 | |
(Loss) income before income taxes | -235 | 13 |
Equity in earnings of affiliates, net of tax | 4,809 | -2,710 |
Net (loss) income | 4,574 | -2,697 |
Net (loss) income attributable to The Gymboree Corporation | 4,574 | -2,697 |
Eliminations | Retail Stores | ||
Net sales: | ||
Net sales | -5,976 | -4,696 |
Eliminations | Intercompany revenue | ||
Net sales: | ||
Net sales | ($18,306) | ($17,058) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income or Loss (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | |||
Net (loss) income | ($22,480) | ($15,003) | |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 956 | -397 | |
Unrealized net gain (loss) on cash flow hedges, net of tax | 261 | 22 | |
Total other comprehensive income (loss), net of tax | 1,217 | -375 | -6,793 |
Comprehensive (loss) income | -21,263 | -15,378 | |
Comprehensive (income) loss attributable to noncontrolling interest | -612 | 2,047 | |
Comprehensive (loss) income attributable to The Gymboree Corporation | -21,875 | -13,331 | |
The Gymboree Corporation | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net (loss) income | -23,025 | -13,431 | |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 889 | 78 | |
Unrealized net gain (loss) on cash flow hedges, net of tax | 261 | 22 | |
Total other comprehensive income (loss), net of tax | 1,150 | 100 | |
Comprehensive (loss) income | -21,875 | -13,331 | |
Comprehensive (loss) income attributable to The Gymboree Corporation | -21,875 | -13,331 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net (loss) income | -2,135 | 4,380 | |
Other comprehensive income (loss), net of tax: | |||
Comprehensive (loss) income | -2,135 | 4,380 | |
Comprehensive (loss) income attributable to The Gymboree Corporation | -2,135 | 4,380 | |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net (loss) income | -1,894 | -3,255 | |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 950 | -369 | |
Unrealized net gain (loss) on cash flow hedges, net of tax | -311 | -274 | |
Total other comprehensive income (loss), net of tax | 639 | -643 | |
Comprehensive (loss) income | -1,255 | -3,898 | |
Comprehensive (income) loss attributable to noncontrolling interest | -612 | 2,047 | |
Comprehensive (loss) income attributable to The Gymboree Corporation | -1,867 | -1,851 | |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net (loss) income | 4,574 | -2,697 | |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | -883 | -106 | |
Unrealized net gain (loss) on cash flow hedges, net of tax | 311 | 274 | |
Total other comprehensive income (loss), net of tax | -572 | 168 | |
Comprehensive (loss) income | 4,002 | -2,529 | |
Comprehensive (loss) income attributable to The Gymboree Corporation | $4,002 | ($2,529) |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Comprehensive Income or Loss (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Condensed Financial Statements, Captions [Line Items] | ||
Unrealized net gain (loss) on cash flow hedges, tax expense | $198 | $0 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $22,363 | $18,520 | $24,773 | $39,429 |
Accounts receivable, net of allowance | 25,515 | 25,248 | 22,394 | |
Merchandise inventories | 208,908 | 198,337 | 170,411 | |
Prepaid income taxes | 2,759 | 2,599 | 2,986 | |
Prepaid expenses | 18,561 | 6,821 | 18,623 | |
Deferred income taxes | 7,263 | 6,824 | 14,236 | |
Total current assets | 285,369 | 258,349 | 253,423 | |
Property and equipment, net | 176,400 | 182,431 | 203,476 | |
Goodwill | 374,308 | 373,834 | 758,777 | |
Other intangible assets, net | 342,816 | 343,552 | 559,003 | |
Deferred financing costs | 23,984 | 25,622 | 30,754 | |
Other assets | 3,683 | 4,155 | 10,288 | |
Total assets | 1,206,560 | 1,187,943 | 1,815,721 | |
Current liabilities: | ||||
Accounts payable | 105,426 | 87,032 | 73,345 | |
Accrued liabilities | 106,669 | 94,805 | 107,648 | |
Line of credit borrowings | 42,000 | 33,000 | 10,000 | |
Current obligation under capital lease | 565 | 552 | 515 | |
Total current liabilities | 254,660 | 215,389 | 191,508 | |
Long-term liabilities: | ||||
Long-term debt | 1,114,127 | 1,114,048 | 1,113,817 | |
Long-term obligation under capital lease | 2,704 | 2,850 | 3,269 | |
Lease incentives and other liabilities | 58,009 | 58,725 | 56,838 | |
Deferred income taxes | 129,865 | 129,196 | 215,232 | |
Total liabilities | 1,559,365 | 1,520,208 | 1,580,664 | |
Total stockholders' (deficit) equity | -363,345 | -342,191 | 221,738 | |
Noncontrolling interest | 10,540 | 9,926 | 13,319 | |
