Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Nov. 02, 2019 | Dec. 13, 2019 | |
Document Information Line Items | ||
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 1,816,311 | |
Amendment Flag | false | |
Entity Central Index Key | 0000795212 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Nov. 2, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 3,073 | $ 4,355 | $ 4,497 |
Restricted cash | 950 | 4,126 | 4,122 |
Accounts receivable | 4,284 | 5,383 | 5,659 |
Merchandise inventory | 101,130 | 94,842 | 131,285 |
Prepaid expenses and other assets | 4,719 | 6,657 | 9,227 |
Total current assets | 114,156 | 115,363 | 154,790 |
Restricted cash | 5,139 | 5,745 | 5,944 |
Fixed assets, net | 4,987 | 7,529 | 12,177 |
Operating lease right-of-use assets | 8,978 | ||
Goodwill | 39,191 | ||
Intangible assets, net | 2,810 | 3,668 | 21,052 |
Other assets | 5,410 | 5,708 | 5,907 |
TOTAL ASSETS | 141,480 | 138,013 | 239,061 |
CURRENT LIABILITIES | |||
Accounts payable | 29,994 | 34,329 | 42,272 |
Short-term borrowings | 27,771 | 27,440 | |
Accrued expenses and other current liabilities | 5,584 | 8,132 | 8,624 |
Deferred revenue | 5,989 | 6,955 | 6,454 |
Current portion of operating lease liabilities | 9,440 | ||
Total current liabilities | 78,778 | 49,416 | 84,790 |
Operating lease liabilites | 16,227 | ||
Other long-term liabilites | 21,600 | 24,867 | 25,853 |
TOTAL LIABILITIES | 116,605 | 74,283 | 110,643 |
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; 3,225,627, 3,221,834 and 3,221,834 shares issued, respectively) | 32 | 32 | 32 |
Additional paid-in capital | 345,043 | 344,826 | 344,123 |
Treasury stock at cost (1,409,316, 1,408,892 and 1,408,043 shares, respectively) | (230,168) | (230,166) | (230,167) |
Accumulated other comprehensive loss | (720) | (735) | (1,013) |
(Accumulated deficit) Retained earnings | (89,312) | (50,227) | 15,443 |
TOTAL SHAREHOLDERS’ EQUITY | 24,875 | 63,730 | 128,418 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 141,480 | $ 138,013 | $ 239,061 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
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 | 3,225,627 | 3,221,834 | 3,221,834 |
Treasury stock, shares at cost | 1,409,316 | 1,408,892 | 1,408,043 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Net sales | $ 68,592 | $ 90,877 | $ 223,100 | $ 287,148 |
Other revenue | 864 | 1,107 | 2,510 | 3,613 |
Total revenue | 69,456 | 91,984 | 225,610 | 290,761 |
Cost of sales | 46,377 | 64,598 | 152,025 | 199,514 |
Gross profit | 23,079 | 27,386 | 73,585 | 91,247 |
Selling, general and administrative expenses | 29,921 | 41,140 | 95,470 | 122,550 |
Asset impairment charges | 16,035 | 16,035 | ||
Loss from operations | (22,877) | (13,754) | (37,920) | (31,303) |
Interest expense | 228 | 277 | 554 | 444 |
Other (income) loss | (30) | (43) | 388 | (171) |
Loss before income tax expense | (23,075) | (13,988) | (38,862) | (31,576) |
Income tax expense | 80 | 64 | 223 | 136 |
Net loss | $ (23,155) | $ (14,052) | $ (39,085) | $ (31,712) |
BASIC AND DILUTED LOSS PER SHARE: | ||||
Basic and diluted loss per common share (in Dollars per share) | $ (12.73) | $ (7.74) | $ (21.51) | $ (17.48) |
Weighted average number of common shares outstanding – basic and diluted (in Shares) | 1,819 | 1,815 | 1,817 | 1,814 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Net loss | $ (23,155) | $ (14,052) | $ (39,085) | $ (31,712) |
Amortization of pension gain | 5 | 5 | 15 | 15 |
Comprehensive loss | $ (23,150) | $ (14,047) | $ (39,070) | $ (31,697) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Feb. 02, 2018 | $ 32 | $ (230,145) | $ 341,714 | $ (998) | $ 47,611 | $ 158,214 |
Balance (in Shares) at Feb. 02, 2018 | 3,215 | (1,408) | ||||
Adjustment for adoption of accounting standard, ASU 2014-09 | Accounting Standards Update 2014-09 [Member] | (456) | (456) | ||||
Net Loss | (31,712) | (31,712) | ||||
Other comprehensive income | (15) | (15) | ||||
Vested restricted shares | $ (22) | 9 | (13) | |||
Vested restricted shares (in Shares) | 4 | |||||
Common stock issued-new grants | 75 | 75 | ||||
Common stock issued-new grants (in Shares) | 3 | |||||
Amortization of unearned compensation/restricted stock amortization | 2,325 | 2,325 | ||||
Balance at Nov. 03, 2018 | $ 32 | $ (230,167) | 344,123 | (1,013) | 15,443 | 128,418 |
Balance (in Shares) at Nov. 03, 2018 | 3,222 | (1,408) | ||||
Balance at Aug. 04, 2018 | $ 32 | $ (230,149) | 343,322 | (1,008) | 29,495 | 141,692 |
Balance (in Shares) at Aug. 04, 2018 | 3,219 | (1,408) | ||||
Net Loss | (14,052) | (14,052) | ||||
Other comprehensive income | (5) | (5) | ||||
Vested restricted shares | $ (18) | 3 | (15) | |||
Vested restricted shares (in Shares) | 3 | |||||
Amortization of unearned compensation/restricted stock amortization | 798 | 798 | ||||
Balance at Nov. 03, 2018 | $ 32 | $ (230,167) | 344,123 | (1,013) | 15,443 | 128,418 |
Balance (in Shares) at Nov. 03, 2018 | 3,222 | (1,408) | ||||
Balance at Feb. 02, 2019 | $ 32 | $ (230,166) | 344,826 | (735) | (50,227) | 63,730 |
Balance (in Shares) at Feb. 02, 2019 | 3,222 | (1,409) | ||||
Net Loss | (39,085) | (39,085) | ||||
Other comprehensive income | 15 | 15 | ||||
Vested restricted shares | $ (2) | 3 | 1 | |||
Vested restricted shares (in Shares) | 4 | |||||
Amortization of unearned compensation/restricted stock amortization | 214 | 214 | ||||
Balance at Nov. 02, 2019 | $ 32 | $ (230,168) | 345,043 | (720) | (89,312) | 24,875 |
Balance (in Shares) at Nov. 02, 2019 | 3,226 | (1,409) | ||||
Balance at Aug. 03, 2019 | $ 32 | $ (230,168) | 344,983 | (725) | (66,157) | 47,965 |
Balance (in Shares) at Aug. 03, 2019 | 3,224 | (1,409) | ||||
Net Loss | (23,155) | (23,155) | ||||
Other comprehensive income | 5 | 5 | ||||
Vested restricted shares (in Shares) | 2 | |||||
Amortization of unearned compensation/restricted stock amortization | 60 | 60 | ||||
Balance at Nov. 02, 2019 | $ 32 | $ (230,168) | $ 345,043 | $ (720) | $ (89,312) | $ 24,875 |
Balance (in Shares) at Nov. 02, 2019 | 3,226 | (1,409) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (39,085) | $ (31,712) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of fixed assets | 2,272 | 3,893 |
Amortization of intangible assets | 858 | 2,915 |
Amortization of right-of-use assets | 6,171 | |
Stock-based compensation | 214 | 2,387 |
Write down of investment | 500 | |
Adjustment to contingent consideration | (272) | |
Loss on disposal of fixed assets | 27 | 327 |
Loss on impairment of long lived assets | 16,035 | |
Change in cash surrender value | (189) | 90 |
Changes in operating assets and liabilities that provide (use) cash: | ||
Accounts receivable | 1,099 | (1,190) |
Merchandise inventory | (6,288) | (21,908) |
Prepaid expenses and other current assets | 1,190 | (2,251) |
Other long-term assets | (129) | (163) |
Accounts payable | (4,335) | 492 |
Accrued expenses and other current liabilities | (852) | (642) |
Deferred revenue | (966) | (2,010) |
Other long-term liabilities | (7,344) | (3,293) |
Net cash used in operating activities | (30,822) | (53,337) |
INVESTING ACTIVITIES: | ||
Purchases of fixed assets | (2,128) | (2,851) |
Capital distributions from joint venture | 115 | 1,305 |
Net cash used in investing activities | (2,013) | (1,546) |
FINANCING ACTIVITIES: | ||
Proceeds from short term borrowings | 27,771 | 27,440 |
Payments to etailz shareholders | (1,500) | |
Net cash provided by financing activities | 27,771 | 25,940 |
Net decrease in cash, cash equivalents, and restricted cash | (5,064) | (28,943) |
Cash, cash equivalents, and restricted cash, beginning of period | 14,226 | 43,506 |
Cash, cash equivalents, and restricted cash, end of period | $ 9,162 | $ 14,563 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Nov. 02, 2019 | |
