Document And Entity Information
Document And Entity Information | 9 Months Ended |
Nov. 03, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP |
Document Type | 10-Q |
Current Fiscal Year End Date | --01-31 |
Entity Common Stock, Shares Outstanding | 36,258,839 |
Amendment Flag | false |
Entity Central Index Key | 795,212 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Document Period End Date | Nov. 3, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Ex Transition Period | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 4,497 | $ 31,326 | $ 3,924 |
Restricted cash | 4,122 | 1,505 | 1,503 |
Accounts receivable | 5,659 | 4,469 | 6,071 |
Merchandise inventory | 131,285 | 109,377 | 144,754 |
Prepaid expenses and other assets | 9,227 | 6,976 | 7,113 |
Total current assets | 154,790 | 153,653 | 163,365 |
Restricted cash | 5,944 | 10,675 | 10,731 |
Fixed assets, net | 12,177 | 13,546 | 43,472 |
Goodwill | 39,191 | 39,191 | 39,191 |
Intangible assets, net | 21,052 | 23,967 | 24,940 |
Other assets | 5,907 | 7,139 | 7,247 |
TOTAL ASSETS | 239,061 | 248,171 | 288,946 |
CURRENT LIABILITIES | |||
Accounts payable | 42,272 | 41,780 | 45,378 |
Short-term borrowings | 27,440 | 5,000 | |
Accrued expenses and other current liabilities | 8,624 | 11,038 | 9,805 |
Deferred revenue | 6,454 | 8,464 | 7,231 |
Total current liabilities | 84,790 | 61,282 | 67,414 |
Contingent consideration | 2,115 | ||
Other long-term liabilities | 25,853 | 29,131 | 29,236 |
TOTAL LIABILITIES | 110,643 | 90,413 | 98,765 |
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; 64,436,671, 64,305,171 and 64,255,171 shares issued, respectively) | 644 | 643 | 643 |
Additional paid-in capital | 343,511 | 341,103 | 340,391 |
Treasury stock at cost (28,177,832, 28,156,601 and 28,138,116 shares, respectively) | (230,167) | (230,145) | (230,144) |
Accumulated other comprehensive loss | (1,013) | (998) | (788) |
Retained earnings | 15,443 | 47,155 | 80,079 |
TOTAL SHAREHOLDERS’ EQUITY | 128,418 | 157,758 | 190,181 |
TOTAL LIABILITIES AND EQUITY | $ 239,061 | $ 248,171 | $ 288,946 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 64,436,671 | 64,305,171 | 64,255,171 |
Treasury stock, shares at cost | 28,177,832 | 28,156,601 | 28,138,116 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Net sales | $ 90,877 | $ 91,817 | $ 287,148 | $ 293,482 |
Other revenue | 1,107 | 1,184 | 3,613 | 3,964 |
Total revenue | 91,984 | 93,001 | 290,761 | 297,446 |
Cost of sales | 64,598 | 61,420 | 199,514 | 194,390 |
Gross profit | 27,386 | 31,581 | 91,247 | 103,056 |
Selling, general and administrative expenses | 41,140 | 39,692 | 122,550 | 121,725 |
Loss from operations | (13,754) | (8,111) | (31,303) | (18,669) |
Interest expense | 277 | 83 | 444 | 200 |
Gain on insurance proceeds | (27) | (8,733) | ||
Other income | (43) | (32) | (171) | (91) |
Loss before income tax expense | (13,988) | (8,135) | (31,576) | (10,045) |
Income tax expense (benefit) | 64 | (64) | 136 | 40 |
Net loss | $ (14,052) | $ (8,071) | $ (31,712) | $ (10,085) |
BASIC AND DILUTED LOSS PER COMMON SHARE: | ||||
Basic and diluted loss per common share (in Dollars per share) | $ (0.39) | $ (0.22) | $ (0.87) | $ (0.28) |
Weighted average number of common shares outstanding – basic and diluted (in Shares) | 36,296 | 36,190 | 36,272 | 36,181 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Net loss | $ (14,052) | $ (8,071) | $ (31,712) | $ (10,085) |
Amortization of pension gain (loss) | 5 | (5) | 15 | (15) |
Comprehensive loss | $ (14,047) | $ (8,076) | $ (31,697) | $ (10,100) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (31,712) | $ (10,085) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of fixed assets | 3,893 | 7,558 |
Amortization of intangible assets | 2,915 | 2,917 |
Amortization of lease valuations, net | (12) | |
Stock based compensation | 2,387 | 2,314 |
Adjustment to contingent consideration | (272) | (1,437) |
Loss on disposal of fixed assets | 327 | 459 |
Change in cash surrender value | 90 | (227) |
Gain on life insurance asset | (8,733) | |
Changes in operating assets and liabilities that provide (use) cash: | ||
Accounts receivable | (1,190) | 1,014 |
Merchandise inventory | (21,908) | (18,750) |
Prepaid expenses and other current assets | (2,251) | 1,158 |
Other long-term assets | (163) | (497) |
Accounts payable | 492 | (6,929) |
Accrued expenses and other current liabilities | (642) | (892) |
Deferred revenue | (2,010) | (1,999) |
Other long-term liabilities | (3,293) | 194 |
Net cash used in operating activities | (53,337) | (33,947) |
INVESTING ACTIVITIES: | ||
Purchases of fixed assets | (2,851) | (6,392) |
Proceeds from company owned life insurance | 14,363 | |
Investment in joint venture | (2,575) | |
Capital distributions from joint venture | 1,305 | 632 |
Net cash (used in) provided by investing activities | (1,546) | 6,028 |
FINANCING ACTIVITIES: | ||
Proceeds from short term borrowings | 27,440 | 5,000 |
Payments to etailz shareholders | (1,500) | (5,000) |
Net cash provided by (used in) financing activities | 25,940 | |
Net decrease in cash, cash equivalents, and restricted cash | (28,943) | (27,919) |
Cash, cash equivalents, and restricted cash, beginning of period | 43,506 | 44,077 |
