Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jan. 28, 2017 | Mar. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP | |
Document Type | 10-K | |
Current Fiscal Year End Date | --01-28 | |
Entity Common Stock, Shares Outstanding | 36,115,388 | |
Entity Public Float | $ 0 | |
Amendment Flag | false | |
Entity Central Index Key | 795,212 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jan. 28, 2017 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 27,974 | $ 104,311 |
Accounts receivable | 7,085 | 4,597 |
Merchandise inventory | 126,004 | 120,046 |
Prepaid expenses and other | 8,271 | 2,033 |
Total current assets | 169,334 | 230,987 |
Net fixed assets | 45,097 | 30,666 |
Goodwill | 39,191 | |
Net intangible assets | 27,857 | |
Restricted cash | 16,103 | |
Other assets | 10,228 | 9,952 |
TOTAL ASSETS | 307,810 | 271,605 |
CURRENT LIABILITIES | ||
Accounts payable | 52,307 | 51,888 |
Accrued expenses and other current liabilities | 9,198 | 8,974 |
Deferred revenue | 9,228 | 8,983 |
Total current liabilities | 70,733 | 69,845 |
Contingent consideration | 8,552 | |
Other long-term liabilities | 30,589 | 26,492 |
TOTAL LIABILITIES | 109,874 | 96,337 |
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; 64,252,671 shares and 58,395,668 shares issued, respectively) | 643 | 584 |
Additional paid-in capital | 338,075 | 316,040 |
Treasury stock at cost (28,137,283 and 27,411,133 shares, respectively) | (230,144) | (227,497) |
Accumulated other comprehensive loss | (802) | (812) |
Retained earnings | 90,164 | 86,953 |
TOTAL SHAREHOLDERS’ EQUITY | 197,936 | 175,268 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 307,810 | $ 271,605 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 64,252,671 | 58,395,668 |
Treasury stock, shares at cost | 28,137,283 | 27,411,133 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net sales | $ 348,672 | $ 334,661 | $ 358,490 |
Other revenue | 4,798 | 4,843 | 4,773 |
Total revenue | 353,470 | 339,504 | 363,263 |
Cost of sales | 218,811 | 204,089 | 222,572 |
Gross profit | 134,659 | 135,415 | 140,691 |
Selling, general and administrative expenses | 139,691 | 130,845 | 136,916 |
Gain on sale of asset | (1,164) | ||
Income (loss) from operations | (3,868) | 4,570 | 3,775 |
Interest expense | 775 | 1,860 | 1,951 |
Other income | (1,081) | (160) | (70) |
Income (loss) before income taxes | (3,562) | 2,870 | 1,894 |
Income tax expense (benefit) | (6,773) | 181 | 116 |
Net income | $ 3,211 | $ 2,689 | $ 1,778 |
Basic and diluted earnings per share (in Dollars per share) | $ 0.10 | $ 0.09 | $ 0.06 |
Weighted average number of shares outstanding - basic (in Shares) | 32,162 | 31,167 | 31,744 |
Weighted average number of shares – diluted (in Shares) | 32,321 | 31,323 | 31,897 |
Cash dividend paid per share (in Dollars per share) | $ 0.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net income | $ 3,211 | $ 2,689 | $ 1,778 |
Pension income (loss) adjustment | 10 | 1,369 | (2,062) |
Comprehensive income (loss) | $ 3,221 | $ 4,058 | $ (284) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Feb. 01, 2014 | $ 583 | $ 314,932 | $ (222,948) | $ (119) | $ 98,522 | $ 190,970 |
Balance (in Shares) at Feb. 01, 2014 | 58,299,000 | (26,109,000) | ||||
Net Income | 1,778 | 1,778 | ||||
Pension income adjustment | (2,062) | (2,062) | ||||
Stock compensation | 429 | 429 | ||||
Exercise of equity grants | 67 | $ 67 | ||||
Exercise of equity grants (in Shares) | 39,000 | 39,000 | ||||
Purchase of treasury stock | $ (3,464) | $ (3,464) | ||||
Purchase of treasury stock (in Shares) | (985,000) | |||||
Cash Dividends Paid | (16,036) | (16,036) | ||||
Amortization of unearned compensation – restricted stock | 58 | 58 | ||||
Balance at Jan. 31, 2015 | $ 583 | 315,486 | $ (226,412) | (2,181) | 84,264 | 171,740 |
Balance (in Shares) at Jan. 31, 2015 | 58,338,000 | (27,094,000) | ||||
Net Income | 2,689 | 2,689 | ||||
Pension income adjustment | 1,369 | 1,369 | ||||
Stock compensation | 424 | 424 | ||||
Exercise of equity grants | 19 | $ 19 | ||||
Exercise of equity grants (in Shares) | 8,000 | 8,000 | ||||
Purchase of treasury stock | $ (1,085) | $ (1,085) | ||||
Purchase of treasury stock (in Shares) | (279,000) | |||||
Vested restricted shares | $ 1 | (69) | (68) | |||
Vested restricted shares (in Shares) | 50,000 | (18,000) | ||||
Amortization of unearned compensation – restricted stock | 180 | 180 | ||||
Balance at Jan. 30, 2016 | $ 584 | 316,040 | $ (227,497) | (812) | 86,953 | 175,268 |
Balance (in Shares) at Jan. 30, 2016 | 58,396,000 | (27,411,000) | ||||
Net Income | 3,211 | 3,211 | ||||
Pension income adjustment | 10 | 10 | ||||
Vesting of performance based awards | $ 1 | 429 | 430 | |||
Exercise of equity grants | 39 | $ (3) | $ 36 | |||
Exercise of equity grants (in Shares) | 18,000 | 18,000 | ||||
Purchase of treasury stock | $ (2,644) | $ (2,644) | ||||
Purchase of treasury stock (in Shares) | (686,000) | |||||
Issuance of stock to Directors | 46 | 46 | ||||
Vested restricted shares | $ 1 | (143) | (142) | |||
Vested restricted shares (in Shares) | 108,000 | (40,000) | ||||
Common stock issued in the acquisition of etailz | $ 57 | 20,358 | 20,415 | |||
Common stock issued in the acquisition of etailz (in Shares) | 5,731,000 | |||||
Amortization of unearned compensation – restricted stock | 1,306 | 1,306 | ||||
Balance at Jan. 28, 2017 | $ 643 | $ 338,075 | $ (230,144) | $ (802) | $ 90,164 | $ 197,936 |
Balance (in Shares) at Jan. 28, 2017 | 64,253,000 | (28,137,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
OPERATING ACTIVITIES: | |||
Net income | $ 3,211 | $ 2,689 | $ 1,778 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of fixed assets | 8,139 | 5,191 | 4,388 |
Amortization of intangible assets | 1,143 | ||
Amortization of lease valuations, net | (31) | 23 | 136 |
Deferred tax benefit | (6,988) | ||
Long term incentive compensation | 1,306 | 538 | 487 |
Adjustment to contingent consideration | (1,829) | ||
Loss on disposal of fixed assets | 1,089 | 613 | 210 |
Gain on sale of property | (1,164) | ||
Gain on sale of investments | (800) | (250) | |
(Increase) decrease in cash surrender value | (980) | 356 | (488) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (1,755) | (3) | (861) |
Merchandise inventory | 8,650 | 6,331 | 23,790 |
Prepaid expenses and other | (342) | 4,666 | 415 |
Other assets | 1,217 | (2,561) | 301 |
Accounts payable | (4,469) | (11,639) | (14,098) |
Accrued expenses, deferred revenue and other current liabilities | (4,547) | 707 | (716) |
Other long-term liabilities | 2,586 | 1,302 | 1,466 |
Net cash provided by operating activities | 4,436 | 7,963 | 16,808 |
INVESTING ACTIVITIES: | |||
Acquisition of a businesses | (36,600) | ||
Purchases of fixed assets | (24,672) | (20,700) | (8,774) |
Proceeds from sale of assets | 2,839 | 1,567 | |
Proceeds from sale of investments | 1,600 | ||
Purchases of investments | (500) | (1,052) | |
Net cash used in investing activities | (57,333) | (20,185) | (8,774) |
FINANCING ACTIVITIES: | |||
Cash dividends paid | (16,036) | ||
Exercise of long term equity awards | 39 | 19 | 67 |
Payments of capital lease obligations | (938) | (1,066) | |
Payments of long term borrowings | (26,192) | ||
Proceeds from long term borrowings | 21,463 | ||
Purchase of treasury stock | (2,647) | (1,085) | (3,464) |
Net cash used in financing activities | (7,337) | (2,004) | (20,499) |
Net decrease in cash and cash equivalents | (60,234) | (14,226) | (12,465) |
Cash, cash equivalents, and restricted cash, beginning of year | 104,311 | 118,537 | 131,002 |
Cash, cash equivalents, and restricted cash, end of year | 44,077 | 104,311 | 118,537 |
Supplemental disclosures and non-cash investing and financing activities: | |||
Interest paid | 775 | 1,861 | 1,953 |
Issuance of restricted performance based awards / deferred / restricted shares under deferred / restricted stock agreements | 572 | 69 | 58 |
Cash, cash equivalents, and restricted cash, end of period | 104,311 | $ 104,311 | $ 118,537 |
Less: restricted cash | (16,103) | ||
Fair value of assets acquired, including cash acquired | 93,152 | ||
Liabilities assumed | (24,256) | ||
Less: Fair value of shares issued as consideration | (20,415) | ||
Less: Indemnity liability not yet paid | (1,500) | ||
Acquisition of a business | $ 36,600 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations: www.fye.com www.secondspin.com Liquidity: Management anticipates any cash requirements due to a shortfall in cash from operations will be funded by the Company’s revolving credit facility, discussed hereafter. Basis of Presentation: Items Affecting Comparability: During the fiscal year 2016, the Company recorded an immaterial adjustment between Other Revenue and Selling, General and Administrative expenses in its prior year consolidated financial statements for miscellaneous income, primarily related to commissions earned from third parties. The immaterial adjustment did not impact prior year loss from operations, net loss, and basic and diluted loss per share. With the adjustment, the prior year’s presentation is consistent with the current year presentation. Concentration of Business Risks: etailz generates substantially all of its revenue through the Amazon Marketplace. Therefore, the Company depends in large part on its relationship with Amazon for the continued growth of the etailz segment. In particular, the Company depends on its ability to offer products on the Amazon Marketplace and on its’ timely delivery of products to customers. Cash and Cash Equivalents: Concentration of Credit Risks: Accounts Receivable: Merchandise Inventory and Return Costs: The Company is generally entitled to return merchandise purchased from major music vendors for credit against other purchases from these vendors. Certain vendors reduce the credit with a merchandise return charge which varies depending on the type of merchandise being returned. Certain other vendors charge a handling fee based on units returned. The Company records all merchandise return charges in cost of sales. Fixed Assets and Depreciation: Leasehold improvements Lesser of estimated useful life of the asset or the lease term Fixtures and equipment 3-7 years Major improvements and betterments to existing facilities and equipment are capitalized. Expenditures for maintenance and repairs are expensed as incurred. Impairment of Long-Lived Assets: The Company did not recognize an impairment expense during fiscal 2016, 2015 and 2014. Losses for store closings in the ordinary course of business represent the write down of the net book value of abandoned fixtures and leasehold improvements. The loss on disposal of fixed assets related to store closings was $0.8 million, $0.6 million and $0.2 million in fiscal 2016, 2015 and 2014, respectively, and is included in selling, general and administrative (“SG&A”) expenses in the Consolidated Statements of Income and loss on disposal of fixed assets in the Consolidated Statements of Cash Flows. Store closings usually occur at the expiration of the lease, at which time leasehold improvements, which constitute a majority of the abandoned assets, are fully depreciated. Conditional Asset Retirement Obligations: Commitments and Contingencies: Revenue Recognition: Cost of Sales: Selling, General and Administrative (“SG&A”) Expenses Advertising Costs and Vendor Allowances: Lease Accounting: Store Closing Costs Gift Cards: Business Combination: Goodwill: Income Taxes: The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense (benefit) in the consolidated statements of income. Stock-Based Compensation: Comprehensive Income (Loss): Income Per Share: The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: 2016 2015 2014 (in thousands) Weighted average common shares outstanding – basic 32,162 31,167 31,744 Dilutive effect of employee stock options 159 156 153 Weighted average common shares outstanding–diluted 32,321 31,323 31,897 Anti-dilutive stock options 2,175 1,744 2,062 Fair Value of Financial Instruments: Segment Information: Fiscal Year Fiscal Year Total Revenue fye $ 313,211 $ 339,504 etailz 40,259 — Total Company $ 353,470 $ 339,504 Gross Profit fye $ 124,735 $ 135,415 etailz 9,924 — Total Company $ 134,659 $ 135,415 Income (Loss) From Operations fye $ (1,932 ) $ 4,570 etailz 677 — Acquisition related costs (2,613 ) ( 3,063 ) Total Company $ (3,868 ) $ 4,570 Total Assets fye $ 215,466 $ 271,605 etailz 92,344 — Total Company $ 307,810 $ 271,605 Capital Expenditures fye $ 24,418 $ 20,700 etailz 254 Total Company $ 24,672 $ 20,700 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jan. 28, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 2. Fixed Assets Fixed assets consist of the following: January 28, January 30, 2017 2016 ($ in thousands) Buildings and improvements $ 0 $ 1,900 Fixtures and equipment 131,216 113,660 Leasehold improvements 43,491 42,794 Total fixed assets 174,707 158,354 Allowances for depreciation and amortization (129,610 ) (127,688 ) Fixed assets, net $ 45,097 $ 30,666 Depreciation of fixed assets is included in the Consolidated Statements of Income as follows: Fiscal Year 2016 2015 2014 ($ in thousands) Cost of sales $ 440 $ 523 $ 483 Selling, general and administrative expenses 7,699 4,668 3,905 Total $ 8,139 $ 5,191 $ 4,388 Depreciation expense related to the Company’s distribution center facility and related equipment is included in cost of sales. All other depreciation of fixed assets is included in SG&A expenses. |
