Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Aug. 02, 2014 | Aug. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TRANS WORLD ENTERTAINMENT CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 31,608,889 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000795212 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 2-Aug-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash and cash equivalents | $82,401 | $131,002 | $95,252 |
Merchandise inventory | 134,600 | 150,167 | 151,451 |
Other current assets | 10,202 | 9,798 | 11,611 |
Total current assets | 227,203 | 290,967 | 258,314 |
NET FIXED ASSETS | 15,821 | 12,419 | 11,654 |
OTHER ASSETS | 9,171 | 9,031 | 8,794 |
TOTAL ASSETS | 252,195 | 312,417 | 278,762 |
CURRENT LIABILITIES: | ' | ' | ' |
Accounts payable | 42,382 | 77,625 | 50,309 |
Accrued expenses and other current liabilities | 7,083 | 7,873 | 9,021 |
Deferred revenue | 9,076 | 10,092 | 10,094 |
Current portion of capital lease obligations | 1,138 | 1,066 | 999 |
Total current liabilities | 59,679 | 96,656 | 70,423 |
CAPITAL LEASE OBLIGATIONS, less current portion | 351 | 938 | 1,488 |
OTHER LONG-TERM LIABILITIES | 23,349 | 23,027 | 24,468 |
TOTAL LIABILITIES | 83,379 | 120,621 | 96,379 |
SHAREHOLDERS’ EQUITY | ' | ' | ' |
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | ' | ' | ' |
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,316,668, 58,298,668 and 58,166,572 shares issued, respectively) | 583 | 583 | 582 |
Additional paid-in capital | 315,081 | 314,932 | 314,394 |
Treasury stock at cost (26,638,280, 26,108,846 and 25,520,605 shares, respectively) | -224,848 | -222,948 | -220,308 |
Accumulated other comprehensive income (loss) | 170 | -119 | -2,416 |
Retained earnings | 77,830 | 99,348 | 90,131 |
TOTAL SHAREHOLDERS’ EQUITY | 168,816 | 191,796 | 182,383 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $252,195 | $312,417 | $278,762 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 58,316,668 | 58,298,668 | 58,166,572 |
Treasury stock, shares at cost | 26,638,280 | 26,108,846 | 25,520,605 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Net sales | $71,908 | $80,768 | $159,124 | $174,702 |
Cost of sales | 43,861 | 48,754 | 98,300 | 106,899 |
Gross profit | 28,047 | 32,014 | 60,824 | 67,803 |
Selling, general and administrative expenses | 32,620 | 34,018 | 65,252 | 67,677 |
Income (loss) from operations | -4,573 | -2,004 | -4,428 | 126 |
Interest expense, net | 476 | 487 | 960 | 970 |
Loss before income tax expense | -5,049 | -2,491 | -5,388 | -844 |
Income tax expense | 47 | 48 | 94 | 96 |
Net loss | ($5,096) | ($2,539) | ($5,482) | ($940) |
LOSS PER SHARE: | ' | ' | ' | ' |
Loss per share – basic and diluted (in Dollars per share) | ($0.16) | ($0.08) | ($0.17) | ($0.03) |
Weighted average number of common shares outstanding – basic and diluted (in Shares) | 31,831 | 33,147 | 31,960 | 32,717 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Net loss | ($5,096) | ($2,539) | ($5,482) | ($940) |
Amortization of prior service cost | 145 | 179 | 289 | 358 |
Comprehensive loss | ($4,951) | ($2,360) | ($5,193) | ($582) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Net cash used by operating activities | ($24,798) | ($34,628) |
Cash flows from investing activities: | ' | ' |
Purchases of fixed assets | -5,383 | -4,682 |
Net cash used by investing activities | -5,383 | -4,682 |
Cash flows from financing activities: | ' | ' |
Cash dividends paid | -16,036 | ' |
Payments of capital lease obligations | -516 | -453 |
Exercise of stock options | 31 | 4,786 |
Purchase of treasury stock | -1,899 | -2,753 |
Net cash (used) provided by financing activities | -18,420 | 1,580 |
Net decrease in cash and cash equivalents | -48,601 | -37,730 |
Cash and cash equivalents, beginning of period | 131,002 | 132,982 |
Cash and cash equivalents, end of period | 82,401 | 95,252 |
Issuance of shares under deferred share plan | $0 | $50 |
Nature_of_Operations
Nature of Operations | 6 Months Ended |
Aug. 02, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1. Nature of Operations | |
Trans World Entertainment Corporation and subsidiaries (“the Company”) is one of the largest specialty retailers of entertainment products, including video, music, electronics, trend, video games and related products in the United States. The Company operates a chain of retail entertainment stores, primarily under the names f.y.e. for your entertainment and Suncoast Motion Pictures, and e-commerce sites, www.fye.com, www.wherehouse.com, and www.secondspin.com in a single industry segment. As of August 2, 2014, the Company operated 327 stores totaling approximately 1.9 million square feet in the United States and the Commonwealth of Puerto Rico. | |
Liquidity and Cash Flows: | |