Total liabilities and stockholders' (deficit) equity | 1,206,560 | 1,187,943 | 1,815,721 | |
The Gymboree Corporation | ||||
Current assets: | ||||
Cash and cash equivalents | 1,564 | 1,689 | 1,978 | 15,479 |
Accounts receivable, net of allowance | 892 | 938 | 1,285 | |
Prepaid income taxes | 1,860 | 1,860 | 1,936 | |
Prepaid expenses | 2,468 | 3,388 | 3,396 | |
Deferred income taxes | 378 | |||
Intercompany receivable | 5,035 | 3,470 | ||
Total current assets | 11,819 | 11,345 | 8,973 | |
Property and equipment, net | 11,965 | 12,306 | 12,526 | |
Deferred financing costs | 23,984 | 25,622 | 30,754 | |
Other assets | 5,393 | 7,798 | 12,677 | |
Investment in subsidiaries | 1,404,444 | 1,408,447 | 1,891,827 | |
Total assets | 1,457,605 | 1,465,518 | 1,956,757 | |
Current liabilities: | ||||
Accounts payable | 19,712 | 9,798 | 6,366 | |
Accrued liabilities | 32,954 | 26,943 | 38,439 | |
Deferred income taxes | 9,656 | 9,504 | ||
Line of credit borrowings | 42,000 | 33,000 | 10,000 | |
Intercompany payable | 597,708 | 609,510 | 562,899 | |
Total current liabilities | 702,030 | 688,755 | 617,704 | |
Long-term liabilities: | ||||
Long-term debt | 1,114,127 | 1,114,048 | 1,113,817 | |
Lease incentives and other liabilities | 4,793 | 4,906 | 3,498 | |
Total liabilities | 1,820,950 | 1,807,709 | 1,735,019 | |
Total stockholders' (deficit) equity | -363,345 | -342,191 | 221,738 | |
Total liabilities and stockholders' (deficit) equity | 1,457,605 | 1,465,518 | 1,956,757 | |
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 4,557 | 3,202 | 5,507 | 4,659 |
Accounts receivable, net of allowance | 21,996 | 18,339 | 19,238 | |
Merchandise inventories | 201,010 | 192,142 | 164,920 | |
Prepaid income taxes | 427 | 306 | 395 | |
Prepaid expenses | 14,727 | 2,833 | 13,953 | |
Deferred income taxes | 15,992 | 15,586 | 13,255 | |
Intercompany receivable | 596,966 | 608,994 | 565,262 | |
Total current assets | 855,675 | 841,402 | 782,530 | |
Property and equipment, net | 153,567 | 159,699 | 180,663 | |
Goodwill | 362,021 | 362,021 | 721,844 | |
Other intangible assets, net | 342,662 | 343,312 | 558,320 | |
Other assets | 1,254 | 1,669 | 1,961 | |
Total assets | 1,715,179 | 1,708,103 | 2,245,318 | |
Current liabilities: | ||||
Accounts payable | 84,613 | 76,557 | 65,976 | |
Accrued liabilities | 62,429 | 57,757 | 62,400 | |
Current obligation under capital lease | 565 | 552 | 515 | |
Intercompany payable | 720 | |||
Total current liabilities | 147,607 | 135,586 | 128,891 | |
Long-term liabilities: | ||||
Long-term obligation under capital lease | 2,704 | 2,850 | 3,269 | |
Lease incentives and other liabilities | 48,485 | 49,306 | 48,174 | |
Deferred income taxes | 136,668 | 138,511 | 229,490 | |
Total liabilities | 335,464 | 326,253 | 409,824 | |
Total stockholders' (deficit) equity | 1,379,715 | 1,381,850 | 1,835,494 | |
Total liabilities and stockholders' (deficit) equity | 1,715,179 | 1,708,103 | 2,245,318 | |
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 16,242 | 13,629 | 17,288 | 19,291 |
Accounts receivable, net of allowance | 2,627 | 5,971 | 1,871 | |
Merchandise inventories | 8,642 | 6,711 | 5,960 | |
Prepaid income taxes | 472 | 433 | 655 | |
Prepaid expenses | 1,366 | 600 | 1,274 | |
Deferred income taxes | 804 | 793 | 724 | |
Intercompany receivable | 720 | |||
Total current assets | 30,153 | 28,857 | 27,772 | |
Property and equipment, net | 10,868 | 10,426 | 10,287 | |
Goodwill | 12,287 | 11,813 | 36,933 | |
Other intangible assets, net | 154 | 240 | 683 | |
Other assets | 3,856 | 4,020 | 9,908 | |
Total assets | 57,318 | 55,356 | 85,583 | |
Current liabilities: | ||||
Accounts payable | 1,101 | 677 | 1,003 | |
Accrued liabilities | 11,163 | 10,031 | 6,809 | |
Deferred income taxes | 125 | 121 | ||
Intercompany payable | 5,037 | 3,470 | 2,832 | |
Total current liabilities | 17,301 | 14,303 | 10,765 | |
Long-term liabilities: | ||||
Lease incentives and other liabilities | 4,731 | 4,513 | 5,166 | |
Deferred income taxes | 17 | 17 | ||
Total liabilities | 22,049 | 18,833 | 15,931 | |
Total stockholders' (deficit) equity | 24,729 | 26,597 | 56,333 | |
Noncontrolling interest | 10,540 | 9,926 | 13,319 | |
Total liabilities and stockholders' (deficit) equity | 57,318 | 55,356 | 85,583 | |
Eliminations | ||||
Current assets: | ||||
Merchandise inventories | -744 | -516 | -469 | |
Deferred income taxes | -9,533 | -9,555 | -121 | |
Intercompany receivable | -602,001 | -613,184 | -565,262 | |
Total current assets | -612,278 | -623,255 | -565,852 | |
Other assets | -6,820 | -9,332 | -14,258 | |