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 Considerations: The unaudited condensed consolidated financial statements for the thirteen and thirty-nine weeks ended November 2, 2019 were prepared on the basis of a going concern which contemplates that the Company will be able to realize assets and satisfy liabilities and commitments in the normal course of business. The ability of the Company to meet its liabilities and to continue as a going concern is dependent on improved profitability, the continued implementation of the performance improvement plan for the etailz segment, the availability of future funding and the completion of other strategic alternatives. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. The Company incurred net losses of $39.1 million and $31.7 million for the thirty-nine weeks ended November 2, 2019 and November 3, 2018, respectively, and has an accumulated deficit of $89.3 million at November 2, 2019. In addition, net cash used in operating activities for the thirty-nine weeks ended November 2, 2019 was $30.8 million. Net cash used in operating activities for the thirty-nine weeks ended November 3, 2018 was $53.3 million. The Company also experienced negative cash flows from operations during fiscal 2018 and 2017, and expects to incur net losses in the foreseeable future. Based on its recurring losses from operations, expectation of continuing operating losses for the foreseeable future, and uncertainty with respect to any available future funding, as well as the completion of other strategic alternatives, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date of filing of this Quarterly Report on Form 10-Q. Management has plans to address the Company’s current liquidity position. As disclosed in the Company’s Annual Report on Form 10-K filed May 14, 2019, the Company implemented strategic initiatives on December 11, 2018, aimed at improving organizational efficiencies and conserving working capital needed to support the growth of the etailz segment (the “performance improvement plan”). As a result of the initiative, and inventory management in the fye segment, the Company was able to reduce cash used in operations by $22.5 million for the thirty-nine weeks ended November 2, 2019 as compared to the thirty-nine weeks ended November 2, 2018. We anticipate continued improvement in cash flows used in operations for the remainder of fiscal 2019. In addition, the Company continues to evaluate other strategic initiatives including establishing a credit facility at the etailz segment which could provide additional liquidity. At November 2, 2019, we had cash and cash equivalents of $3.1 million, net working capital of $35.4 million, short-term borrowings in the amount of $27.8 million on our revolving credit facility and $11.0 million of availability on our revolving credit facility. This compares to $4.5 million in cash and cash equivalents, net working capital of $70.0 million, short-term borrowings in the amount of $27.4 million on the Company’s revolving credit facility at November 3, 2018, and $22.1 million of availability on our revolving credit facility. The Company’s primary sources of liquidity are its borrowing capacity under its revolving credit facility, available cash and cash equivalents, and to a lesser extent, cash generated from operations. Our cash requirements relate primarily to working capital needed to operate our business, including funding operating expenses, the purchase of inventory and capital expenditures. Our ability to achieve profitability and meet future liquidity needs and capital requirements will depend upon numerous factors, including the timing and amount of our revenue; the timing and amount of our operating expenses; the timing and costs of working capital needs; and in the implementation of our strategy and planned activities. In addition to the aforementioned current sources of existing working capital, the Company is continuing its efforts to generate additional sales and increase margins. There can be no assurance that any of the initiatives or strategic alternatives described above will be implemented, successful or consummated. Reverse Stock Split: On August 15, 2019, the Company effected a reverse stock split of its outstanding shares of common stock at a ratio of one-for-twenty pursuant to a Certificate of Amendment to the Company’s Certificate of Incorporation filed with the Secretary of State of the State of New York. The reverse stock split was reflected on the Nasdaq Capital Market (“Nasdaq”) beginning with the opening of trading on August 15, 2019. The primary purpose of the reverse stock split, which was approved by the Company’s stockholders at the Company’s Annual Stockholders Meeting on June 27, 2019, was to enable the Company to regain compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. Pursuant to the reverse stock split, every twenty shares of the Company’s issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. Unless otherwise indicated, all share and per share amounts of the common stock included in the accompanying interim condensed consolidated financial statements have been retrospectively adjusted to give effect to the reverse stock split for all periods presented, including reclassifying an amount equal to the reduction in par value to additional paid-in capital. Amounts of common stock resulting from the reverse stock split were rounded up to the nearest whole share. The reverse stock split affected all issued and outstanding shares of the Company’s common stock, and the respective numbers of shares of common stock underlying outstanding stock options, and the Company’s equity incentive plans were proportionately adjusted. Asset Impairment Charges: During the thirty nine weeks ended November 2, 2019, the Company concluded, based on continued operating losses within the fye segment driven by lower than expected third quarter sales that triggering events had occurred, and an evaluation of the fye long-lived assets for impairment was required. Fixed assets and o , primarily at the Company’s retail store locations, as well as certain fixed assets at the corporate location, consisting of the home office and the Albany distribution center, where impairment was determined to exist were written down to their estimated fair values as of the end of November 2, 2019, resulting in the recording of fixed assets and o s impairment charges of $2.4 million and $13.6 million, respectively. Estimated fair values for long-lived assets at these locations, including operating lease right of use assets, store fixtures, equipment, and leasehold improvements were determined based on a measure of discounted future cash flows over the remaining lease terms at the respective locations. Future cash flows were estimated based on individual store and corporate level plans and were discounted at a rate approximating the Company’s cost of capital. Management believes its assumptions were reasonable and consistently applied. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 02, 2019 | |
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. 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 accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended February 2, 2019 contained in the Company’s Annual Report on Form 10-K filed May 14, 2019. The results of operations for the thirteen and thirty-nine weeks ended November 2, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year ending February 1, 2020. As goodwill was fully impaired during fiscal 2018, the Company no longer considers goodwill to be a significant accounting policy. With the exception of goodwill, the Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended February 2, 2019. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 02, 2019 | |
