Document And Entity Information
Document And Entity Information | 3 Months Ended |
Apr. 29, 2017shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP |
Document Type | 10-Q |
Current Fiscal Year End Date | --01-31 |
Entity Common Stock, Shares Outstanding | 36,115,388 |
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 | Apr. 29, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 15,803 | $ 27,974 | $ 90,856 |
Restricted cash | 13,001 | 0 | |
Merchandise inventory | 127,509 | 126,004 | 116,648 |
Prepaid expenses and other assets | 14,571 | 15,356 | 7,949 |
Total current assets | 170,884 | 169,334 | 215,453 |
Restricted cash | 10,496 | 16,103 | |
Net fixed assets | 45,002 | 45,097 | 33,198 |
Goodwill | 39,191 | 39,191 | |
Net intangible assets | 26,886 | 27,857 | |
Other assets | 7,598 | 10,228 | 10,030 |
TOTAL ASSETS | 300,057 | 307,810 | 258,681 |
CURRENT LIABILITIES | |||
Accounts payable | 40,778 | 52,307 | 41,038 |
Accrued expenses and other current liabilities | 11,224 | 9,198 | 8,887 |
Deferred revenue | 8,190 | 9,228 | 8,424 |
Total current liabilities | 60,192 | 70,733 | 58,349 |
Contingent consideration | 8,552 | 8,552 | |
Other long-term liabilities | 29,072 | 30,589 | 27,004 |
TOTAL LIABILITIES | 97,816 | 109,874 | 85,353 |
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, 64,252,671 and 58,451,512 shares issued, respectively) | 643 | 643 | 585 |
Additional paid-in capital | 338,842 | 338,075 | 316,627 |
Treasury stock at cost (28,137,283, 28,137,283 and 28,108,174 shares, respectively) | (230,144) | (230,144) | (230,103) |
Accumulated other comprehensive loss | (797) | (802) | (761) |
Retained earnings | 93,697 | 90,164 | 86,980 |
TOTAL COMPANY SHAREHOLDERS’ EQUITY | 202,241 | 197,936 | 173,328 |
TOTAL LIABILITIES AND EQUITY | $ 300,057 | $ 307,810 | $ 258,681 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 64,252,671 | 64,252,671 | 58,451,512 |
Treasury stock, shares at cost | 28,137,283 | 28,137,283 | 28,108,174 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net sales | $ 100,752 | $ 74,768 |
Other revenue | 1,215 | 962 |
Total revenue | 101,967 | 75,730 |
Cost of sales | 65,662 | 44,904 |
Gross profit | 36,305 | 30,826 |
Selling, general and administrative expenses | 41,512 | 31,511 |
Loss from operations | (5,207) | (685) |
Interest expense | 56 | 173 |
Gain on insurance proceeds | (8,835) | |
Other income | (15) | (932) |
Income before income tax expense | 3,587 | 74 |
Income tax expense | 54 | 47 |
Net income | $ 3,533 | $ 27 |
BASIC AND DILUTED INCOME PER SHARE: | ||
Basic income per common share (in Dollars per share) | $ 0.10 | $ 0 |
Weighted average number of common shares outstanding – basic (in Shares) | 36,177 | 30,761 |
Diluted income per share (in Dollars per share) | $ 0.10 | $ 0 |
Weighted average number of common shares outstanding – diluted (in Shares) | 36,214 | 30,930 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net income | $ 3,533 | $ 27 |
Amortization of pension costs (gain) | (5) | 51 |
Comprehensive income | $ 3,528 | $ 78 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net cash used by operating activities | $ (13,883) | $ (8,284) |
Cash flows from investing activities: | ||
Proceeds from company owned life insurance and SERP death benefits | 14,032 | |
Investment in collaborative arrangement | (2,605) | |
Proceeds from sale of investment | 1,600 | |
Purchases of fixed assets | (2,321) | (4,165) |
Net cash provided by (used in) investing activities | 9,106 | (2,565) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (2,606) | |
Net cash used by financing activities | (2,606) | |
Net decrease in cash and cash equivalents | (4,777) | (13,455) |
Cash, cash equivalents and restricted cash, beginning of period | 44,077 | 104,311 |
Cash, cash equivalents and restricted cash, end of period | $ 39,300 | 90,856 |
Supplemental disclosures and non-cash investing and financing activities: | ||
Issuance of restricted shares under deferred / restricted stock agreements | $ 430 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1. Nature of Operations Trans World Entertainment Corporation and subsidiaries (“the Company”) is one of the largest specialty retailers of entertainment products, including trend, video, music, electronics and related products in the United States. The Company operates in two reportable segments: fye and etailz. The fye segment operates a chain of retail entertainment stores and e-commerce sites, www.fye.com www.secondspin.com Liquidity and Cash Flows: The Company’s primary sources of working capital are cash provided by operations and borrowing capacity under its revolving credit facility. The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns, the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the foreseeable future, including its capital spending, its seasonal increase in merchandise inventory and other operating cash requirements and commitments. Management anticipates any cash requirements due to a shortfall in cash from operations will be funded by the Company’s revolving credit facility, as discussed in note 9 in the condensed consolidated financial statements. In connection with the preparation of these unaudited condensed consolidated financial statements, the Company conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity’s ability to continue as a going concern within one year after the date of the issuance, or the date of availability, of the condensed consolidated financial statements to be issued, noting that there did not appear to be evidence of substantial doubt of the entity’s ability to continue as a going concern. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | Note 2. Basis of Presentation The accompanying condensed consolidated financial statements consist of Trans World Entertainment Corporation, Record Town, Inc. (“Record Town”), Record Town’s subsidiaries and etailz, Inc., all of which are wholly-owned. All intercompany accounts and transactions have been eliminated. The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended January 28, 2017 contained in the Company’s Annual Report on Form 10-K filed April 13, 2017. The results of operations for the 13 weeks ended April 29, 2017 are not necessarily indicative of the results to be expected for the entire fiscal year ending February 3, 2018. The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 28, 2017. There have been no material changes to the accounting policies applied to our consolidated results and footnote disclosures. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 29, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“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. This 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 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 this 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 January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test whereby a goodwill impairment loss is determined by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Rather, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 is effective for the Company in fiscal 2021, applied on a prospective basis, and early adoption is allowed for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which is intended to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost in an entity’s financial statements by requiring the service cost component be disaggregated from other components of net benefit costs and presented in the same line item or items as other compensation costs for the employees. Additionally, only the service cost component of net benefit cost is eligible for capitalization when applicable. ASU 2017-07 is effective for the Company’s fiscal year beginning February 2, 2019, and must be applied retrospectively. ASU 2017-07 is permitted for early adoption, but only at the beginning of an annual period for which financial statements have not been issued or made available for issuance. The Company is currently evaluating the impact that this ASU will have on its reporting and asset recognition. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,” which provided clarity as to what changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company for interim and annual periods beginning in fiscal year beginning February 2, 2019, with early adoption permitted and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. The Company will consider the impact that this standard may have on future stock-based payment award modifications should they occur. |
Asset Acquisitions
Asset Acquisitions | 3 Months Ended |
Apr. 29, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 4. Asset Acquisitions Business Combination-etailz On October 17, 2016, the Company completed the purchase of all of the issued and outstanding shares of etailz, Inc. (etailz), an innovative and leading digital marketplace retailer. etailz operates 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 Company paid $32.3 million in cash, issued 5.7 million shares of Trans World Entertainment Corporation 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 would 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 prior to its amendment as discussed in the following paragraph. In connection with the acquisition, the Company assumed the liability of the selling shareholders for etailz’s employee retention 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. Subsequent to the end of the Company’s first fiscal quarter, the share purchase agreement with the selling shareholders of etailz was amended to provide that $11.5 million be released from the earnout escrow account and the $3.1 million remaining in the earnout escrow account may be payable in cash to the selling shareholders in 2019, subject to the achievement by etailz of operating income in excess of $15.5 million during the twenty-four month period ended February 2, 2019. In the event that etailz achieves operating income in excess of $13.5 million, but less than $15.5 million, an earnout of $1.6 million would be payable in 2019. If etailz operating income is below $13.5 million, the $3.1 million escrow would be returned to the Company. The amount released from escrow was disbursed on May 5, 2017 as follows: $5.0 million to the Company for future investment, $5.0 million to the selling shareholders, and $1.5 million to the Company (to be allocated to increase the maximum amount available under the etailz employee retention bonus plan from $4.2 million to $5.7 million). 