Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Feb. 03, 2018 | Mar. 29, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP | |
Document Type | 10-K | |
Current Fiscal Year End Date | --02-03 | |
Entity Common Stock, Shares Outstanding | 36,148,570 | |
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 | Feb. 3, 2018 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 31,326 | $ 27,974 |
Restricted cash | 1,505 | |
Accounts receivable | 4,469 | 7,085 |
Merchandise inventory | 109,112 | 126,004 |
Prepaid expenses and other current assets | 6,976 | 8,271 |
Total current assets | 153,388 | 169,334 |
Restricted cash | 10,675 | 16,103 |
Net fixed assets | 13,546 | 45,097 |
Goodwill | 39,191 | 39,191 |
Net intangible assets | 23,967 | 27,857 |
Other assets | 7,139 | 10,228 |
TOTAL ASSETS | 247,906 | 307,810 |
CURRENT LIABILITIES | ||
Accounts payable | 41,780 | 52,307 |
Accrued expenses and other current liabilities | 10,846 | 9,198 |
Deferred revenue | 7,935 | 9,228 |
Total current liabilities | 60,561 | 70,733 |
Other long-term liabilities | 29,131 | 39,141 |
TOTAL LIABILITIES | 89,692 | 109,874 |
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; 64,305,171 shares and 64,252,671 shares issued, respectively) | 643 | 643 |
Additional paid-in capital | 341,103 | 338,075 |
Treasury stock at cost (28,156,601 and 28,137,283 shares, respectively) | (230,145) | (230,144) |
Accumulated other comprehensive loss | (998) | (802) |
Retained earnings | 47,611 | 90,164 |
TOTAL SHAREHOLDERS’ EQUITY | 158,214 | 197,936 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 247,906 | $ 307,810 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
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 | 64,305,171 | 64,252,671 |
Treasury stock, shares at cost | 28,156,601 | 28,137,283 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Net sales | $ 437,173 | $ 348,672 | $ 334,661 |
Other revenue | 5,683 | 4,798 | 4,843 |
Total revenue | 442,856 | 353,470 | 339,504 |
Cost of sales | 299,013 | 218,811 | 204,089 |
Gross profit | 143,843 | 134,659 | 135,415 |
Selling, general and administrative expenses | 167,924 | 139,691 | 130,845 |
Income from joint venture | (1,787) | ||
Gain on sale of asset | (1,164) | ||
Asset impairment charges | 29,107 | ||
Income (loss) from operations | (51,401) | (3,868) | 4,570 |
Interest expense | 332 | 775 | 1,860 |
Other income | (8,881) | (1,081) | (160) |
Income (loss) before income taxes | (42,852) | (3,562) | 2,870 |
Income tax expense (benefit) | (299) | (6,773) | 181 |
Net income (loss) | $ (42,553) | $ 3,211 | $ 2,689 |
Basic and diluted earnings (loss) per share (in Dollars per share) | $ (1.18) | $ 0.10 | $ 0.09 |
Weighted average number of shares outstanding - basic (in Shares) | 36,191 | 32,162 | 31,167 |
Weighted average number of shares – diluted (in Shares) | 36,191 | 32,321 | 31,323 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Net income (loss) | $ (42,553) | $ 3,211 | $ 2,689 |
Pension actuarial income (loss) adjustment | (196) | 10 | 1,369 |
Comprehensive income (loss) | $ (42,749) | $ 3,221 | $ 4,058 |
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 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 (Loss) | 2,689 | 2,689 | ||||
Pension acturial income (loss) adjustment | 1,369 | 1,369 | ||||
Amortization of unearned compensation - stock options | 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 | (38,000) | ||||
Stock based compensation | 538 | |||||
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 (Loss) | 3,211 | 3,211 | ||||
Pension acturial income (loss) adjustment | 10 | 10 | ||||
Vesting of performance based awards | $ 1 | 429 | 430 | |||
Exercise of equity grants | 39 | $ 39 | ||||
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) | $ (3) | (145) | ||
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 | |||||
Stock based compensation | 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) | ||||
Net Income (Loss) | (42,553) | (42,553) | ||||
Pension acturial income (loss) adjustment | (196) | (196) | ||||
Vesting of performance based awards | (39) | |||||
Vested restricted shares | (39) | $ (1) | (40) | |||
Vested restricted shares (in Shares) | 50,000 | (20,000) | ||||
Common stock issued in the acquisition of etailz (in Shares) | 2,000 | |||||
Stock based compensation | 3,067 | 3,067 | ||||
Balance at Feb. 03, 2018 | $ 643 | $ 341,103 | $ (230,145) | $ (998) | $ 47,611 | $ 158,214 |
Balance (in Shares) at Feb. 03, 2018 | 64,305,000 | (28,157,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ (42,553) | $ 3,211 | $ 2,689 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation of fixed assets | 10,272 | 8,139 | 5,191 |
Amortization of intangible assets | 3,890 | 1,143 | |
Amortization of lease valuations | (20) | (31) | 23 |
Deferred tax benefit | (6,988) | ||
Stock based compensation | 3,067 | 1,306 | 538 |
Adjustment to contingent consideration | (3,280) | (1,829) | |
Loss on disposal of fixed assets | 579 | 1,089 | 613 |
Loss on impairment of fixed assets | 29,107 | ||
Gain on sale of property | (1,164) | ||
Gain on sale of investments | (800) | (250) | |
Change in cash surrender value | (399) | (980) | 356 |
Gain on life insurance asset | (8,733) | ||
Changes in operating assets and liabilities that provide (use) cash: | |||
Accounts receivable | 2,616 | (1,755) | (3) |
Merchandise inventory | 16,892 | 8,650 | 6,331 |
Prepaid expenses and other current assets | 1,295 | (342) | 4,666 |
Other long-term assets | (668) | 1,217 | (2,561) |
Accounts payable | (10,527) | (4,469) | (11,639) |
Deferred revenue | (1,293) | 245 | (869) |
Accrued expenses and other current liabilities | 1,648 | (4,792) | 1,576 |
Other long-term liabilities | (1,906) | 2,586 | 1,302 |
Net cash provided by (used in) operating activities | (13) | 4,436 | 7,963 |
INVESTING ACTIVITIES: | |||
Acquisition of a business | (36,600) | ||
Purchases of fixed assets | (8,407) | (24,672) | (20,700) |
Proceeds from company owned life insurance | 14,363 | ||
Investment in joint venture | (2,575) | ||
Capital distributions from joint venture | 1,101 | ||
Proceeds from sale of assets | 2,839 | 1,567 | |
Proceeds from sale of investments | 1,600 | ||
Purchases of investments | (500) | (1,052) | |
Net cash provided by (used in) investing activities | 4,482 | (57,333) | (20,185) |
FINANCING ACTIVITIES: | |||
Exercise of long term equity awards | 39 | 19 | |
Vesting of long term equity awards | (39) | 430 | |
Payments of capital lease obligations | (938) | ||
Payments of long term borrowings | (11,657) | (26,192) | |
Proceeds from long term borrowings | 11,657 | 21,463 | |
Payments to etailz shareholders | (5,000) | ||
Purchase of treasury stock | (1) | (2,647) | (1,085) |
Net cash used in financing activities | (5,040) | (7,337) | (2,004) |
Net decrease in cash and cash equivalents | (571) | (60,234) | (14,226) |
Cash, cash equivalents, and restricted cash, beginning of year | 44,077 | 104,311 | 118,537 |
Cash, cash equivalents, and restricted cash, end of year | 43,506 | 44,077 | 104,311 |
Supplemental disclosures and non-cash investing and financing activities: | |||
Interest paid | 332 | 775 | 1,861 |
Issuance of restricted performance based awards / deferred / restricted shares under deferred / restricted stock agreements | $ 120 | 572 | $ 69 |
Net assets acquired | 68,896 | ||
Less: Contingent consideration not yet paid | (10,381) | ||
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 |
Feb. 03, 2018 | |
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 fiscal 2016 and fiscal 2015 consolidated financial statements for miscellaneous income, primarily related to commissions earned from third parties. The immaterial adjustment did not impact fiscal 2016 or fiscal 2015 income (loss) from operations, net income, and basic and diluted income per share. 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: During fiscal 2017, the Company concluded, based on continued operating losses for the fye segment, that a triggering event had occurred, pursuant to FASB ASC 360, Property, Plant, and Equipment The Company did not recognize any other long-lived asset impairments during fiscal 2016 and fiscal 2015. 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 $0.6 million, $1.1 million and $0.6 million in fiscal 2017, 2016 and 2015, respectively, and is included in selling, general and administrative (“SG&A”) expenses in the Consolidated Statements of Operations 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: Total annual membership fees collected in advance and recognized in revenue, net of estimated refunds, were as follows: the unearned revenue as of January 28, 2017, January 30, 2016, and January 31, 2015, was $7.0 million, $6.5 million, and $6.3 million, respectively. The amount of cash received from customers during fiscal 2017, 2016, and 2015, was $16.9 million, $16.8 million, and $15.8 million, respectively. The amount of revenue recognized in earnings was $17.9 million, $16.3 million, and $15.6 million in fiscal 2017, 2016, and 2015, respectively. The unearned revenue as of February 3, 2018 was $6.1 million. Cost of Sales: Selling, General and Administrative (“SG&A”) Expenses Advertising Costs and Vendor Allowances: Lease Accounting: Store Closing Costs Gift Cards: Goodwill and Intangible Assets: Income Taxes: The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense (benefit) in the Consolidated Statements of Operations. Stock-Based Compensation: Comprehensive Income (Loss): Income (Loss) Per Share: The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: 2017 2016 2015 (in thousands) Weighted average common shares outstanding – basic 36,191 32,162 31,167 Dilutive effect of employee stock options - 159 156 Weighted average common shares outstanding–diluted 36,191 32,321 31,323 Anti-dilutive stock options 2,586 2,175 1,744 Fair Value of Financial Instruments: Segment Information: ($ in thousands) Fiscal Year Fiscal Year Total Revenue fye $ 268,397 $ 313,211 etailz 174,459 40,259 Total Company $ 442,856 $ 353,470 Gross Profit fye $ 104,254 $ 124,735 etailz 39,589 9,924 Total Company $ 143,843 $ 134,659 Loss From Operations fye $ (49,261) $ (1,932) etailz (2,140) (1,936) Total Company $ (51,401) $ (3,868) Merchandise Inventory fye $ 86,217 $ 109,612 etailz 22,895 16,392 Total Company $ 109,112 $ 126,004 Total Assets fye $ 153,050 $ 215,466 etailz 94,856 92,344 Total Company $ 247,906 $ 307,810 Other Long Term Liabilities fye $ 27,777 $ 38,792 etailz 1,354 349 Total Company $ 29,131 $ 39,141 Capital Expenditures fye $ 7,342 $ 24,418 etailz 1,065 254 Total Company $ 8,407 $ 24,672 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Feb. 03, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2. Recently Issued Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 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. The Company is continuing to assess the impact on our consolidated financial statements but will result in enhanced footnote disclosure requirements during the first quarter of fiscal 2018 including certain balance sheet activity and unsatisfied performance obligations related to certain promotional programs. The Company has determined that the adoption of this ASU will impact the timing of revenue recognition for gift card breakage. Gift card breakage is currently recognized at the point gift card redemption becomes remote. In accordance with this ASU, the Company will recognize gift card breakage in proportion to the pattern of rights exercised by the customer. Additionally, the Company has assessed and determined that our revenue recognition practices related to our current vendor-direct sales arrangements, for which the Company is the principal and recorded on a gross basis, will remain unchanged upon adoption. Based upon our preliminary assessment of potential impacts to the presentation of our consolidated financial statements primarily related to sales return reserves, our customer loyalty program, and certain other promotional programs, the Company will use a modified retrospective approach upon adoption of this ASU during the first quarter of fiscal 2018. The Company is continuing to evaluate the impact of the ASU’s expanded disclosure requirements. In February 2016, the FASB issued ASU 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 3, 2019, and requires the modified retrospective method of adoption. The Company is in the process of determining 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, however, the Company continues to evaluate the impact of the ASU on its consolidated financial statements. 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. The Company adopted ASU 2017-04 in the fourth quarter of fiscal 2017, which did not have a significant impact on the consolidated financial statements. 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 3, 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 in fiscal year beginning February 3, 2019, with early adoption permitted and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. |