ASU 2018-12 Transition [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Note 3. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-02, Leases (Topic 842). Lessees are required to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability is equal to the present value of lease payments. The asset is based on the liability, subject to certain adjustments, such as for initial direct costs. For income statement purposes, a dual model was retained, requiring leases to be classified as either operating or finance leases. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard) while finance leases result in a frontloaded expense pattern (similar to capital leases under the prior accounting standard). The Company adopted this new accounting standard on February 3, 2019 on a modified retrospective basis and applied the new standard to all leases greater than one year. As a result, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which includes, among other things, the ability to carry forward the existing lease classification. The Company does not engage in any Lessor transactions, and as a Lessee, the Company does not have any finance leases. As a result, the new standard had a material impact on the unaudited condensed consolidated balance sheet, but did not materially impact the Company’s consolidated operating results and did not materially impact the Company’s cash flows. The following is a discussion of the Company’s lease policy under the new lease accounting standard: The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and reduced by lease incentives. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and lease expense is recognized on a straight-line basis over the term of the short-term lease. For real estate leases, the Company accounts for lease components and non-lease components as a single lease component. Certain real estate leases require additional payments based on reimbursement for real estate taxes, common area maintenance and insurance, which are expensed as incurred as variable lease costs. Other real estate leases contain one fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. We elected the following package of practical expedients permitted under the lease standard: We do not record leases with an initial term of 12 months or less on the balance sheet but continue to expense them on a straight-line basis over the lease term. As of November 2, 2019, 153 leases were short-term in nature and were exempt from being recorded on the balance sheet. 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 distribution center/office lease commenced on January 1, 2016, and expires on December 31, 2020. Under the lease, accounted for as an operating lease, the Company is responsible for monthly payments in the amount of $103 thousand per month. Under the terms of the lease agreement, the Company is also responsible for property taxes and other operating costs with respect to the premises. During the thirty nine weeks ended November 2, 2019, the Company concluded, based on continued operating losses within the fye segment driven by lower than expected third quarter sales that triggering events had occurred, and an evaluation of the fye o for impairment was required. O , primarily at the Company’s retail store locations, where impairment was determined to exist were written down to their estimated fair values as of the end of November 2, 2019, resulting in the recording of asset impairment charges of $13.7 million. Estimated fair values at these locations were determined based on a measure of discounted future cash flows over the remaining lease terms at the respective locations. Future cash flows were estimated based on individual store and corporate level plans and were discounted at a rate approximating the Company’s cost of capital. Management believes its assumptions were reasonable and consistently applied. Impact of New Lease Standard on Balance Sheet Line Items As a result of applying the new lease standard using a modified retrospective method, the following adjustments were made to accounts on the condensed consolidated balance sheet as of February 3, 2019: Impact of Change in Accounting Policy As Reported Adjustments Adjusted ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,355 $ — $ 4,355 Restricted cash 4,126 — 4,126 Accounts receivable 5,383 — 5,383 Merchandise inventory 94,842 — 94,842 Prepaid expenses and other current assets 6,657 (748 ) 5,909 Total current assets 115,363 (748 ) 114,615 Restricted cash 5,745 — 5,745 Fixed assets, net 7,529 — 7,529 Operating lease right-of-use assets — 28,044 28,044 Intangible assets, net 3,668 — 3,668 Other assets 5,708 — 5,708 TOTAL ASSETS $ 138,013 $ 27,296 $ 165,309 LIABILITIES CURRENT LIABILITIES Accounts payable $ 34,329 $ — $ 34,329 Accrued expenses and other current liabilities 8,132 (1,319 ) 6,813 Deferred revenue 6,955 — 6,955 Current portion of operating lease liabilites — 9,064 9,064 Total current liabilities 49,416 7,745 57,161 Operating lease liabilities — 22,728 22,728 Other long-term liabilities 24,867 (3,177 ) 21,690 TOTAL LIABILITIES 74,283 27,296 101,579 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; 3,221,834 shares issued) 32 — 32 Additional paid-in capital 344,826 — 344,826 Treasury stock at cost (1,408,892 shares) (230,166 ) — (230,166 ) Accumulated other comprehensive loss (735 ) — (735 ) Accumulated deficit (50,227 ) — (50,227 ) TOTAL SHAREHOLDERS’ EQUITY 63,730 — 63,730 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 138,013 $ 27,296 $ 165,309 The following table is a summary of the Company’s components of net lease cost for the thirteen and thirty-nine week periods ended November 2, 2019: Lease Cost Thirteen Thirty-nine (amounts in thousands) Classification November 2, November 2, Short-term operating lease cost SG&A $ 4,838 $ 10,043 Operating lease cost SG&A 1,753 7,013 Variable lease cost SG&A 127 369 Net lease cost $ 6,718 $ 17,425 During the thirteen and thirty-nine weeks ended November 3, 2018, the Company recorded minimum rentals of $7.2 million and $21.9 million, respectively, and did not record any contingent rentals. As of November 2, 2019, the maturity of lease liabilities is as follows: (amounts in thousands) Operating Leases 2019 $ 2,656 2020 10,502 2021 7,312 2022 3,181 2023 2,278 Thereafter 2,116 Total lease payments 28,045 Less: amounts representing interest (2,378 ) Present value of lease liabilities $ 25,667 Lease term and discount rate are as follows: November 2, 2019 Weighted-average remaining lease term (years) Operating leases 1.06 Weighted-average discount rate 5 % Other information: Thirty-nine Weeks Ended (amounts in thousands) November 2, 2019 Cash paid for amounts included in the measurement of operating lease liabilities Operating cash flows from operating leases $ 6,582 As determined prior to the adoption of the new lease standard, the future minimum lease payments under operating leases in effect as of February 2, 2019 were as follows: 2019 $ 24,426 2020 8,393 2021 5,239 2022 1,881 2023 1,137 Thereafter 1,060 Total minimum lease payments $ 42,136 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Nov. 02, 2019 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 4. Intangible Assets The determination of the fair value of intangible assets acquired in a business acquisition, including the Company’s acquisition of etailz in 2016, is subject to many estimates and assumptions. Our identifiable intangible assets that resulted from our acquisition of etailz consisted of vendor relationships, technology and tradenames. We review amortizable intangible asset groups for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During fiscal 2018, the Company concluded, based on continued operating losses for the etailz segment driven by lower than expected operating results culminating in the fourth quarter of fiscal 2018 that a triggering event had occurred, and an evaluation of intangible assets for impairment was required. Intangible assets related to technology and vendor relationships were written down to their estimated fair value at the end of fiscal 2018 resulting in the recognition of asset impairment charges of $16.4 million. Identifiable intangible assets as of November 2, 2019 consisted of the following: November 2, 2019 (amounts in thousands) Weighted Original Accumulated Accumulated Net Carrying Vendor relationships 120 $ 19,100 $ 13,822 $ 4,485 $ 793 Technology 60 6,700 2,587 3,369 744 Trade names and trademarks 60 3,200 — 1,927 1,273 $ 29,000 $ 16,409 $ 9,781 $ 2,810 The changes in net intangibles from February 2, 2019 to November 2, 2019 were as follows: (amounts in thousands) February 2, Impairment Expense Amortization Expense November 2, 2019 Amortized intangible assets: Vendor relationships $ 880 $ — $ 87 $ 793 Technology 1,035 — 291 744 Trade names and trademarks 1,753 — 480 1,273 Net amortized intangible assets $ 3,668 $ — $ 858 $ 2,810 Amortization expense of intangible assets for the thirteen and thirty-nine weeks ended November 2, 2019 and November 3, 2018 consisted of the following: Thirteen Weeks Ended Thirty-nine Weeks Ended (amounts in thousands) November 2, November 3, November 2, November 3, Amortized intangible assets: Vendor relationships $ 29 $ 477 $ 87 $ 1,430 Technology 97 335 291 1,005 Trade names and trademarks 160 160 480 480 Total amortization expense $ 286 $ 972 $ 858 $ 2,915 Estimated amortization expense for the remainder of fiscal 2019 and the five succeeding fiscal years and thereafter is as follows: Year Annual (amounts in thousands) 2019 $286 2020 1,143 2021 847 2022 115 2023 115 2024 115 Thereafter 189 |