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 thirteen weeks ended April 30, 2016, presents consolidated information as if the etailz acquisition had occurred on February 1, 2016. Because of different fiscal period ends, and in order to present results for comparable periods, the unaudited pro forma financial information for the thirteen weeks ended April 30, 2016, combines (i) the Company’s historical statement of operations for the thirteen weeks ended April 30, 2016, and (ii) etailz historical statement of income for the period from February 1, 2016 through April 30, 2016. 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. Thirteen Weeks Ended April 30, Pro forma total revenue $ 102,426 Pro forma net loss (1,010 ) Pro forma basic and diluted loss per share $ (0.03 ) Pro forma weighted average number of common shares outstanding – basic and diluted 36,751 Collaborative Arrangement On April 11, 2017, the Company entered into an agreement with another party for the purpose of acquiring and selling certain retail merchandise. etailz holds a 50% economic interest in the arrangement as of April 29, 2017. The cash investment was $2.6 million dollars. The $2.6 million investment was included in other assets as of April 29, 2017. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment if circumstances indicate that the carrying amount may not be recoverable. We are continuing to amortize certain vendor relationships, technology, and trade names and trademarks that have finite lives. Identifiable intangible assets as of April 29, 2017 consisted of the following (in thousands, except weighted-average amortization period): April 29, 2017 Weighted Gross Accumulated Net Carrying Vendor relationships 120 $ 19,100 $ 1,054 $ 18,046 Technology 60 6,700 733 5,967 Trade names and trademarks 60 3,200 327 2,873 $ 29,000 $ 2,114 $ 26,886 The changes in net intangibles and goodwill from January 28, 2017 to April 29, 2017 were as follows: (in thousands) January 28, Amortization April 29, Amortized intangible assets: Vendor relationships $ 18,522 $ 476 $ 18,046 Technology 6,302 335 5,967 Trade names and trademarks 3,033 160 2,873 Net amortized intangible assets $ 27,857 $ 971 $ 26,886 Unamortized intangible assets: Goodwill $ 39,191 — $ 39,191 Total unamortized intangible assets $ 39,191 — $ 39,191 Estimated amortization expense for the remainder of fiscal 2017 and the five succeeding fiscal years and thereafter is as follows: Year Annual (in thousands) 2017 $ 2,919 2018 3,890 2019 3,890 2020 3,890 2021 3,325 2022 1,910 Thereafter 7,062 |
Depreciation and Amortization
Depreciation and Amortization | 3 Months Ended |
Apr. 29, 2017 | |
Depreciation and Amoritzation [Abstract] | |
Depreciation and Amoritzation [Text Block] | Note 6. Depreciation and Amortization Depreciation and amortization included in the condensed consolidated statements of operations is as follows: Thirteen Weeks Ended April 29, April 30, 2017 2016 (in thousands) Cost of sales $ 154 $ 100 Selling, general and administrative expenses 3,223 1,463 Total $ 3,377 $ 1,563 |
Segment Data
Segment Data | 3 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 7. Segment Data As described in Note 1 to the condensed consolidated financial statements, we operate in two reportable segments as shown in the following table. etailz results included in the tables below are for the period starting when etailz was acquired, therefore, results are only included in the thirteen weeks ended April 29, 2017. Thirteen Weeks Ended (in thousands) April 29, April 30, Total Revenue fye $ 64,944 $ 75,730 etailz 37,023 — Total Company $ 101,967 $ 75,730 Gross Profit fye $ 26,910 $ 30,826 etailz 9,395 — Total Company $ 36,305 $ 30,826 Loss From Operations fye $ (4,386 ) $ (685 ) etailz (821 ) — Total Company $ (5,207 ) $ (685 ) Total Assets fye $ 201,335 $ 258,681 etailz 98,722 — Total Company $ 300,057 $ 258,681 |
Restricted Cash
Restricted Cash | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Restricted Assets Disclosure [Text Block] | Note 8. Restricted Cash At April 29, 2017, the Company had restricted cash of $13.0 million and $10.5 million reported in current and other assets on the accompanying condensed consolidated balance sheet, respectively. The Company did not have restricted cash as of April 30, 2016. In connection with the acquisition of etailz and under the terms of the share purchase agreement, the Company designated $1.5 million of the restricted cash to be made available to satisfy any indemnification claims within 18 months from the date of acquisition 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 in accordance with the share purchase agreement. In addition, as a result of the death of its former Chairman, the Company received $7.4 million, which is held in a rabbi trust and was classified as restricted cash in other assets on the accompanying condensed consolidated balance sheet. A summary of cash, cash equivalents and restricted cash is as follows (in thousands): April 29, January 28, April 30, 2017 2017 2016 Cash and cash equivalents $ 15,803 $ 27,974 $ 90,856 Restricted cash 23,497 16,103 — Total cash, cash equivalents and restricted cash $ 39,300 $ 44,077 $ 90,856 |