Acquisition and Investment
Acquisition and Investment | 12 Months Ended |
Feb. 03, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 3. Acquisition and Investment Business Combination - etailz On October 17, 2016, the Company completed the purchase of all of the issued and outstanding shares of etailz. The acquisition of etailz is part of our strategy to diversify our business into the fastest growing segment of retail: the Digital Marketplace. 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 common 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 a liability of the selling shareholders for an etailz 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. During the Company’s second quarter of fiscal 2017, 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 ending 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 the earnout escrow was disbursed during the Company’s second quarter of fiscal 2017 as follows: $5.0 million to the Company for future investment to support growth initiatives, $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 bonus plan from $4.2 million to $5.7 million). During fiscal 2017, the Company recorded a $3.3 million benefit related to its contingent consideration liability. The decrease in the value of the contingent consideration liability resulted from the actual financial results of etailz and the amendment of the earnout agreement as described in the paragraph above. This benefit is recorded in selling, general, and administrative expenses in the Company’s Consolidated Statements of Operations. In the fourth quarter of fiscal 2016, the Company recorded a $1.4 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 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 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 (Liablilities) 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 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. There were no adjustments from preliminary purchase price accounting to final. The results of operations of etailz are reported in the Company’s etailz segment and included in the fiscal 2016 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, presents consolidated information as if the etailz acquisition had occurred on January 31, 2016. 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 operations 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 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 January 28, 2017 (in thousands) Pro forma total revenue $ 434,171 Pro forma net loss (4,986) Pro forma basic and diluted loss per share $ (0.14) Pro forma weighted average number of common shares outstanding – basic and diluted 36,239 Joint Venture On April 11, 2017, the etailz segment of 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 February 3, 2018. The initial cash investment was $2.6 million dollars. During the fiscal year ended February 3, 2018, the Company received distributions in the amount of $2.9 million from the joint venture, of which $1.1 million was return of capital and $1.8 million was the Company’s share of joint venture income. The remaining investment of $1.5 million was included in other assets in the Company’s Consolidated Balance Sheet as of February 3, 2018. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Feb. 03, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 4. Goodwill and Other Intangible Assets Goodwill is not amortized, but is 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 the etailz acquisition. 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 February 3, 2018 consisted of the following (in thousands, except weighted-average amortization period): February 3, 2018 Weighted Gross Accumulated Net Vendor Relationships 120 $ 19,100 $ 2,487 $ 16,612 Technology 60 6,700 1,738 4,962 Trade names and trademarks 60 3,200 807 2,393 $ 29,000 $ 5,032 $ 23,967 The changes in net intangibles and goodwill from January 28, 2017 to February 3, 2018 were as follows: ($ in thousands) January 28, Amortization February 3, Amortized intangible assets: Vendor relationships $ 18,522 $ 1,910 $ 16,612 Technology 6,302 1,340 4,962 Trade names and trademarks 3,033 640 2,393 Net amortized intangible assets $ 27,857 $ 3,890 $ 23,967 Unamortized intangible assets: Goodwill $ 39,191 - $ 39,191 Total unamortized intangible assets $ 39,191 - $ 39,191 Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows ($ in thousands): Fiscal Year Amortization 2018 3,890 2019 3,890 2020 3,890 2021 3,325 2022 1,910 Thereafter $7,062 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Fixed Assets Fixed assets consist of the following: February 3, January 28, 2018 2017 ($ in thousands) Fixtures and equipment $14,403 $131,216 Leasehold improvements 9,836 43,491 Total fixed assets 24,239 174,707 Allowances for depreciation (10,693) (129,610) Fixed assets, net $13,546 $45,097 Depreciation of fixed assets is included in the Consolidated Statements of Operations as follows: Fiscal Year 2017 2016 2015 ($ in thousands) Cost of sales $645 $440 $523 Selling, general and administrative expenses 9,627 7,699 4,668 Total $10,272 $8,139 $5,191 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. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Restricted Assets Disclosure [Text Block] | Note 6. Restricted Cash As of February 3, 2018 and January 28, 2017, the Company had restricted cash of $12.2 million and $16.1 million, respectively. In connection with the acquisition of etailz and under the terms of the share purchase agreement, as amended (see Note 3), 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 $3.2 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, as amended. In addition, as a result of the death of its former Chairman, the Company received $7.5 million which is held in a rabbi trust and has been classified as restricted cash on the accompanying Consolidated Balance Sheet as of February 3, 2018. A summary of cash, cash equivalents and restricted cash is as follows (in thousands): February 3, January 28, 2018 2017 Cash and cash equivalents $ 31,326 $ 27,974 Restricted cash 12,180 16,103 Total cash, cash equivalents and restricted cash $ 43,506 $ 44,077 There was no restricted cash as of January 30, 2016. |
Credit Facility
Credit Facility | 12 Months Ended |
Feb. 03, 2018 | |
Line of Credit Facility [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Note 7. Credit Facility 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 availability under the Credit Facility is subject to limitations based on receivables and inventory levels. During fiscal 2017, the Company exercised the right to increase its availability to $60 million subject to the same limitations noted above. 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 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. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. As of February 3, 2018, 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 Prime Rate loans ranging from 0.75% to 1.00%. In addition, a commitment fee of 0.25% is also payable on unused commitments. As of February 3, 2018 and January 28, 2017, the Company did not have any borrowings under the Credit Facility. Peak borrowings under the Credit Facility during fiscal 2017 and fiscal 2016 were $11.7 million and $21.5 million, respectively. The Company had $41.0 million and $39.0 million available for borrowing as of February 3, 2018 and January 28, 2017, respectively. |
Leases
Leases | 12 Months Ended |
Feb. 03, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 8. Leases At February 3, 2018, the Company leased 260 stores under operating leases, many of which contain renewal options and escalation clauses, for periods ranging from one to ten years. Most leases also provide for payment of operating expenses and real estate taxes. Some also provide for contingent rent based on percentage of sales over a certain sales volume. In addition, as more fully discussed in Note 12 to Consolidated Financial Statements, the Company leases its Albany, NY distribution center and administrative offices under an operating lease from an entity controlled by the estate of its former Chairman. Rental expense was as follows ($ in thousands): Fiscal Year 2017 2016 2015 Minimum rentals $25,033 $28,531 $30,311 Contingent rentals — 9 13 $25,033 $28,540 $30,324 Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at February 3, 2018, are as follows ($ in thousands): Operating 2018 $25,308 2019 9,933 2020 7,899 2021 4,804 2022 1,746 Thereafter 965 Total minimum payments required $50,655 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 2017, fiscal 2016, and fiscal 2015, minimum rent payments based on a store’s sales volume were $0.6 million, $0.8 million and $0.9 million, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 03, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 9. Shareholders’ Equity The Company classifies the repurchased shares as treasury stock on the Company’s Consolidated Balance Sheet. There were no treasury stock repurchases during fiscal 2017. During fiscal 2016, the Company repurchased 686,137 shares of common stock at an average price of $3.87 per share. During fiscal 2015, the Company repurchased 298,225 shares of common stock at an average price of $3.64 per share. Since the inception of the share repurchase 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 share repurchase program. No cash dividends were paid in fiscal 2017, fiscal 2016, or fiscal 2015. 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 and not allowing borrowings under the amended facility for the six months before or six months after the dividend payment. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 10. Benefit Plans 401(k) Savings Plan Each segment of the Company offers a 401(k) Savings Plan to eligible employees meeting certain age and service requirements. The fye segment offers a 401(k) plan which permits participants to contribute up to 80% of their salary, including bonuses, up to the maximum allowable by IRS regulations. The Company matches 50% of the first 6% of employee contributions after completing one year of service. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participant vesting of the Company’s matching contribution is based on the years of service completed by the participant. Participants are fully vested upon the completion of four years of service. The etailz segment offers a 401(k) plan which permits participants to contribute up to the maximum allowable by IRS regulations. The Company matches 100% of the first 6% of employee contributions after completing one year of service. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participant vesting of the Company’s matching contribution is based on the years of service completed by the participant. Participants are fully vested upon the completion of three 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 contributions was approximately $525,000, $592,000 and $424,000 in fiscal 2017, 2016 and 2015, respectively. Stock Award Plans The Company has outstanding awards under three employee stock award plans, the 2005 Long Term Incentive and Share Award Plan, the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “Old Plans”); and the 2005 Long Term Incentive and Share Award Plan (as amended and restated April 5, 2017 (the “New Plan”). Collectively, these plans are referred to herein as the Stock Award Plans. 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 Plans or the 1990 Plan. Equity awards authorized for issuance under the New Plan total 5.0 million. As of February 3, 2018, of the awards authorized for issuance under the Stock Award Plans, 2.8 million were granted and are outstanding, 1.4 million of which were vested and exercisable. Shares available for future grants of options and other share based awards under the New Plan at February 3, 2018 were 4.9 million. Shares available for future grants of options and other share based awards at February 3, 2018 were 1.1 million. Total stock-based compensation expense, related to Company based Stock Award Plans, recognized in the Consolidated Statements of Operations for fiscal 2017, fiscal 2016 and fiscal 2015 was $0.6 million, $0.6 million and $0.5 million, respectively. During fiscal 2017, fiscal 2016 and fiscal 2015, the related total deferred tax benefit was $0. As of February 3, 2018, 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 2.5 years. Stock awards typically vest ratably over 4 years and expire ten years after the date of grant. In connection with the acquisition of etailz, the Company issued 1,572,552 restricted shares of Company common 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 February 3, 2018, the Company recognized $3.1 million of compensation cost related to these restricted shares. As of February 3, 2018, there was approximately $2.5 million of unrecognized compensation cost related to these restricted shares that is expected to be recognized as expense over a weighted average period of 1.0 year. 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: 2017 2016 2015 Dividend yield 0% 0% 0% Expected stock price volatility 40.1%-46.4% 38.0%-47.5% 39.7%-50.2% Risk-free interest rate 1.74%-2.39% 1.06%-2.18% 1.32%-1.94% Expected award life ( in years) 5.64-5.71 4.92-6.98 4.92-5.71 Weighted average fair value per share of awards granted during the year $0.73 $1.19 $1.49 The following table summarizes information about stock awards outstanding under the Company’s Stock Award Plans as of February 3, 2018: 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-$2.66 932,000 6.9 1.94 $— 352,000 $2.86 $— 2.67-3.50 721,000 7.2 3.35 — 480,000 6.72 — 3.51-4.87 932,914 7.6 3.95 — 479,164 3.29 — Total 2,585,914 7.2 $3.06 $— 1,311,164 $3.29 $— The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value based on the Company’s closing common stock price of $1.60 as of February 3, 2018, which would have been received by the award holders had all award holders under the Stock Award Plans 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 Shares Subject To Option Stock Award Exercise Price Range Per Weighted Average Exercise Price Other Share Awards (1) Weighted Average Grant Date Value 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 Granted 680,000 1.60-1.85 1.84 65,000 1.85 Exercised/vested — — — (52,500) 3.50 Forfeited (389,500) 1.85-4.87 3.23 (5,000) 3.53 Canceled (164,150) 3.79-5.50 5.43 - 0.00 Balance February 3, 2018 2,585,914 $1.60-$4.87 $3.06 178,427 $3.26 (1) Other Share Awards include deferred shares granted to executives and Directors. During fiscal 2017 and 2016, the Company did not issue any deferred shares to non-employee directors. During fiscal 2015, the Company recognized approximately $9,000 in expenses for deferred shares issued to non-employee directors. ($ in thousands) Stock Option Exercises 2017 2016 2015 Cash received for exercise price — $39 $19 Intrinsic value — $25 $12 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 2017, 2016, and 2015, net periodic benefit cost recognized under both plans totaled approximately $0.6 million, $0.8 million, and $1.0 million, respectively. The accrued pension liability for both plans was approximately $18.3 million and $18.7 million at February 3, 2018 and January 28, 2017, respectively, and is recorded within other long term liabilities on the Consolidated Balance Sheets. The accumulated benefit obligation for both plans was $18.4 million and $19.0 million for the fiscal years ended February 3, 2018 and January 28, 2017, respectively. The following is a summary of the Company’s defined benefit pension plans as of each fiscal year-end : Obligation and funded status: ($ in thousands) February 3, January 28, Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 18,700 $ 19,026 Service cost 63 61 Interest cost 555 549 Actuarial loss 177 196 Benefits paid (1,161 ) (1,132 ) Benefit obligation at end of year $ 18,334 $ 18,700 Fair value of plan assets at end of year $ - $ - Funded status $ (18,334 ) $ (18,700 ) Unrecognized prior service cost - 17 Unrecognized net actuarial gain (102 ) (315 ) Accrued benefit cost $ (18,436 ) $ (18,998 ) Amounts recognized in the Consolidated Balance Sheets consist of: February 3, January 28, ($ in thousands) Current liability $ (1,199 ) $ (1,161 ) Long term liability (17,135 ) (17,539 ) Add: Accumulated other comprehensive income (102 ) (298 ) Net amount recognized $ (18,436 ) $ (18,998 ) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss: Net Periodic Benefit Cost: Fiscal Year 2017 2016 2015 Service cost $ 63 $ 61 $ 66 Interest cost 555 549 583 Amortization of prior service cost 17 220 342 Amortization of actuarial net gain (36 ) (14 ) (34 ) Net periodic benefit cost $ 599 $ 816 $ 957 Other Changes in Benefit Obligations Recognized in Other Comprehensive (Income) Loss: 2017 2016 Net prior service cost recognized as a component of net periodic benefit cost $ (17) $ (220) Net actuarial gain recognized as a component of net periodic benefit cost 36 14 Net actuarial losses arising during the period 177 196 196 (10) Income tax effect - - Total recognized in other comprehensive (income) loss $ 196 $ (10) Total recognized in net periodic benefit cost and other comprehensive loss $ 795 $ 806 The pre-tax components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost as of February 3, 2018, January 28, 2017, and January 30, 2016 and the tax effect are summarized below. ($ in thousands) February 3, January 28, January 30, 2018 2017 2016 Net unrecognized actuarial gain ($102) ($315) ($525) Net unrecognized prior service cost - 17 237 Accumulated other comprehensive income ($102) ($298) ($288) Tax expense 1,100 1,100 1,100 Accumulated other comprehensive loss $998 $802 $812 Fiscal Year 2017 2016 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.42% 3.58% Salary increase rate 3.00% 3.00% Measurement date Jan 31, 2018 Jan 28, 2017 Fiscal Year 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.16% 3.63% 3.00% Salary increase rate 3.00% 3.00% 3.00% 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 2018 1,199 2019 1,199 2020 1,192 2021 1,184 2022 1,149 2023 – 2027 6,510 Accumulated Other Comprehensive Loss ($ in thousands) Pension January 28, 2017 ($802 ) Other comprehensive loss before reclassifications (196 ) February 3, 2018 ($998 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11. Income Taxes Income tax expense (benefit) consists of the following: Fiscal Year 2017 2016 2015 ($ in thousands) Federal - current $ (500) $ - $ - State - current 201 215 181 Deferred - (6,988 ) - Income tax expense (benefit) $ (299) $ (6,773 ) $ 181 A reconciliation of the Company’s effective income tax rate with the federal statutory rate is as follows: Fiscal Year 2017 2016 2015 Federal statutory rate 33.7% 35.0% 35.0% State income taxes (0.5%) (6.0%) 4.1% Change in valuation allowance 36.1% (57.2%) (39.0%) Cash surrender value - insurance / benefit program 7.0% 4.0% 5.3% Contingent consideration 2.6% 19.1% —% Change in US Federal Statutory Tax Rate (79.4%) —% —% Deferred tax benefit - acquisition —% 196.1% —% Other 1.2% (0.9%) 0.9% Effective tax rate 0.7% 190.1% 6.3% The Other category is comprised of various items, including the impacts of non-deductible meals, dues, penalties, and the federal current tax benefit on refundable AMT tax credit. Significant components of the Company’s deferred tax assets and liabilities are as follows: February 3, January 28, ($ in thousands) DEFERRED TAX ASSET Accrued Expenses $ 260 $ 400 Inventory - 347 Retirement and compensation related accruals 6,724 9,063 Fixed assets 7,561 1,718 Federal and state net operating loss and credit carry forwards 64,807 83,221 Real estate leases, included deferred rent 2,446 4,141 Losses on investment 827 1,268 Others 577 901 Gross deferred tax assets before valuation allowance 83,202 101,059 Less: valuation allowance (76,810 ) (89,443 ) Total deferred tax assets $ 6,392 $ 11,616 DEFERRED TAX LIABILITIES Intangibles $ (6,193 ) $ (11,616 ) Inventory (199 ) - Total deferred tax liabilities $ (6,392 ) $ (11,616 ) NET DEFERRED TAX ASSET $ - $ - The Company has a net operating loss carryforward of $208.3 million for federal income tax purposes and approximately $273.4 million for state income tax purposes as of the end of fiscal 2017 that expire at various times through 2037 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 $0.5 million, which will expire in various amounts through 2026. The Company has state tax credit carryforwards of $1.1 million, of which $0.2 million will expire in 2027 with the remainder available indefinitely. 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 February 3, 2018, the valuation allowance decreased to $76.8 million from $89.4 million at January 28, 2017. The decrease in the Company’s deferred tax assets was caused primarily by enactment of the Tax Cuts and Jobs Act which was enacted on December 22, 2017 and changes in certain deductible temporary differences to offset income before income taxes earned in fiscal 2017. Management will continue to assess the valuation allowance against the gross deferred assets. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the respective years is provided below. Amounts presented excluded interest and penalties, where applicable, on unrecognized tax benefits: Fiscal Year 2017 2016 2015 ($ in thousands) Unrecognized tax benefits at beginning of year $ 1,930 $ 1,930 $ 1,930 Increases in tax positions from prior years - - - Decreases in tax positions from prior years - - - Increases in tax positions for current years - - - Settlements - - - Lapse of applicable statute of limitations - - - Unrecognized tax benefits at end of year $ 1,930 $ 1,930 $ 1,930 As of February 3, 2018, 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 2013. 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 Operations. During fiscal 2017, the Company accrued a provision for interest expense of $0.2 million. As of February 3, 2018, the liability for uncertain tax positions reflected in the Company’s Consolidated Balance Sheets was $3.1 million, including accrued interest and penalties of $2.3 million. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted. The Act makes broad and complex change to the U.S. tax code including a significant reduction to the U.S. federal corporate tax rate from 35 percent to 21 percent effective January 1, 2018. Accordingly, the federal deferred tax assets were written down to account for the change. The write down is reflected in both the valuation allowance and the deferred tax assets which total $34.0 million. This change is also presented in the effective tax rate schedule as a reduction to the current year losses by 79.3%. The valuation allowance rate impact includes an offsetting reduction for the tax rate which results in no change to the provision for income taxes. The Act also repeals the Corporation Alternative Minimum Tax (“AMT”) for tax years beginning after December 31, 2017. Any AMT carryover credits will be refundable starting in the 2018 tax year, remaining credit will be fully refundable in 2021, as such, the Company recorded a current benefit in its' financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 03, 2018 | |