Debt
Debt | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 3. Debt Credit Facility In January 2017, the Company amended and restated its revolving credit facility (“Credit Facility”). The Credit Facility provides for commitments of $50 million, subject to increase up to $75 million during the months of October to December. The availability under the Credit Facility is subject to limitations based on receivables and inventory levels. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in January 2022, 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 contains customary affirmative and negative covenants, including restrictions on dividends and share repurchases, incurrence of additional indebtedness and acquisitions and covenants around the net number of store closings and restrictions related to the payment of cash dividends and share repurchases, including limiting the amount of dividends to $5.0 million annually and not allowing borrowings under the amended facility for the six months before or six months after the dividend payment or repurchase of shares. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. As of January 28, 2017, the Company was 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 1.75% to 2.00% and the Applicable Margin for Base Rate loans ranging from 0.75% to 1.00%. In addition, a commitment fee of 0.25% is payable on unused commitments. As of January 28, 2017 and January 30, 2016, the Company did not have any borrowings under the Credit Facility. Peak borrowings under the Credit Facility during fiscal 2016 were $21.5 million. During fiscal 2015, the Company did not have any borrowings under the Credit Facility. As of January 30, 2016 and January 31, 2015, the Company had no outstanding letters of credit. The Company had $39 million and $41 million available for borrowing as of January 28, 2017 and January 30, 2016, respectively. During the fiscal year ended January 28, 2017, in connection with the acquisition of etailz, the Company paid off etailz’s outstanding line of credit in the amount of $4.7 million, as the Company assumed this liability and paid off immediately following the acquisition. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 4. Income Taxes Income tax expense (benefit) consists of the following: Fiscal Year 2016 2015 2014 ($ in thousands) Federal – current $ — $ — ($46 ) State – current 215 181 162 Deferred ($6,988 ) — — Income tax expense (benefit) ($6,773 ) $ 181 $ 116 A reconciliation of the Company’s effective income tax rate with the federal statutory rate is as follows: Fiscal Year 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax effect (6.0 %) 4.1 % 5.6 % Change in valuation allowance (57.2 %) (39.0 %) (25.8 %) Cash surrender value – insurance/ benefit programs 4.0 % 5.3 % (7.6 %) Contingent consideration 19.1 % — — Deferred tax benefit – acquisition 196.1 % — — Other (0.90 %) .9 % (1.1 %) Effective income tax rate 190.1 % 6.3 % 6.1 % The Other category is comprised of various items, including the impacts of non-deductible meals, dues, penalties, amortization and graduated tax brackets. Significant components of the Company’s deferred tax assets are as follows: January 28, January 30, 2017 2016 ($ in thousands) DEFERRED TAX ASSETS Accrued expenses $ 400 $ 393 Inventory 347 311 Retirement and compensation related accruals 9,063 9,393 Fixed assets 1,718 5,830 Federal and state net operating loss and credit carryforwards 83,221 74,516 Real estate leases, including deferred rent 4,141 2,724 Losses on investments 1,268 1,226 Other 901 916 Gross deferred tax assets before valuation allowance 101,059 95,309 Less: valuation allowance (89,443 ) (95,309 ) Total deferred tax assets $ 11,616 $ — DEFERRED TAX LIABILITIES Intangibles (11,616 ) — NET DEFERRED TAX ASSET $ — $ — The Company has a net operating loss carryforward of $181.4 million for federal income tax purposes and approximately $242.5 million for state income tax purposes as of the end of fiscal 2017 that expire at various times through 2036 and are subject to certain limitations and statutory expiration periods. The state net operating loss carryforwards are subject to various business apportionment factors and multiple jurisdictional requirements when utilized. The Company has federal tax credit carryforwards of $1.2 million, of which $0.5 million will expire in 2026, with the remainder available indefinitely. The Company has state tax credit carryforwards of $1.1 million, of which $0.2 million will expire in 2027. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Management considers the scheduled reversal of taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. Based on the available objective evidence, management concluded that a full valuation allowance should be recorded against its deferred tax assets. As of January 28, 2017, the valuation allowance decreased to $89.4 million from $95.3 million at January 30, 2016. The decrease in the Company’s deferred tax assets was caused primarily by changes in certain deductible temporary differences to offset income before income taxes earned in fiscal 2016. Management will continue to assess the valuation allowance against the gross deferred assets. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the respective years is provided below. Amounts presented excluded interest and penalties, where applicable, on unrecognized tax benefits: Fiscal 2016 2015 2014 ($ in thousands) Unrecognized tax benefits at beginning of the year $ 1,930 $ 1,930 $ 2,018 Increases in tax positions from prior years — — — Decreases in tax positions from prior years — — — Increases in tax positions for current year — — — Settlements — — — Lapse of applicable statute of limitations — — (88 ) Unrecognized tax benefits at end of the year $ 1,930 $ 1,930 $ 1,930 As of January 28, 2017, the Company had $1.9 million of gross unrecognized tax benefits, $1.5 million of which would affect the Company’s tax rate if recognized. While it is reasonably possible that the amount of unrecognized tax benefits will increase or decrease within the next twelve months, the Company does not expect the change to have a significant impact on its results of operations or financial position. The Company is subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company has substantially concluded all federal income tax matters and all material state and local income tax matters through fiscal 2012. The Company’s practice is to recognize interest and penalties associated with its unrecognized tax benefits as a component of income tax expense in the Company’s Consolidated Statements of Income. During fiscal 2016, the Company accrued a provision for interest expense of $0.2 million. As of January 28, 2017, the liability for uncertain tax positions reflected in the Company’s Consolidated Balance Sheets was $2.9 million, including accrued interest and penalties of $2.1 million. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 5. Leases At January 28, 2017, the Company leased 284 stores under operating leases, many of which contain renewal options, for periods ranging from one to ten years. Most leases also provide for payment of operating expenses and real estate taxes. Some also provide for contingent rent based on percentage of sales over a certain sales volume. In addition, as more fully discussed in Note 12 in the Notes to Consolidated Financial Statements, the Company leases its Albany, NY distribution center and administrative offices under an operating lease from an entity controlled by the estate of its former Chairman. Net rental expense was as follows: Fiscal Year 2016 2015 2014 ($ in thousands) Minimum rentals $ 28,531 $ 30,311 $ 32,732 Contingent rentals 9 13 11 $ 28,540 $ 30,324 $ 32,743 Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at January 28, 2017, are as follows: Operating Leases ($ in thousands) 2017 24,778 2018 14,671 2019 8,386 2020 6,765 2021 4,716 Thereafter 3,540 Total minimum payments required $ 62,856 In addition to the obligations in the table above, a number of the Company’s stores have leases which have rent payments based on the store’s sales volume in lieu of fixed minimum rent payments. During fiscal 2016, minimum rent payments based on a store’s sales volume were $0.8 million. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 6. Benefit Plans 401(k) Savings Plan The Company offers a 401(k) Savings Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute up to 80% of their salary, including bonuses, up to the maximum allowable by IRS regulations. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participant vesting of the Company’s matching and profit sharing contribution is based on the years of service completed by the participant. Participants are fully vested upon the completion of four years of service. All participant forfeitures of non-vested benefits are used to reduce the Company’s contributions or fees in future years. Total expense related to the Company’s matching contribution was approximately $592,000, $424,000 and $437,000 in fiscal 2016, 2015 and 2014, respectively. Stock Award Plans The Company has outstanding awards under two employee stock award plans, the 2005 Long Term Incentive and Share Award Plan (the “Old Plan”); and the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “New Plan”). Additionally, the Company had a stock award plan for non-employee directors (the “1990 Plan”). The Company no longer issues stock options under the Old Plan or the 1990 Plan. Equity awards authorized for issuance under the New Plan total 3.0 million. As of January 28, 2017, of the awards authorized for issuance under the Old Plan, New Plan and 1990 Plan, 2.5 million were granted and are outstanding, 1.1 million of which were vested and exercisable. Shares available for future grants of options and other share based awards under the New Plan at January 28, 2017 and January 30, 2016 were 1.1 million and 2.1 million, respectively. Total stock-based compensation expense, related to company based equity plans, recognized in the Consolidated Statements of Income for fiscal 2016, fiscal 2015 and fiscal 2014 was $0.6 million, $0.5 million and $0.5 million. During fiscal 2016, fiscal 2015 and fiscal 2014, the related total deferred tax benefit was $0. As of January 28, 2017, there was $0.8 million of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of 2.7 years. In connection with the acquisition of etailz, the Company issued 1,572,552 restricted shares of Company stock to a key etailz employee, with a grant date fair value of $3.56 per share. These shares vest ratably through January 2019. As of January 28, 2017, the Company recognized $0.7 million of compensation cost related to these shares. As of January 28, 2017, there was approximately $4.9 million of unrecognized compensation cost related to these restricted shares that is expected to be recognized as expense over a weighted average period of 2.0 years. The fair values of the options granted have been estimated at the date of grant using the Black - Scholes option pricing model with the following assumptions: Stock Option Plan 2016 2015 2014 Dividend yield 0 % 0 % 0 % Expected stock price volatility 38.0-47.5 % 39.7-50.2 % 47.0-66.8 % Risk-free interest rate 1.06%-2.18 % 1.32%-1.94 % 1.45%-2.18 % Expected award life (in years) 4.92-6.98 4.92-5.71 4.92-5.71 Weighted average