Line of Credit
Line of Credit | 3 Months Ended |
Apr. 29, 2017 | |
Line of Credit [Abstract] | |
Line of Credit [Text Block] | Note 9. 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 availability under the Credit Facility is subject to limitations based on 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 a provision to increase availability to $75 million during October to December of each year, as needed. 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 Credit Facility contains customary affirmative and negative covenants, including restrictions on dividends and share repurchases, incurrence of additional indebtedness and acquisitions, 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. During the first quarters of fiscal 2017 and 2016, the Company did not have any borrowings under its existing credit facilities. Peak borrowings under its credit facility during fiscal 2016 were $21.5 million. As of April 29, 2017 and April 30, 2016, the Company had no outstanding letters of credit. The Company had $35 million and $37 million available for borrowing as of April 29, 2017 and April 30, 2016, respectively. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10. Stock Based Compensation As of April 29, 2017, there was approximately $845 thousand of unrecognized compensation cost related to stock awards that is expected to be recognized as expense over a weighted average period of 2.5 years. As of April 29, 2017, stock awards authorized for issuance under the Company’s current long term equity incentive plans totaled 8.0 million shares. There are certain authorized stock awards for which the Company no longer grants awards. Of these awards authorized for issuance, 2.6 million shares were granted and are outstanding, 1.3 million shares of which were vested and exercisable. Awards available for future grants at April 29, 2017 were 1.1 million shares. The following table summarizes stock award activity during the thirteen weeks ended April 29, 2017: Employee and Director Stock Award Plans Number of Weighted Weighted Other Weighted Balance January 28, 2017 2,459,564 $ 3.58 7.3 170,927 $ 3.87 Granted — — — — — Canceled (24,250 ) 3.74 — — — Exercised — — — — — Balance April 29, 2017 2,435,314 $ 3.58 7.1 170,927 $ 3.87 Exercisable April 29, 2017 1,188,064 $ 3.51 5.4 63,427 $ 4.50 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. As of April 29, 2017, the intrinsic value of stock awards outstanding and exercisable was approximately $12 thousand. 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 April 29, 2017, the Company recognized $622 thousand of compensation cost related to these shares. As of April 29, 2017, there was approximately $4.8 million of unrecognized compensation cost related to these restricted shares that is expected to be recognized as expense over the next 21 months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | Note 11. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss that the Company reports in the condensed consolidated balance sheets represents net loss, adjusted for the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive income consists of net income and the reclassification of pension costs previously reported in comprehensive income for the thirteen weeks ended April 29, 2017 and April 30 2016. |
Defined Benefit Plans
Defined Benefit Plans | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 12. Defined Benefit Plan The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirteen weeks ended April 29, 2017, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2017. The measurement date for the SERP is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities. The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: Thirteen Weeks Ended April 29, April 30, 2017 2016 (in thousands) Service cost $ 16 $ 15 Interest cost 139 137 Amortization of pension costs 4 55 Amortization of net gain (1) (9 ) (4 ) Net periodic pension cost $ 150 $ 203 (1) The amortization of net gain is related to a Director Retirement Plan previously provided by the Company. |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 3 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 13. Basic and Diluted Loss Per Share Basic income per share is calculated by dividing net income by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net income by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. Weighted average shares are calculated as follows: Thirteen Weeks Ended April 29, April 