Cash, cash equivalents, and restricted cash, end of period | $ 14,563 | $ 16,158 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1. Nature of Operations Trans World Entertainment Corporation and subsidiaries (“the Company”) operates in two reportable segments: fye and etailz. The fye segment operates a chain of retail entertainment stores and e-commerce sites, www.fye.com www.secondspin.com Liquidity and Cash Flows: The Company’s primary sources of liquidity are borrowing capacity under its revolving credit facility, available cash and cash equivalents, and cash generated from operations. Management anticipates any cash requirements due to a shortfall in cash from operations will be funded by the Company’s revolving credit facility, as discussed in note 8 in the interim condensed consolidated financial statements. In connection with the preparation of these unaudited interim condensed consolidated financial statements, the Company has evaluated and concluded there are no conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year following the date that these financial statements are issued. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | Note 2. Basis of Presentation The accompanying interim condensed consolidated financial statements consist of Trans World Entertainment Corporation, Record Town, Inc. (“Record Town”), Record Town’s subsidiaries and etailz, Inc., all of which are wholly-owned. All intercompany accounts and transactions have been eliminated in consolidation. The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited interim condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. The accompanying interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes as of and for the year ended February 3, 2018 contained in the Company’s Annual Report on Form 10-K filed May 4, 2018. The results of operations for the thirteen and thirty-nine weeks ended November 3, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ending February 2, 2019. The Company’s significant accounting policies are described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended February 3, 2018. There have been no material changes to the accounting policies applied to our consolidated results and footnote disclosures. Recently Adopted Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), 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. On February 4, 2018, the Company adopted ASU No. 2014-09 using the modified retrospective approach. The adoption of this ASU impacted the timing of revenue recognition for gift card breakage. Prior to adoption of ASU No. 2014-09, gift card breakage was recognized at the point gift card redemption became remote. In accordance with this ASU, the Company will recognize gift card breakage in proportion to the pattern of rights exercised by the customer. The adoption of this ASU also impacted presentation of our condensed consolidated financial statements related to sales return reserves. The cumulative effect of initially applying ASU No. 2014-09 was a $0.5 million decrease to the opening balance of retained earnings as of February 4, 2018. The comparative prior period information continues to be reported under the accounting standards in effect during those periods. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 03, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of this ASU is that an entity should recognize the rights and obligations resulting from leases as assets and liabilities. The new standard requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. The new standard will be effective for the Company’s fiscal year beginning February 3, 2019, and requires the modified retrospective method of adoption. Management is progressing with implementation and continuing to evaluate the effect to the Company’s Consolidated Financial Statements and disclosures. Given the nature of the operating leases for the Company’s home office, distribution center, and retail stores, the Company expects an increase to the carrying value of its assets and liabilities. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Nov. 03, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 4. Goodwill and Other Intangible Assets Our goodwill results from our acquisition of etailz and represents the excess purchase price over the net identifiable assets acquired. All of our goodwill is associated with etailz, a separate reporting unit, and there is no goodwill associated with our other reporting unit, fye. Goodwill is not amortized and we are required to evaluate our goodwill for impairment at least annually or whenever indicators of impairment are present. Our annual test is completed during the fourth fiscal quarter, and interim tests are conducted when circumstances indicate the carrying value of the goodwill or other intangible assets may not be recoverable. Estimating the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is possible that these judgments and estimates could change in future periods. The determination of the fair value of intangible assets and liabilities acquired in a business acquisition is subject to certain estimates and assumptions. Our identifiable intangible assets that resulted from our acquisition of etailz consist of vendor relationships, technology, and trade names and trademarks. We review amortizable intangible asset groups for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Identifiable intangible assets as of November 3, 2018 consisted of the following ($ in thousands): Weighted Original Gross Accumulated Net Carrying Vendor relationships 120 $ 19,100 $ 3,918 $ 15,182 Technology 60 6,700 2,743 3,957 Trade names and trademarks 60 3,200 1,287 1,913 $ 29,000 $ 7,948 $ 21,052 The changes in net intangibles and goodwill from February 3, 2018 to November 3, 2018 were as follows: ($ in thousands) February 3, Amortization November 3, Amortized intangible assets: Vendor relationships $ 16,612 $ 1,430 $ 15,182 Technology 4,962 1,005 3,957 Trade names and trademarks 2,393 480 1,913 Net amortized intangible assets $ 23,967 $ 2,915 $ 21,052 Unamortized intangible assets: Goodwill $ 39,191 $ - $ 39,191 Total unamortized intangible assets $ 39,191 $ - $ 39,191 Amortization expense of intangible assets for the thirteen and thirty-nine weeks ended November 3, 2018 and October 28, 2017 consisted of the following: Thirteen Weeks Ended Thirty-nine Weeks Ended ($ in thousands) November 3, October 28, November 3, October 28, Amortized intangible assets: Vendor relationships $ 477 $ 478 $ 1,430 $ 1,432 Technology 335 335 1,005 1,005 Trade names and trademarks 160 160 480 480 Total amortization expense $ 972 $ 973 $ 2,915 $ 2,917 Estimated amortization expense for the remainder of fiscal 2018 and the five succeeding fiscal years and thereafter is as follows: Year Annual ( $ in thousands) 2018 $972 2019 3,890 2020 3,890 2021 3,325 2022 1,910 2023 1,910 Thereafter 5,155 |
Depreciation and Amortization
Depreciation and Amortization | 9 Months Ended |
Nov. 03, 2018 | |
Depreciation and Amoritzation [Abstract] | |
Depreciation and Amoritzation [Text Block] | Note 5. Depreciation and Amortization Depreciation and amortization included in the condensed consolidated statements of operations is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended November 3, October 28, November 3, October 28, ($ in thousands) 2018 2017 2018 2017 Cost of sales $ - $ 163 $ - $ 474 Selling, general and administrative expenses 2,303 3,425 6,808 9,989 Total $ 2,303 $ 3,588 $ 6,808 $10,463 |
Segment Data
Segment Data | 9 Months Ended |
Nov. 03, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 6. Segment Data As described in Note 1 to the interim condensed consolidated financial statements, we operate in two reportable segments as shown in the following table: Thirteen Weeks Ended Thirty-nine Weeks Ended ($ in thousands) November 3, October 28, November 3, October 28, Total Revenue fye $ 47,865 $ 52,105 $ 152,473 $ 176,006 etailz 44,119 40,896 138,288 121,440 Total Company $ 91,984 $ 93,001 $ 290,761 $ 297,446 Gross Profit fye $ 18,276 $ 21,347 $ 61,181 $ 73,342 etailz 9,110 10,234 30,066 29,714 Total Company $ 27,386 $ 31,581 $ 91,247 $ 103,056 Loss From Operations fye $ (9,493) $ (7,858) $ (21,495) $ (17,703) etailz (4,261) (253) (9,808) (966) Total Company $ (13,754) $ (8,111) $ (31,303) $ (18,669) Total Assets As of November 3, 2018 and As of October 28, 2017 November 3, October 28, fye $ 132,699 $ 186,869 etailz 106,362 102,077 Total Company $ 239,061 $ 288,946 |
Restricted Cash
Restricted Cash | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Restricted Assets Disclosure [Text Block] | Note 7. Restricted Cash As of November 3, 2018, the Company had restricted cash of $4.1 million and $5.9 million reported in current and other assets on the accompanying condensed consolidated balance sheet, respectively. As of October 28, 2017, the Company had restricted cash of $1.5 million and $10.7 million reported in current and other assets on the accompanying condensed consolidated balance sheet, respectively. In connection with the acquisition of etailz and under the terms of the amended and restated share purchase agreement, the Company designated $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, which is classified as restricted cash in current assets as of November 3, 2018 on the accompanying interim condensed consolidated balance sheet. In addition, as a result of the death of its former Chairman, the Company holds $7.1 million in a rabbi trust, of which $0.9 million is classified as restricted cash in current assets and $5.9 million is classified as restricted cash in other assets of November 3, 2018 on the accompanying interim condensed consolidated balance sheet. A summary of cash, cash equivalents and restricted cash is as follows ($ in thousands): November 3, February 3, October 28, 2018 2018 2017 Cash and cash equivalents $ 4,497 $ 31,326 $ 3,924 Restricted cash 10,066 12,180 12,234 Total cash, cash equivalents and restricted cash $ 14,563 $ 43,506 $ 16,158 During the thirty-nine weeks ended November 3, 2018, the Company paid out $1.5 million of the restricted cash to the etailz shareholders per the terms of the original etailz acquisition share purchase agreement. |
Short Term Borrowings
Short Term Borrowings | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block [Abstract] | |
Short-term Debt [Text Block] | Note 8. Short Term Borrowings 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. 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 November 3, 2018, the Company was compliant with all covenants. On October 29, 2018, the Company entered into a letter agreement with Wells Fargo in accordance with the Credit Facility in which Wells Fargo provided consent to the Company exceeding the permitted number of store closures and related inventory dispositions. 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 November 3, 2018, borrowings under the credit facility were $27.4 million compared to $5.0 million as of October 28, 2017. The Company had $22.1 million and $49.0 million available for borrowing as of November 3, 2018 and October 28, 2017, respectively. As of November 3, 2018, and as of October 28, 2017 the Company did not have any outstanding letters of credit. The Company records short term borrowings at cost, in which the carrying value approximates fair value due to its short term maturity. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Stock Based Compensation As of November 3, 2018, there was approximately $1.5 million of unrecognized compensation cost related to stock option awards comprised of the following: $0.7 million was related to stock option awards listed in the table below and expected to be recognized as expense over a weighted average period of 1.6 years; $0.2 million was related to restricted stock option awards expected to be recognized as expense over a weighted average period of 3.9 years; and $0.6 million was related to restricted shares issued in connection with the acquisition of etailz, as discussed further below, and expected to be recognized as expense over the next three months. 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 November 3, 2018, of the awards authorized for issuance under the Stock Award Plans, 3.0 million were granted and are outstanding, 1.9 million of which were vested and exercisable. Shares available for future grants of options and other share based awards under the New Plan at November 3, 2018 were 4.4 million. The following table summarizes stock award activity during the thirty-nine weeks ended November 3, 2018: Employee and Director Stock Award Plans Number of Weighted Weighted Other Share (1) Weighted Aggregate (2) Balance February 3, 2018 2,585,914 $ 3.06 7.2 183,427 $ 3.22 - Granted 555,000 0.99 219,484 1.14 - Forfeited (53,000) 3.44 - - - Canceled (72,000) 3.37 - - - Exercised - - - (131,500) 2.19 - Balance November 3, 2018 3,015,914 $ 2.68 6.3 271,411 $ 2.53 $ 83,400 Exercisable November 3, 2018 1,900,289 $ 3.07 4.8 128,911 $ 2.85 $ 19,200 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. (2) As of February 3, 2018, all stock awards outstanding had a grant price higher than the market price of the stock and had no intrinsic value. In connection with the acquisition of etailz, the Company issued 1,572,552 restricted shares of Company stock to a key etailz employee, with a grant date fair value of $3.56 per share. These shares vest ratably through January 2019. During the thirteen and thirty-nine weeks ended November 3, 2018, the Company recognized $0.6 million and $1.8 million of compensation cost related to these shares, respectively. As of November 3, 2018, there was approximately $0.6 million of unrecognized compensation cost related to these restricted shares that is expected to be recognized as expense over the next three months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | Note 10. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss that the Company reports in the condensed consolidated balance sheets represents net loss, adjusted for the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plan. Comprehensive loss consists of net loss and the amortization of pension costs associated with Company’s defined benefit plan for the thirteen and thirty-nine weeks ended November 3, 2018 and October 28, 2017. |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 11. Defined Benefit Plan The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for a limited number of executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirty-nine weeks ended November 3, 2018, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2018. The measurement date for the SERP is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities. The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: Thirteen Weeks Ended Thirty-nine Weeks Ended November 3, October 28, November 3, October 28, ($ in thousands) 2018 2017 2018 2017 Service cost $14 $16 $42 $48 Interest cost 140 139 420 417 Amortization of net gain (1) (5) (5) (15) (15) Net periodic pension cost $149 $150 $447 $450 (1) The amortization of net gain is related to a director retirement plan previously provided by the Company. |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12. Basic and Diluted Loss Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net income by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. For the thirteen and thirty-nine week periods ended November 3, 2018 and October 28, 2017, the impact of all outstanding stock awards was not considered because the Company reported a net loss and such impact would be anti-dilutive. Accordingly, basic and diluted loss per share is the same. Total anti-dilutive stock awards for the thirteen and thirty-nine weeks ended November 3, 2018 were approximately 3.1 million shares and 3.0 million shares, respectively, as compared to 2.6 million shares for both, thirteen and thirty-nine weeks ended October 28, 2017. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 13. Income Taxes In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income. Management considers the scheduled reversal of taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. Based on available objective evidence, management concluded that a full valuation allowance should continue to be recorded against the Company’s deferred tax assets. Management will continue to assess the need for and amount of the valuation allowance against the deferred tax assets by giving consideration to all available evidence to the Company’s ability to generate future taxable income in its conclusion of the need for a full valuation allowance. Any reversal of the Company’s valuation allowance will favorably impact its results of operations in the period of reversal. The Company is currently unable to determine whether or when that reversal might occur, but it will continue to assess the realizability of its deferred tax assets and will adjust the valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will