Depreciation and Amortization
Depreciation and Amortization | 9 Months Ended |
Nov. 02, 2019 | |
Depreciation and Amoritzation [Abstract] | |
Depreciation and Amoritzation [Text Block] | Note 5. Depreciation and Amortization Depreciation and amortization included in selling, general and administrative expenses of the interim condensed consolidated statements of operations for the thirteen weeks ended November 2, 2019 and November 3, 2018 was $1.1 million and $2.3 million, respectively. Depreciation and amortization included in selling, general and administrative expenses of the interim condensed consolidated statements of operations for the thirty-nine weeks ended November 2, 2019 and November 3, 2018 was $3.1 million and $6.8 million, respectively. The decrease was primarily due to a $4.1 million net decrease in carrying value of fixed assets and a $16.4 million net decrease in carrying value of intangible assets, resulting from impairment charges recorded during the fourth quarter of fiscal 2018. For a discussion of the Company’s impairment charges, see “Nature of Operations and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K as of and for the year ended February 2, 2019. As noted within Footnote 1, the Company recorded $2.4 million in fixed asset impairment during the third fiscal quarter of 2019. |
Segment Data
Segment Data | 9 Months Ended |
Nov. 02, 2019 | |
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 (amounts in thousands) November 2, November 3, November 2, November 3, Total Revenue fye $ 40,840 $ 47,865 $ 127,602 $ 152,473 etailz 28,616 44,119 98,008 138,288 Total Company $ 69,456 $ 91,984 $ 225,610 $ 290,761 Gross Profit fye $ 16,155 $ 18,276 $ 50,670 $ 61,181 etailz 6,924 9,110 22,915 30,066 Total Company $ 23,079 $ 27,386 $ 73,585 $ 91,247 Loss From Operations fye $ (21,524 ) $ (9,493 ) $ (34,280 ) $ (21,495 ) etailz (1,353 ) (4,261 ) (3,640 ) (9,808 ) Total Company $ (22,877 ) $ (13,754 ) $ (37,920 ) $ (31,303 ) Total Assets November 2, 2019 February 2, 2019 November 3, 2018 fye $ 107,707 $ 101,785 $ 132,699 etailz 33,773 36,228 106,362 Total Company $ 141,480 $ 138,013 $ 239,061 |
Restricted Cash
Restricted Cash | 9 Months Ended |
Nov. 02, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Restricted Assets Disclosure [Text Block] | Note 7. Restricted Cash As of November 2, 2019, the Company had restricted cash of $1.0 million and $5.1 million reported in current assets and other assets on the accompanying condensed consolidated balance sheet, respectively. As of November 3, 2018, the Company had restricted cash of $4.1 million and $5.9 million reported in current assets and other assets on the accompanying condensed consolidated balance sheet, respectively. The decrease in these restricted cash balances during the thirty-nine weeks ended November 2, 2019, was primarily due to the return of the $3.2 million earn-out escrow balance to the Company as a result of the etailz segment not achieving the earnings target, as described in the amended etailz acquisition share purchase agreement. The restricted cash reported as of November 2, 2019 is comprised entirely of a $6.1 million rabbi trust, which is restricted for SERP payments as described in note 11. A summary of cash, cash equivalents and restricted cash is as follows (amounts in thousands): November 2, February 2, November 3, Cash and cash equivalents $ 3,073 $ 4,355 $ 4,497 Restricted cash 6,089 9,871 10,066 Total cash, cash equivalents and restricted cash $ 9,162 $ 14,226 $ 14,563 |
Short Term Borrowings
Short Term Borrowings | 9 Months Ended |
Nov. 02, 2019 | |
Disclosure Text Block [Abstract] | |
Short-term Debt [Text Block] | Note 8. Short Term Borrowings In January 2017, the Company amended and restated its revolving credit facility (“Credit Facility”). The Credit Facility provides for commitments of $50 million subject to increase up to $75 million during the months of October to December of each year, as needed. The availability under the Credit Facility is subject to limitations based on receivables and inventory levels. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in January 2022, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company. The Credit Facility contains customary affirmative and negative covenants, including incurrence of additional indebtedness and acquisitions and covenants around the net number of store closings and restrictions related to the payment of cash dividends and share repurchases, including limiting the amount of dividends to $5.0 million annually and not allowing borrowings under the amended facility for the six months before or six months after the dividend payment. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. On December 17, 2019, 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 with respect to late delivery of the Quarterly Financial Statements. As of November 2, 2019, 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 fee of 0.25% is also payable on unused commitments. As of November 2, 2019, borrowings under the Credit Facility were $27.8 million as compared to $27.4 million as of November 3, 2018. The Company had $11.0 million available for borrowing as of November 2, 2019. As of November 2, 2019 and November 3, 2018, 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. 02, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Note 9. Stock Based Compensation As of November 2, 2019, there was approximately $338 thousand of unrecognized compensation cost related to stock option awards comprised of the following: $245 thousand was related to stock option awards listed in the table below and expected to be recognized as expense over a weighted average period of 1.4 years, and $94 thousand was related to restricted stock option awards expected to be recognized as expense over a weighted average period of 2.9 years. 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 250 thousand. As of November 2, 2019, of the awards authorized for issuance under the Stock Award Plans, approximately 129 thousand were granted and are outstanding, 99 thousand of which were vested and exercisable. Shares available for future grants of options and other share based awards under the New Plan at November 2, 2019 were 213 thousand. The following table summarizes stock award activity during the thirty-nine weeks ended November 2, 2019: Employee and Director Stock Award Plans Number of Shares Subject To Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Other Share Awards (1) Weighted Average Grant Fair Value/ Exercise Price Balance February 2, 2019 138,921 $ 55.00 5.8 13,571 $ 33.60 Granted 5,750 3.76 — — — Cancelled/Forfeited (15,475 ) 57.68 — — — Exercised — — — (3,626 ) 5.66 Balance November 2, 2019 129,196 $ 52.11 6.1 9,945 $ 36.75 Exercisable November 2, 2019 99,040 $ 59.29 5.4 5,757 $ 44.92 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. As of November 2, 2019, all stock awards outstanding and exercisable had a grant price higher than the market price of the stock and had no intrinsic value. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Nov. 02, 2019 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [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 2, 2019 and November 3, 2018. |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Nov. 02, 2019 | |