30, 2017 2016 (in thousands) Weighted average common shares outstanding – basic 36,177 30,761 Dilutive effect of employee stock options 37 169 Weighted average common shares outstanding–diluted 36,214 30,930 Anti-dilutive stock options 2,266 1,934 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 14. Income Taxes 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 on 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 available objective evidence, management concluded that a full valuation allowance should continue to be recorded against the Company’s deferred tax assets. Management will continue to assess the need for and amount of the valuation allowance against the deferred tax assets by giving consideration to all available evidence to the Company’s ability to generate future taxable income in its conclusion of the need for a full valuation allowance. Any reversal of the Company’s valuation allowance will favorably impact its results of operations in the period of reversal. The Company is currently unable to determine whether or when that reversal might occur, but it will continue to assess the realizability of its deferred tax assets and will adjust the valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will become realizable in the future. The Company has significant net operating loss carry forwards and other tax attributes that are available to offset projected taxable income and current taxes payable, if any, for the year ending February 3, 2018. The deferred tax impact resulting from the utilization of the net operating loss carry forwards and other tax attributes will be offset by a reduction in the valuation allowance. As of January 28, 2017, the Company had a net operating loss carry forward of $181.4 million for federal income tax purposes and approximately $243 million for state income tax purposes that expire at various times through 2036 and are subject to certain limitations and statutory expiration periods. |
Asset Acquisitions (Tables)
Asset Acquisitions (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Thirteen Weeks Ended April 30, Pro forma total revenue $ 102,426 Pro forma net loss (1,010 ) Pro forma basic and diluted loss per share $ (0.03 ) Pro forma weighted average number of common shares outstanding – basic and diluted 36,751 |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable intangible assets as of April 29, 2017 consisted of the following (in thousands, except weighted-average amortization period): April 29, 2017 Weighted Gross Accumulated Net Carrying Vendor relationships 120 $ 19,100 $ 1,054 $ 18,046 Technology 60 6,700 733 5,967 Trade names and trademarks 60 3,200 327 2,873 $ 29,000 $ 2,114 $ 26,886 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The changes in net intangibles and goodwill from January 28, 2017 to April 29, 2017 were as follows: (in thousands) January 28, Amortization April 29, Amortized intangible assets: Vendor relationships $ 18,522 $ 476 $ 18,046 Technology 6,302 335 5,967 Trade names and trademarks 3,033 160 2,873 Net amortized intangible assets $ 27,857 $ 971 $ 26,886 Unamortized intangible assets: Goodwill $ 39,191 — $ 39,191 Total unamortized intangible assets $ 39,191 — $ 39,191 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for the remainder of fiscal 2017 and the five succeeding fiscal years and thereafter is as follows: Year Annual (in thousands) 2017 $ 2,919 2018 3,890 2019 3,890 2020 3,890 2021 3,325 2022 1,910 Thereafter 7,062 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Depreciation and Amoritzation [Abstract] | |
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | Depreciation and amortization included in the condensed consolidated statements of operations is as follows: Thirteen Weeks Ended April 29, April 30, 2017 2016 (in thousands) Cost of sales $ 154 $ 100 Selling, general and administrative expenses 3,223 1,463 Total $ 3,377 $ 1,563 |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen Weeks Ended (in thousands) April 29, April 30, Total Revenue fye $ 64,944 $ 75,730 etailz 37,023 — Total Company $ 101,967 $ 75,730 Gross Profit fye $ 26,910 $ 30,826 etailz 9,395 — Total Company $ 36,305 $ 30,826 Loss From Operations fye $ (4,386 ) $ (685 ) etailz (821 ) — Total Company $ (5,207 ) $ (685 ) Total Assets fye $ 201,335 $ 258,681 etailz 98,722 — Total Company $ 300,057 $ 258,681 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Apr. 29, 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): April 29, January 28, April 30, 2017 2017 2016 Cash and cash equivalents $ 15,803 $ 27,974 $ 90,856 Restricted cash 23,497 16,103 — Total cash, cash equivalents and restricted cash $ 39,300 $ 44,077 $ 90,856 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | The following table summarizes stock award activity during the thirteen weeks ended April 29, 2017: Employee and Director Stock Award Plans Number of Weighted Weighted Other Weighted Balance January 28, 2017 2,459,564 $ 3.58 7.3 170,927 $ 3.87 Granted — — — — — Canceled (24,250 ) 3.74 — — — Exercised — — — — — Balance April 29, 2017 2,435,314 $ 3.58 7.1 170,927 $ 3.87 Exercisable April 29, 2017 1,188,064 $ 3.51 5.4 63,427 $ 4.50 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: Thirteen Weeks Ended April 29, April 30, 2017 2016 (in thousands) Service cost $ 16 $ 15 Interest cost 139 137 Amortization of pension costs 4 55 Amortization of net gain (1) (9 ) (4 ) Net periodic pension cost $ 150 $ 203 |