The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, its seasonal increase in merchandise inventory and other operating cash requirements and commitments. | |
Management anticipates that any future cash requirements due to a shortfall in cash from operations would be funded by the Company’s cash and cash equivalents on hand and its revolving credit facility. | |
Seasonality: | |
The Company’s business is seasonal, with the fourth fiscal quarter constituting the Company’s peak selling period. In fiscal 2013, the fourth quarter accounted for approximately 35% of annual net sales. In anticipation of increased sales activity in the fourth quarter, the Company purchases additional inventory and hires seasonal associates to supplement its core store sales and distribution center staffs. If, for any reason, the Company’s sales were below seasonal norms during the fourth quarter, the Company’s operating results could be adversely affected. Quarterly sales can also be affected by the timing of new product releases, new store openings, store closings and the performance of existing stores. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Aug. 02, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
Note 2: Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements consist of Trans World Entertainment Corporation, its wholly-owned subsidiary, Record Town, Inc. (“Record Town”), and Record Town’s subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. | |
The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For the twenty-six weeks ending August 2, 2014, the company recorded an adjustment to correct the liability for workers’ compensation claims related to a prior period, which increased Selling, General and Administrative Expenses and decreased Net Income by approximately $700,000. The cumulative effect of this adjustment is deemed immaterial. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. | |
Selling, general and administrative expenses include miscellaneous income items, other than interest. The Company recorded miscellaneous income items of $1.4 million for the thirteen weeks ended August 2, 2014 compared to an income of $1.6 million for the thirteen weeks ended August 3, 2013. For the twenty-six weeks ended August 2, 2014, the Company recorded miscellaneous income items of $2.7 million, compared to an income of $2.9 million for the twenty-six weeks ended August 3, 2013. | |
The information presented in the accompanying unaudited condensed consolidated balance sheet as of February 1, 2014 has been derived from the Company’s February 1, 2014 audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements as of and for the thirteen weeks and twenty-six weeks ended August 2, 2014 and August 3, 2013. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014. | |
The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended February 1, 2014. |
Recently_Adopted_Accounting_Pr
Recently Adopted Accounting Pronouncements | 6 Months Ended |
Aug. 02, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Changes and Error Corrections [Text Block] | ' |
Note 3. Recently Adopted Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). This amendment changes the requirements for reporting discontinued operations and includes enhanced disclosures about discontinued operations. Under the amendment, only those disposals of components of an entity that represent a strategic shift that has a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 is effective prospectively for annual periods beginning on or after December 15, 2014, and interim reporting periods within those years. Early adoption is permitted. The Company expects to adopt ASU 2014-08 as of the beginning of 2015 and it does not anticipate the adoption of ASU 2014-08 to have a material impact on the Company’s consolidated financial position, cash flows, or results of operations. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 28, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | ||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
Note 4. Stock Based Compensation | |||||||||||||||||||||
As of August 2, 2014, there was approximately $712,000 of unrecognized compensation cost related to stock award awards that is expected to be recognized as expense over a weighted average period of 2.0 years. | |||||||||||||||||||||
As of August 2, 2014, stock awards authorized for issuance under the Company’s plans total 15.8 million. There are certain authorized stock awards for which the Company no longer grants awards. Of these awards authorized for issuance, 2.4 million were granted and are outstanding, 1.8 million of which were vested and exercisable. Awards available for future grants at August 2, 2014 were 3.0 million. | |||||||||||||||||||||
The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the twenty-six weeks ended August 2, 2014: | |||||||||||||||||||||
Dividend yield | 0% | ||||||||||||||||||||