fair value per share of awards granted during the year $ 1.19 $ 1.49 $ 1.65 The following table summarizes information about stock option awards outstanding under the Old Plan, New Plan and 1990 Plan as of January 28, 2017: Outstanding Exercisable Weighted Weighted Average Average Aggregate Average Aggregate Exercise Remaining Exercise Intrinsic Exercise Intrinsic Price Range Shares Life Price Value Shares Price Value $0.00-$2.66 352,000 3.9 $ 2.12 $ 274,640 337,000 $ 2.10 $ 269,090 2.67-5.33 1,949,664 8.5 3.69 $ 7,500 659,289 3.75 — 5.33-8.00 157,900 0.3 5.50 — 157,900 5.50 — Total 2,459,564 7.3 $ 3.58 $ 282,140 1,154,189 $ 3.51 $ 269,090 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value based on the Company’s closing stock price of $2.90 as of January 28, 2017, which would have been received by the award holders had all award holders under the Old Plan, New Plan and 1990 Plan exercised their awards as of that date. The following table summarizes stock option activity under the Stock Award Plans: Employee and Director Stock Award Plans Number of Stock Award Weighted Other Weighted Shares Exercise Price Range Per Share Average Exercise Share (1) Average Balance February 1, 2014 2,907,190 $1.73-$14.32 $ 8.07 10,941 $ 9.50 Granted 492,500 3.36-3.50 3.44 226,459 3.47 Exercised/vested (39,000 ) 1.73 1.73 — 0.00 Forfeited (136,250 ) 1.73-4.87 3.64 — 0.00 Canceled (752,590 ) 1.73-14.32 10.31 — 0.00 Balance January 31, 2015 2,471,850 $1.73-$14.32 $ 6.81 237,400 $ 3.75 Granted 380,000 3.40-3.88 3.72 23,774 3.59 Exercised/vested (8,000 ) 1.73-2.53 2.33 (50,000 ) 0.00 Forfeited (18,500 ) 1.73-4.87 3.62 — 0.00 Canceled (713,525 ) 1.73-14.32 13.28 — 0.10 Balance January 30, 2016 2,111,825 $1.73-$6.41 $ 4.04 211,174 $ 3.79 Granted 1,009,664 2.80-3.90 3.66 68,097 3.84 Exercised/vested (18,000 ) 1.73-2.53 2.09 (108,344 ) 3.68 Forfeited (38,250 ) 2.53-4.87 3.82 — 0.00 Canceled (605,675 ) 2.53-6.41 5.23 — 0.00 Balance January 28, 2017 2,459,564 $1.73-$5.50 $ 3.58 170,927 $ 3.63 (1) Other Share Awards include deferred shares granted to executives and Directors. During fiscal 2016, 2015 and 2014, the Company recognized expenses of approximately $9,000, $50,000, and $80,000, respectively, for deferred shares issued to non-employee directors. ($ in thousands) Stock Option Exercises 2016 2015 2014 Cash received for exercise price $ 39 $ 19 $ 67 Intrinsic value $ 25 $ 12 $ 86 Defined Benefit Plans The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain Executive Officers of the Company. The SERP, which is unfunded, provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. The annual benefit amount is based on salary and bonus at the time of retirement and number of years of service. Prior to June 1, 2003, the Company had provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. For fiscal 2016, fiscal 2015 and fiscal 2014, net periodic benefit cost recognized under both plans totaled approximately $0.8 million, $1.0 million, and $1.3 million, respectively. The accrued pension liability for both plans was approximately $18.7 million and $19.0 million at January 28, 2017 and January 30, 2016, respectively, and is recorded within other long term liabilities. The accumulated benefit obligation for both plans was $19.0 million and $19.3 million for the years ended January 28, 2017 and January 30, 2016, respectively. The following is a summary of the Company’s defined benefit pension plans as of the most recent actuarial calculations: January 28, January 30, ($ in thousands) 2017 2016 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 19,026 $ 19,550 Service cost 61 66 Interest cost 549 583 Actuarial loss (gain) 196 (1,061 ) Benefits paid (1,132 ) (112 ) Benefit obligation at end of year $ 18,700 $ 19,026 Fair value of plan assets at end of year $ — $ — Funded status $ (18,700 ) $ (19,026 ) Unrecognized prior service cost 17 237 Unrecognized net actuarial (gain) loss (315 ) (525 ) Accrued benefit cost $ (18,998 ) $ (19,314 ) Amounts recognized in the Consolidated Balance Sheets consist of: January 28, January 30, 2017 2016 ($ in thousands) Current liability $ (1,161 ) $ (1,147 ) Long term liability (17,539 ) (17,879 ) Add: Accumulated other comprehensive income (298 ) (288 ) Net amount recognized $ (18,998 ) $ (19,314 ) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss: Net Periodic Benefit Cost: Fiscal Year 2016 2015 2014 Service cost $ 61 $ 66 $ 55 Interest cost 549 583 689 Amortization of prior service cost 220 342 721 Amortization of net gain (14 ) (34 ) (143 ) Net periodic benefit cost $ 816 $ 957 $ 1,322 Other Changes in Benefit Obligations Recognized in Other Comprehensive (Income) Loss: 2016 2015 Net prior service cost recognized as a component of net periodic benefit cost $ (220 ) $ (342 ) Net actuarial gain recognized as a component of net periodic benefit cost 14 34 Net actuarial losses / (gains) arising during the period 196 (1,061 ) (10 ) (1,369 ) Income tax effect — — Total recognized in other comprehensive (income) loss $ (10 ) $ (1,369 ) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 806 $ (412 ) The pre-tax components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost as of January 28, 2017, January 30, 2016, and January 31, 2015 and the tax effect are summarized below. ($ in thousands) January January 30, January Net unrecognized actuarial loss (gain) $ (315 ) $ (525 ) $ 502 Net unrecognized prior service cost 17 237 580 Accumulated other comprehensive (income) loss $ (298 ) $ (288 ) $ 1,082 Tax expense 1,100 1,100 1,099 Accumulated other comprehensive loss $ 802 $ 812 $ 2,181 In fiscal 2016, approximately $17,000 of net unrecognized prior service cost and approximately $36,000 of the net unrecognized actuarial gain, recorded as components of accumulated other comprehensive loss at January 28, 2017, were recognized as components of net periodic benefit cost. Assumptions: Fiscal Year 2016 2015 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.58 % 3.63 % Salary increase rate 3.00 % 3.00 % Measurement date Jan 28, 2017 Jan 30, 2016 Fiscal Year 2016 2015 2014 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.63 % 3.00 % 4.25 % Salary increase rate 3.00 % 3.00 % 4.00 % The discount rate is based on the rates implicit in high-quality fixed-income investments currently available as of the measurement date. The Citigroup Pension Discount Curve (CPDC) rates are intended to represent the spot rates implied by the high quality corporate bond market in the U.S. The projected benefit payments attributed to the projected benefit obligation have been discounted using the CPDC mid-year rates and the discount rate is the single constant rate that produces the same total present value. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Year Pension Benefits ( $ in thousands 2017 1,161 2018 1,201 2019 1,193 2020 1,186 2021 1,186 2022 – 2026 6,288 Accumulated Other Comprehensive Income (Loss) ($ in thousands) Pension January 30, 2016 $ (812 ) Other comprehensive income before reclassifications 10 January 28, 2017 $ (802 ) |
Business Combinations
Business Combinations | 12 Months Ended |
Jan. 28, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 7. Business Combinations On October 17, 2016, the Company completed the purchase of all of the issued and outstanding shares of etailz, Inc. , an innovative and leading digital marketplace retail expert. etailz is a leading digital marketplace expert retailer, operating both domestically and internationally. They use a data driven approach to digital marketplace retailing utilizing proprietary software and ecommerce insight coupled with a direct customer relationship engagement to identify new distributors and wholesalers, isolate emerging product trends, and optimize price positioning and inventory purchase decisions. The acquisition of etailz is part of our strategy to diversify our business into the fastest growing segment of retail: the Digital Marketplace. Over time, the Company plans to access the relationships, operational expertise, and infrastructure built by etailz to help unlock the full potential of etailz and to accelerate our progress towards being the industry leader for digital marketplace sales and expertise. The Company paid $32.3 million in cash, issued 5.7 million shares of TWMC stock at closing to the shareholders of etailz as consideration for their shares, and paid $4.3 million in cash advances to settle obligations of the selling shareholders. Based on the fair value of $3.56 per share on the acquisition date, the shares had a value of $20.4 million. An earn-out of up to a maximum of $14.6 million will be payable in fiscal 2018 and fiscal 2019 subject to the achievement by etailz of $6 million in operating income in fiscal 2017 and $7.5 million in fiscal 2018 as outlined in the share purchase agreement. In connection with the acquisition, the Company assumed the liability of the selling shareholders for etailz’s employee bonus plan, of which $1.9 million was due and payable at closing and funded as part of the cash advances and the remaining $2.3 million will be earned over a two year service period. The acquisition and related costs were funded primarily from the Company’s cash on hand and short term borrowings under its revolving credit facility. The acquisition was accounted for using the purchase method of accounting. The amount of goodwill represents the excess of the purchase price over the net identifiable assets acquired and liabilities assumed. Goodwill primarily represents, among other factors, the value of synergies expected to be realized and for the knowledge and expertise of, and established presence in, the digital marketplace, which do not qualify as separate amortizable intangible assets. Goodwill arising from the acquisition of etailz is not deductible for tax purposes. The acquisition date fair value of the consideration for the above transaction consisted of the following as of October 17, 2016 (in thousands): Cash consideration $ 36,600 Fair value of stock consideration 20,415 Fair value of contingent consideration 10,381 Fair value of indemnification consideration held in escrow 1,500 Fair value of purchase consideration $ 68,896 In the fourth quarter of fiscal 2016, the Company recorded a $1.8 million benefit related to the contingent consideration liability. The decrease in the value of contingent liability resulted from actual fourth quarter financial results of etailz. This benefit is recorded in selling, general, and administrative expenses in the Company’s consolidated statements of operations. The following table summarizes the allocation of the aggregate purchase price to the estimated fair value of the net assets acquired: ($ in thousands) October 17, 2016 Assets Acquired Accounts receivable 1,533 Prepaid expenses and other current assets 5,896 Inventory 14,608 Property and equipment, net 663 Other long term-assets 12 Acquired intangible assets: Trade names 3,200 Technology 6,700 Vendor relationships 19,100 Unfavorable lease valuation (53 ) Goodwill 39,191 Total assets acquired $ 90,850 Liabilities Assumed Accounts payable $ 4,888 Debt 4,729 Other current liabilities 5,349 Deferred taxes 6,988 Total liabilities assumed $ 21,954 Net assets acquired $ 68,896 The Company recognized total acquisition related costs of $2.6 million for the fiscal year ended January 28, 2017. These costs are included in selling, general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of etailz will be reported in the Company’s etailz segment and has been included in the consolidated results of operations of the Company from the date of acquisition. The following unaudited pro forma financial information for the fifty-two weeks ended January 28, 2017, and January 30, 2016, presents consolidated information as if the etailz acquisition had occurred on February 1, 2015. Because of different fiscal period ends, and in order to present results for comparable periods, the unaudited pro forma financial information for the fifty-weeks ended January 28, 2017, combines (i) the Company’s historical statement of operations for the fifty-two weeks ended January 28, 2017, and (ii) etailz historical statement of income for the period from January 1, 2016 through August 31, 2016 and October 1, 2016 through October 16, 2016. The unaudited pro forma financial information for the fifty-two weeks ended January 30, 2016, combines (i) the Company’s historical statement of operations for the fifty-two weeks ended January 30, 2016, and (ii) etailz historical statement of income for the twelve months ended December 31, 2015. The unaudited pro forma financial information is presented after giving effect to certain adjustments for acquisition-related costs, depreciation, amortization of definite lived intangible assets, interest expense on acquisition financing, and related income tax effects. The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what the Company’s results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project the Company’s financial position or results of operations at any future date or for any future period. Fifty-two Weeks Ended January 28, January 30, Pro forma total revenue $ 434,171 $ 427,953 Pro forma net loss (4,986 ) (1,735 ) Pro forma basic and diluted income (loss) per share $ (0.14 ) $ (0.05 ) Pro forma weighted average number of common shares outstanding – basic and diluted 36,239 36,898 |