become realizable in the future. The Company has significant net operating loss carry forwards and other tax attributes that are available to offset projected taxable income and current taxes payable, if any, for the year ending February 2, 2019. The deferred tax impact resulting from the utilization of the net operating loss carry forwards and other tax attributes will be offset by a reduction in the valuation allowance. As of February 3, 2018, the Company had a net operating loss carry forward of $208.3 million for federal income tax purposes and approximately $273.4 million for state income tax purposes that expire at various times through 2037 and are subject to certain limitations and statutory expiration periods. The Company has also recorded $0.1 million of deferred tax liability relating to the etailz segment that relates to state income tax returns that do not allow consolidated filing. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets, which remain fully reserved. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 14. 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. Loyalty Memberships and Magazine Subscriptions Class Action On November 14, 2018, three consumers filed a putative class action complaint against Trans World Entertainment Corporation and Synapse Group, Inc. in the United States District Court for the District of Massachusetts Boston Division (Case No.1:18-cv-12377-DPW) concerning enrollment in the Company’s Backstage Pass VIP loyalty program and associated magazine subscriptions. The complaint alleges, among other things, that the Company’s “negative option marketing” misled consumers into enrolling for membership and subscriptions without obtaining the consumers’ consent. The complaint seeks statutory and actual damages. The Company is reviewing the claims. 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. Legal matters are defended and handled in the ordinary course of business. The Company has not established an accrual for the matters noted above as a loss is not considered to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation will have a material adverse impact on our results of operations, financial position, or cash flows. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable intangible assets as of November 3, 2018 consisted of the following ($ in thousands): Weighted Original Gross Accumulated Net Carrying Vendor relationships 120 $ 19,100 $ 3,918 $ 15,182 Technology 60 6,700 2,743 3,957 Trade names and trademarks 60 3,200 1,287 1,913 $ 29,000 $ 7,948 $ 21,052 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The changes in net intangibles and goodwill from February 3, 2018 to November 3, 2018 were as follows: ($ in thousands) February 3, Amortization November 3, Amortized intangible assets: Vendor relationships $ 16,612 $ 1,430 $ 15,182 Technology 4,962 1,005 3,957 Trade names and trademarks 2,393 480 1,913 Net amortized intangible assets $ 23,967 $ 2,915 $ 21,052 Unamortized intangible assets: Goodwill $ 39,191 $ - $ 39,191 Total unamortized intangible assets $ 39,191 $ - $ 39,191 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense of intangible assets for the thirteen and twenty-six weeks ended August 4, 2018 and July 29, 2017 consisted of the following: Thirteen Weeks Ended Thirty-nine Weeks Ended ($ in thousands) November 3, October 28, November 3, October 28, Amortized intangible assets: Vendor relationships $ 477 $ 478 $ 1,430 $ 1,432 Technology 335 335 1,005 1,005 Trade names and trademarks 160 160 480 480 Total amortization expense $ 972 $ 973 $ 2,915 $ 2,917 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for the remainder of fiscal 2018 and the five succeeding fiscal years and thereafter is as follows: Year Annual ( $ in thousands) 2018 $972 2019 3,890 2020 3,890 2021 3,325 2022 1,910 2023 1,910 Thereafter 5,155 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Depreciation and Amoritzation [Abstract] | |
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | Depreciation and amortization included in the condensed consolidated statements of operations is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended November 3, October 28, November 3, October 28, ($ in thousands) 2018 2017 2018 2017 Cost of sales $ - $ 163 $ - $ 474 Selling, general and administrative expenses 2,303 3,425 6,808 9,989 Total $ 2,303 $ 3,588 $ 6,808 $10,463 |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As described in Note 1 to the interim condensed consolidated financial statements, we operate in two reportable segments as shown in the following table: Thirteen Weeks Ended Thirty-nine Weeks Ended ($ in thousands) November 3, October 28, November 3, October 28, Total Revenue fye $ 47,865 $ 52,105 $ 152,473 $ 176,006 etailz 44,119 40,896 138,288 121,440 Total Company $ 91,984 $ 93,001 $ 290,761 $ 297,446 Gross Profit fye $ 18,276 $ 21,347 $ 61,181 $ 73,342 etailz 9,110 10,234 30,066 29,714 Total Company $ 27,386 $ 31,581 $ 91,247 $ 103,056 Loss From Operations fye $ (9,493) $ (7,858) $ (21,495) $ (17,703) etailz (4,261) (253) (9,808) (966) Total Company $ (13,754) $ (8,111) $ (31,303) $ (18,669) |