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 2, 2019, the Company did not make any cash contributions to the SERP and paid out approximately $0.9 million in retirement benefits. The Company presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2019. 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 (amounts in thousands) November 2, November 3, November 2, November 3, Service cost $ 14 $ 14 $ 42 $ 42 Interest cost 142 140 426 420 Amortization of net gain (1) (5 ) (5 ) (15 ) (15 ) Net periodic pension cost $ 151 $ 149 $ 453 $ 447 (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. 02, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12. Basic and Diluted Loss Per Share Basic loss per share is calculated by dividing net loss by the weighted average common shares outstanding for the period. Diluted 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 loss by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. For the thirteen and thirty-nine week periods ended November 2, 2019 and November 3, 2018, 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 2, 2019 were approximately 126 thousand shares and 132 thousand shares, as compared to 157 thousand shares and 148 thousand shares, respectively, for the thirteen and thirty-nine weeks ended November 3, 2018. See note 1 in the interim condensed consolidated financial statements for information on the reverse stock split effected by the Company in August of the current fiscal year. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2019 | |
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 1, 2020. 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 November 2, 2019, the Company had a net operating loss carry forward of $246.9 million for federal income tax purposes and approximately $265.2 million for state income tax purposes that expire at various times through 2038 and are subject to certain limitations and statutory expiration periods. 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. 02, 2019 | |
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. As a result, the liability for the cases listed below is remote. Loyalty Memberships and Magazine Subscriptions Class Action On November 14, 2018, three consumers filed a punitive class action complaint against the Company 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 alleged, 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 sought to represent a nationwide class of “all persons in the United States” who were enrolled in and/or charged for Backstage Pass VIP memberships and/or magazine subscriptions, and to obtain statutory and actual damages on their behalf. On April 11, 2019, the plaintiffs voluntarily dismissed their lawsuit. On May 8, 2019, two of the plaintiffs from the dismissed lawsuit filed a similar punitive class action in Massachusetts state court (Civ. Act. No. 197CV00331, Mass. Super. Ct. Hampden Cty.), based on the same allegations, but this time seeking to represent only a class of “FYE customers in Massachusetts” who were charged for VIP Backstage Pass Memberships and/or magazine subscriptions. The Company believes it has meritorious defenses to the plaintiffs’ claims and, if the new case is not dismissed in full, the Company intends to vigorously defend the action. Store Manager Class Actions There are two pending class actions. The first, Spack v. Trans World Entertainment Corp. was originally filed in the District of New Jersey, April 2017 (the “Spack Action”). The Spack Action alleges that the Company misclassified Store Managers (“SMs”) as exempt nationwide. It also alleges that Trans World improperly calculated overtime for Senior Assistant Managers “SAMs” nationwide, and that both SMs and SAMs worked “off-the-clock.” It also alleges violations of New Jersey and Pennsylvania State Law with respect to calculating overtime for SAMs. The second, Roper v. Trans World Entertainment Corp., was filed in the Northern District of New York, May 2017 (the “Roper Action”). The Roper Action also asserts a nationwide misclassification claim on behalf of Store Managers. Both actions were consolidated into the Northern District of New York, with the Spack Action being the lead case. Plaintiffs moved for conditional certification of a collective of SMs in June 2018, and that motion was partially granted in January 2019. The opt-in period for the collective that was certified was closed on April 6, 2019. Opt-in discovery relating to that potential collective has commenced. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Nov. 02, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 15. 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 distribution center/office lease commenced on January 1, 2016, and expires on December 31, 2020. Under the lease accounted for as an operating lease, for the thirteen and thirty-nine week periods ended November 2, 2019 and November 3, 2018, the Company paid $0.3 million and $0.9 million, respectively, during both fiscal periods. Under the terms of the lease agreement, the Company is responsible for property taxes and other operating costs with respect to the premises. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Reverse Stock Split: On August 15, 2019, the Company effected a reverse stock split of its outstanding shares of common stock at a ratio of one-for-twenty pursuant to a Certificate of Amendment to the Company’s Certificate of Incorporation filed with the Secretary of State of the State of New York. The reverse stock split was reflected on the Nasdaq Capital Market (“Nasdaq”) beginning with the opening of trading on August 15, 2019. The primary purpose of the reverse stock split, which was approved by the Company’s stockholders at the Company’s Annual Stockholders Meeting on June 27, 2019, was to enable the Company to regain compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. Pursuant to the reverse stock split, every twenty shares of the Company’s issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. Unless otherwise indicated, all share and per share amounts of the common stock included in the accompanying interim condensed consolidated financial statements have been retrospectively adjusted to give effect to the reverse stock split for all periods presented, including reclassifying an amount equal to the reduction in par value to additional paid-in capital. Amounts of common stock resulting from the reverse stock split were rounded up to the nearest whole share. The reverse stock split affected all issued and outstanding shares of the Company’s common stock, and the respective numbers of shares of common stock underlying outstanding stock options, and the Company’s equity incentive plans were proportionately adjusted. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) - Adjustments for New Accounting Pronouncement [Member] | 9 Months Ended |
Nov. 02, 2019 | |
Recent Accounting Pronouncements (Tables) [Line Items] | |
Condensed Balance Sheet [Table Text Block] | As a result of applying the new lease standard using a modified retrospective method, the following adjustments were made to accounts on the condensed consolidated balance sheet as of February 3, 2019: Impact of Change in Accounting Policy As Reported Adjustments Adjusted ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,355 $ — $ 4,355 Restricted cash 4,126 — 4,126 Accounts receivable 5,383 — 5,383 Merchandise inventory 94,842 — 94,842 Prepaid expenses and other current assets 6,657 (748 ) 5,909 Total current assets 115,363 (748 ) 114,615 Restricted cash 5,745 — 5,745 Fixed assets, net 7,529 — 7,529 Operating lease right-of-use assets — 28,044 28,044 Intangible assets, net 3,668 — 3,668 Other assets 5,708 — 5,708 TOTAL ASSETS $ 138,013 $ 27,296 $ 165,309 LIABILITIES CURRENT LIABILITIES Accounts payable $ 34,329 $ — $ 34,329 Accrued expenses and other current liabilities 8,132 (1,319 ) 6,813 Deferred revenue 6,955 — 6,955 Current portion of operating lease liabilites — 9,064 9,064 Total current liabilities 49,416 7,745 57,161 Operating lease liabilities — 22,728 22,728 Other long-term liabilities 24,867 (3,177 ) 21,690 TOTAL LIABILITIES 74,283 27,296 101,579 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; 3,221,834 shares issued) 32 — 32 Additional paid-in capital 344,826 — 344,826 Treasury stock at cost (1,408,892 shares) (230,166 ) — (230,166 ) Accumulated other comprehensive loss (735 ) — (735 ) Accumulated deficit (50,227 ) — (50,227 ) TOTAL SHAREHOLDERS’ EQUITY 63,730 — 63,730 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 138,013 $ 27,296 $ 165,309 |