Identifiable Intangible Assets
Identifiable Intangible Assets | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 8. Identifiable Intangible Assets Identifiable intangible assets as of January 28, 2017 consisted of the following (in thousands, except weighted-average amortization period): January 28, 2017 Weighted Average Amortization Period (in months) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Vendor Relationships 120 $ 19,100 $ 578 $ 18,522 Technology 60 6,700 398 6,302 Trade names and trademarks 60 3,200 167 3,033 $ 29,000 $ 1,143 $ 27,857 Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Year Amortization ($ in thousands) 2017 3,890 2018 3,890 2019 3,890 2020 3,890 2021 2,849 Thereafter $ 9,448 |
Restricted Cash
Restricted Cash | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Restricted Assets Disclosure [Text Block] | Note 9. Restricted Cash In connection with the acquisition of etailz, Inc. and under the terms of the share purchase agreement, the Company was required to hold certain cash in escrow. At January 28, 2017, the Company had restricted cash of $16.1 million reported in long-term assets on the consolidated balance sheet. The Company designated $1.5 million of the restricted cash to be made available to satisfy any indemnification claims and $14.6 million of the restricted cash to equal the maximum earn-out amount that could be paid to the selling shareholders of etailz, Inc. in accordance with the share purchase agreement. A summary of cash, cash equivalents and restricted cash is as follows ($ in thousands): January 28, January 30, Cash and cash equivalents $ 27,974 $ 104,311 Restricted cash 16,103 — Total cash, cash equivalents and restricted cash $ 44,077 $ 104,311 |
Line of Credit
Line of Credit | 12 Months Ended |
Jan. 28, 2017 | |
Line of Credit [Abstract] | |
Line of Credit [Text Block] | Note 10. Line of Credit In January 2017, the Company entered into a $50 million asset based 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 January 2022, 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 contains a provision to increase availability to $75 million during October to December of each year, as needed. The Credit Facility contains customary affirmative and negative covenants, including restrictions on dividends and share repurchases, incurrence of additional indebtedness and acquisitions and covenants around the net number of store closings and restrictions related to the payment of cash dividends, including limiting the amount of dividends and share repurchases to $5.0 million annually and not allowing borrowings under the amended facility for the six months before or six months after the dividend payment. 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. As of January 28, 2017 and January 30, 2016, the Company did not have any borrowings under the Credit Facility. Peak borrowings under the Credit Facility during fiscal 2016 were $21.5 million. During fiscal 2015, the Company did not have any borrowings under the Credit Facility. As of January 30, 2016 and January 31, 2015, the Company had no outstanding letters of credit. The Company had $39 million and $41 million available for borrowing as of January 28, 2017 and January 30, 2016, respectively. During the fiscal year ended January 28, 2017, in connection with the acquisition of etailz, the Company paid off etailz’s outstanding line of credit in the amount of $4.7 million. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 28, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11. Shareholders’ Equity In connection with the acquisition of etailz, in October 2016, the Company issued 5.7 million shares of Company common stock to the selling shareholders of etailz at fair value of $3.56 per share. During fiscal 2016, the Company repurchased 686,137 shares of common stock at an average price of $3.87 per share. Since the inception of the program, the Company has repurchased 2,558,180 shares of common stock at an average price of $3.83 per share. The Company has approximately $12.2 million available for future purchases under its repurchase program. The Company classifies the repurchased shares as treasury stock on the Company’s consolidated balance sheet. No cash dividends were paid in fiscal 2016 or 2015. In the first quarter of fiscal 2014, the Company declared and paid a special cash dividend of $0.50 per common share. The Company’s Credit Facility contains certain restrictions related to the payment of cash dividends, including limiting the amount of dividends to $5.0 million annually. On March 5, 2014, Wells Fargo Bank, National Association (the “Administrative Agent”) and certain other parties to the amended credit facility agreed to consent to the special cash dividend. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 28, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 12. Related Party Transactions The Company leases its 181,300 square foot distribution center/office facility in Albany, New York from an entity controlled by the estate of Robert J. Higgins, its former Chairman and largest shareholder. The original distribution center/office facility was occupied in 1985. On December 4, 2015, the Company amended and restated the lease. The lease commenced January 1, 2016 and expires December 31, 2020. Under the new lease dated December 4, 2015, and accounted for as an operating lease, the Company paid $1.2 million and $103,000 in fiscal 2016 and fiscal 2015, respectively. Under the three original capital leases, dated April 1, 1985, November 1, 1989 and September 1, 1998, the Company paid annual rent of $2.1 million and $2.3 million in fiscal 2015 and fiscal 2014, respectively. Under the terms of the lease agreements the Company is responsible for property taxes and other operating costs with respect to the premises. The Company leased one Sara Neblett, the wife of Josh Neblett, the President of etailz, was employed with the Company as the Vice President of Partner Care of etailz. Ms. Neblett received $44,707 in cash compensation. |
Recently Issued Accounting Poli
Recently Issued Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 13. Recently Issued Accounting Policies In June 2014, the FASB issued Accounting Standard Update (“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’s fiscal year beginning February 4, 2018. To date the Company has identified relevant arrangements and performance obligations and is assessing the impact of the new guidance. Evaluation is ongoing and it is too early to provide an assessment of the impact. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial positions or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases, which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize the rights and obligations resulting from leases as assets and liabilities. The new standard requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. The new standard will be effective for the Company’s fiscal year beginning February 2, 2019, and requires the modified retrospective method of adoption. Early adoption is permitted. The Company is in the process of determining the method and timing of adoption and assessing the impact of ASU 2016-02 on its consolidated financial statements. Given the nature of the operating leases for the Company’s home office, distribution center, and stores, the Company expects an increase to the carrying value of its assets and liabilities. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, which require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard as part of its quarterly report for the period en ded October 29, 2016. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 13. Quarterly Financial Information (Unaudited) Fiscal 2016 Quarter Ended Fiscal January 28, October 29, July 30, April 30, ($ in thousands, except for per share amounts) Total Revenue $ 353,470 $ 147,109 $ 66,282 $ 64,349 $ 75,730 Gross profit 134,659 50,258 26,872 26,701 30,826 Net income (loss) $ 3,211 $ 8,322 $ (483 ) $ (4,656 ) $ 27 Basic and diluted income (loss) per share $ 0.10 $ 0.23 $ (0.02 ) $ (0.15 ) $ 0.00 Fiscal 2015 Quarter Ended Fiscal January 30, October 31, August 1, May 2, ($ in thousands, except for per share amounts) Total Revenue $ 339,504 $ 122,681 $ 69,050 $ 68,539 $ 79,234 Gross profit 135,415 47,291 27,805 28,246 32,073 Net income (loss) $ 2,689 $ 9,868 $ (4,328 ) $ (3,045 ) $ 194 Basic and diluted income (loss) per share $ 0.09 $ 0.32 $ (0.14 ) $ (0.10 ) $ 0.01 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations: www.fye.com www.secondspin.com |
Liquidity [Policy Text Block] | Liquidity: Management anticipates any cash requirements due to a shortfall in cash from operations will be funded by the Company’s revolving credit facility, discussed hereafter. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation: |
Items Affecting Comparability [Policy Text Block] | Items Affecting Comparability: During the fiscal year 2016, the Company recorded an immaterial adjustment between Other Revenue and Selling, General and Administrative expenses in its prior year consolidated financial statements for miscellaneous income, primarily related to commissions earned from third parties. The immaterial adjustment did not impact prior year loss from operations, net loss, and basic and diluted loss per share. With the adjustment, the prior year’s presentation is consistent with the current year presentation. |
Concentration of Business Risks [Policy Text Block] | Concentration of Business Risks: etailz generates substantially all of its revenue through the Amazon Marketplace. Therefore, the Company depends in large part on its relationship with Amazon for the continued growth of the etailz segment. In particular, the Company depends on its ability to offer products on the Amazon Marketplace and on its’ timely delivery of products to customers. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risks: |
Receivables, Policy [Policy Text Block] | Accounts Receivable: |
Inventory, Policy [Policy Text Block] | Merchandise Inventory and Return Costs: The Company is generally entitled to return merchandise purchased from major music vendors for credit against other purchases from these vendors. Certain vendors reduce the credit with a merchandise return charge which varies depending on the type of merchandise being returned. Certain other vendors charge a handling fee based on units returned. The Company records all merchandise return charges in cost of sales. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Fixed Assets and Depreciation: Leasehold improvements Lesser of estimated useful life of the asset or the lease term Fixtures and equipment 3-7 years Major improvements and betterments to existing facilities and equipment are capitalized. Expenditures for maintenance and repairs are expensed as incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets: The Company did not recognize an impairment expense during fiscal 2016, 2015 and 2014. Losses for store closings in the ordinary course of business represent the write down of the net book value of abandoned fixtures and leasehold improvements. The loss on disposal of fixed assets related to store closings was $0.8 million, $0.6 million and $0.2 million in fiscal 2016, 2015 and 2014, respectively, and is included in selling, general and administrative (“SG&A”) expenses in the Consolidated Statements of Income and loss on disposal of fixed assets in the Consolidated Statements of Cash Flows. Store closings usually occur at the expiration of the lease, at which time leasehold improvements, which constitute a majority of the abandoned assets, are fully depreciated. |