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 on December 31, 2020. Under the new lease dated December 4, 2015, and accounted for as an operating lease, the Company paid $1.2 million in both fiscal 2017 and fiscal 2016. Under the lease prior to December 4, 2015, the Company paid annual rent of $2.1 million in fiscal 2015. Under the terms of the lease agreement, the Company is responsible for property taxes and other operating costs with respect to the premises. Sara Neblett, the wife of Josh Neblett, the Executive Advisor of etailz, was employed with the Company as the Vice President of Partner Care of etailz. Ms. Neblett received $165,250 in cash compensation during fiscal 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. Commitments and Contingencies Legal Proceedings The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is management’s opinion, based upon the information available at this time, that the expected outcome of these matters, individually and in the aggregate, will not have a material adverse effect on the results of operations and financial condition of the Company. Store Manager Class Actions Two former Store Managers filed actions alleging claims of entitlement to unpaid compensation for overtime. In one action, the plaintiff seeks to represent a class of allegedly similarly situated employees who performed the same position (Store Manager and Senior Assistant Manager) while the other plaintiff seeks to represent a class of allegedly similarly situated employees who performed the same position (Store Manager). Specifically, Carol Spack filed a complaint against Trans World Entertainment Corporation (Trans World) in the United States District Court, District of New Jersey, on April 20, 2017 (Case No.: 3:17-cv-02687-BRM-LHG) alleging that she is entitled to unpaid compensation for overtime under the federal Fair Labor Standards Act (FLSA). She brings a nationwide collective action under the FLSA on behalf of all Store Managers and Senior Assistant Managers. She also brings class action claims under New Jersey and Pennsylvania law on behalf of all persons who worked as Store Managers in New Jersey or Senior Assistant Managers in Pennsylvania. On May 19, 2017, Natasha Roper filed a complaint against Trans World in the U.S. District Court for the Northern District of New York (Case No.: 1:17-cv-0553-TJM-CFH) in which she also alleges that she is entitled to unpaid compensation for overtime under the FLSA. Ms. Roper brings a nationwide collective action under the FLSA on behalf of all similarly situated Store Managers. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 14. Quarterly Financial Information (Unaudited) Fiscal 2017 Quarter Ended Fiscal February 3, October 28, July 29, April 29, 2017 2018 (2) 2017 2017 2017 (1) ($ in thousands, except for per share amounts) Total Revenue $442,856 $145,409 $93,001 $102,479 $101,967 Gross profit 143,843 40,787 31,581 35,170 36,305 Net income (loss) ($42,553) ($32,450) ($8,071) ($5,565) $3,533 Basic and diluted income (loss) per share ($1.18) ($0.90) ($0.22) ($0.15) $0.10 Fiscal 2016 Quarter Ended Fiscal January 28, October 29, July 30, April 30, 2016 2017 2016 2016 2016 ($ 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 30,828 Net income (loss) $3,211 $8,322 ($483) ($4,655) $27 Basic and diluted income (loss) per share $0.10 $0.23 ($0.02) ($0.15) $0.00 1. Includes $8.7 million gain from insurance proceeds. 2. Includes $29.1 million impairment of fixed assets. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Feb. 03, 2018 | |
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 fiscal 2016 and fiscal 2015 consolidated financial statements for miscellaneous income, primarily related to commissions earned from third parties. The immaterial adjustment did not impact fiscal 2016 or fiscal 2015 income (loss) from operations, net income, and basic and diluted income per share. |
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: During fiscal 2017, the Company concluded, based on continued operating losses for the fye segment, that a triggering event had occurred, pursuant to FASB ASC 360, Property, Plant, and Equipment The Company did not recognize any other long-lived asset impairments during fiscal 2016 and fiscal 2015. 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 $0.6 million, $1.1 million and $0.6 million in fiscal 2017, 2016 and 2015, respectively, and is included in selling, general and administrative (“SG&A”) expenses in the Consolidated Statements of Operations 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: Total annual membership fees collected in advance and recognized in revenue, net of estimated refunds, were as follows: the unearned revenue as of January 28, 2017, January 30, 2016, and January 31, 2015, was $7.0 million, $6.5 million, and $6.3 million, respectively. The amount of cash received from customers during fiscal 2017, 2016, and 2015, was $16.9 million, $16.8 million, and $15.8 million, respectively. The amount of revenue recognized in earnings was $17.9 million, $16.3 million, and $15.6 million in fiscal 2017, 2016, and 2015, respectively. The unearned revenue as of February 3, 2018 was $6.1 million. |
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: |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets: |
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 Operations. |
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 (Loss) 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: 2017 2016 2015 (in thousands) Weighted average common shares outstanding – basic 36,191 32,162 31,167 Dilutive effect of employee stock options - 159 156 Weighted average common shares outstanding–diluted 36,191 32,321 31,323 Anti-dilutive stock options 2,586 2,175 1,744 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: |
Segment Reporting, Policy [Policy Text Block] | Segment Information: ($ in thousands) Fiscal Year Fiscal Year Total Revenue fye $ 268,397 $ 313,211 etailz 174,459 40,259 Total Company $ 442,856 $ 353,470 Gross Profit fye $ 104,254 $ 124,735 etailz 39,589 9,924 Total Company $ 143,843 $ 134,659 Loss From Operations fye $ (49,261) $ (1,932) etailz (2,140) (1,936) Total Company $ (51,401) $ (3,868) Merchandise Inventory fye $ 86,217 $ 109,612 etailz 22,895 16,392 Total Company $ 109,112 $ 126,004 Total Assets fye $ 153,050 $ 215,466 etailz 94,856 92,344 Total Company $ 247,906 $ 307,810 Other Long Term Liabilities fye $ 27,777 $ 38,792 etailz 1,354 349 Total Company $ 29,131 $ 39,141 Capital Expenditures fye $ 7,342 $ 24,418 etailz 1,065 254 Total Company $ 8,407 $ 24,672 |
Nature of Operations and Summ23
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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: 2017 2016 2015 (in thousands) Weighted average common shares outstanding – basic 36,191 32,162 31,167 Dilutive effect of employee stock options - 159 156 Weighted average common shares outstanding–diluted 36,191 32,321 31,323 Anti-dilutive stock options 2,586 2,175 1,744 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Significant financial statement captions by reportable segment in U.S. dollars were as follows: ($ in thousands) Fiscal Year Fiscal Year Total Revenue fye $ 268,397 $ 313,211 etailz 174,459 40,259 Total Company $ 442,856 $ 353,470 Gross Profit fye $ 104,254 $ 124,735 etailz 39,589 9,924 Total Company $ 143,843 $ 134,659 Loss From Operations fye $ (49,261) $ (1,932) etailz (2,140) (1,936) Total Company $ (51,401) $ (3,868) Merchandise Inventory fye $ 86,217 $ 109,612 etailz 22,895 16,392 Total Company $ 109,112 $ 126,004 Total Assets fye $ 153,050 $ 215,466 etailz 94,856 92,344 Total Company $ 247,906 $ 307,810 Other Long Term Liabilities fye $ 27,777 $ 38,792 etailz 1,354 349 Total Company $ 29,131 $ 39,141 Capital Expenditures fye $ 7,342 $ 24,418 etailz 1,065 254 Total Company $ 8,407 $ 24,672 |
Acquisition and Investment (Tab
Acquisition and Investment (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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 (Liablilities) 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 January 28, 2017 (in thousands) Pro forma total revenue $ 434,171 Pro forma net loss (4,986) Pro forma basic and diluted loss per share $ (0.14) Pro forma weighted average number of common shares outstanding – basic and diluted 36,239 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable intangible assets as of February 3, 2018 consisted of the following (in thousands, except weighted-average amortization period): February 3, 2018 Weighted Gross Accumulated Net Vendor Relationships 120 $ 19,100 $ 2,487 $ 16,612 Technology 60 6,700 1,738 4,962 Trade names and trademarks 60 3,200 807 2,393 $ 29,000 $ 5,032 $ 23,967 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The changes in net intangibles and goodwill from January 28, 2017 to February 3, 2018 were as follows: The changes in net intangibles and goodwill from January 28, 2017 to February 3, 2018 were as follows: ($ in thousands) January 28, Amortization February 3, Amortized intangible assets: Vendor relationships $ 18,522 $ 1,910 $ 16,612 Technology 6,302 1,340 4,962 Trade names and trademarks 3,033 640 2,393 Net amortized intangible assets $ 27,857 $ 3,890 $ 23,967 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 each of the five succeeding fiscal years and thereafter is as follows ($ in thousands): Fiscal Year Amortization 2018 3,890 2019 3,890 2020 3,890 2021 3,325 2022 1,910 Thereafter $7,062 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Fixed assets consist of the following: February 3, January 28, 2018 2017 ($ in thousands) Fixtures and equipment $14,403 $131,216 Leasehold improvements 9,836 43,491 Total fixed assets 24,239 174,707 Allowances for depreciation (10,693) (129,610) Fixed assets, net $13,546 $45,097 |