Schedule of Components of Leveraged Lease Investments [Table Text Block] | The following table is a summary of the Company’s components of net lease cost for the thirteen and thirty-nine week periods ended November 2, 2019: Thirteen Thirty-nine (amounts in thousands) Classification November 2, November 2, Short-term operating lease cost SG&A $ 4,838 $ 10,043 Operating lease cost SG&A 1,753 7,013 Variable lease cost SG&A 127 369 Net lease cost $ 6,718 $ 17,425 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of November 2, 2019, the maturity of lease liabilities is as follows: (amounts in thousands) Operating Leases 2019 $ 2,656 2020 10,502 2021 7,312 2022 3,181 2023 2,278 Thereafter 2,116 Total lease payments 28,045 Less: amounts representing interest (2,378 ) Present value of lease liabilities $ 25,667 2019 $ 24,426 2020 8,393 2021 5,239 2022 1,881 2023 1,137 Thereafter 1,060 Total minimum lease payments $ 42,136 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Lease term and discount rate are as follows: November 2, 2019 Weighted-average remaining lease term (years) Operating leases 1.06 Weighted-average discount rate 5 % |
Operating Lease, Lease Income [Table Text Block] | Other information: Thirty-nine Weeks Ended (amounts in thousands) November 2, 2019 Cash paid for amounts included in the measurement of operating lease liabilities Operating cash flows from operating leases $ 6,582 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Disclosure Text Block [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable intangible assets as of November 2, 2019 consisted of the following: November 2, 2019 (amounts in thousands) Weighted Original Accumulated Accumulated Net Carrying Vendor relationships 120 $ 19,100 $ 13,822 $ 4,485 $ 793 Technology 60 6,700 2,587 3,369 744 Trade names and trademarks 60 3,200 — 1,927 1,273 $ 29,000 $ 16,409 $ 9,781 $ 2,810 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The changes in net intangibles from February 2, 2019 to November 2, 2019 were as follows: (amounts in thousands) February 2, Impairment Expense Amortization Expense November 2, 2019 Amortized intangible assets: Vendor relationships $ 880 $ — $ 87 $ 793 Technology 1,035 — 291 744 Trade names and trademarks 1,753 — 480 1,273 Net amortized intangible assets $ 3,668 $ — $ 858 $ 2,810 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense of intangible assets for the thirteen and thirty-nine weeks ended November 2, 2019 and November 3, 2018 consisted of the following: Thirteen Weeks Ended Thirty-nine Weeks Ended (amounts in thousands) November 2, November 3, November 2, November 3, Amortized intangible assets: Vendor relationships $ 29 $ 477 $ 87 $ 1,430 Technology 97 335 291 1,005 Trade names and trademarks 160 160 480 480 Total amortization expense $ 286 $ 972 $ 858 $ 2,915 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for the remainder of fiscal 2019 and the five succeeding fiscal years and thereafter is as follows: Year Annual (amounts in thousands) 2019 $286 2020 1,143 2021 847 2022 115 2023 115 2024 115 Thereafter 189 |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
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 (amounts in thousands) November 2, November 3, November 2, November 3, Total Revenue fye $ 40,840 $ 47,865 $ 127,602 $ 152,473 etailz 28,616 44,119 98,008 138,288 Total Company $ 69,456 $ 91,984 $ 225,610 $ 290,761 Gross Profit fye $ 16,155 $ 18,276 $ 50,670 $ 61,181 etailz 6,924 9,110 22,915 30,066 Total Company $ 23,079 $ 27,386 $ 73,585 $ 91,247 Loss From Operations fye $ (21,524 ) $ (9,493 ) $ (34,280 ) $ (21,495 ) etailz (1,353 ) (4,261 ) (3,640 ) (9,808 ) Total Company $ (22,877 ) $ (13,754 ) $ (37,920 ) $ (31,303 ) |
Schedule Of Total Assets From Segment Reporting Information By Segment [Text Block] | Total Assets November 2, 2019 February 2, 2019 November 3, 2018 fye $ 107,707 $ 101,785 $ 132,699 etailz 33,773 36,228 106,362 Total Company $ 141,480 $ 138,013 $ 239,061 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | A summary of cash, cash equivalents and restricted cash is as follows (amounts in thousands): November 2, February 2, November 3, Cash and cash equivalents $ 3,073 $ 4,355 $ 4,497 Restricted cash 6,089 9,871 10,066 Total cash, cash equivalents and restricted cash $ 9,162 $ 14,226 $ 14,563 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Share-based Payment Arrangement [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 2, 2019: Employee and Director Stock Award Plans Number of Shares Subject To Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Other Share Awards (1) Weighted Average Grant Fair Value/ Exercise Price Balance February 2, 2019 138,921 $ 55.00 5.8 13,571 $ 33.60 Granted 5,750 3.76 — — — Cancelled/Forfeited (15,475 ) 57.68 — — — Exercised — — — (3,626 ) 5.66 Balance November 2, 2019 129,196 $ 52.11 6.1 9,945 $ 36.75 Exercisable November 2, 2019 99,040 $ 59.29 5.4 5,757 $ 44.92 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
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 (amounts in thousands) November 2, November 3, November 2, November 3, Service cost $ 14 $ 14 $ 42 $ 42 Interest cost 142 140 426 420 Amortization of net gain (1) (5 ) (5 ) (15 ) (15 ) Net periodic pension cost $ 151 $ 149 $ 453 $ 447 (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) $ in Thousands, ft² in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019USD ($)ft² | Nov. 02, 2019USD ($)ft² | Nov. 03, 2018USD ($) | Feb. 02, 2019USD ($) | |
Nature of Operations (Details) [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Number of Stores | 206 | 206 | ||
Area of Stores (in Square Feet) | ft² | 1.1 | 1.1 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 31,700 | $ 39,100 | ||
Retained Earnings (Accumulated Deficit) | $ (89,312) | (89,312) | 15,443 | $ (50,227) |
Net Cash Provided by (Used in) Operating Activities | (30,822) | (53,337) | ||
Increase (Decrease) in Operating Capital | 22,500 | |||
Cash and Cash Equivalents, at Carrying Value | 3,073 | 3,073 | 4,497 | $ 4,355 |
Broker-Dealer, Net Capital | 35,400 | 35,400 | 70,000 | |
Other Short-term Borrowings | 27,800 | 27,800 | 27,400 | |
Revolving Credit Facility | 11,000 | 11,000 | $ 22,100 | |
Asset Impairment Charges | $ 16,035 | 16,035 | ||
fye [Member] | Albany Distribution Center [Member] | ||||
Nature of Operations (Details) [Line Items] | ||||
Fixed Assets Impairment Charge | 2,400 | |||
Asset Impairment Charges | $ 13,600 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019USD ($)ft² | Nov. 02, 2019USD ($)ft² | |
Recent Accounting Pronouncements (Details) [Line Items] | ||
Number of Real Estate Properties | 153 | 153 |
Area of Real Estate Property (in Square Feet) | ft² | 181,300 | 181,300 |
Operating Leases, Monthly Rent Expense | $ 103 | |
Asset Impairment Charges | $ 16,035 | 16,035 |
Retail Store Locations [Member] | ||
Recent Accounting Pronouncements (Details) [Line Items] | ||
Asset Impairment Charges | $ 13,700 | |
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 Financial Accounting Standards Board (the“FASB”) issued ASU 2016-02, Leases (Topic 842). Lessees are required to recognize a right-of-use asset and a leaseliability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability isequal to the present value of lease payments. The asset is based on the liability, subject to certain adjustments, such as forinitial direct costs. For income statement purposes, a dual model was retained, requiring leases to be classified as either operatingor finance leases. Operating leases result in straight-line expense (similar to operating leases under the prior accounting standard)while finance leases result in a frontloaded expense pattern (similar to capital leases under the prior accounting standard).The Company adopted this new accounting standard on February3, 2019 on a modified retrospective basis and applied the new standard to all leases greater than one year. As a result, comparativefinancial information has not been restated and continues to be reported under the accounting standards in effect for those periods.The Company elected the package of practical expedients permitted under the transition guidance within the new standard, whichincludes, among other things, the ability to carry forward the existing lease classification. The Company does not engage in anyLessor transactions, and as a Lessee, the Company does not have any finance leases. As a result, the new standard had a materialimpact on the unaudited condensed consolidated balance sheet, but did not materially impact the Company’s consolidated operatingresults and did not materially impact the Company’s cash flows. |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements (Details) - Impact of New Lease Standard on Balance Sheet Line Items - Property Subject to Operating Lease [Member] - USD ($) $ in Thousands | Feb. 03, 2019 | Feb. 02, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,355 | $ 4,355 |