Asset Retirement Obligation [Policy Text Block] | Conditional Asset Retirement Obligations: |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies: |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales: |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative (“SG&A”) Expenses |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs and Vendor Allowances: |
Lessee, Leases [Policy Text Block] | Lease Accounting: |
Store Closing Costs [Policy Text Block] | Store Closing Costs |
Revenue Recognition, Gift Cards [Policy Text Block] (Deprecated 2017-01-31) | Gift Cards: |
Business Combinations Policy [Policy Text Block] | Business Combination: |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill: |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense (benefit) in the consolidated statements of income. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation: |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss): |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share: The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: 2016 2015 2014 (in thousands) Weighted average common shares outstanding – basic 32,162 31,167 31,744 Dilutive effect of employee stock options 159 156 153 Weighted average common shares outstanding–diluted 32,321 31,323 31,897 Anti-dilutive stock options 2,175 1,744 2,062 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: |
Segment Reporting, Policy [Policy Text Block] | Segment Information: Fiscal Year Fiscal Year Total Revenue fye $ 313,211 $ 339,504 etailz 40,259 — Total Company $ 353,470 $ 339,504 Gross Profit fye $ 124,735 $ 135,415 etailz 9,924 — Total Company $ 134,659 $ 135,415 Income (Loss) From Operations fye $ (1,932 ) $ 4,570 etailz 677 — Acquisition related costs (2,613 ) ( 3,063 ) Total Company $ (3,868 ) $ 4,570 Total Assets fye $ 215,466 $ 271,605 etailz 92,344 — Total Company $ 307,810 $ 271,605 Capital Expenditures fye $ 24,418 $ 20,700 etailz 254 Total Company $ 24,672 $ 20,700 |
Nature of Operations and Summ23
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives [Table Text Block] | The estimated useful lives are as follows: Leasehold improvements Lesser of estimated useful life of the asset or the lease term Fixtures and equipment 3-7 years |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: 2016 2015 2014 (in thousands) Weighted average common shares outstanding – basic 32,162 31,167 31,744 Dilutive effect of employee stock options 159 156 153 Weighted average common shares outstanding–diluted 32,321 31,323 31,897 Anti-dilutive stock options 2,175 1,744 2,062 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Total revenue, gross profit, and income (loss) from operations by reportable unit in U.S. dollars were as follows (in thousands): Fiscal Year Fiscal Year Total Revenue fye $ 313,211 $ 339,504 etailz 40,259 — Total Company $ 353,470 $ 339,504 Gross Profit fye $ 124,735 $ 135,415 etailz 9,924 — Total Company $ 134,659 $ 135,415 Income (Loss) From Operations fye $ (1,932 ) $ 4,570 etailz 677 — Acquisition related costs (2,613 ) ( 3,063 ) Total Company $ (3,868 ) $ 4,570 Total Assets fye $ 215,466 $ 271,605 etailz 92,344 — Total Company $ 307,810 $ 271,605 Capital Expenditures fye $ 24,418 $ 20,700 etailz 254 Total Company $ 24,672 $ 20,700 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Fixed assets consist of the following: January 28, January 30, 2017 2016 ($ in thousands) Buildings and improvements $ 0 $ 1,900 Fixtures and equipment 131,216 113,660 Leasehold improvements 43,491 42,794 Total fixed assets 174,707 158,354 Allowances for depreciation and amortization (129,610 ) (127,688 ) Fixed assets, net $ 45,097 $ 30,666 |
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | Depreciation of fixed assets is included in the Consolidated Statements of Income as follows: Fiscal Year 2016 2015 2014 ($ in thousands) Cost of sales $ 440 $ 523 $ 483 Selling, general and administrative expenses 7,699 4,668 3,905 Total $ 8,139 $ 5,191 $ 4,388 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consists of the following: Fiscal Year 2016 2015 2014 ($ in thousands) Federal – current $ — $ — ($46 ) State – current 215 181 162 Deferred ($6,988 ) — — Income tax expense (benefit) ($6,773 ) $ 181 $ 116 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the Company’s effective income tax rate with the federal statutory rate is as follows: Fiscal Year 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax effect (6.0 %) 4.1 % 5.6 % Change in valuation allowance (57.2 %) (39.0 %) (25.8 %) Cash surrender value – insurance/ benefit programs 4.0 % 5.3 % (7.6 %) Contingent consideration 19.1 % — — Deferred tax benefit – acquisition 196.1 % — — Other (0.90 %) .9 % (1.1 %) Effective income tax rate 190.1 % 6.3 % 6.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets are as follows: January 28, January 30, 2017 2016 ($ in thousands) DEFERRED TAX ASSETS Accrued expenses $ 400 $ 393 Inventory 347 311 Retirement and compensation related accruals 9,063 9,393 Fixed assets 1,718 5,830 Federal and state net operating loss and credit carryforwards 83,221 74,516 Real estate leases, including deferred rent 4,141 2,724 Losses on investments 1,268 1,226 Other 901 916 Gross deferred tax assets before valuation allowance 101,059 95,309 Less: valuation allowance (89,443 ) (95,309 ) Total deferred tax assets $ 11,616 $ — DEFERRED TAX LIABILITIES Intangibles (11,616 ) — NET DEFERRED TAX ASSET $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Amounts presented excluded interest and penalties, where applicable, on unrecognized tax benefits: Fiscal 2016 2015 2014 ($ in thousands) Unrecognized tax benefits at beginning of the year $ 1,930 $ 1,930 $ 2,018 Increases in tax positions from prior years — — — Decreases in tax positions from prior years — — — Increases in tax positions for current year — — — Settlements — — — Lapse of applicable statute of limitations — — (88 ) Unrecognized tax benefits at end of the year $ 1,930 $ 1,930 $ 1,930 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Schedule of Rental Expense, Net [Table Text Block] | Net rental expense was as follows: Fiscal Year 2016 2015 2014 ($ in thousands) Minimum rentals $ 28,531 $ 30,311 $ 32,732 Contingent rentals 9 13 11 $ 28,540 $ 30,324 $ 32,743 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at January 28, 2017, are as follows: Operating Leases ($ in thousands) 2017 24,778 2018 14,671 2019 8,386 2020 6,765 2021 4,716 Thereafter 3,540 Total minimum payments required $ 62,856 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of the options granted have been estimated at the date of grant using the Black - Scholes option pricing model with the following assumptions: Stock Option Plan 2016 2015 2014 Dividend yield 0 % 0 % 0 % Expected stock price volatility 38.0-47.5 % 39.7-50.2 % 47.0-66.8 % Risk-free interest rate 1.06%-2.18 % 1.32%-1.94 % 1.45%-2.18 % Expected award life (in years) 4.92-6.98 4.92-5.71 4.92-5.71 Weighted average fair value per share of awards granted during the year $ 1.19 $ 1.49 $ 1.65 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about stock option awards outstanding under the Old Plan, New Plan and 1990 Plan as of January 28, 2017: Outstanding Exercisable Weighted Weighted Average Average Aggregate Average Aggregate Exercise Remaining Exercise Intrinsic Exercise Intrinsic Price Range Shares Life Price Value Shares Price Value $0.00-$2.66 352,000 3.9 $ 2.12 $ 274,640 337,000 $ 2.10 $ 269,090 2.67-5.33 1,949,664 8.5 3.69 $ 7,500 659,289 3.75 — 5.33-8.00 157,900 0.3 5.50 — 157,900 5.50 — Total 2,459,564 7.3 $ 3.58 $ 282,140 1,154,189 $ 3.51 $ 269,090 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes stock option activity under the Stock Award Plans: Employee and Director Stock Award Plans Number of Stock Award Weighted Other Weighted Shares Exercise Price Range Per Share Average Exercise Share (1) Average Balance February 1, 2014 2,907,190 $1.73-$14.32 $ 8.07 10,941 $ 9.50 Granted 492,500 3.36-3.50 3.44 226,459 3.47 Exercised/vested (39,000 ) 1.73 1.73 — 0.00 Forfeited (136,250 ) 1.73-4.87 3.64 — 0.00 Canceled (752,590 ) 1.73-14.32 10.31 — 0.00 Balance January 31, 2015 2,471,850 $1.73-$14.32 $ 6.81 237,400 $ 3.75 Granted 380,000 3.40-3.88 3.72 23,774 3.59 Exercised/vested (8,000 ) 1.73-2.53 2.33 (50,000 ) 0.00 Forfeited (18,500 ) 1.73-4.87 3.62 — 0.00 Canceled (713,525 ) 1.73-14.32 13.28 — 0.10 Balance January 30, 2016 2,111,825 $1.73-$6.41 $ 4.04 211,174 $ 3.79 Granted 1,009,664 2.80-3.90 3.66 68,097 3.84 Exercised/vested (18,000 ) 1.73-2.53 2.09 (108,344 ) 3.68 Forfeited (38,250 ) 2.53-4.87 3.82 — 0.00 Canceled (605,675 ) 2.53-6.41 5.23 — 0.00 Balance January 28, 2017 2,459,564 $1.73-$5.50 $ 3.58 170,927 $ 3.63 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | ($ in thousands) Stock Option Exercises 2016 2015 2014 Cash received for exercise price $ 39 $ 19 $ 67 Intrinsic value $ 25 $ 12 $ 86 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following is a summary of the Company’s defined benefit pension plans as of the most recent actuarial calculations: January 28, January 30, ($ in thousands) 2017 2016 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 19,026 $ 19,550 Service cost 61 66 Interest cost 549 583 Actuarial loss (gain) 196 (1,061 ) Benefits paid (1,132 ) (112 ) Benefit obligation at end of year $ 18,700 $ 19,026 Fair value of plan assets at end of year $ — $ — Funded status $ (18,700 ) $ (19,026 ) Unrecognized prior service cost 17 237 Unrecognized net actuarial (gain) loss (315 ) (525 ) Accrued benefit cost $ (18,998 ) $ (19,314 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the Consolidated Balance Sheets consist of: January 28, January 30, 2017 2016 ($ in thousands) Current liability $ (1,161 ) $ (1,147 ) Long term liability (17,539 ) (17,879 ) Add: Accumulated other comprehensive income (298 ) (288 ) Net amount recognized $ (18,998 ) $ (19,314 ) |
Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss | Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss: Net Periodic Benefit Cost: Fiscal Year 2016 2015 2014 Service cost $ 61 $ 66 $ 55 Interest cost 549 583 689 Amortization of prior service cost 220 342 721 Amortization of net gain (14 ) (34 ) (143 ) Net periodic benefit cost $ 816 $ 957 $ 1,322 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Other Changes in Benefit Obligations Recognized in Other Comprehensive (Income) Loss: 2016 2015 Net prior service cost recognized as a component of net periodic benefit cost $ (220 ) $ (342 ) Net actuarial gain recognized as a component of net periodic benefit cost 14 34 Net actuarial losses / (gains) arising during the period 196 (1,061 ) (10 ) (1,369 ) Income tax effect — — Total recognized in other comprehensive (income) loss $ (10 ) $ (1,369 ) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 806 $ (412 ) |
Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized [Table Text Block]] | The pre-tax components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost as of January 28, 2017, January 30, 2016, and January 31, 2015 and the tax effect are summarized below. ($ in thousands) January January 30, January Net unrecognized actuarial loss (gain) $ (315 ) $ (525 ) $ 502 Net unrecognized prior service cost 17 237 580 Accumulated other comprehensive (income) loss $ (298 ) $ (288 ) $ 1,082 Tax expense 1,100 1,100 1,099 Accumulated other comprehensive loss $ 802 $ 812 $ 2,181 |