Schedule Of Total Assets From Segment Reporting Information By Segment [Table Text Block] | Total Assets As of November 3, 2018 and As of October 28, 2017 November 3, October 28, fye $ 132,699 $ 186,869 etailz 106,362 102,077 Total Company $ 239,061 $ 288,946 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Nov. 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): November 3, February 3, October 28, 2018 2018 2017 Cash and cash equivalents $ 4,497 $ 31,326 $ 3,924 Restricted cash 10,066 12,180 12,234 Total cash, cash equivalents and restricted cash $ 14,563 $ 43,506 $ 16,158 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | The following table summarizes stock award activity during the thirty-nine weeks ended November 3, 2018: Employee and Director Stock Award Plans Number of Weighted Weighted Other Share (1) Weighted Aggregate (2) Balance February 3, 2018 2,585,914 $ 3.06 7.2 183,427 $ 3.22 - Granted 555,000 0.99 219,484 1.14 - Forfeited (53,000) 3.44 - - - Canceled (72,000) 3.37 - - - Exercised - - - (131,500) 2.19 - Balance November 3, 2018 3,015,914 $ 2.68 6.3 271,411 $ 2.53 $ 83,400 Exercisable November 3, 2018 1,900,289 $ 3.07 4.8 128,911 $ 2.85 $ 19,200 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. (2) As of February 3, 2018, all stock awards outstanding had a grant price higher than the market price of the stock and had no intrinsic value. |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: Thirteen Weeks Ended Thirty-nine Weeks Ended November 3, October 28, November 3, October 28, ($ in thousands) 2018 2017 2018 2017 Service cost $14 $16 $42 $48 Interest cost 140 139 420 417 Amortization of net gain (1) (5) (5) (15) (15) Net periodic pension cost $149 $150 $447 $450 (1) The amortization of net gain is related to a director retirement plan previously provided by the Company. |
Nature of Operations (Details)
Nature of Operations (Details) ft² in Millions | 9 Months Ended |
Nov. 03, 2018ft² | |
Disclosure Text Block [Abstract] | |
Number of Reportable Segments | 2 |
Number of Stores | 227 |
Area of Stores (in Square Feet) | 1.3 |
Basis of Presentation (Details)
Basis of Presentation (Details) - Accounting Standards Update 2014-09 [Member] - USD ($) $ in Millions | 9 Months Ended | |
Nov. 03, 2018 | Feb. 04, 2018 | |
Basis of Presentation (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 (Topic 606), which requiresan entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or servicesto customers. On February 4, 2018, the Company adopted ASU No. 2014-09 using the modified retrospective approach. The adoptionof this ASU impacted the timing of revenue recognition for gift card breakage. Prior to adoption of ASU No. 2014-09, gift cardbreakage was recognized at the point gift card redemption became remote. In accordance with this ASU, the Company will recognizegift card breakage in proportion to the pattern of rights exercised by the customer. The adoption of this ASU also impacted presentationof our condensed consolidated financial statements related to sales return reserves. The cumulative effect of initially applyingASU No. 2014-09 was a $0.5 million decrease to the opening balance of retained earnings as of February 4, 2018. The comparativeprior period information continues to be reported under the accounting standards in effect during those periods | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.5 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) | 9 Months Ended |
Nov. 03, 2018 | |
Accounting Standards Update 2016-02 [Member] | |
Recent Accounting Pronouncements (Details) [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | In February 2016, the FASB issued ASU No. 2016-02, “Leases”,which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of 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. Management is progressing with implementation and continuing to evaluate the effect to the Company’s ConsolidatedFinancial Statements and disclosures. Given the nature of the operating leases for the Company’s home office, distributioncenter, and retail stores, the Company expects an increase to the carrying value of its assets and liabilities. |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - Schedule of Identifiable Intangible Assets $ in Thousands | 12 Months Ended |
Dec. 03, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Original Gross Carrying Amount | $ 29,000 |
Accumulated Amortization | 7,948 |
Net Carrying Amount | $ 21,052 |
Vendor Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 120 months |
Original Gross Carrying Amount | $ 19,100 |
Accumulated Amortization | 3,918 |
Net Carrying Amount | $ 15,182 |
Technology-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 60 months |
Original Gross Carrying Amount | $ 6,700 |
Accumulated Amortization | 2,743 |
Net Carrying Amount | $ 3,957 |
Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 60 months |
Original Gross Carrying Amount | $ 3,200 |
Accumulated Amortization | 1,287 |
Net Carrying Amount | $ 1,913 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - Schedule of Changes in Net Intangibles and Goodwill - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Amortized intangible assets: | |||||
Amortization of intangible assets | $ 972 | $ 973 | $ 2,915 | $ 2,917 | |
Net amortized intangible assets | 21,052 | 24,940 | 21,052 | 24,940 | $ 23,967 |
Amortization of intangible assets | 2,915 | ||||
Unamortized intangible assets: | |||||
Goodwill | 39,191 | 39,191 | 39,191 | 39,191 | 39,191 |
Total unamortized intangible assets | 39,191 | 39,191 | 39,191 | ||
Vendor Relationships [Member] | |||||
Amortized intangible assets: | |||||
Amortized intangible assets | 15,182 | 15,182 | 16,612 | ||
Amortization of intangible assets | 477 | 478 | 1,430 | 1,432 | |
Technology [Member] | |||||
Amortized intangible assets: | |||||
Amortized intangible assets | 3,957 | 3,957 | 4,962 | ||
Amortization of intangible assets | 335 | 335 | 1,005 | 1,005 | |