Restricted cash | 4,126 | 4,126 |
Accounts receivable | 5,383 | 5,383 |
Merchandise inventory | 94,842 | 94,842 |
Prepaid expenses and other current assets | 5,909 | 6,657 |
Total current assets | 114,615 | 115,363 |
Restricted cash | 5,745 | 5,745 |
Fixed assets, net | 7,529 | 7,529 |
Operating lease right-of-use assets | 28,044 | |
Intangible assets, net | 3,668 | 3,668 |
Other assets | 5,708 | 5,708 |
TOTAL ASSETS | 165,309 | 138,013 |
CURRENT LIABILITIES | ||
Accounts payable | 34,329 | 34,329 |
Accrued expenses and other current liabilities | 6,813 | 8,132 |
Deferred revenue | 6,955 | 6,955 |
Current portion of operating lease liabilities | 9,064 | |
Total current liabilities | 57,161 | 49,416 |
Operating lease liabilities | 22,728 | |
Other long-term liabilities | 21,690 | 24,867 |
TOTAL LIABILITIES | 101,579 | 74,283 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($0.01 par value; 10,000,000 shares authorized; 3,221,834, 3,221,834 and 3,218,459 shares issued, respectively) | 32 | 32 |
Additional paid-in capital | 344,826 | 344,826 |
Treasury stock at cost (1,408,892, 1,408,892 and 1,407,831 shares, respectively) | (230,166) | (230,166) |
Accumulated other comprehensive loss | (735) | (735) |
(Accumulated deficit) Retained earnings | (50,227) | (50,227) |
TOTAL SHAREHOLDERS’ EQUITY | 63,730 | 63,730 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 165,309 | 138,013 |
Adjustments for New Lease Standard | ||
CURRENT ASSETS | ||
Prepaid expenses and other current assets | (748) | |
Total current assets | (748) | |
Operating lease right-of-use assets | 28,044 | |
TOTAL ASSETS | 27,296 | |
CURRENT LIABILITIES | ||
Accrued expenses and other current liabilities | (1,319) | |
Current portion of operating lease liabilities | 9,064 | |
Total current liabilities | 7,745 | |
Operating lease liabilities | 22,728 | |
Other long-term liabilities | (3,177) | |
TOTAL LIABILITIES | 27,296 | |
SHAREHOLDERS’ EQUITY | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 27,296 |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements (Details) - Impact of New Lease Standard on Balance Sheet Line Items (Parentheticals) - Property Subject to Operating Lease [Member] - $ / shares | Feb. 03, 2019 | Feb. 02, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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 | 3,221,834 | 3,221,834 |
Treasury stock at cost shares issued | 1,408,892 | 1,408,892 |
Recent Accounting Pronounceme_6
Recent Accounting Pronouncements (Details) - Schedule of Components of Lease Costs - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019 | Nov. 02, 2019 | |
Recent Accounting Pronouncements (Details) - Schedule of Components of Lease Costs [Line Items] | ||
Short-term operating lease cost | $ 4,838 | $ 10,043 |
Operating lease cost | 1,753 | 7,013 |
Variable lease cost | 127 | 369 |
Net lease cost | $ 6,718 | $ 17,425 |
Recent Accounting Pronounceme_7
Recent Accounting Pronouncements (Details) - Schedule of Future Operating Lease Payments - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 02, 2019 | Feb. 02, 2019 | |
Recent Accounting Pronouncements (Details) - Schedule of Future Operating Lease Payments [Line Items] | ||
2019 | $ 24,426 | |
2020 | 8,393 | |
2021 | 5,239 | |
2022 | 1,881 | |
2023 | 1,137 | |
Thereafter | 1,060 | |
Total minimum lease payments | $ 42,136 | |
Present value of lease liabilities | $ 16,227 | |
Adjustments for New Accounting Pronouncement [Member] | ||
Recent Accounting Pronouncements (Details) - Schedule of Future Operating Lease Payments [Line Items] | ||
2019 | 2,656 | |
2020 | 10,502 | |
2021 | 7,312 | |
2022 | 3,181 | |
2023 | 2,278 | |
Thereafter | 2,116 | |
Total lease payments | 28,045 | |
Less: amounts representing interest | (2,378) | |
Present value of lease liabilities | $ 25,667 |
Recent Accounting Pronounceme_8
Recent Accounting Pronouncements (Details) - Schedule of Lease Term and Discount Rate | Nov. 02, 2019 |
Schedule of Lease Term and Discount Rate [Abstract] | |
Weighted-average remaining lease term (years) Operating leases | 1 year 21 days |
Weighted-average discount rate Operating leases | 5.00% |
Recent Accounting Pronounceme_9
Recent Accounting Pronouncements (Details) - Schedule of Other Information $ in Thousands | 9 Months Ended |
Nov. 02, 2019USD ($) | |
Cash paid for amounts included in the measurement of operating lease liabilities | |
Operating cash flows from operating leases | $ 6,582 |
Intangible Assets (Details)
Intangible Assets (Details) $ in Millions | 12 Months Ended |
Feb. 02, 2019USD ($) | |
etailz [Member] | |
Intangible Assets (Details) [Line Items] | |
Asset Impairment Charges | $ 16.4 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Identifiable Intangible Assets $ in Thousands | 9 Months Ended |
Nov. 02, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Original Gross Carrying Amount | $ 29,000 |
Accumulated Impairment | 16,409 |
Accumulated Amortization | 9,781 |
Net Carrying Amount | $ 2,810 |
Vendor Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 120 years |
Original Gross Carrying Amount | $ 19,100 |
Accumulated Impairment | 13,822 |
Accumulated Amortization | 4,485 |
Net Carrying Amount | $ 793 |
Technology-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 60 years |
Original Gross Carrying Amount | $ 6,700 |
Accumulated Impairment | 2,587 |
Accumulated Amortization | 3,369 |
Net Carrying Amount | $ 744 |
Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (in months) | 60 years |
Original Gross Carrying Amount | $ 3,200 |
Accumulated Amortization | 1,927 |
Net Carrying Amount | $ 1,273 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Changes in Net Intangibles and Goodwill - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | Feb. 02, 2019 | |
Amortized intangible assets: | |||||
Impaired and amortized intangible assets | $ 2,810 | $ 2,810 | $ 3,668 | ||
Amortization of intangible assets | 286 | $ 972 | 858 | $ 2,915 | |
Vendor Relationships [Member] | |||||
Amortized intangible assets: | |||||
Impaired and amortized intangible assets | 793 | 793 | 880 | ||
Amortization of intangible assets | 29 | 477 | 87 | 1,430 | |
Technology-Based Intangible Assets [Member] | |||||
Amortized intangible assets: | |||||
Impaired and amortized intangible assets | 744 | 744 | 1,035 | ||
Amortization of intangible assets | 97 | 335 | 291 | 1,005 | |
Trademarks and Trade Names [Member] | |||||
Amortized intangible assets: | |||||
Impaired and amortized intangible assets | 1,273 | 1,273 | $ 1,753 | ||
Amortization of intangible assets | $ 160 | $ 160 | $ 480 | $ 480 |
Intangible Assets (Details) -_3
Intangible Assets (Details) - Schedule of Amortization Expense of Intangible Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Amortized intangible assets: | ||||
Amortized intangible assets: | $ 286 | $ 972 | $ 858 | $ 2,915 |
Vendor Relationships [Member] | ||||
Amortized intangible assets: | ||||
Amortized intangible assets: | 29 | 477 | 87 | 1,430 |
Technology-Based Intangible Assets [Member] | ||||
Amortized intangible assets: | ||||
Amortized intangible assets: | 97 | 335 | 291 | 1,005 |
Trademarks and Trade Names [Member] | ||||
Amortized intangible assets: | ||||
Amortized intangible assets: | $ 160 | $ 160 | $ 480 | $ 480 |
Intangible Assets (Details) -_4
Intangible Assets (Details) - Schedule of Estimated Amortization Expense $ in Thousands | Nov. 02, 2019USD ($) |
Schedule of Estimated Amortization Expense [Abstract] | |
2019 | $ 286 |
2020 | 1,143 |
2021 | 847 |
2022 | 115 |
2023 | 115 |
2024 | 115 |
Thereafter | $ 189 |