Schedule of Assumptions Used [Table Text Block] | Assumptions: Fiscal Year 2016 2015 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.58 % 3.63 % Salary increase rate 3.00 % 3.00 % Measurement date Jan 28, 2017 Jan 30, 2016 Fiscal Year 2016 2015 2014 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.63 % 3.00 % 4.25 % Salary increase rate 3.00 % 3.00 % 4.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Year Pension Benefits ( $ in thousands 2017 1,161 2018 1,201 2019 1,193 2020 1,186 2021 1,186 2022 – 2026 6,288 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ($ in thousands) Pension January 30, 2016 $ (812 ) Other comprehensive income before reclassifications 10 January 28, 2017 $ (802 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | The acquisition date fair value of the consideration for the above transaction consisted of the following as of October 17, 2016 (in thousands): Cash consideration $ 36,600 Fair value of stock consideration 20,415 Fair value of contingent consideration 10,381 Fair value of indemnification consideration held in escrow 1,500 Fair value of purchase consideration $ 68,896 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the allocation of the aggregate purchase price to the estimated fair value of the net assets acquired: ($ in thousands) October 17, 2016 Assets Acquired Accounts receivable 1,533 Prepaid expenses and other current assets 5,896 Inventory 14,608 Property and equipment, net 663 Other long term-assets 12 Acquired intangible assets: Trade names 3,200 Technology 6,700 Vendor relationships 19,100 Unfavorable lease valuation (53 ) Goodwill 39,191 Total assets acquired $ 90,850 Liabilities Assumed Accounts payable $ 4,888 Debt 4,729 Other current liabilities 5,349 Deferred taxes 6,988 Total liabilities assumed $ 21,954 Net assets acquired $ 68,896 |
Business Acquisition, Pro Forma Information [Table Text Block] | Fifty-two Weeks Ended January 28, January 30, Pro forma total revenue $ 434,171 $ 427,953 Pro forma net loss (4,986 ) (1,735 ) Pro forma basic and diluted income (loss) per share $ (0.14 ) $ (0.05 ) Pro forma weighted average number of common shares outstanding – basic and diluted 36,239 36,898 |
Identifiable Intangible Assets
Identifiable Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable intangible assets as of January 28, 2017 consisted of the following (in thousands, except weighted-average amortization period): January 28, 2017 Weighted Average Amortization Period (in months) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Vendor Relationships 120 $ 19,100 $ 578 $ 18,522 Technology 60 6,700 398 6,302 Trade names and trademarks 60 3,200 167 3,033 $ 29,000 $ 1,143 $ 27,857 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Year Amortization ($ in thousands) 2017 3,890 2018 3,890 2019 3,890 2020 3,890 2021 2,849 Thereafter $ 9,448 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | A summary of cash, cash equivalents and restricted cash is as follows ($ in thousands): January 28, January 30, Cash and cash equivalents $ 27,974 $ 104,311 Restricted cash 16,103 — Total cash, cash equivalents and restricted cash $ 44,077 $ 104,311 |
Quarterly Financial Informati31
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal 2016 Quarter Ended Fiscal January 28, October 29, July 30, April 30, ($ in thousands, except for per share amounts) Total Revenue $ 353,470 $ 147,109 $ 66,282 $ 64,349 $ 75,730 Gross profit 134,659 50,258 26,872 26,701 30,826 Net income (loss) $ 3,211 $ 8,322 $ (483 ) $ (4,656 ) $ 27 Basic and diluted income (loss) per share $ 0.10 $ 0.23 $ (0.02 ) $ (0.15 ) $ 0.00 Fiscal 2015 Quarter Ended Fiscal January 30, October 31, August 1, May 2, ($ in thousands, except for per share amounts) Total Revenue $ 339,504 $ 122,681 $ 69,050 $ 68,539 $ 79,234 Gross profit 135,415 47,291 27,805 28,246 32,073 Net income (loss) $ 2,689 $ 9,868 $ (4,328 ) $ (3,045 ) $ 194 Basic and diluted income (loss) per share $ 0.09 $ 0.32 $ (0.14 ) $ (0.10 ) $ 0.01 |
Nature of Operations and Summ32
Nature of Operations and Summary of Significant Accounting Policies (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Jan. 28, 2017USD ($)ft² | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of Reportable Segments | 2 | 2 | |
Number of Stores | 284 | ||
Area of Stores (in Square Feet) | ft² | 1.6 | ||
Concentration Risk Supplier Number | 400 | ||
Percentage of purchases from major supplier | 48.00% | ||
Number of major suppliers | 10 | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ (1,164) | ||
Miscellaneous Income | 400 | $ 3,600 | $ 1,600 |
Proceeds from Legal Settlements | 1,400 | ||
Advertising Expense | 3,200 | 2,900 | 3,400 |
Vendor Allowances Reimbursement | 3,200 | 2,900 | 3,400 |
Gift Card Liability, Current | $ 2,000 | 2,300 | 3,300 |
Minimum Experience In Estimating Gift Card Liability Period | 10 years | ||
Revenue Recognition, Gift Cards, Breakage | $ 400 | 1,100 | 700 |
Store Closing [Member] | |||
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ (800) | $ (600) | $ (200) |
Nature of Operations and Summ33
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life | 12 Months Ended |
Jan. 28, 2017 | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Leasehold improvements | Lesser of estimated useful life of the asset or the lease term |
Furniture and Fixtures [Member] | Minimum [Member] | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Fixtures and equipment | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Fixtures and equipment | 7 years |
Nature of Operations and Summ34
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of the basic weighted average Number of outstanding shares basic and diluted - shares shares in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 31, 2015 | |
Schedule of Reconciliation of the basic weighted average Number of outstanding shares basic and diluted [Abstract] | ||||
Weighted average common shares outstanding – basic | 32,162 | 31,167 | 31,744 | 31,744 |
Dilutive effect of employee stock options | 159 | 156 | 153 | |
Weighted average common shares outstanding–diluted | 32,321 | 31,323 | 31,897 | |
Anti-dilutive stock options | 2,175 | 1,744 | 2,062 |
Nature of Operations and Summ35
Nature of Operations and Summary of Significant Accounting Policies (Details) - Segment Information: The Company has two reportable segments. Operating earnings (loss) by operating - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Total Revenue | |||||||||||
Total Revenue | $ 147,109 | $ 66,282 | $ 64,349 | $ 75,730 | $ 122,681 | $ 69,050 | $ 68,539 | $ 79,234 | $ 353,470 | $ 339,504 | $ 363,263 |
Gross Profit | |||||||||||
Gross Profit | 50,258 | $ 26,872 | $ 26,701 | $ 30,826 | 47,291 | $ 27,805 | $ 28,246 | $ 32,073 | 134,659 | 135,415 | 140,691 |
Income (Loss) From Operations | |||||||||||
Income (Loss) From Operations | (3,868) | 4,570 | $ 3,775 | ||||||||
Total Assets | |||||||||||
Total Assets | 307,810 | 271,605 | 307,810 | 271,605 | |||||||
Capital Expenditures | |||||||||||
Capital Expenditure | 24,672 | 20,700 | |||||||||
fye [Member] | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 313,211 | 339,504 | |||||||||
Gross Profit | |||||||||||
Gross Profit | 124,735 | 135,415 | |||||||||
Income (Loss) From Operations | |||||||||||
Income (Loss) From Operations | (1,932) | 4,570 | |||||||||
Total Assets | |||||||||||
Total Assets | 215,466 | $ 271,605 | 215,466 | 271,605 | |||||||
Capital Expenditures | |||||||||||
Capital Expenditure | 24,418 | 20,700 | |||||||||
etailz [Member] | |||||||||||
Total Revenue | |||||||||||
Total Revenue | 40,259 | ||||||||||
Gross Profit | |||||||||||
Gross Profit | 9,924 | ||||||||||
Income (Loss) From Operations | |||||||||||
Income (Loss) From Operations | 677 | ||||||||||
Total Assets | |||||||||||
Total Assets | $ 92,344 | 92,344 | |||||||||
Capital Expenditures | |||||||||||
Capital Expenditure | 254 | ||||||||||
Acquisition-related Costs [Member] | |||||||||||
Income (Loss) From Operations | |||||||||||
Income (Loss) From Operations | $ (2,613) | $ (3,063) |
Fixed Assets (Details) - Schedu
Fixed Assets (Details) - Schedule of Fixed Assets - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $ 174,707 | $ 158,354 |
Allowances for depreciation and amortization | (129,610) | (127,688) |
Fixed assets, net | 45,097 | 30,666 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 0 | 1,900 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 131,216 | 113,660 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $ 43,491 | $ 42,794 |
Fixed Assets (Details) - Sche37
Fixed Assets (Details) - Schedule of Depreciation of Fixed Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Depreciation of Fixed Assets [Abstract] | |||
Cost of sales | $ 440 | $ 523 | $ 483 |
Selling, general and administrative expenses | 7,699 | 4,668 | 3,905 |
Total | $ 8,139 | $ 5,191 | $ 4,388 |
Debt (Details)
Debt (Details) - Revolving Credit Facility [Member] - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Debt (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||
Line of Credit Facility, Dividend Restrictions | The Credit Facility contains customary affirmative andnegative covenants, including restrictions on dividends and share repurchases, incurrence of additional indebtedness andacquisitions and covenants around the net number of store closings and restrictions related to the payment of cash dividendsand share repurchases, including limiting the amount of dividends to $5.0 million annually and not allowing borrowings underthe amended facility for the six months before or six months after the dividend payment or repurchase of shares. | ||
Dividends and Share Repurchase Maximum | $ 5,000,000 | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | 21,500,000 | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 39,000,000 | $ 41,000,000 | |
Repayments of Lines of Credit | 4,700,000 | ||
Increased Maximum During Months of October, November, and December [Member] | |||
Debt (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||
Minimum [Member] | |||
Debt (Details) [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Minimum [Member] | Base Rate [Member] | |||
Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Maximum [Member] | Base Rate [Member] | |||
Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Taxes (Details) [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 89,443 | $ 95,309 | ||
Unrecognized Tax Benefits | 1,930 | $ 1,930 | $ 1,930 | $ 2,018 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,500 | |||
Income Tax Examination, Penalties and Interest Expense | 200 | |||
Liability for Uncertainty in Income Taxes, Current | 2,900 | |||
Income Tax Examination, Penalties and Interest Accrued | 2,100 | |||
Domestic Tax Authority [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | $ 181,400 | |||
Tax Credit Carryforward Expiration Year | 2,026 | |||
Tax Credit Carryforward, Amount | $ 1,200 | |||
Deferred Tax Assets, Tax Credit Carryforwards | 500 | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | 242,500 | |||
Tax Credit Carryforward, Amount | 1,100 | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 200 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of components of income tax expense benefit - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 31, 2015 | |
Schedule of components of income tax expense benefit [Abstract] | ||||
Federal – current | $ (46) | |||
State – current | $ 215 | $ 181 | 162 | |
Deferred | (6,988) | |||
Income tax expense (benefit) | $ (6,773) | $ 181 | $ 116 | $ 116 |
Income Taxes (Details) - Sche41
Income Taxes (Details) - Schedule of effective income tax rate reconciliation | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of effective income tax rate reconciliation [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax effect | (6.00%) | 4.10% | 5.60% |
Change in valuation allowance | (57.20%) | (39.00%) | (25.80%) |
Cash surrender value – insurance/ benefit programs | 4.00% | 5.30% | (7.60%) |
Contingent consideration | 19.10% | ||
Deferred tax benefit – acquisition | 196.10% | ||
Other | (0.90%) | 0.90% | (1.10%) |
Effective income tax rate | 190.10% | 6.30% | 6.10% |
Income Taxes (Details) - Sche42
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
DEFERRED TAX ASSETS | ||
Accrued expenses | $ 400 | $ 393 |
Inventory | 347 | 311 |
Retirement and compensation related accruals | 9,063 | 9,393 |
Fixed assets | 1,718 | 5,830 |
Federal and state net operating loss and credit carryforwards | 83,221 | 74,516 |
Real estate leases, including deferred rent | 4,141 | 2,724 |
Losses on investments | 1,268 | 1,226 |
Other | 901 | 916 |
Gross deferred tax assets before valuation allowance | 101,059 | 95,309 |
Less: valuation allowance | (89,443) | $ (95,309) |
Total deferred tax assets | 11,616 | |
Intangibles | (11,616) | |
NET DEFERRED TAX ASSET |
Income Taxes (Details) - Sche43
Income Taxes (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of unrecognized tax benefits [Abstract] | |||
Unrecognized tax benefits at beginning of the year | $ 1,930 | $ 1,930 | $ 2,018 |
Lapse of applicable statute of limitations | (88) | ||