Trademarks and Trade Names [Member] | |||||
Amortized intangible assets: | |||||
Amortized intangible assets | 1,913 | 1,913 | $ 2,393 | ||
Amortization of intangible assets | $ 160 | $ 160 | $ 480 | $ 480 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details) - Schedule of Amortization Expense of Intangible Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Amortized intangible assets: | ||||
Amortized intangible assets: | $ 972 | $ 973 | $ 2,915 | $ 2,917 |
Vendor Relationships [Member] | ||||
Amortized intangible assets: | ||||
Amortized intangible assets: | 477 | 478 | 1,430 | 1,432 |
Technology [Member] | ||||
Amortized intangible assets: | ||||
Amortized intangible assets: | 335 | 335 | 1,005 | 1,005 |
Trademarks and Trade Names [Member] | ||||
Amortized intangible assets: | ||||
Amortized intangible assets: | $ 160 | $ 160 | $ 480 | $ 480 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details) - Schedule of Estimated Amortization Expense $ in Thousands | Nov. 03, 2018USD ($) |
Schedule of Estimated Amortization Expense [Abstract] | |
2,018 | $ 972 |
2,019 | 3,890 |
2,020 | 3,890 |
2,021 | 3,325 |
2,022 | 1,910 |
2,023 | 1,910 |
Thereafter | $ 5,155 |
Depreciation and Amortization_2
Depreciation and Amortization (Details) - Schedule of Depreciation and Amortization of Fixed Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Schedule of Depreciation and Amortization of Fixed Assets [Abstract] | ||||
Cost of sales | $ 163 | $ 474 | ||
Selling, general and administrative expenses | $ 2,303 | 3,425 | $ 6,808 | 9,989 |
Total | $ 2,303 | $ 3,588 | $ 6,808 | $ 10,463 |
Segment Data (Details)
Segment Data (Details) | 9 Months Ended |
Nov. 03, 2018 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Segment Data (Details) - Schedu
Segment Data (Details) - Schedule of Reporting Segements - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
fye [Member] | ||||
Total Revenue | ||||
Total Revenue | $ 47,865 | $ 52,105 | $ 152,473 | $ 176,006 |
Gross Profit | ||||
Gross Profit | 18,276 | 21,347 | 61,181 | 73,342 |
Loss From Operations | ||||
Income (Loss) From Operations | (9,493) | (7,858) | (21,495) | (17,703) |
etailz [Member] | ||||
Total Revenue | ||||
Total Revenue | 44,119 | 40,896 | 138,288 | 121,440 |
Gross Profit | ||||
Gross Profit | 9,110 | 10,234 | 30,066 | 29,714 |
Loss From Operations | ||||
Income (Loss) From Operations | (4,261) | (253) | (9,808) | (966) |
Total Company [Member] | ||||
Total Revenue | ||||
Total Revenue | 91,984 | 93,001 | 290,761 | 297,446 |
Gross Profit | ||||
Gross Profit | 27,386 | 31,581 | 91,247 | 103,056 |
Loss From Operations | ||||
Income (Loss) From Operations | $ (13,754) | $ (8,111) | $ (31,303) | $ (18,669) |
Segment Data (Details) - Sche_2
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments - USD ($) $ in Thousands | Nov. 03, 2018 | Oct. 28, 2017 |
fye [Member] | ||
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments [Line Items] | ||
Total Assets | $ 132,699 | $ 186,869 |
etailz [Member] | ||
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments [Line Items] | ||
Total Assets | 106,362 | 102,077 |
Total Company [Member] | ||
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments [Line Items] | ||
Total Assets | $ 239,061 | $ 288,946 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 4,100 | $ 1,500 |
Restricted Cash and Cash Equivalents, Noncurrent | 5,900 | 10,700 |
Payments to Noncontrolling Interests | 1,500 | $ 5,000 |
In Connection With Acquisition of etailz [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Restricted Cash Maximum Earn Out Provision | 3,200 | |
Original Acquisition Share Purchase Agreement [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Payments to Noncontrolling Interests | 1,500 | |
As a Result of Death of Chairman [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | 900 | |
Restricted Cash and Cash Equivalents, Noncurrent | 5,900 | |
Assets Held-in-trust | $ 7,100 |
Restricted Cash (Details) - Sch
Restricted Cash (Details) - Schedule of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 | Feb. 02, 2018 | Oct. 28, 2017 | Jan. 28, 2017 |
Schedule of Cash, Cash Equivalents, and Restricted Cash [Abstract] | |||||
Cash and cash equivalents | $ 4,497 | $ 31,326 | $ 3,924 | ||
Restricted cash | 10,066 | 12,180 | 12,234 | ||
Total cash, cash equivalents and restricted cash | $ 14,563 | $ 43,506 | $ 43,506 | $ 16,158 | $ 44,077 |
Short Term Borrowings (Details)
Short Term Borrowings (Details) - USD ($) $ in Millions | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Short Term Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 50 | |
Dividends and Share Repurchase Maximum | 5 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 27.4 | $ 5 |
Line of Credit Facility, Remaining Borrowing Capacity | 22.1 | $ 49 |
Increased Maximum During Months of October, November, and December [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 75 | |
Credit Facility [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
LIBOR Rate [Member] | Minimum [Member] | Credit Facility [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
LIBOR Rate [Member] | Maximum [Member] | Credit Facility [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Prime Rate [Member] | Minimum [Member] | Credit Facility [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Prime Rate [Member] | Maximum [Member] | Credit Facility [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Nov. 03, 2018USD ($)shares | Nov. 03, 2018USD ($)$ / sharesshares | |