Investment in subsidiaries | -1,404,444 | -1,408,447 | -1,891,827 | |
Total assets | -2,023,542 | -2,041,034 | -2,471,937 | |
Current liabilities: | ||||
Accrued liabilities | 123 | 74 | ||
Deferred income taxes | -9,656 | -9,629 | -121 | |
Intercompany payable | -602,745 | -613,700 | -565,731 | |
Total current liabilities | -612,278 | -623,255 | -565,852 | |
Long-term liabilities: | ||||
Deferred income taxes | -6,820 | -9,332 | -14,258 | |
Total liabilities | -619,098 | -632,587 | -580,110 | |
Total stockholders' (deficit) equity | -1,404,444 | -1,408,447 | -1,891,827 | |
Total liabilities and stockholders' (deficit) equity | ($2,023,542) | ($2,041,034) | ($2,471,937) |
Condensed_Consolidating_Statem3
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net cash (used in) provided by operating activities | ($2,639) | ($14,683) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -3,140 | -9,353 |
Proceeds from sale of assets | 353 | |
Other | 8 | -56 |
Net cash (used in) provided by investing activities | -2,779 | -9,409 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from ABL facility | 130,000 | 78,000 |
Payments on ABL facility | -121,000 | -68,000 |
Payments on capital lease | -133 | -121 |
Net cash provided by (used in) financing activities | 8,867 | 9,879 |
Effect of exchange rate fluctuations on cash and cash equivalents | 394 | -443 |
Net (decrease) increase in cash and cash equivalents | 3,843 | -14,656 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 18,520 | 39,429 |
End of period | 22,363 | 24,773 |
The Gymboree Corporation | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net cash (used in) provided by operating activities | -1,611 | -32,373 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -291 | -511 |
Intercompany transfers | -1,565 | |
Net cash (used in) provided by investing activities | -1,856 | -511 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Intercompany transfers | -5,658 | 9,383 |
Proceeds from ABL facility | 130,000 | 78,000 |
Payments on ABL facility | -121,000 | -68,000 |
Net cash provided by (used in) financing activities | 3,342 | 19,383 |
Net (decrease) increase in cash and cash equivalents | -125 | -13,501 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 1,689 | 15,479 |
End of period | 1,564 | 1,978 |
Guarantor Subsidiaries | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net cash (used in) provided by operating activities | -784 | 21,239 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -2,052 | -6,935 |
Intercompany transfers | 5,047 | -13,335 |
Other | -3 | |
Net cash (used in) provided by investing activities | 2,992 | -20,270 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Intercompany transfers | -720 | |
Payments on capital lease | -133 | -121 |
Net cash provided by (used in) financing activities | -853 | -121 |
Net (decrease) increase in cash and cash equivalents | 1,355 | 848 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 3,202 | 4,659 |
End of period | 4,557 | 5,507 |
Non-Guarantor Subsidiaries | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net cash (used in) provided by operating activities | -244 | -3,549 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -797 | -1,907 |
Proceeds from sale of assets | 353 | |
Intercompany transfers | 720 | |
Other | 11 | -56 |
Net cash (used in) provided by investing activities | 287 | -1,963 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Intercompany transfers | 2,176 | 3,952 |
Net cash provided by (used in) financing activities | 2,176 | 3,952 |
Effect of exchange rate fluctuations on cash and cash equivalents | 394 | -443 |
Net (decrease) increase in cash and cash equivalents | 2,613 | -2,003 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 13,629 | 19,291 |
End of period | 16,242 | 17,288 |
Eliminations | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Intercompany transfers | -4,202 | 13,335 |
Net cash (used in) provided by investing activities | -4,202 | 13,335 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Intercompany transfers | 4,202 | -13,335 |
Net cash provided by (used in) financing activities | $4,202 | ($13,335) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, Sale And Leaseback Transaction, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 5-May-15 |
Subsequent Event [Line Items] | |
Proceeds from sale and leaseback agreement | $25.90 |
Sale and leaseback agreement lease period | 15 years |
Capital Expenditure | |
Subsequent Event [Line Items] | |
Proceeds from sale and leaseback agreement | $10.90 |