Unrecognized tax benefits at end of the year | $ 1,930 | $ 1,930 | $ 1,930 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Leases (Details) [Line Items] | |
Number Of Stores Leased Under Operating Leases | 284 |
Operating Leases Rent Expense Minimum Rental Based on Sales Volume (in Dollars) | $ 0.8 |
Minimum [Member] | |
Leases (Details) [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Leases (Details) [Line Items] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Rental Expense, Net - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Rental Expense, Net [Abstract] | |||
Minimum rentals | $ 28,531 | $ 30,311 | $ 32,732 |
Contingent rentals | 9 | 13 | 11 |
$ 28,540 | $ 30,324 | $ 32,743 |
Leases (Details) - Schedule o46
Leases (Details) - Schedule of Future Minimum Rental Payment - Operating Lease [Member] $ in Thousands | Jan. 28, 2017USD ($) |
Leases (Details) - Schedule of Future Minimum Rental Payment [Line Items] | |
2,017 | $ 24,778 |
2,018 | 14,671 |
2,019 | 8,386 |
2,020 | 6,765 |
2,021 | 4,716 |
Thereafter | 3,540 |
Total minimum payments required | $ 62,856 |
Benefit Plans (Details) - 401(k
Benefit Plans (Details) - 401(k) Savings Plan - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |||
Defined Contribution Plan Maximum Percentage of salary can be contributed | 80.00% | ||
Defined Contribution Plan Employers Matching Contribution Vesting Period | 4 years | ||
Defined Contribution Plan, Cost | $ 592,000 | $ 424,000 | $ 437,000 |
Benefit Plans (Details) - Stock
Benefit Plans (Details) - Stock Award Plans - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Benefit Plans (Details) - Stock Award Plans [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 3,000,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number (in Shares) | 2,500,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number (in Shares) | 1,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,100,000 | 2,100,000 | |
Allocated Share-based Compensation Expense | $ 600,000 | $ 500,000 | $ 500,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 0 | 0 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 800,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | ||
Share-based Compensation | 424,000 | 429,000 | |
Entity Stock Closing Price (in Dollars per share) | $ 2.90 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 9,000 | $ 50,000 | $ 80,000 |
In Conneciton With Acquisition of etailz [Member] | |||
Benefit Plans (Details) - Stock Award Plans [Line Items] | |||
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, Shares Issued in Period (in Shares) | 1,572,552 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 3.56 | ||
Share-based Compensation | $ 700,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,900,000 |
Benefit Plans (Details) - Defin
Benefit Plans (Details) - Defined Benefit Plans - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Benefit Plans (Details) - Defined Benefit Plans [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 816,000 | $ 957,000 | $ 1,322,000 |
Defined Benefit Plans Accrued Pension Liability | 18,700,000 | 19,000,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 19,000,000 | 19,300,000 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (315,000) | $ (525,000) | $ 502,000 |
Net Periodic Benefit Cost [Member] | |||
Benefit Plans (Details) - Defined Benefit Plans [Line Items] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 17,000 | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (36,000) |
Benefit Plans (Details) - Sched
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value per share of awards granted during the year (in Dollars per share) | $ 1.19 | $ 1.49 | $ 1.65 |
Minimum [Member] | |||
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Expected stock price volatility | 38.00% | 39.70% | 47.00% |
Risk-free interest rate | 1.06% | 1.32% | 1.45% |
Expected award life (in years) | 4 years 335 days | 4 years 335 days | 4 years 335 days |
Maximum [Member] | |||
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Expected stock price volatility | 47.50% | 50.20% | 66.80% |
Risk-free interest rate | 2.18% | 1.94% | 2.18% |
Expected award life (in years) | 6 years 357 days | 5 years 259 days | 5 years 259 days |
Benefit Plans (Details) - Sch51
Benefit Plans (Details) - Schedule of Share-based Compensation, Stock authorized under stock option plan | 12 Months Ended |
Jan. 28, 2017USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Shares (in Shares) | shares | 2,459,564 |
Outstanding Average Remaining Life | 7 years 109 days |
Outstanding Weighted Average Exercise Price | $ 3.58 |
Outstanding Aggregate Intrinsic Value (in Dollars) | $ | $ 282,140 |
Exercisable Shares (in Shares) | shares | 1,154,189 |
Exercisable Weighted Average Exercise Price | $ 3.51 |
Exercisable Aggregate Intrinsic Value (in Dollars) | $ | $ 269,090 |
Range1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Pirce Range Minimum | $ 0 |
Exercise Pirce Range Maximum | $ 2.66 |
Outstanding Shares (in Shares) | shares | 352,000 |
Outstanding Average Remaining Life | 3 years 328 days |
Outstanding Weighted Average Exercise Price | $ 2.12 |
Outstanding Aggregate Intrinsic Value (in Dollars) | $ | $ 274,640 |
Exercisable Shares (in Shares) | shares | 337,000 |
Exercisable Weighted Average Exercise Price | $ 2.10 |
Exercisable Aggregate Intrinsic Value (in Dollars) | $ | $ 269,090 |
Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Pirce Range Minimum | $ 2.67 |
Exercise Pirce Range Maximum | $ 5.33 |
Outstanding Shares (in Shares) | shares | 1,949,664 |
Outstanding Average Remaining Life | 8 years 6 months |
Outstanding Weighted Average Exercise Price | $ 3.69 |
Outstanding Aggregate Intrinsic Value (in Dollars) | $ | $ 7,500 |
Exercisable Shares (in Shares) | shares | 659,289 |
Exercisable Weighted Average Exercise Price | $ 3.75 |
Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Pirce Range Minimum | 5.33 |
Exercise Pirce Range Maximum | $ 8 |
Outstanding Shares (in Shares) | shares | 157,900 |
Outstanding Average Remaining Life | 109 days |
Outstanding Weighted Average Exercise Price | $ 5.50 |
Exercisable Shares (in Shares) | shares | 157,900 |
Exercisable Weighted Average Exercise Price | $ 5.50 |
Benefit Plans (Details) - Sch52
Benefit Plans (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - $ / shares | 12 Months Ended | |||||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Subject To option, Balance (in Shares) | 2,111,825 | 2,471,850 | 2,907,190 | |||
Weighted Average Exercise Price, Balance | $ 4.04 | $ 6.81 | $ 8.07 | |||
Other Share Awards, Balance (in Shares) | [1] | 211,174 | 237,400 | 10,941 | ||
Weighted Average Grant Date Value, Balance | $ 3.79 | $ 3.75 | $ 9.50 | |||
Number of Shares Subject To option, Granted (in Shares) | 1,009,664 | 380,000 | 492,500 | |||
Weighted Average Exercise Price, Granted | $ 3.66 | $ 3.72 | $ 3.44 | |||
Other Share Awards, Granted (in Shares) | [1] | 68,097 | 23,774 | 226,459 | ||
Weighted Average Grant Date Value, Granted | $ 3.84 | $ 3.59 | $ 3.47 | |||
Number of Shares Subject To option, Exercised (in Shares) | (18,000) | (8,000) | (39,000) | |||
Weighted Average Exercise Price, Exercised | $ 2.09 | $ 2.33 | $ 1.73 | |||
Other Share Awards, Exercised (in Shares) | (108,344) | [1] | (50,000) | [1] | ||
Weighted Average Grant Date Value, Exercised | $ 3.68 | $ 0 | $ 0 | |||
Number of Shares Subject To option, Forfeited (in Shares) | (38,250) | (18,500) | (136,250) | |||
Weighted Average Exercise Price, Forfeited | $ 3.82 | $ 3.62 | $ 3.64 | |||
Weighted Average Grant Date Value, Forfeited | $ 0 | $ 0 | $ 0 | |||
Number of Shares Subject To option, Canceled (in Shares) | (605,675) | (713,525) | (752,590) | |||
Weighted Average Exercise Price, Canceled | $ 5.23 | $ 13.28 | $ 10.31 | |||
Weighted Average Grant Date Value, Canceled | $ 0 | $ 0.10 | $ 0 | |||
Number of Shares Subject To option, Balance (in Shares) | 2,459,564 | 2,111,825 | 2,471,850 | |||
Weighted Average Exercise Price, Balance | $ 3.58 | $ 4.04 | $ 6.81 | |||
Other Share Awards, Balance (in Shares) | [1] | 170,927 | 211,174 | 237,400 | ||
Weighted Average Grant Date Value, Balance | $ 3.63 | $ 3.79 | $ 3.75 | |||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Award Exercise Price Range Per Share, Balance, per share | 1.73 | 1.73 | 1.73 | |||
Stock Award Exercise Price Range Per Share, Granted, per share | 2.80 | 3.40 | 3.36 | |||
Stock Award Exercise Price Range Per Share, Exercised, per share | 1.73 | 1.73 | 1.73 | |||
Stock Award Exercise Price Range Per Share, Forfeited, per share | 2.53 | 1.73 | 1.73 | |||
Stock Award Exercise Price Range Per Share, Canceled, per share | 2.53 | 1.73 | 1.73 | |||
Stock Award Exercise Price Range Per Share, Balance, per share | 1.73 | 1.73 | 1.73 | |||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Award Exercise Price Range Per Share, Balance, per share | 6.41 | 14.32 | 14.32 | |||
Stock Award Exercise Price Range Per Share, Granted, per share | 3.90 | 3.88 | 3.50 | |||
Stock Award Exercise Price Range Per Share, Exercised, per share | 2.53 | 2.53 | 1.73 | |||
Stock Award Exercise Price Range Per Share, Forfeited, per share | 4.87 | 4.87 | 4.87 | |||
Stock Award Exercise Price Range Per Share, Canceled, per share | 6.41 | 14.32 | 14.32 | |||
Stock Award Exercise Price Range Per Share, Balance, per share | $ 5.50 | $ 6.41 | $ 14.32 | |||
[1] | Other Share Awards include deferred shares granted to executives and Directors. |
Benefit Plans (Details) - Sch53
Benefit Plans (Details) - Schedule of Stock Option Exercises - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Stock Option Exercises [Abstract] | |||
Cash received for exercise price | $ 39 | $ 19 | $ 67 |
Intrinsic value | $ 25 | $ 12 | $ 86 |
Benefit Plans (Details) - Sch54
Benefit Plans (Details) - Schedule of Defined Benefit Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 61 | $ 66 | $ 55 |
Interest cost | 549 | 583 | 689 |
Actuarial loss (gain) | (315) | (525) | 502 |
Unrecognized prior service cost | 17 | 237 | 580 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 19,026 | 19,550 | |
Service cost | 61 | 66 | |
Interest cost | 549 | 583 | |
Actuarial loss (gain) | 196 | (1,061) | |
Benefits paid | (1,132) | (112) | |
Benefit obligation at end of year | 18,700 | 19,026 | $ 19,550 |
Funded status | (18,700) | (19,026) | |
Unrecognized prior service cost | 17 | 237 | |
Unrecognized net actuarial (gain) loss | (315) | (525) | |
Accrued benefit cost | $ (18,998) | $ (19,314) |
Benefit Plans (Details) - Sch55
Benefit Plans (Details) - Schedule of amounts recognized in balance sheet - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Schedule of amounts recognized in balance sheet [Abstract] | ||
Current liability | $ (1,161) | $ (1,147) |
Long term liability | (17,539) | (17,879) |
Add: Accumulated other comprehensive income | (298) | (288) |
Net amount recognized | $ (18,998) | $ (19,314) |
Benefit Plans (Details) - Sch56
Benefit Plans (Details) - Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] | |||
Service cost | $ 61 | $ 66 | $ 55 |
Interest cost | 549 | 583 | 689 |
Amortization of prior service cost | 220 | 342 | 721 |
Amortization of net gain | (14) | (34) | (143) |
Net periodic benefit cost | $ 816 | $ 957 | $ 1,322 |
Benefit Plans (Details) - Sch57
Benefit Plans (Details) - Schedule of Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Loss - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Loss [Abstract] | ||
Net prior service cost recognized as a component of net periodic benefit cost | $ (220) | $ (342) |
Net actuarial gain recognized as a component of net periodic benefit cost | 14 | 34 |
Net actuarial losses / (gains) arising during the period | 196 | (1,061) |
(10) | (1,369) | |
Total recognized in other comprehensive (income) loss | (10) | (1,369) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ 806 | $ (412) |
Benefit Plans (Details) - Sch58
Benefit Plans (Details) - Schedule of Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized [Abstract] | |||
Net unrecognized actuarial loss (gain) | $ (315) | $ (525) | $ 502 |
Net unrecognized prior service cost | 17 | 237 | 580 |
Accumulated other comprehensive (income) loss | (298) | (288) | 1,082 |
Tax expense | 1,100 | 1,100 | 1,099 |
Accumulated other comprehensive loss | $ 802 | $ 812 | $ 2,181 |
Benefit Plans (Details) - Sch59
Benefit Plans (Details) - Schedule of Assumptions Used | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Weighted-average assumptions used to determine benefit obligation: | |||