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | Depreciation of fixed assets is included in the Consolidated Statements of Operations as follows: Fiscal Year 2017 2016 2015 ($ in thousands) Cost of sales $645 $440 $523 Selling, general and administrative expenses 9,627 7,699 4,668 Total $10,272 $8,139 $5,191 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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): February 3, January 28, 2018 2017 Cash and cash equivalents $ 31,326 $ 27,974 Restricted cash 12,180 16,103 Total cash, cash equivalents and restricted cash $ 43,506 $ 44,077 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Leases [Abstract] | |
Schedule of Rental Expense, Net [Table Text Block] | Rental expense was as follows ($ in thousands): Fiscal Year 2017 2016 2015 Minimum rentals $25,033 $28,531 $30,311 Contingent rentals — 9 13 $25,033 $28,540 $30,324 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at February 3, 2018, are as follows ($ in thousands): Operating 2018 $25,308 2019 9,933 2020 7,899 2021 4,804 2022 1,746 Thereafter 965 Total minimum payments required $50,655 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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: 2017 2016 2015 Dividend yield 0% 0% 0% Expected stock price volatility 40.1%-46.4% 38.0%-47.5% 39.7%-50.2% Risk-free interest rate 1.74%-2.39% 1.06%-2.18% 1.32%-1.94% Expected award life ( in years) 5.64-5.71 4.92-6.98 4.92-5.71 Weighted average fair value per share of awards granted during the year $0.73 $1.19 $1.49 |
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 awards outstanding under the Company’s Stock Award Plans as of February 3, 2018: 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-$2.66 932,000 6.9 1.94 $— 352,000 $2.86 $— 2.67-3.50 721,000 7.2 3.35 — 480,000 6.72 — 3.51-4.87 932,914 7.6 3.95 — 479,164 3.29 — Total 2,585,914 7.2 $3.06 $— 1,311,164 $3.29 $— |
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 Shares Subject To Option Stock Award Exercise Price Range Per Weighted Average Exercise Price Other Share Awards (1) Weighted Average Grant Date Value 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 Granted 680,000 1.60-1.85 1.84 65,000 1.85 Exercised/vested — — — (52,500) 3.50 Forfeited (389,500) 1.85-4.87 3.23 (5,000) 3.53 Canceled (164,150) 3.79-5.50 5.43 - 0.00 Balance February 3, 2018 2,585,914 $1.60-$4.87 $3.06 178,427 $3.26 (1) Other Share Awards include deferred shares granted to executives and Directors. |
Share-based Compensation, Stock Options, Activity [Table Text Block] | ($ in thousands) Stock Option Exercises 2017 2016 2015 Cash received for exercise price — $39 $19 Intrinsic value — $25 $12 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following is a summary of the Company’s defined benefit pension plans as of each fiscal year-end : ($ in thousands) February 3, January 28, Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 18,700 $ 19,026 Service cost 63 61 Interest cost 555 549 Actuarial loss 177 196 Benefits paid (1,161 ) (1,132 ) Benefit obligation at end of year $ 18,334 $ 18,700 Fair value of plan assets at end of year $ - $ - Funded status $ (18,334 ) $ (18,700 ) Unrecognized prior service cost - 17 Unrecognized net actuarial gain (102 ) (315 ) Accrued benefit cost $ (18,436 ) $ (18,998 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the Consolidated Balance Sheets consist of: February 3, January 28, ($ in thousands) Current liability $ (1,199 ) $ (1,161 ) Long term liability (17,135 ) (17,539 ) Add: Accumulated other comprehensive income (102 ) (298 ) Net amount recognized $ (18,436 ) $ (18,998 ) |
Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Table Text Block] | Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss: Net Periodic Benefit Cost: Fiscal Year 2017 2016 2015 Service cost $ 63 $ 61 $ 66 Interest cost 555 549 583 Amortization of prior service cost 17 220 342 Amortization of actuarial net gain (36 ) (14 ) (34 ) Net periodic benefit cost $ 599 $ 816 $ 957 |
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: 2017 2016 Net prior service cost recognized as a component of net periodic benefit cost $ (17) $ (220) Net actuarial gain recognized as a component of net periodic benefit cost 36 14 Net actuarial losses arising during the period 177 196 196 (10) Income tax effect - - Total recognized in other comprehensive (income) loss $ 196 $ (10) Total recognized in net periodic benefit cost and other comprehensive loss $ 795 $ 806 |
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 February 3, 2018, January 28, 2017, and January 30, 2016 and the tax effect are summarized below. ($ in thousands) February 3, January 28, January 30, 2018 2017 2016 Net unrecognized actuarial gain ($102) ($315) ($525) Net unrecognized prior service cost - 17 237 Accumulated other comprehensive income ($102) ($298) ($288) Tax expense 1,100 1,100 1,100 Accumulated other comprehensive loss $998 $802 $812 |
Schedule of Assumptions Used [Table Text Block] | Fiscal Year 2017 2016 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.42% 3.58% Salary increase rate 3.00% 3.00% Measurement date Jan 31, 2018 Jan 28, 2017 Fiscal Year 2017 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.16% 3.63% 3.00% Salary increase rate 3.00% 3.00% 3.00% |
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 2018 1,199 2019 1,199 2020 1,192 2021 1,184 2022 1,149 2023 – 2027 6,510 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss ($ in thousands) Pension January 28, 2017 ($802 ) Other comprehensive loss before reclassifications (196 ) February 3, 2018 ($998 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consists of the following: Fiscal Year 2017 2016 2015 ($ in thousands) Federal - current $ (500) $ - $ - State - current 201 215 181 Deferred - (6,988 ) - Income tax expense (benefit) $ (299) $ (6,773 ) $ 181 |
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 2017 2016 2015 Federal statutory rate 33.7% 35.0% 35.0% State income taxes (0.5%) (6.0%) 4.1% Change in valuation allowance 36.1% (57.2%) (39.0%) Cash surrender value - insurance / benefit program 7.0% 4.0% 5.3% Contingent consideration 2.6% 19.1% —% Change in US Federal Statutory Tax Rate (79.4%) —% —% Deferred tax benefit - acquisition —% 196.1% —% Other 1.2% (0.9%) 0.9% Effective tax rate 0.7% 190.1% 6.3% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities are as follows: February 3, January 28, ($ in thousands) DEFERRED TAX ASSET Accrued Expenses $ 260 $ 400 Inventory - 347 Retirement and compensation related accruals 6,724 9,063 Fixed assets 7,561 1,718 Federal and state net operating loss and credit carry forwards 64,807 83,221 Real estate leases, included deferred rent 2,446 4,141 Losses on investment 827 1,268 Others 577 901 Gross deferred tax assets before valuation allowance 83,202 101,059 Less: valuation allowance (76,810 ) (89,443 ) Total deferred tax assets $ 6,392 $ 11,616 DEFERRED TAX LIABILITIES Intangibles $ (6,193 ) $ (11,616 ) Inventory (199 ) - Total deferred tax liabilities $ (6,392 ) $ (11,616 ) NET DEFERRED TAX ASSET $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 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 Year 2017 2016 2015 ($ in thousands) Unrecognized tax benefits at beginning of year $ 1,930 $ 1,930 $ 1,930 Increases in tax positions from prior years - - - Decreases in tax positions from prior years - - - Increases in tax positions for current years - - - Settlements - - - Lapse of applicable statute of limitations - - - Unrecognized tax benefits at end of year $ 1,930 $ 1,930 $ 1,930 |
Quarterly Financial Informati31
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal 2017 Quarter Ended Fiscal February 3, October 28, July 29, April 29, 2017 2018 (2) 2017 2017 2017 (1) ($ in thousands, except for per share amounts) Total Revenue $442,856 $145,409 $93,001 $102,479 $101,967 Gross profit 143,843 40,787 31,581 35,170 36,305 Net income (loss) ($42,553) ($32,450) ($8,071) ($5,565) $3,533 Basic and diluted income (loss) per share ($1.18) ($0.90) ($0.22) ($0.15) $0.10 Fiscal 2016 Quarter Ended Fiscal January 28, October 29, July 30, April 30, 2016 2017 2016 2016 2016 ($ 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 30,828 Net income (loss) $3,211 $8,322 ($483) ($4,655) $27 Basic and diluted income (loss) per share $0.10 $0.23 ($0.02) ($0.15) $0.00 1. Includes $8.7 million gain from insurance proceeds. 2. Includes $29.1 million impairment of fixed assets. |
Nature of Operations and Summ32
Nature of Operations and Summary of Significant Accounting Policies (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Feb. 03, 2018USD ($)ft² | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Number of Stores | 260 | |||
Area of Stores (in Square Feet) | ft² | 1.4 | |||
Concentration Risk Supplier Number | 350 | |||
Percentage of purchases from major supplier | 47.00% | |||
Number of major suppliers | 10 | |||
Number of SKU's sold | 34,000 | |||
Number of Suppliers | 2,300 | |||
Asset Impairment Charges | $ 29,107 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ (1,164) | |||
Deferred Revenue | 7,000 | $ 6,500 | $ 6,300 | |
Deferred Revenue, Additions | 16,900 | 16,800 | 15,800 | |
Recognition of Deferred Revenue | 17,900 | 16,300 | $ 15,600 | |
Customer Refundable Fees | 6,100 | |||
Miscellaneous Income | 400 | 400 | 3,600 | |
Proceeds from Legal Settlements | 1,400 | |||
Advertising Expense | 3,100 | 3,200 | 2,900 | |
Vendor Allowances Reimbursement | 3,100 | 3,200 | 2,900 | |
Deferred Revenue, Current | 7,935 | 9,228 | ||
etailz [Member] | ||||
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Marketing Expense | 1,200 | |||
Store Closing [Member] | ||||
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | (600) | (1,100) | (600) | |
Gift Cards [Member] | ||||
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Deferred Revenue, Current | $ 1,700 | 2,000 | 2,300 | |
Minimum Experience In Estimating Gift Card Liability Period | 10 years | |||
Gift Card Liability, Current | $ 400 | $ 400 | $ 100 |
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 |
Feb. 03, 2018 | |
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 |
Minimum [Member] | Furniture and Fixtures [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 |
Maximum [Member] | Furniture and Fixtures [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 | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Reconciliation of the basic weighted average Number of outstanding shares basic and diluted [Abstract] | |||
Weighted average common shares outstanding – basic | 36,191 | 32,162 | 31,167 |
Dilutive effect of employee stock options | 159 | 156 | |
Weighted average common shares outstanding–diluted | 36,191 | 32,321 | 31,323 |
Anti-dilutive stock options | 2,586 | 2,175 | 1,744 |
Nature of Operations and Summ35
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Reporting Segements - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | [2] | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Total Revenue | |||||||||||||
Total Revenue | $ 145,409 | [1] | $ 93,001 | $ 102,479 | $ 101,967 | $ 147,109 | $ 66,282 | $ 64,349 | $ 75,730 | $ 442,856 | $ 353,470 | $ 339,504 | |
Gross Profit | |||||||||||||
Gross Profit | 40,787 | [1] | $ 31,581 | $ 35,170 | $ 36,305 | 50,258 | $ 26,872 | $ 26,701 | $ 30,828 | 143,843 | 134,659 | 135,415 | |
Loss From Operations | |||||||||||||
Income (Loss) From Operations | (51,401) | (3,868) | $ 4,570 | ||||||||||
Merchandise Inventory | |||||||||||||
Merchandise Inventory | 109,112 | 126,004 | 109,112 | 126,004 | |||||||||
Total Assets | |||||||||||||