Basic and Diluted Loss Per Sh28
Basic and Diluted Loss Per Share (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Weighted average shares are calculated as follows: Thirteen Weeks Ended April 29, April 30, 2017 2016 (in thousands) Weighted average common shares outstanding – basic 36,177 30,761 Dilutive effect of employee stock options 37 169 Weighted average common shares outstanding–diluted 36,214 30,930 Anti-dilutive stock options 2,266 1,934 |
Nature of Operations (Details)
Nature of Operations (Details) ft² in Millions | 3 Months Ended |
Apr. 29, 2017ft² | |
Disclosure Text Block [Abstract] | |
Number of Reportable Segments | 2 |
Number of Stores | 273 |
Area of Stores (in Square Feet) | 1.5 |
Asset Acquisitions (Details)
Asset Acquisitions (Details) - USD ($) $ / shares in Units, shares in Millions | Oct. 17, 2017 | May 05, 2017 | Apr. 29, 2017 | Oct. 29, 2016 | Oct. 17, 2016 | Apr. 30, 2016 | Oct. 29, 2016 | Jan. 28, 2017 | Feb. 02, 2019 |
Asset Acquisitions (Details) [Line Items] | |||||||||
EarnOutProvisionAchievementDescription | Subsequent to the end of the Company’s first fiscal quarter, theshare purchase agreement with the selling shareholders of etailz was amended to provide that $11.5 million be released from theearnout escrow account and the $3.1 million remaining in the earnout escrow account may be payable in cash to the selling shareholdersin 2019, subject to the achievement by etailz of operating income in excess of $15.5 million during the twenty-four month periodended February 2, 2019. In the event that etailz achieves operating income in excess of $13.5 million, but less than $15.5 million,an earnout of $1.6 million would be payable in 2019. If etailz operating income is below $13.5 million, the $3.1 million escrowwould be returned to the Company. | ||||||||
Business Combination, Contingent Consideration, Liability | $ 8,552,000 | $ 8,552,000 | |||||||
Operating Income (Loss) | $ (5,207,000) | $ (685,000) | |||||||
Shoes Joint Venture [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||||||
Venture Shoes JV [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Payments to Acquire Equity Method Investments | $ 2.6 | ||||||||
etailz [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 32,300,000 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 5.7 | ||||||||
Other Payments to Acquire Businesses | $ 4,300,000 | ||||||||
Business Acquisition, Share Price (in Dollars per share) | $ 3.56 | ||||||||
Equity Issued in Business Combination, Fair Value Disclosure | $ 20,400,000 | ||||||||
EarnOutProvisionAchievementDescription | An earn-outof up to a maximum of $14.6 million would be payable in fiscal 2018 and fiscal 2019 subject to the achievement by etailz of $6million in operating income in fiscal 2017 and $7.5 million in fiscal 2018 as outlined in the share purchase agreement prior toits amendment as discussed in the following paragraph. | ||||||||
Business Combination, Contingent Consideration, Liability | $ 14,600,000 | ||||||||
Decrease in Restricted Cash | $ 1,900,000 | 11,500,000 | |||||||
Due to Employees, Noncurrent | $ 2,300,000 | ||||||||
Other Operating Income (Expense), Net | $ 15,500,000 | ||||||||
Business Combination, Acquisition Related Costs | $ 13,500,000 | $ 3,100,000 | |||||||
etailz [Member] | Minimum [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Operating Income (Loss) | 13,500,000 | ||||||||
etailz [Member] | Original Amount [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Maximum Amount Available Under Employee Rentention Bonus Plan | $ 4,200,000 | ||||||||
etailz [Member] | New Amount [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Maximum Amount Available Under Employee Rentention Bonus Plan | 5,700,000 | ||||||||
etailz [Member] | Future Investment [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Decrease in Restricted Cash | 5,000,000 | ||||||||
etailz [Member] | To The Selling Shareholders [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Decrease in Restricted Cash | 5,000,000 | ||||||||
etailz [Member] | To The Company [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Escrow Deposit Disbursements Related to Property Acquisition | $ 1,500,000 | ||||||||
etailz [Member] | Maximum [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Operating Income (Loss) | 15,500,000 | ||||||||
etailz [Member] | Maximum [Member] | Two Thousand and Nineteen [Member] | Minimum [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 3,100,000 | ||||||||
etailz [Member] | Minimum [Member] | Two Thousand and Nineteen [Member] | |||||||||
Asset Acquisitions (Details) [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 1,600,000 |