Expected stock price volatility | 52.6%-68.0% | ||||||||||||||||||||
Risk-free interest rate | 1.65%-2.18% | ||||||||||||||||||||
Expected award life (in years) | 4.92-5.71 | ||||||||||||||||||||
Weighted average fair value per share of awards granted during the period | $1.95 | ||||||||||||||||||||
The following table summarizes stock award activity during the twenty-six weeks ended August 2, 2014: | |||||||||||||||||||||
Employee and Director Stock Award Plans | |||||||||||||||||||||
Number of | Weighted | Weighted | Other | Weighted | |||||||||||||||||
Shares | Average | Average | Share | Average | |||||||||||||||||
Subject To | Exercise Price | Remaining | Awards(1) | Grant Date | |||||||||||||||||
Option | Contractual Term | Fair Value | |||||||||||||||||||
Balance February 1, 2014 | 2,907,190 | $ | 8.07 | 2.9 | 10,941 | $ | 9.5 | ||||||||||||||
Granted | 192,500 | 3.36 | 9.9 | 26,459 | 3.23 | ||||||||||||||||
Exercised | (18,000 | ) | 1.73 | — | — | — | |||||||||||||||
Forfeited | — | — | — | — | — | ||||||||||||||||
Canceled | (752,590 | ) | 10.31 | — | — | — | |||||||||||||||
Balance August 2, 2014 | 2,329,100 | $ | 7 | 3.83 | 37,400 | $ | 5.07 | ||||||||||||||
Exercisable August 2, 2014 | 1,741,600 | $ | 8.18 | 2.18 | 37,400 | $ | 5.07 | ||||||||||||||
-1 | Other Share Awards include deferred shares granted to Directors. | ||||||||||||||||||||
As of August 2, 2014, the intrinsic value of stock awards outstanding was $737,000 and exercisable was $441,000. |
Defined_Benefit_Plans
Defined Benefit Plans | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | ||||||||||||||||
Note 5. Defined Benefit Plans | |||||||||||||||||
The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the twenty-six weeks ended August 2, 2014, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $103,000 in benefits relating to the SERP during Fiscal 2014. | |||||||||||||||||
The Company had previously provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. During the twenty-six weeks ended August 2, 2014, the Company did not make any cash contributions to the Director Retirement Plan, and presently expects to pay approximately $34,000 in benefits relating to the Director Retirement Plan during Fiscal 2014. | |||||||||||||||||
The measurement date for the SERP and Director Retirement Plan is fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities. | |||||||||||||||||
The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods: | |||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Service cost | $ | 14 | $ | 28 | $ | 27 | $ | 56 | |||||||||
Interest cost | 172 | 164 | 345 | 328 | |||||||||||||
Amortization of prior service cost | 180 | 180 | 360 | 360 | |||||||||||||
Amortization of net gain | (35 | ) | (1 | ) | (71 | ) | (2 | ) | |||||||||
Net periodic pension cost | $ | 331 | $ | 371 | $ | 661 | $ | 742 | |||||||||
Line_of_Credit
Line of Credit | 6 Months Ended |
Aug. 02, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 6. Line of Credit | |
In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company. | |
The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. The Company is compliant with all covenants. | |
Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments. | |
The availability under the Credit Facility is subject to limitations based on inventory levels. | |
During the first half of 2014 and 2013, the Company did not have any borrowings under the Credit Facility. As of August 2, 2014 and August 3, 2013, the Company had no outstanding letter of credit obligations and $0.1 million of outstanding letter of credit obligations under the Credit Facility, respectively. The Company had $43 million and $51 million available for borrowing as of August 2, 2014 and August 3, 2013, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/Loss | 6 Months Ended |
Aug. 02, 2014 | |
Disclosure Text Block [Abstract] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
Note 7. Accumulated Other Comprehensive Income (Loss) | |
Accumulated other comprehensive income (loss) that the Company reports in the condensed consolidated balance sheets represents the excess of accrued pension liability over accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive income (loss) consists of net income or loss and the reclassification of pension costs previously reported in comprehensive income (loss) for the thirteen and twenty-six weeks ended August 2, 2014 and August 3, 2013. Amortization of prior service cost is recorded under selling, general and administrative expenses in the condensed consolidated statements of operations. |
Depreciation_and_Amortization_
Depreciation and Amortization of Fixed Assets | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||||||
Note 8. Depreciation and Amortization of Fixed Assets | |||||||||||||||||
Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: | |||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Cost of sales | $ | 128 | $ | 120 | $ | 251 | $ | 244 | |||||||||
Selling, general and administrative expenses | 858 | 861 | 1,640 | 1,685 | |||||||||||||
Total | $ | 986 | $ | 981 | $ | 1,891 | $ | 1,929 | |||||||||
Income_Loss_Per_Share
Income/ Loss Per Share | 6 Months Ended |
Aug. 02, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
Note 9. Income (Loss) Per Share | |
Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net income (loss) by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. | |
For the thirteen and twenty-six week periods ended August 2, 2014 and August 3, 2013, the impact of all outstanding stock awards was not considered because the Company reported a net loss and such impact would be anti-dilutive. Accordingly, basic and diluted loss per share is the same. |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended |
Aug. 02, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 10. Shareholders’ Equity | |
During the twenty-six weeks ended August 2, 2014, the Company repurchased approximately 529,000 shares of common stock at an average price of $3.59 per share, for an aggregate purchase price of $1.9 million, including direct fees related to the purchase of shares. Since the inception of the program, the Company has repurchased approximately 1.1 million shares of common stock at an average price of $4.03 per share, for an aggregate purchase price of approximately $4.5 million. The Company has $17.5 million available for purchase under its repurchase program. The Company classified the repurchased shares as treasury stock on the Company’s balance sheet. | |
On March 6, 2014, our board of directors declared a special cash dividend of $0.50 per common share, with an ex-dividend date of March 18, 2014. The total special dividend payout was $16.0 million. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 'The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the twenty-six weeks ended August 2, 2014: | ||||||||||||||||||||
Dividend yield | 0% | ||||||||||||||||||||
Expected stock price volatility | 52.6%-68.0% | ||||||||||||||||||||
Risk-free interest rate | 1.65%-2.18% | ||||||||||||||||||||
Expected award life (in years) | 4.92-5.71 | ||||||||||||||||||||
Weighted average fair value per share of awards granted during the period | $1.95 | ||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 'The following table summarizes stock award activity during the twenty-six weeks ended August 2, 2014: | ||||||||||||||||||||
Employee and Director Stock Award Plans | |||||||||||||||||||||
Number of | Weighted | Weighted | Other | Weighted | |||||||||||||||||
Shares | Average | Average | Share | Average | |||||||||||||||||
Subject To | Exercise Price | Remaining | Awards(1) | Grant Date | |||||||||||||||||
Option | Contractual Term | Fair Value | |||||||||||||||||||
Balance February 1, 2014 | 2,907,190 | $ | 8.07 | 2.9 | 10,941 | $ | 9.5 | ||||||||||||||
Granted | 192,500 | 3.36 | 9.9 | 26,459 | 3.23 | ||||||||||||||||
Exercised | (18,000 | ) | 1.73 | — | — | — | |||||||||||||||
Forfeited | — | — | — | — | — | ||||||||||||||||
Canceled | (752,590 | ) | 10.31 | — | — | — | |||||||||||||||
Balance August 2, 2014 | 2,329,100 | $ | 7 | 3.83 | 37,400 | $ | 5.07 | ||||||||||||||
Exercisable August 2, 2014 | 1,741,600 | $ | 8.18 | 2.18 | 37,400 | $ | 5.07 |
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | 'The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods: | ||||||||||||||||
Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Service cost | $ | 14 | $ | 28 | $ | 27 | $ | 56 | |||||||||
Interest cost | 172 | 164 | 345 | 328 | |||||||||||||
Amortization of prior service cost | 180 | 180 | 360 | 360 | |||||||||||||
Amortization of net gain | (35 | ) | (1 | ) | (71 | ) | (2 | ) | |||||||||
Net periodic pension cost | $ | 331 | $ | 371 | $ | 661 | $ | 742 |
Depreciation_and_Amortization_1
Depreciation and Amortization of Fixed Assets (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | 'Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Cost of sales | $ | 128 | $ | 120 | $ | 251 | $ | 244 | |||||||||
Selling, general and administrative expenses | 858 | 861 | 1,640 | 1,685 | |||||||||||||
Total | $ | 986 | $ | 981 | $ | 1,891 | $ | 1,929 |
Nature_of_Operations_Details
Nature of Operations (Details) | 12 Months Ended | |
Feb. 01, 2014 | Aug. 02, 2014 | |
sqft | ||
Disclosure Text Block [Abstract] | ' | ' |
Number of Stores | ' | 327 |
Area of Stores (in Square Feet) | ' | 1,900,000 |
Percentage of Annual Net Sales Recorded in the Fourth Quarter | 35.00% | ' |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Prior Period Reclassification Adjustment | ' | ' | $700,000 | ' |
Other Income | $1,400,000 | $1,600,000 | $2,700,000 | $2,900,000 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended |
Share data in Millions, unless otherwise specified | Aug. 02, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $712,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15.8 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number | 2.4 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number | 1.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3 |
Intrinsic Value of Stock Awards Outstanding (in Dollars) | 737,000 |
Intrinsic Value of Stock Awards Exercisable (in Dollars) | $441,000 |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted (USD $) | 6 Months Ended |
Aug. 02, 2014 | |
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | ' |
Dividend yield | 0.00% |
Weighted average fair value per share of awards granted during the period (in Dollars per share) | $1.95 |
Minimum [Member] | ' |
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | ' |
Expected stock price volatility | 52.60% |
Risk-free interest rate | 1.65% |
Expected award life (in years) | '4 years 335 days |
Maximum [Member] | ' |
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | ' |
Expected stock price volatility | 68.00% |
Risk-free interest rate | 2.18% |
Expected award life (in years) | '5 years 259 days |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (USD $) | 6 Months Ended | |||
Aug. 02, 2014 | Feb. 01, 2014 | |||
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ' | ' | ||
Number of Shares Subject To option, Balance | 2,329,100 | 2,907,190 | ||
Weighted Average Exercise Price | $7 | $8.07 | ||
Weighted Average Remaining Contractual Term | 3.83 | 2.9 | ||
Other Share Awards, Balance | 37,400 | [1] | 10,941 | [1] |
Weighted Average Grant Date Value, Balance | $5.07 | $9.50 | ||
Exercisable August 2, 2014 | 1,741,600 | ' | ||
Exercisable August 2, 2014 | $8.18 | ' | ||
Exercisable August 2, 2014 | 2.18 | ' | ||
Exercisable August 2, 2014 | 37,400 | [1] | ' | |
Exercisable August 2, 2014 | $5.07 | ' | ||
Granted | 26,459 | [1] | ' | |
Granted | $3.23 | ' | ||
Granted | 192,500 | ' | ||
Granted | $3.36 | ' | ||
Granted | 9.9 | ' | ||
Exercised | -18,000 | ' | ||
Exercised | $1.73 | ' | ||
Canceled | -752,590 | ' | ||
Canceled | $10.31 | ' | ||
[1] | Other Share Awards include deferred shares granted to Directors. |
Defined_Benefit_Plans_Details
Defined Benefit Plans (Details) (USD $) | Aug. 02, 2014 |
Supplemental Employee Retirement Plan [Member] | ' |
Defined Benefit Plans (Details) [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $103,000 |
Director Retirement Plan [Member] | ' |
Defined Benefit Plans (Details) [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $34,000 |
Defined_Benefit_Plans_Details_
Defined Benefit Plans (Details) - Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] | ' | ' | ' | ' |
Service cost | $14 | $28 | $27 | $56 |
Interest cost | 172 | 164 | 345 | 328 |
Amortization of prior service cost | 180 | 180 | 360 | 360 |
Amortization of net gain | -35 | -1 | -71 | -2 |
Net periodic pension cost | $331 | $371 | $661 | $742 |
Line_of_Credit_Details
Line of Credit (Details) (USD $) | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 |
In Millions, unless otherwise specified | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | ||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
LIBOR Rate [Member] | Base Rate [Member] | LIBOR Rate [Member] | Base Rate [Member] | |||||
Line of Credit (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $75 | $75 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 2.25% | 0.75% | ' | 2.75% | 1.25% | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | 0.38% | ' | ' | 0.50% |
Letters of Credit Outstanding, Amount (in Dollars) | ' | 0.1 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity (in Dollars) | $43 | $51 | ' | ' | ' | ' | ' | ' |
Depreciation_and_Amortization_2
Depreciation and Amortization of Fixed Assets (Details) - Schedule of Depreciation and Amortization of Fixed Assets (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Schedule of Depreciation and Amortization of Fixed Assets [Abstract] | ' | ' | ' | ' |
Cost of sales | $128 | $120 | $251 | $244 |
Selling, general and administrative expenses | 858 | 861 | 1,640 | 1,685 |
Total | $986 | $981 | $1,891 | $1,929 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 |
Shareholders' Equity (Details) [Line Items] | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $17.50 | $17.50 |
Cash Dividends Payment | 16 | ' |
Common Stock [Member] | ' | ' |
Shareholders' Equity (Details) [Line Items] | ' | ' |
Stock Repurchased During Period, Shares (in Shares) | 529,000 | 1,100,000 |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $3.59 | $4.03 |
Treasury Stock, Value, Acquired, Par Value Method | $1.90 | $4.50 |
Common Stock Special Dividends Per Share Cash Paid (in Dollars per share) | $0.50 | ' |