Total Assets | 247,906 | 307,810 | 247,906 | 307,810 | |||||||||
Other Long Term Liabilities | |||||||||||||
Other Long Term Liabilities | 29,131 | 39,141 | 29,131 | 39,141 | |||||||||
Capital Expenditures | |||||||||||||
Capital Expenditure | 8,407 | 24,672 | |||||||||||
fye [Member] | |||||||||||||
Total Revenue | |||||||||||||
Total Revenue | 268,397 | 313,211 | |||||||||||
Gross Profit | |||||||||||||
Gross Profit | 104,254 | 124,735 | |||||||||||
Loss From Operations | |||||||||||||
Income (Loss) From Operations | (49,261) | (1,932) | |||||||||||
Merchandise Inventory | |||||||||||||
Merchandise Inventory | 86,217 | 109,612 | 86,217 | 109,612 | |||||||||
Total Assets | |||||||||||||
Total Assets | 153,050 | 215,466 | 153,050 | 215,466 | |||||||||
Other Long Term Liabilities | |||||||||||||
Other Long Term Liabilities | 27,777 | 38,792 | 27,777 | 38,792 | |||||||||
Capital Expenditures | |||||||||||||
Capital Expenditure | 7,342 | 24,418 | |||||||||||
etailz [Member] | |||||||||||||
Total Revenue | |||||||||||||
Total Revenue | 174,459 | 40,259 | |||||||||||
Gross Profit | |||||||||||||
Gross Profit | 39,589 | 9,924 | |||||||||||
Loss From Operations | |||||||||||||
Income (Loss) From Operations | (2,140) | (1,936) | |||||||||||
Merchandise Inventory | |||||||||||||
Merchandise Inventory | 22,895 | 16,392 | 22,895 | 16,392 | |||||||||
Total Assets | |||||||||||||
Total Assets | 94,856 | 92,344 | 94,856 | 92,344 | |||||||||
Other Long Term Liabilities | |||||||||||||
Other Long Term Liabilities | $ 1,354 | $ 349 | 1,354 | 349 | |||||||||
Capital Expenditures | |||||||||||||
Capital Expenditure | $ 1,065 | $ 254 | |||||||||||
[1] | Includes $29.1 million impairment of fixed assets. | ||||||||||||
[2] | Includes $8.7 million gain from insurance proceeds. |
Recently Issued Accounting Pr36
Recently Issued Accounting Pronouncements (Details) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Standards Update 2014-09 [Member] | |
Recently Issued Accounting Pronouncements (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In June 2014, the Financial Accounting Standards Board (“FASB”)issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which requires an entityto 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 effectivefor the Company’s fiscal year beginning February 4, 2018. The Company is continuing to assess the impact on ourconsolidated financial statements but will result in enhanced footnote disclosure requirements during the first quarter of fiscal2018 including certain balance sheet activity and unsatisfied performance obligations related to certain promotional programs.The Company has determined that the adoption of this ASU will impact the timing of revenue recognition for gift card breakage.Gift card breakage is currently recognized at the point gift card redemption becomes remote. In accordance with this ASU, the Companywill recognize gift card breakage in proportion to the pattern of rights exercised by the customer. Additionally, the Company hasassessed and determined that our revenue recognition practices related to our current vendor-direct sales arrangements, for whichthe Company is the principal and recorded on a gross basis, will remain unchanged upon adoption. Based upon our preliminary assessmentof potential impacts to the presentation of our consolidated financial statements primarily related to sales return reserves, our customer loyalty program, and certain other promotionalprograms, the Company will use a modified retrospective approach upon adoption of this ASU during the first quarter of fiscal 2018.The Company is continuing to evaluate the impact of the ASU’s expanded disclosure requirements. |
Accounting Standards Update 2016-02 [Member] | |
Recently Issued Accounting Pronouncements (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In February 2016, the FASB issued ASU 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 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 understand moreabout the nature of an entity’s leasing activities, including significant judgments and changes in judgments. The new standardwill be effective for the Company’s fiscal year beginning February 3, 2019, and requires the modified retrospective methodof adoption. The Company is in the process of determining the impact of ASU 2016-02 on its consolidated financial statements. Giventhe nature of the operating leases for the Company’s home office, distribution center, and stores, the Company expects anincrease to the carrying value of its assets and liabilities, however, the Company continues to evaluate the impact of the ASUon its consolidated financial statements. |
Accounting Standards Update 2017-04 [Member] | |
Recently Issued Accounting Pronouncements (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | 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 requiredto test goodwill for impairment by eliminating step two from the goodwill impairment test whereby a goodwill impairment loss isdetermined 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 unitwith its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reportingunit’s fair value. The Company adopted ASU 2017-04 in the fourth quarter of fiscal 2017, which did not have a significantimpact on the consolidated financial statements. |
Accounting Standards Update 2017-07 [Member] | |
Recently Issued Accounting Pronouncements (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | 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 BenefitCost,” which is intended to improve the presentation of net periodic pension cost and net periodic post-retirement benefitcost in an entity’s financial statements by requiring the service cost component be disaggregated from other components ofnet benefit costs and presented in the same line item or items as other compensation costs for the employees. Additionally, onlythe service cost component of net benefit cost is eligible for capitalization when applicable. ASU 2017-07 is effective for theCompany’s fiscal year beginning February 3, 2019, and must be applied retrospectively. ASU 2017-07 is permitted for earlyadoption, but only at the beginning of an annual period for which financial statements have not been issued or made available forissuance. The Company is currently evaluating the impact that this ASU will have on its reporting and asset recognition. |
Accounting Standards Update 2017-09 [Member] | |
Recently Issued Accounting Pronouncements (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | 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 termsor conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effectivefor the Company for interim and annual periods in fiscal year beginning February 3, 2019, with early adoption permitted and isapplied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. |
Acquisition and Investment (Det
Acquisition and Investment (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Jul. 29, 2017 | Jan. 28, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Feb. 02, 2019 | |
Acquisition and Investment (Details) [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 36,600 | |||||
Operating Income (Loss) | (51,401) | $ (3,868) | $ 4,570 | |||
Payments to Acquire Interest in Joint Venture | 2,575 | |||||
etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 32,300 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 5.7 | |||||
Other Payments to Acquire Businesses | $ 4,300 | |||||
Business Acquisition, Share Price (in Dollars per share) | $ 3.56 | |||||
Equity Issued in Business Combination, Fair Value Disclosure | $ 20,400 | |||||
Earn Out Achievement Provision Description | An earn-out of up to a maximum of $14.6 million will be payablein fiscal 2018 and fiscal 2019 subject to the achievement by etailz of $6 million in operating income in fiscal 2017 and $7.5 millionin fiscal 2018 as outlined in the share purchase agreement. | |||||
Restricted Cash, Maximum Earn Out Provision | $ 14,600 | |||||
Present Value of Future Insurance Profits, Amortization Expense, Remainder of Fiscal Year | 6,000 | $ 7,500 | ||||
Due to Employees, Current | 1,900 | |||||
Due to Employees, Noncurrent | 2,300 | |||||
Decrease in Restricted Cash | $ 11,500 | |||||
Escrow Deposit | $ 3,100 | |||||
Operating Income (Loss) | 15,500 | |||||
Business Combination, Contingent Consideration, Liability | 3,300 | |||||
Business Combination, Contingent Consideration, Liability Benefit | $ 1,400 | |||||
Joint Venture [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | 50.00% | ||||
Payments to Acquire Interest in Joint Venture | 2,600 | |||||
Due from Joint Ventures | 2,900 | |||||
Partners' Capital Account, Return of Capital | 1,100 | |||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable | 1,800 | |||||
Items Included in Consolidated Statement of Financial Condition | 1,500 | |||||
Future Investment [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Decrease in Restricted Cash | 5,000 | |||||
To The Selling Shareholders [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Decrease in Restricted Cash | 5,000 | |||||
To The Company [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Decrease in Restricted Cash | 1,500 | |||||
Two Thousand and Nineteen [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Due to Employees, Noncurrent | 1,600 | |||||
Minimum [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Operating Income (Loss) | 13,500 | |||||
Maximum [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Operating Income (Loss) | $ 15,500 | |||||
Original Amount [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Maximum Amount Available Under Employee Rentention Bonus Plan | 4,200 | |||||
New Amount [Member] | etailz [Member] | ||||||
Acquisition and Investment (Details) [Line Items] | ||||||
Maximum Amount Available Under Employee Rentention Bonus Plan | $ 5,700 |
Acquisition and Investment (D38
Acquisition and Investment (Details) - Schedule of Consideration Fair Value $ in Thousands | 12 Months Ended |
Feb. 03, 2018USD ($) | |
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 |
Acquisition and Investment (D39
Acquisition and Investment (Details) - Schedule of Acquired Assets and Assumed Liabilities $ in Thousands | Oct. 17, 2016USD ($) |
Assets (Liablilities) 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 |
Acquisition and Investment (D40
Acquisition and Investment (Details) - Schedule of Pro Forma Financials $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Jan. 28, 2017USD ($)$ / sharesshares | |
Schedule of Pro Forma Financials [Abstract] | |
Pro forma total revenue | $ 434,171 |
Pro forma net loss | $ (4,986) |
Pro forma basic and diluted loss per share (in Dollars per share) | $ / shares | $ (0.14) |
Pro forma weighted average number of common shares outstanding – basic and diluted (in Shares) | shares | 36,239 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Details) - Schedule of Identifable Intangible Assets $ in Thousands | 12 Months Ended |
Feb. 03, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 29,000 |
Accumulated Amortization | 5,032 |
Net Carrying Amount | $ 23,967 |
Vendor Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period | 120 months |
Gross Carrying Amount | $ 19,100 |
Accumulated Amortization | 2,487 |
Net Carrying Amount | $ 16,612 |
Technology-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period | 60 months |
Gross Carrying Amount | $ 6,700 |
Accumulated Amortization | 1,738 |
Net Carrying Amount | $ 4,962 |
Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period | 60 months |