Depreciation and Amortization (
Depreciation and Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Depreciation and Amoritzation [Abstract] | ||||
Other Depreciation and Amortization | $ 1.1 | $ 2.3 | $ 3.1 | $ 6.8 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment, Period Increase (Decrease) | 4.1 | |||
Increase (Decrease) in Intangible Assets, Current | 16.4 | |||
Fixed Asset Impairment | $ 2.4 |
Segment Data (Details) - Schedu
Segment Data (Details) - Schedule of Reporting Segements - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
fye [Member] | ||||
Total Revenue | ||||
Total Revenue | $ 40,840 | $ 47,865 | $ 127,602 | $ 152,473 |
Gross Profit | ||||
Gross Profit | 16,155 | 18,276 | 50,670 | 61,181 |
Loss From Operations | ||||
Income (Loss) From Operations | (21,524) | (9,493) | (34,280) | (21,495) |
etailz [Member] | ||||
Total Revenue | ||||
Total Revenue | 28,616 | 44,119 | 98,008 | 138,288 |
Gross Profit | ||||
Gross Profit | 6,924 | 9,110 | 22,915 | 30,066 |
Loss From Operations | ||||
Income (Loss) From Operations | (1,353) | (4,261) | (3,640) | (9,808) |
Total Company [Member] | ||||
Total Revenue | ||||
Total Revenue | 69,456 | 91,984 | 225,610 | 290,761 |
Gross Profit | ||||
Gross Profit | 23,079 | 27,386 | 73,585 | 91,247 |
Loss From Operations | ||||
Income (Loss) From Operations | $ (22,877) | $ (13,754) | $ (37,920) | $ (31,303) |
Segment Data (Details) - Sche_2
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
fye [Member] | |||
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments [Line Items] | |||
Total Assets | $ 107,707 | $ 101,785 | $ 132,699 |
etailz [Member] | |||
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments [Line Items] | |||
Total Assets | 33,773 | 36,228 | 106,362 |
Total Company [Member] | |||
Segment Data (Details) - Schedule of Total Assets Resulting From Reporting Segments [Line Items] | |||
Total Assets | $ 141,480 | $ 138,013 | $ 239,061 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Nov. 02, 2019 | Nov. 03, 2018 |
Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 1 | $ 4.1 |
Restricted Cash and Cash Equivalents, Noncurrent | 5.1 | $ 5.9 |
In Connection With Acquisition of etailz [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Escrow Deposit | 3.2 | |
As a Result of Death of Chairman [Member] | ||
Restricted Cash (Details) [Line Items] | ||
Assets Held-in-trust | $ 6.1 |
Restricted Cash (Details) - Sch
Restricted Cash (Details) - Schedule of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Feb. 02, 2018 |
Schedule of Cash, Cash Equivalents, and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 3,073 | $ 4,355 | $ 4,497 | |
Restricted cash | 6,089 | 9,871 | 10,066 | |
Total cash, cash equivalents and restricted cash | $ 9,162 | $ 14,226 | $ 14,563 | $ 43,506 |
Short Term Borrowings (Details)
Short Term Borrowings (Details) - USD ($) $ in Millions | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
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 | 27.8 | $ 27.4 |
Line of Credit Facility, Remaining Borrowing Capacity | 11 | |
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] | Credit Facility [Member] | Minimum [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
LIBOR Rate [Member] | Credit Facility [Member] | Maximum [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Prime Rate [Member] | Credit Facility [Member] | Minimum [Member] | ||
Short Term Borrowings (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Prime Rate [Member] | Credit Facility [Member] | Maximum [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 Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019USD ($)shares | Nov. 02, 2019USD ($)shares | |
Stock Based Compensation (Details) [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars) | $ | $ 338 | $ 338 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250 | 250 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 129 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 99 | 99 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 213 | 213 |
Share-based Payment Arrangement, Option [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars) | $ | $ 245 | $ 245 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |
Restricted Stock [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars) | $ | $ 94 | $ 94 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 328 days |
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. 02, 2019$ / sharesshares | ||
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ||
Balance February 2, 2019 | shares | 138,921 | |
Balance February 2, 2019 | $ / shares | $ 55 | |
Balance February 2, 2019 | 5 years 292 days | |
Balance February 2, 2019 | shares | 13,571 | [1] |
Balance February 2, 2019 | $ / shares | $ 33.60 | |
Balance November 2, 2019 | shares | 129,196 | |
Balance November 2, 2019 | $ / shares | $ 52.11 | |
Balance November 2, 2019 | 6 years 36 days | |
Balance November 2, 2019 | shares | 9,945 | [1] |
Balance November 2, 2019 | $ / shares | $ 36.75 | |
Exercisable November 2, 2019 | shares | 99,040 | |
Exercisable November 2, 2019 | $ / shares | $ 59.29 | |
Exercisable November 2, 2019 | 5 years 146 days | |
Exercisable November 2, 2019 | shares | 5,757 | [1] |
Exercisable November 2, 2019 | $ / shares | $ 44.92 | |
Granted | shares | 5,750 | |
Granted | $ / shares | $ 3.76 | |
Canceled | shares | (15,475) | |
Canceled | $ / shares | $ 57.68 | |
Exercised | shares | (3,626) | [1] |
Exercised | $ / shares | $ 5.66 | |
[1] | Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) - Supplemental Employee Retirement Plan [Member] $ in Millions | 9 Months Ended |
Nov. 02, 2019USD ($) | |
Defined Benefit Plans (Details) [Line Items] | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 0.9 |
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | $ 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. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | ||
Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] | |||||
Service cost | $ 14 | $ 14 | $ 42 | $ 42 | |
Interest cost | 142 | 140 | 426 | 420 | |
Amortization of net gain | [1] | (5) | (5) | (15) | (15) |
Net periodic pension cost | $ 151 | $ 149 | $ 453 | $ 447 | |
[1] | The amortization of net gain is related to a director retirement plan previously provided by the Company. |
Basic and Diluted Loss Per Sh_2
Basic and Diluted Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 126 | 157 | 132 | 148 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Nov. 02, 2019USD ($) | |
Domestic Tax Authority [Member] | |
Income Taxes (Details) [Line Items] | |
Operating Loss Carryforwards | $ 246.9 |
State and Local Jurisdiction [Member] | |
Income Taxes (Details) [Line Items] | |
Operating Loss Carryforwards | $ 265.2 |
Tax Credit Carryforward Expiration Year | 2038 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Apr. 20, 2017 |
Commitments and Contingencies Disclosure [Abstract] | |
Description of Filed Claim | Store Manager ClassActionsThere are two pending class actions.  Thefirst, Spack v. Trans World Entertainment Corp. was originally filed in the District of New Jersey, April 2017 (the “SpackAction”).  The Spack Action alleges that the Company misclassified Store Managers (“SMs”) as exempt nationwide. It also alleges that Trans World improperly calculated overtime for Senior Assistant Managers “SAMs” nationwide, andthat both SMs and SAMs worked “off-the-clock.”  It also alleges violations of New Jersey and Pennsylvania StateLaw with respect to calculating overtime for SAMs.  The second, Roper v. Trans World Entertainment Corp., was filed inthe Northern District of New York, May 2017 (the “Roper Action”).  The Roper Action also asserts a nationwidemisclassification claim on behalf of Store Managers.  Both actions were consolidated into the Northern District of New York,with the Spack Action being the lead case. |
Related Party Transactions (Det
Related Party Transactions (Details) - NEW YORK $ in Millions | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019USD ($)ft² | Nov. 02, 2019USD ($)ft² | |
Related Party Transactions (Details) [Line Items] | ||
Area of Property Leased (in Square Feet) | ft² | 181,300 | 181,300 |
Operating Leases, Rent Expense | $ | $ 0.3 | $ 0.9 |