Stock Based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.7 | $ 0.7 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | shares | 5,000,000 | 5,000,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number (in Shares) | shares | 3,000,000 | 3,000,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number (in Shares) | shares | 1,900,000 | 1,900,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | shares | 4,400,000 | 4,400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 1.14 | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | $ 1.8 | |
Employee Stock Option [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1.5 | $ 1.5 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |
Restricted Stock [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.2 | $ 0.2 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 328 days | |
Restricted Stock [Member] | In Connection With Acquisition of etailz [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) | shares | 1,572,552 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 3.56 | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0.6 | |
In Connection With Acquisition of etailz [Member] | Restricted Stock [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.6 | $ 0.6 |
Stock Based Compensation (Det_2
Stock Based Compensation (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | 9 Months Ended | |
Nov. 03, 2018USD ($)$ / sharesshares | ||
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ||
Balance February 3, 2018 | 2,585,914 | |
Balance February 3, 2018 (in Dollars per share) | $ / shares | $ 3.06 | |
Balance February 3, 2018 | 7 years 73 days | |
Balance February 3, 2018 | 183,427 | [1] |
Balance February 3, 2018 (in Dollars per share) | $ / shares | $ 3.22 | |
Granted | 555,000 | |
Granted (in Dollars per share) | $ / shares | $ 0.99 | |
Granted | 219,484 | [1] |
Granted (in Dollars per share) | $ / shares | $ 1.14 | |
Forfeited | (53,000) | |
Forfeited (in Dollars per share) | $ / shares | $ 3.44 | |
Canceled | (72,000) | |
Canceled (in Dollars per share) | $ / shares | $ 3.37 | |
Exercised | (131,500) | [1] |
Exercised (in Dollars per share) | $ / shares | $ 2.19 | |
Balance November 3, 2018 | 3,015,914 | |
Balance November 3, 2018 (in Dollars per share) | $ / shares | $ 2.68 | |
Balance November 3, 2018 | 6 years 109 days | |
Balance November 3, 2018 | 271,411 | [1] |
Balance November 3, 2018 (in Dollars per share) | $ / shares | $ 2.53 | |
Balance November 3, 2018 | 83,400 | [2] |
Exercisable November 3, 2018 | 1,900,289 | |
Exercisable November 3, 2018 (in Dollars per share) | $ / shares | $ 3.07 | |
Exercisable November 3, 2018 | 4 years 292 days | |
Exercisable November 3, 2018 | 128,911 | [1] |
Exercisable November 3, 2018 (in Dollars per share) | $ / shares | $ 2.85 | |
Exercisable November 3, 2018 (in Dollars) | $ | $ 19,200 | [2] |
[1] | Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. | |
[2] | As of February 3, 2018, all stock awards outstanding had a grant price higher than the market price of the stock and had no intrinsic value |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) $ in Millions | Nov. 03, 2018USD ($) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plans (Details) [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 1.2 |
Defined Benefit Plans (Detail_2
Defined Benefit Plans (Details) - Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] | ||||
Service cost | $ 14 | $ 16 | $ 42 | $ 48 |
Interest cost | 140 | 139 | 420 | 417 |
Amortization of net gain (1) | (5) | (5) | (15) | (15) |
Net periodic pension cost | $ 149 | $ 150 | $ 447 | $ 450 |
Basic and Diluted Loss Per Sh_2
Basic and Diluted Loss Per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.1 | 2.6 | 3 | 2.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Feb. 03, 2018 | Nov. 03, 2018 |
Domestic Tax Authority [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 208.3 | |
State and Local Jurisdiction [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 273.4 | |
Tax Credit Carryforward Expiration Year | 2,037 | |
etailz [Member] | State and Local Jurisdiction [Member] | ||
Income Taxes (Details) [Line Items] | ||
Deferred Tax Liabilities, Net | $ 0.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Nov. 14, 2018 | May 19, 2017 | Apr. 20, 2017 |
Commitments and Contingencies Disclosure [Abstract] | |||
Description of Filed Claim | On November 14, 2018, three consumers filed a putativeclass action complaint against Trans World Entertainment Corporation and Synapse Group, Inc. in the United States District Courtfor the District of Massachusetts Boston Division (Case No.1:18-cv-12377-DPW) concerning enrollment in the Company’sBackstage Pass VIP loyalty program and associated magazine subscriptions. The complaint alleges, among other things, thatthe Company’s “negative option marketing” misled consumers into enrolling for membership and subscriptions withoutobtaining the consumers’ consent. The complaint seeks statutory and actual damages. The Company is reviewingthe claims.  | On May 19, 2017, Natasha Roper filed a complaint against TransWorld 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 allegesthat she is entitled to unpaid compensation for overtime under the FLSA Ms. Roper brings a nationwide collective action underthe FLSA on behalf of all similarly situated Store Managers. | Specifically, Carol Spack filed a complaint against Trans WorldEntertainment 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 StandardsAct (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 Managersin New Jersey or Senior Assistant Managers in Pennsylvania. |