Gross Carrying Amount | $ 3,200 |
Accumulated Amortization | 807 |
Net Carrying Amount | $ 2,393 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Details) - Schedule of Changes in Net Intangibles and Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Amortized intangible assets: | ||
Amortized intangible assets | $ 23,967 | $ 27,857 |
Amortization of intangible assets | 3,890 | 1,143 |
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 | 16,612 | 18,522 |
Amortization of intangible assets | 1,910 | |
Technology-Based Intangible Assets [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets | 4,962 | 6,302 |
Amortization of intangible assets | 1,340 | |
Trademarks and Trade Names [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets | 2,393 | $ 3,033 |
Amortization of intangible assets | $ 640 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Details) - Schedule of Future Amortization Expense $ in Thousands | Feb. 03, 2018USD ($) |
Schedule of Future Amortization Expense [Abstract] | |
2,018 | $ 3,890 |
2,019 | 3,890 |
2,020 | 3,890 |
2,021 | 3,325 |
2,022 | 1,910 |
Thereafter | $ 7,062 |
Fixed Assets (Details) - Schedu
Fixed Assets (Details) - Schedule of Fixed Assets - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $ 24,239 | $ 174,707 |
Allowances for depreciation and amortization | (10,693) | (129,610) |
Fixed assets, net | 13,546 | 45,097 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 14,403 | 131,216 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $ 9,836 | $ 43,491 |
Fixed Assets (Details) - Sche45
Fixed Assets (Details) - Schedule of Depreciation of Fixed Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Depreciation of Fixed Assets [Abstract] | |||
Cost of sales | $ 645 | $ 440 | $ 523 |
Selling, general and administrative expenses | 9,627 | 7,699 | 4,668 |
Total | $ 10,272 | $ 8,139 | $ 5,191 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 12,200 | $ 16,100 |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 1,500 | |
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 | $ 3,200 | |
As A Result of Death of Chairman [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $ 7,500 |
Restricted Cash (Details) - Sch
Restricted Cash (Details) - Schedule of Restricted Cash and Cash Equivalents - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Schedule of Restricted Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 31,326 | $ 27,974 | ||
Restricted cash | 12,180 | 16,103 | ||
Total cash, cash equivalents and restricted cash | $ 43,506 | $ 44,077 | $ 104,311 | $ 118,537 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 31, 2017 | Jan. 28, 2017 | |
Credit Facility (Details) [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 50 | ||
Line of Credit Facility, Increase (Decrease), Net | $ 60 | ||
Revolving Credit Facility [Member] | |||
Credit Facility (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11.7 | $ 21.5 | |
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 andcovenants 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 and share repurchases to $5.0 million annually and not allowing borrowings under theamended facility for the six months before or six months after the dividend payment. | ||
Dividends and Share Repurchase Maximum | $ 5 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 41 | $ 39 | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||
Credit Facility (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Minimum [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||
Credit Facility (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||
Credit Facility (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Maximum [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||
Credit Facility (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Increased Maximum During Months of October, November, and December [Member] | |||
Credit Facility (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
Leases (Details) [Line Items] | |||
Number Of Stores Leased Under Operating Leases | 260 | ||
Operating Leases Rent Expense Minimum Rental Based on Sales Volume | $ 0.6 | $ 0.8 | $ 0.9 |
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 | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Rental Expense, Net [Abstract] | |||
Minimum rentals | $ 25,033 | $ 28,531 | $ 30,311 |
Contingent rentals | 9 | 13 | |
$ 25,033 | $ 28,540 | $ 30,324 |
Leases (Details) - Schedule o51
Leases (Details) - Schedule of Future Minimum Rental Payment - Operating Lease [Member] $ in Thousands | Feb. 03, 2018USD ($) |
Leases (Details) - Schedule of Future Minimum Rental Payment [Line Items] | |
2,018 | $ 25,308 |
2,019 | 9,933 |
2,020 | 7,899 |
2,021 | 4,804 |
2,022 | 1,746 |
Thereafter | 965 |
Total minimum payments required | $ 50,655 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 53 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Feb. 03, 2018 | |
Stockholders' Equity Note [Abstract] | ||||
Stock Repurchased During Period, Shares (in Shares) | 0 | 686,137 | 298,225 | 2,558,180 |
Stock Repurchase During Period, Value Per Share | $ 3.87 | $ 3.64 | $ 3.83 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $ 12.2 | $ 12.2 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0 | |
Cash Dividends Payment Maximum Limit (in Dollars) | $ 5 |
Benefit Plans (Details) - 401(k
Benefit Plans (Details) - 401(k) Savings Plan - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Benefit Plans (Details) - 401(k) Savings Plan [Line Items] | |||
Defined Contribution Plan, Cost | $ 525,000 | $ 592,000 | $ 424,000 |
fye [Member] | |||
Benefit Plans (Details) - 401(k) Savings Plan [Line Items] | |||
Defined Contribution Plan Maximum Percentage of salary can be contributed | 80.00% | ||
Defined Benefit Plan, Description | The Company matches 50% of the first 6% of employee contributions after completing one year of service. | ||
Defined Contribution Plan Employers Matching Contribution Vesting Period | 4 years | ||
etailz [Member] | |||
Benefit Plans (Details) - 401(k) Savings Plan [Line Items] | |||
Defined Benefit Plan, Description | The Company matches 100% of the first6% of employee contributions after completing one year of service. | ||
Defined Contribution Plan Employers Matching Contribution Vesting Period | 3 years |
Benefit Plans (Details) - Stock
Benefit Plans (Details) - Stock Award Plans - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Benefit Plans (Details) - Stock Award Plans [Line Items] | |||
Share-based Compensation | $ 3,067,000 | $ 1,306,000 | $ 538,000 |
Entity Stock Closing Price (in Dollars per share) | $ 1.60 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 9,000 | ||
In Connection 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 | 1 year | ||
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, Option, Nonvested, Weighted Average Exercise Price (in Dollars per share) | $ 3.56 | ||
Share-based Compensation | $ 3,100,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,500,000 | ||
New Plan [Member] | |||
Benefit Plans (Details) - Stock Award Plans [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 4,900,000 | ||
Stock Award Plan [Member] | |||
Benefit Plans (Details) - Stock Award Plans [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number (in Shares) | 2,800,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number (in Shares) | 1,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,100,000 | ||
Allocated Share-based Compensation Expense | $ 600,000 | 600,000 | 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 6 months |
Benefit Plans (Details) - Defin
Benefit Plans (Details) - Defined Benefit Plans - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0.6 | $ 0.8 | $ 1 |
Defined Benefit Plans Accrued Pension Liability | 18.3 | 18.7 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 18.4 | $ 19 |
Benefit Plans (Details) - Sched
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted - $ / shares | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
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) | $ 0.73 | $ 1.19 | $ 1.49 |
Minimum [Member] | |||
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Expected stock price volatility | 40.10% | 38.00% | 39.70% |
Risk-free interest rate | 1.74% | 1.06% | 1.32% |
Expected award life ( in years) | 5 years 233 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 | 46.40% | 47.50% | 50.20% |
Risk-free interest rate | 2.39% | 2.18% | 1.94% |
Expected award life ( in years) | 5 years 259 days | 6 years 357 days | 5 years 259 days |
Benefit Plans (Details) - Sch57
Benefit Plans (Details) - Schedule of Share-based Compensation, Stock authorized under stock option plan | 12 Months Ended |
Feb. 03, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Shares (in Shares) | shares | 2,585,914 |
Outstanding Average Remaining Life | 7 years 73 days |
Outstanding Weighted Average Exercise Price | $ 3.06 |
Exercisable Shares (in Shares) | shares | 1,311,164 |
Exercisable Weighted Average Exercise Price | $ 3.29 |
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 | 932,000 |
Outstanding Average Remaining Life | 6 years 328 days |
Outstanding Weighted Average Exercise Price | $ 1.94 |
Exercisable Shares (in Shares) | shares | 352,000 |
Exercisable Weighted Average Exercise Price | $ 2.86 |
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 | $ 3.50 |
Outstanding Shares (in Shares) | shares | 721,000 |
Outstanding Average Remaining Life | 7 years 73 days |
Outstanding Weighted Average Exercise Price | $ 3.35 |
Exercisable Shares (in Shares) | shares | 480,000 |
Exercisable Weighted Average Exercise Price | $ 6.72 |
Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Pirce Range Minimum | 3.51 |
Exercise Pirce Range Maximum | $ 4.87 |
Outstanding Shares (in Shares) | shares | 932,914 |
Outstanding Average Remaining Life | 7 years 219 days |
Outstanding Weighted Average Exercise Price | $ 3.95 |
Exercisable Shares (in Shares) | shares | 479,164 |
Exercisable Weighted Average Exercise Price | $ 3.29 |
Benefit Plans (Details) - Sch58
Benefit Plans (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - $ / shares | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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 | |
Number of Shares Subject To Option, Granted (in Shares) | 680,000 | 1,009,664 | 380,000 | |
Weighted Average Exercise Price, Granted | $ 1.84 | $ 3.66 | $ 3.72 | |
Other Share Awards, Granted (in Shares) | [1] | 65,000 | 68,097 | 23,774 |
Weighted Average Grant Date Value, Granted | $ 1.85 | $ 3.84 | $ 3.59 | |
Number of Shares Subject To Option, Exercised (in Shares) | (18,000) | (8,000) | ||
Weighted Average Exercise Price, Exercised | $ 2.09 | $ 2.33 | ||
Other Share Awards, Exercised (in Shares) | [1] | (52,500) | (108,344) | (50,000) |
Weighted Average Grant Date Value, Exercised | $ 3.50 | $ 3.68 | $ 0 | |
Number of Shares Subject To Option, Forfeited (in Shares) | (389,500) | (38,250) | (18,500) | |
Weighted Average Exercise Price, Forfeited | $ 3.23 | $ 3.82 | $ 3.62 | |
Other Share Awards, Forfeited (in Shares) | [1] | (5,000) | ||
Weighted Average Grant Date Value, Forfeited | $ 3.53 | $ 0 | $ 0 | |
Number of Shares Subject To Option, Canceled (in Shares) | (164,150) | (605,675) | (713,525) | |
Weighted Average Exercise Price, Canceled | $ 5.43 | $ 5.23 | $ 13.28 | |
Weighted Average Grant Date Value, Canceled | $ 0 | $ 0 | $ 0.10 | |
Number of Shares Subject To Option, Balance (in Shares) | 2,585,914 | 2,459,564 | 2,111,825 | |