Asset Acquisitions (Details) -
Asset Acquisitions (Details) - Schedule of Pro Forma Financial Information Related to the Business Acquisition $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2016USD ($)$ / sharesshares | |
Schedule of Pro Forma Financial Information Related to the Business Acquisition [Abstract] | |
Pro forma total revenue | $ 102,426 |
Pro forma net loss | $ (1,010) |
Pro forma basic and diluted loss per share (in Dollars per share) | $ / shares | $ (0.03) |
Pro forma weighted average number of common shares outstanding – basic and diluted (in Shares) | shares | 36,751 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Details) - Schedule of Identifiable Intangible Assets $ in Thousands | 12 Months Ended |
Apr. 29, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 29,000 |
Accumulated Amortization | 2,114 |
Net Carrying Amount | $ 26,886 |
Vendor Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 120 months |
Gross Carrying Amount | $ 19,100 |
Accumulated Amortization | 1,054 |
Net Carrying Amount | $ 18,046 |
Technology-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 60 months |
Gross Carrying Amount | $ 6,700 |
Accumulated Amortization | 733 |
Net Carrying Amount | $ 5,967 |
Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 60 months |
Gross Carrying Amount | $ 3,200 |
Accumulated Amortization | 327 |
Net Carrying Amount | $ 2,873 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Details) - Schedule of Changes in Net Intangibles and Goodwill - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Jan. 28, 2017 | |
Amortized intangible assets: | ||
Net amortized intangible assets | $ 26,886 | $ 27,857 |
Amortization of net intangible assets | 971 | |
Unamortized intangible assets: | ||
Goodwill | 39,191 | 39,191 |
Total unamortized intangible assets | 39,191 | 39,191 |
Vendor Relationships [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets | 18,046 | 18,522 |
Amortization of intangible assets | 476 | |
Technology [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets | 5,967 | 6,302 |
Amortization of intangible assets | 335 | |
Trademarks and Trade Names [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets | 2,873 | $ 3,033 |
Amortization of intangible assets | $ 160 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Details) - Schedule of Estimated Amortization Expense $ in Thousands | Apr. 29, 2017USD ($) |
Schedule of Estimated Amortization Expense [Abstract] | |
2,017 | $ 2,919 |
2,018 | 3,890 |
2,019 | 3,890 |
2,020 | 3,890 |
2,021 | 3,325 |
2,022 | 1,910 |
Thereafter | $ 7,062 |
Depreciation and Amortization35
Depreciation and Amortization (Details) - Schedule of Depreciation and Amortization of Fixed Assets - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Schedule of Depreciation and Amortization of Fixed Assets [Abstract] | ||
Cost of sales | $ 154 | $ 100 |
Selling, general and administrative expenses | 3,223 | 1,463 |
Total | $ 3,377 | $ 1,563 |
Segment Data (Details)
Segment Data (Details) | 3 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Segment Data (Details) - Schedu
Segment Data (Details) - Schedule of Reporting Segements - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 28, 2017 | |
Total Revenue | |||
Total Revenue | $ 101,967 | $ 75,730 | |
Gross Profit | |||
Gross Profit | 36,305 | 30,826 | |
Loss From Operations | |||
Loss From Operations | (5,207) | (685) | |
Total Assets | |||
Total Assets | 300,057 | 258,681 | $ 307,810 |
fye [Member] | |||
Total Revenue | |||
Total Revenue | 64,944 | 75,730 | |
Gross Profit | |||
Gross Profit | 26,910 | 30,826 | |
Loss From Operations | |||
Loss From Operations | (4,386) | (685) | |
Total Assets | |||
Total Assets | 201,335 | 258,681 | |
etailz [Member] | |||
Total Revenue | |||
Total Revenue | 37,023 | ||
Gross Profit | |||
Gross Profit | 9,395 | ||
Loss From Operations | |||
Loss From Operations | (821) | ||
Total Assets | |||
Total Assets | 98,722 | ||
Total Company [Member] | |||
Total Revenue | |||
Total Revenue | 101,967 | 75,730 | |
Gross Profit | |||
Gross Profit | 36,305 | 30,826 | |
Loss From Operations | |||
Loss From Operations | (5,207) | (685) | |
Total Assets | |||
Total Assets | $ 300,057 | $ 258,681 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 13,001 | $ 0 |
Restricted Cash and Cash Equivalents, Noncurrent | 10,500 | |
As a Result of Death of Chairman [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | 7,400 | |
In Connection With Acquisition of etailz [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 1,500 | |
Duration to Satisfy Indemnification Claims From Date of Acquisition | 18 months | |
Restricted Cash Maximum Earn Out Provision | $ 14,600 |
Restricted Cash (Details) - Sch
Restricted Cash (Details) - Schedule of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Schedule of Cash, Cash Equivalents, and Restricted Cash [Abstract] | |||
Cash and cash equivalents | $ 15,803 | $ 27,974 | $ 90,856 |
Restricted cash | 23,497 | 16,103 | |