Discount rate | 3.58% | 3.63% | |
Salary increase rate | 3.00% | 3.00% | |
Measurement date | Jan. 28, 2017 | Jan. 30, 2016 | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.63% | 3.00% | 4.25% |
Salary increase rate | 3.00% | 3.00% | 4.00% |
Benefit Plans (Details) - Sch60
Benefit Plans (Details) - Schedule of Expected Benefit Payments $ in Thousands | Jan. 28, 2017USD ($) |
Schedule of Expected Benefit Payments [Abstract] | |
2,017 | $ 1,161 |
2,018 | 1,201 |
2,019 | 1,193 |
2,020 | 1,186 |
2,021 | 1,186 |
2022 – 2026 | $ 6,288 |
Benefit Plans (Details) - Sch61
Benefit Plans (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Balance | $ (802) | $ (812) | $ (2,181) |
Other comprehensive income before reclassifications | $ 10 |
Business Combinations (Details)
Business Combinations (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($)$ / sharesshares | |
Business Combinations [Abstract] | |
Payments to Acquire Businesses, Gross | $ 32.3 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 5.7 |
Other Payments to Acquire Businesses | $ 4.3 |
Business Acquisition, Share Price (in Dollars per share) | $ / shares | $ 3.56 |
Equity Issued in Business Combination, Fair Value Disclosure | $ 20.4 |
Earn Out Achievement Provision Description | An earn-out of up to a maximum of $14.6 millionwill be payable in fiscal 2018 and fiscal 2019 subject to the achievement by etailz of $6 million in operating income in fiscal2017 and $7.5 million in fiscal 2018 as outlined in the share purchase agreement. |
Due to Employees, Current | $ 1.9 |
Due to Employees, Noncurrent | 2.3 |
Business Combination, Contingent Consideration, Liability Benefit | 1.8 |
Business Combination, Acquisition Related Costs | $ 2.6 |
Business Combinations (Detail63
Business Combinations (Details) - Schedule of Consideration Fair Value $ in Thousands | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Schedule of Consideration Fair Value [Abstract] | |
Cash consideration | $ 36,600 |
Fair value of stock consideration | 20,415 |
Fair value of contingent consideration | 10,381 |
Fair value of indemnification consideration held in escrow | 1,500 |
Fair value of purchase consideration | $ 68,896 |
Business Combinations (Detail64
Business Combinations (Details) - Schedule of Acquired Assets and Assumed Liabilities $ in Thousands | Oct. 17, 2016USD ($) |
Assets Acquired | |
Accounts receivable | $ 1,533 |
Prepaid expenses and other current assets | 5,896 |
Inventory | 14,608 |
Property and equipment, net | 663 |
Other long term-assets | 12 |
Acquired intangible assets: | |
Unfavorable lease valuation | (53) |
Goodwill | 39,191 |
Total assets acquired | 90,850 |
Liabilities Assumed | |
Accounts payable | 4,888 |
Debt | 4,729 |
Other current liabilities | 5,349 |
Deferred taxes | 6,988 |
Total liabilities assumed | 21,954 |
Net assets acquired | 68,896 |
Trade Names [Member] | |
Acquired intangible assets: | |
Acquired intangible assets | 3,200 |
Technology-Based Intangible Assets [Member] | |
Acquired intangible assets: | |
Acquired intangible assets | 6,700 |
Vendor Relationships [Member] | |
Acquired intangible assets: | |
Acquired intangible assets | $ 19,100 |
Business Combinations (Detail65
Business Combinations (Details) - Schedule of Pro Forma Financials - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Pro Forma Financials [Abstract] | ||
Pro forma total revenue | $ 434,171 | $ 427,953 |
Pro forma net loss | $ (4,986) | $ (1,735) |
Pro forma basic and diluted income (loss) per share (in Dollars per share) | $ (0.14) | $ (0.05) |
Pro forma weighted average number of common shares outstanding – basic and diluted (in Shares) | 36,239 | 36,898 |
Identifiable Intangible Asset66
Identifiable Intangible Assets (Details) - Schedule of Identifable Intangible Assets $ in Thousands | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 29,000 |
Accumulated Amortization | 1,143 |
Net Carrying Amount | $ 27,857 |
Vendor Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period | 120 months |
Gross Carrying Amount | $ 19,100 |
Accumulated Amortization | 578 |
Net Carrying Amount | $ 18,522 |
Technology-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period | 60 months |
Gross Carrying Amount | $ 6,700 |
Accumulated Amortization | 398 |
Net Carrying Amount | $ 6,302 |
Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period | 60 months |
Gross Carrying Amount | $ 3,200 |
Accumulated Amortization | 167 |
Net Carrying Amount | $ 3,033 |
Identifiable Intangible Asset67
Identifiable Intangible Assets (Details) - Schedule of Future Amortization Expense $ in Thousands | Jan. 28, 2017USD ($) |
Schedule of Future Amortization Expense [Abstract] | |
2,017 | $ 3,890 |
2,018 | 3,890 |
2,019 | 3,890 |
2,020 | 3,890 |
2,021 | 2,849 |
Thereafter | $ 9,448 |
Restricted Cash (Details)
Restricted Cash (Details) $ in Thousands | Jan. 28, 2017USD ($) |
Restricted Cash (Details) [Line Items] | |
Restricted Cash and Cash Equivalents | $ 16,103 |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 1,500 |
In Conneciton With Acquisition of etailz [Member] | |
Restricted Cash (Details) [Line Items] | |
Restricted Cash and Cash Equivalents | 16,100 |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 1,500 |
Restricted Cash, Maximum Earn Out Provision | $ 14,600 |
Restricted Cash (Details) - Sch
Restricted Cash (Details) - Schedule of Restricted Cash and Cash Equivalents - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Schedule of Restricted Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 27,974 | $ 104,311 | ||
Restricted cash | 16,103 | |||
Total cash, cash equivalents and restricted cash | $ 44,077 | $ 104,311 | $ 118,537 | $ 131,002 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Revolving Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 50,000,000 | ||
Line of Credit Facility, Dividend Restrictions | The Credit Facility contains customary affirmative andnegative covenants, including restrictions on dividends and share repurchases, incurrence of additional indebtedness andacquisitions and covenants around the net number of store closings and restrictions related to the payment of cash dividendsand share repurchases, including limiting the amount of dividends to $5.0 million annually and not allowing borrowings underthe amended facility for the six months before or six months after the dividend payment or repurchase of shares. | ||
Dividends and Share Repurchase Maximum | $ 5,000,000 | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | 21,500,000 | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 39,000,000 | $ 41,000,000 | |
Repayments of Lines of Credit | 4,700,000 | ||
Revolving Credit Facility [Member] | Increased Maximum During Months of October, November, and December [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | ||
Minimum [Member] | Prime Rate [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | ||
Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Maximum [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 41 Months Ended | ||
Oct. 31, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 28, 2017 | |
Stockholders' Equity Note [Abstract] | |||||
Common Stock, Value, Issued (in Dollars) | $ 5,700 | $ 643 | $ 584 | $ 643 | |
Stock Repurchase During Period, Value Per Share | $ 3.56 | $ 3.87 | $ 3.83 | ||
Stock Repurchased During Period, Shares (in Shares) | 686,137 | 2,558,180 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $ 12,200 | $ 12,200 | |||
Common Stock Special Dividends Per Share Cash Paid | $ 0 | $ 0 | $ 0.50 | ||
Cash Dividends Payment Maximum Limit (in Dollars) | $ 5,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Jan. 28, 2017USD ($)ft² | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Board of Directors Chairman [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Payments for Rent | $ 40,000 | ||
Number of Stores Under Lease | 1 | ||
Additional Charges for Leased Property | 2,400 | ||
Sara Neblett [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Payments to Employees | $ 44,707 | ||
NEW YORK | |||
Related Party Transactions (Details) [Line Items] | |||
Area of Property Leased (in Square Feet) | ft² | 181,300 | ||
Lease Expiration Date | Dec. 31, 2020 | ||
Operating Leases, Rent Expense | $ 1,200,000 | $ 103,000 | |
Payments for Rent | $ 2,100,000 | $ 2,300,000 |
Recently Issued Accounting Po73
Recently Issued Accounting Policies (Details) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Standards Update 2014-09 [Member] | |
Recently Issued Accounting Policies (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In June 2014, the FASB issued Accounting Standard Update(“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenueto which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existingrevenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company’s fiscalyear beginning February 4, 2018. To date the Company has identified relevant arrangements and performance obligations and is assessingthe impact of the new guidance. Evaluation is ongoing and it is too early to provide an assessment of the impact. The Companyhas not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Accounting Standards Update 2015-11 [Member] | |
Recently Issued Accounting Policies (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In July 2015, the FASB issued ASU No. 2015-11, Simplifyingthe Measurement of Inventory. The amendments, which apply to inventory that is measured using any method other than the last-in,first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value.ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and shouldbe applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time,anticipate a material impact to our consolidated results of operations, financial positions or cash flows. |
Accounting Standards Update 2016-02 [Member] | |
Recently Issued Accounting Policies (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In February 2016, the FASB issued ASU No. 2016-02, Leases,which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of the ASU is that an entity shouldrecognize the rights and obligations resulting from leases as assets and liabilities. The new standard requires qualitative andspecific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understandmore about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. The newstandard will be effective for the Company’s fiscal year beginning February 2, 2019, and requires the modified retrospectivemethod of adoption. Early adoption is permitted. The Company is in the process of determining the method and timing of adoptionand assessing the impact of ASU 2016-02 on its consolidated financial statements. Given the nature of the operating leases forthe Company’s home office, distribution center, and stores, the Company expects an increase to the carrying value of itsassets and liabilities. |
Accounting Standards Update 2016-18 [Member] | |
Recently Issued Accounting Policies (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In November 2016, the FASB issued ASU 2016-18, Statementof Cash Flows, which require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents,and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restrictedcash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-periodand end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard as part of its quarterlyreport for the period ended October 29, 2016. |
Quarterly Financial Informati74
Quarterly Financial Information (Unaudited) (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 31, 2015 | |
Schedule of Quarterly Financial Information [Abstract] | ||||||||||||
Total Revenue | $ 147,109 | $ 66,282 | $ 64,349 | $ 75,730 | $ 122,681 | $ 69,050 | $ 68,539 | $ 79,234 | $ 353,470 | $ 339,504 | $ 363,263 | |
Gross profit | 50,258 | 26,872 | 26,701 | 30,826 | 47,291 | 27,805 | 28,246 | 32,073 | 134,659 | 135,415 | 140,691 | |
Net income (loss) | $ 8,322 | $ (483) | $ (4,656) | $ 27 | $ 9,868 | $ (4,328) | $ (3,045) | $ 194 | $ 3,211 | $ 2,689 | $ 1,778 | $ 1,778 |
Basic and diluted income (loss) per share (in Dollars per share) | $ 0.23 | $ (0.02) | $ (0.15) | $ 0 | $ 0.32 | $ (0.14) | $ (0.10) | $ 0.01 | $ 0.10 | $ 0.09 | $ 0.06 |
Uncategorized Items - twmc-2017
Label | Element | Value |
Net assets acquired | us-gaap_BusinessCombinationAssetsAndLiabilitiesArisingFromContingenciesAmountRecognized | $ 68,896,000 |