Weighted Average Exercise Price, Balance | $ 3.06 | $ 3.58 | $ 4.04 | |
Other Share Awards, Balance (in Shares) | [1] | 178,427 | 170,927 | 211,174 |
Weighted Average Grant Date Value, Balance | $ 3.26 | $ 3.63 | $ 3.79 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Award Exercise Price Range Per Share, Balance | 1.73 | 1.73 | 1.73 | |
Stock Award Exercise Price Range Per Share, Granted | 1.60 | 2.80 | 3.40 | |
Stock Award Exercise Price Range Per Share, Exercised | 1.73 | 1.73 | ||
Stock Award Exercise Price Range Per Share, Forfeited | 1.85 | 2.53 | 1.73 | |
Stock Award Exercise Price Range Per Share, Canceled | 3.79 | 2.53 | 1.73 | |
Stock Award Exercise Price Range Per Share, Balance | 1.60 | 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 | 5.50 | 6.41 | 14.32 | |
Stock Award Exercise Price Range Per Share, Granted | 1.85 | 3.90 | 3.88 | |
Stock Award Exercise Price Range Per Share, Exercised | 2.53 | 2.53 | ||
Stock Award Exercise Price Range Per Share, Forfeited | 4.87 | 4.87 | 4.87 | |
Stock Award Exercise Price Range Per Share, Canceled | 5.50 | 6.41 | 14.32 | |
Stock Award Exercise Price Range Per Share, Balance | $ 4.87 | $ 5.50 | $ 6.41 | |
[1] | Other Share Awards include deferred shares granted to executives and Directors. |
Benefit Plans (Details) - Sch59
Benefit Plans (Details) - Schedule of Stock Option Exercises - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Stock Option Exercises [Abstract] | ||
Cash received for exercise price | $ 39 | $ 19 |
Intrinsic value | $ 25 | $ 12 |
Benefit Plans (Details) - Sch60
Benefit Plans (Details) - Schedule of Defined Benefit Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss | $ (102) | $ (315) | $ (525) |
Unrecognized prior service cost | 17 | 237 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 18,700 | 19,026 | |
Service cost | 63 | 61 | |
Interest cost | 555 | 549 | |
Actuarial loss | 177 | 196 | |
Benefits paid | (1,161) | (1,132) | |
Benefit obligation at end of year | 18,334 | 18,700 | $ 19,026 |
Funded status | (18,334) | (18,700) | |
Unrecognized prior service cost | 17 | ||
Unrecognized net actuarial gain | (102) | (315) | |
Accrued benefit cost | $ (18,436) | $ (18,998) |
Benefit Plans (Details) - Sch61
Benefit Plans (Details) - Schedule of amounts recognized in balance sheet - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Schedule of amounts recognized in balance sheet [Abstract] | ||
Current liability | $ (1,199) | $ (1,161) |
Long term liability | (17,135) | (17,539) |
Add: Accumulated other comprehensive income | (102) | (298) |
Net amount recognized | $ (18,436) | $ (18,998) |
Benefit Plans (Details) - Sch62
Benefit Plans (Details) - Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Benefit Plans (Details) - Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Line Items] | |||
Net periodic benefit cost | $ 600 | $ 800 | $ 1,000 |
Components of Net Periodic Benefit Cost [Member] | |||
Benefit Plans (Details) - Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Line Items] | |||
Service cost | 63 | 61 | 66 |
Interest cost | 555 | 549 | 583 |
Amortization of prior service cost | 17 | 220 | 342 |
Amortization of actuarial net gain | (36) | (14) | (34) |
Net periodic benefit cost | $ 599 | $ 816 | $ 957 |
Benefit Plans (Details) - Sch63
Benefit Plans (Details) - Schedule of Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Loss - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
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 | $ (17) | $ (220) |
Net actuarial gain recognized as a component of net periodic benefit cost | 36 | 14 |
Net actuarial losses arising during the period | 177 | 196 |
196 | (10) | |
Total recognized in other comprehensive (income) loss | 196 | (10) |
Total recognized in net periodic benefit cost and other comprehensive loss | $ 795 | $ 806 |
Benefit Plans (Details) - Sch64
Benefit Plans (Details) - Schedule of Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized [Abstract] | |||
Net unrecognized actuarial gain | $ (102) | $ (315) | $ (525) |
Net unrecognized prior service cost | 17 | 237 | |
Accumulated other comprehensive income | (102) | (298) | (288) |
Tax expense | 1,100 | 1,100 | 1,100 |
Accumulated other comprehensive loss | $ 998 | $ 802 | $ 812 |
Benefit Plans (Details) - Sch65
Benefit Plans (Details) - Schedule of Assumptions Used | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Weighted-average assumptions used to determine benefit obligation: | |||
Discount rate | 3.42% | 3.58% | |
Salary increase rate | 3.00% | 3.00% | |
Measurement date | Jan. 31, 2018 | Jan. 28, 2017 | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.16% | 3.63% | 3.00% |
Salary increase rate | 3.00% | 3.00% | 3.00% |
Benefit Plans (Details) - Sch66
Benefit Plans (Details) - Schedule of Expected Benefit Payments $ in Thousands | Feb. 03, 2018USD ($) |
Schedule of Expected Benefit Payments [Abstract] | |
2,018 | $ 1,199 |
2,019 | 1,199 |
2,020 | 1,192 |
2,021 | 1,184 |
2,022 | 1,149 |
2023 – 2027 | $ 6,510 |
Benefit Plans (Details) - Sch67
Benefit Plans (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) $ in Thousands | 12 Months Ended |
Feb. 03, 2018USD ($) | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Balance | $ (802) |
Other comprehensive income before reclassifications | (196) |
Balance | $ (998) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Taxes (Details) [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 76,810 | $ 89,443 | ||
Unrecognized Tax Benefits | 1,930 | $ 1,930 | $ 1,930 | $ 1,930 |
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 | 3,100 | |||
Income Tax Examination, Penalties and Interest Accrued | $ 2,300 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 33.70% | 35.00% | 35.00% | |
Deferred Tax Assets, Net of Valuation Allowance | $ 6,392 | $ 11,616 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (79.40%) | |||
Domestic Tax Authority [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | $ 208,300 | |||
Operating Loss Carryforward Expiration Year | 2,037 | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 500 | |||
Tax Credit Carryforward Expiration Year | 2,026 | 2,026 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Deferred Tax Assets, Net of Valuation Allowance | $ 34,000 | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 79.30% | |||
Domestic Tax Authority [Member] | Previously Reported [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | $ 273,400 | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 200 | |||
Tax Credit Carryforward Expiration Year | 2,027 | |||
Tax Credit Carryforward, Amount | $ 1,100 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of components of income tax expense benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of components of income tax expense benefit [Abstract] | |||
Federal - current | $ (500) | ||
State - current | 201 | $ 215 | $ 181 |
Deferred | (6,988) | ||
Income tax expense (benefit) | $ (299) | $ (6,773) | $ 181 |
Income Taxes (Details) - Sche70
Income Taxes (Details) - Schedule of effective income tax rate reconciliation | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of effective income tax rate reconciliation [Abstract] | |||
Federal statutory rate | 33.70% | 35.00% | 35.00% |
State income taxes | (0.50%) | (6.00%) | 4.10% |
Change in valuation allowance | 36.10% | (57.20%) | (39.00%) |
Cash surrender value - insurance / benefit program | 7.00% | 4.00% | 5.30% |
Contingent consideration | 2.60% | 19.10% | |
Change in US Federal Statutory Tax Rate | (79.40%) | ||
Deferred tax benefit - acquisition | 196.10% | ||
Other | 1.20% | (0.90%) | 0.90% |
Effective tax rate | 0.70% | 190.10% | 6.30% |
Income Taxes (Details) - Sche71
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
DEFERRED TAX ASSET | ||
Accrued Expenses | $ 260 | $ 400 |
Inventory | 347 | |
Retirement and compensation related accruals | 6,724 | 9,063 |
Fixed assets | 7,561 | 1,718 |
Federal and state net operating loss and credit carry forwards | 64,807 | 83,221 |
Real estate leases, included deferred rent | 2,446 | 4,141 |
Losses on investment | 827 | 1,268 |
Others | 577 | 901 |
Gross deferred tax assets before valuation allowance | 83,202 | 101,059 |
Less: valuation allowance | (76,810) | (89,443) |
Total deferred tax assets | 6,392 | 11,616 |
DEFERRED TAX LIABILITIES | ||
Intangibles | (6,193) | (11,616) |
Inventory | (199) | |
Total deferred tax liabilities | (6,392) | $ (11,616) |
NET DEFERRED TAX ASSET |
Income Taxes (Details) - Sche72
Income Taxes (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Schedule of unrecognized tax benefits [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 1,930 | $ 1,930 | $ 1,930 |
Unrecognized tax benefits at end of year | $ 1,930 | $ 1,930 | $ 1,930 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Feb. 03, 2018USD ($)ft² | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
Board of Directors Chairman [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 165,250 | ||
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 | $ 1,200,000 | $ 2,100,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | May 19, 2017 | Apr. 20, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Description Of Filed Claim | On May 19, 2017, Natasha Roper filed acomplaint against Trans World in the U.S. District Court for the Northern District of New York (Case No.: 1:17-cv-0553-TJM-CFH)in which she also alleges that she is entitled to unpaid compensation for overtimeunder the FLSA. Ms. Roper brings a nationwide collective action under the FLSA on behalf of all similarly situated Store Managers. | Specifically, Carol Spack filed a complaintagainst Trans World Entertainment Corporation (Trans World) in the United States District Court, District of New Jersey, on April20, 2017 (Case No.: 3:17-cv-02687-BRM-LHG) alleging that she is entitled to unpaid compensation for overtime under the federalFair Labor Standards Act (FLSA). She brings a nationwide collective action under the FLSA on behalf of all Store Managers and SeniorAssistant Managers. She also brings class action claims under New Jersey and Pennsylvania law on behalf of all persons who workedas Store Managers in New Jersey or Senior Assistant Managers in Pennsylvania. |
Quarterly Financial Informati75
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 03, 2018 | Apr. 29, 2017 | Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Proceeds from Sale of Insurance Investments | $ 8,700 | $ 8,733 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 29,100 | $ 29,107 |
Quarterly Financial Informati76
Quarterly Financial Information (Unaudited) (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 03, 2018 | [1] | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | [2] | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Quarterly Financial Information [Abstract] | |||||||||||||
Total Revenue | $ 145,409 | $ 93,001 | $ 102,479 | $ 101,967 | $ 147,109 | $ 66,282 | $ 64,349 | $ 75,730 | $ 442,856 | $ 353,470 | $ 339,504 | ||
Gross profit | 40,787 | 31,581 | 35,170 | 36,305 | 50,258 | 26,872 | 26,701 | 30,828 | 143,843 | 134,659 | 135,415 | ||
Net income (loss) | $ (32,450) | $ (8,071) | $ (5,565) | $ 3,533 | $ 8,322 | $ (483) | $ (4,655) | $ 27 | $ (42,553) | $ 3,211 | $ 2,689 | ||
Basic and diluted income (loss) per share (in Dollars per share) | $ (0.90) | $ (0.22) | $ (0.15) | $ 0.10 | $ 0.23 | $ (0.02) | $ (0.15) | $ 0 | $ (1.18) | $ 0.10 | $ 0.09 | ||
[1] | Includes $29.1 million impairment of fixed assets. | ||||||||||||
[2] | Includes $8.7 million gain from insurance proceeds. |