Total cash, cash equivalents and restricted cash | $ 39,300 | $ 44,077 | $ 90,856 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 | |
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 50 | ||
Line of Credit Facility, Dividend Restrictions | The Credit Facility contains customary affirmative and negativecovenants, including restrictions on dividends and share repurchases, incurrence of additional indebtedness and acquisitions, covenantsaround the net number of store closings, and restrictions related to the payment of cash dividends, including limiting the amountof dividends and share repurchases to $5.0 million annually and not allowing borrowings under the amended facility for the sixmonths before or six months after the dividend payment. | ||
Dividends and Share Repurchase Maximum | $ 5 | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 21.5 | ||
Letters of Credit Outstanding, Amount | 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 35 | $ 37 | |
Increased Maximum During Months of October, November, and December [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 75 | ||
Minimum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||
Maximum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||
LIBOR Rate [Member] | Minimum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
LIBOR Rate [Member] | Maximum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
Prime Rate [Member] | Minimum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Prime Rate [Member] | Maximum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 29, 2017USD ($)$ / sharesshares | |
Stock Based Compensation (Details) [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ | $ 845 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,000,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number | 2,600,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number | 1,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,100,000 |
Intrinsic Value of Stock Awards Outstanding (in Dollars) | $ | $ 12 |
Restricted Stock [Member] | |
Stock Based Compensation (Details) [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ | $ 4,800 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 21 months |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 1,572,552 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 3.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost (in Dollars) | $ | $ 622 |
Stock Based Compensation (Det42
Stock Based Compensation (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - USD ($) | Jan. 28, 2017 | Apr. 29, 2017 | |
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | |||
Number of Shares Subject To Option | 2,459,564 | ||
Weighted Average Exercise Price (in Dollars per share) | $ 3.58 | ||
Weighted Average Remaining Contractual Term | 7 years 109 days | 7 years 36 days | |
Other Share Awards | [1] | 170,927 | 170,927 |
Weighted Average Grant Fair Value, Other Share Awards (in Dollars per share) | $ 3.87 | $ 3.87 | |
Exercisable April 29, 2017 | 1,188,064 | ||
Exercisable April 29, 2017 (in Dollars per share) | $ 3.51 | ||
Exercisable April 29, 2017 | 5 years 146 days | ||
Exercisable April 29, 2017 | [1] | 63,427 | |
Exercisable April 29, 2017 (in Dollars) | $ 4.50 | ||
Granted | [1] | ||
Canceled | (24,250) | ||
Canceled (in Dollars per share) | $ 3.74 | ||
Canceled | [1] | ||
Exercised | [1] | ||
Number of Shares Subject To Option | 2,435,314 | ||
Weighted Average Exercise Price (in Dollars per share) | $ 3.58 | ||
[1] | Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) $ in Millions | Apr. 29, 2017USD ($) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plans (Details) [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 1.2 |
Defined Benefit Plans (Detail44
Defined Benefit Plans (Details) - Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | ||
Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] | |||
Service cost | $ 16 | $ 15 | |
Interest cost | 139 | 137 | |
Amortization of pension costs | 4 | 55 | |
Amortization of net gain | [1] | (9) | (4) |
Net periodic pension cost | $ 150 | $ 203 | |
[1] | The amortization of net gain is related to a Director Retirement Plan previously provided by the Company. |
Basic and Diluted Loss Per Sh45
Basic and Diluted Loss Per Share (Details) - Schedule of Weighted Average Shares - shares shares in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Schedule of Weighted Average Shares [Abstract] | ||
Weighted average common shares outstanding – basic | 36,177 | 30,761 |
Dilutive effect of employee stock options | 37 | 169 |
Weighted average common shares outstanding–diluted | 36,214 | 30,930 |
Anti-dilutive stock options | 2,266 | 1,934 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 3 Months Ended |
Apr. 29, 2017USD ($) | |
Domestic Tax Authority [Member] | |
Income Taxes (Details) [Line Items] | |
Operating Loss Carryforwards | $ 181.4 |
Tax Credit Carryforward Expiration Year | 2,036 |
State and Local Jurisdiction [Member] | |
Income Taxes (Details) [Line Items] | |
Operating Loss Carryforwards | $ 243 |