Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 03, 2018 | Dec. 03, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | EVINE Live Inc. | |
Entity Central Index Key | 870,826 | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
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 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 67,880,512 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Current assets: | ||
Cash | $ 23,528 | $ 23,940 |
Restricted cash equivalents | 450 | 450 |
Accounts receivable, net | 74,142 | 96,559 |
Inventories | 86,034 | 68,811 |
Prepaid expenses and other | 8,185 | 5,344 |
Total current assets | 192,339 | 195,104 |
Property and equipment, net | 52,029 | 52,048 |
Other assets | 1,935 | 2,106 |
TOTAL ASSETS | 246,303 | 249,258 |
Current liabilities: | ||
Accounts payable | 57,604 | 55,614 |
Accrued liabilities | 45,445 | 35,646 |
Current portion of long term credit facility | 2,714 | 2,326 |
Deferred revenue | 35 | 35 |
Total current liabilities | 105,798 | 93,621 |
Other long term liabilities | 60 | 68 |
Long term credit facility | 66,375 | 71,573 |
Total liabilities | 172,233 | 165,262 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, $.01 per share par value, 400,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, $.01 per share par value, 99,600,000 shares authorized; 66,363,845 and 65,290,458 shares issued and outstanding | 664 | 653 |
Additional paid-in capital | 441,357 | 439,111 |
Accumulated deficit | (367,951) | (355,768) |
Total shareholders’ equity | 74,070 | 83,996 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 246,303 | $ 249,258 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Nov. 03, 2018 | Feb. 03, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 400,000 | 400,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 99,600,000 | 99,600,000 |
Common stock, shares issued | 66,363,845 | 65,290,458 |
Common stock, shares outstanding | 66,363,845 | 65,290,458 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 131,714 | $ 150,212 | $ 439,018 | $ 455,504 |
Cost of sales | 84,559 | 92,918 | 278,738 | 285,444 |
Gross profit | 47,155 | 57,294 | 160,280 | 170,060 |
Operating expense: | ||||
Distribution and selling | 47,328 | 48,501 | 144,173 | 145,918 |
General and administrative | 6,214 | 6,779 | 19,454 | 18,786 |
Depreciation and amortization | 1,587 | 1,475 | 4,681 | 4,791 |
Executive and management transition costs | 408 | 893 | 1,432 | 1,971 |
Total operating expense | 55,537 | 57,648 | 169,740 | 171,466 |
Operating loss | (8,382) | (354) | (9,460) | (1,406) |
Other income (expense): | ||||
Interest income | 12 | 6 | 28 | 10 |
Interest expense | (767) | (1,158) | (2,691) | (3,966) |
Loss on debt extinguishment | 0 | (221) | 0 | (1,134) |
Total other expense, net | (755) | (1,373) | (2,663) | (5,090) |
Loss before income taxes | (9,137) | (1,727) | (12,123) | (6,496) |
Income tax (provision) benefit | (20) | 624 | (60) | 206 |
Net loss | $ (9,157) | $ (1,103) | $ (12,183) | $ (6,290) |
Net loss per common share | $ (0.14) | $ (0.02) | $ (0.18) | $ (0.10) |
Net loss per common share — assuming dilution | $ (0.14) | $ (0.02) | $ (0.18) | $ (0.10) |
Weighted average number of common shares outstanding: | ||||
Basic | 66,351,835 | 65,191,367 | 65,907,301 | 63,400,368 |
Diluted | 66,351,835 | 65,191,367 | 65,907,301 | 63,400,368 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit |
Common Stock, Shares, Outstanding period beginning at Jan. 28, 2017 | 65,192,314 | |||
Total Shareholders' Equity period beginning at Jan. 28, 2017 | $ 81,703,000 | $ 652,000 | $ 436,962,000 | $ (355,911,000) |
Net loss | (6,290,000) | $ 0 | 0 | (6,290,000) |
Repurchases of common stock, Shares | (4,400,000) | |||
Repurchases of common stock, Value | (5,055,000) | $ (44,000) | (5,011,000) | 0 |
Common stock issuances pursuant to equity compensation plans, Shares | 360,644 | |||
Common stock issuances pursuant to equity compensation plans, Value | 11,000 | $ 4,000 | 7,000 | 0 |
Share-based payment compensation, Shares | 0 | |||
Share-based payment compensation, Value | 2,057,000 | $ 0 | 2,057,000 | 0 |
Common stock and warrant issuance, Shares | 4,108,273 | |||
Common stock and warrant issuance, Value | 4,283,000 | $ 41,000 | 4,242,000 | 0 |
Common Stock, Shares, Outstanding period end at Oct. 28, 2017 | 65,261,231 | |||
Total Shareholders' Equity period end at Oct. 28, 2017 | 76,709,000 | $ 653,000 | 438,257,000 | (362,201,000) |
Common Stock, Shares, Outstanding period beginning at Jul. 29, 2017 | 65,220,233 | |||
Total Shareholders' Equity period beginning at Jul. 29, 2017 | 77,003,000 | $ 652,000 | 437,449,000 | (361,098,000) |
Net loss | (1,103,000) | $ 0 | 0 | (1,103,000) |
Common stock issuances pursuant to equity compensation plans, Shares | 40,998 | |||
Common stock issuances pursuant to equity compensation plans, Value | 19,000 | $ 1,000 | 18,000 | 0 |
Share-based payment compensation, Shares | 0 | |||
Share-based payment compensation, Value | 790,000 | $ 0 | 790,000 | 0 |
Common Stock, Shares, Outstanding period end at Oct. 28, 2017 | 65,261,231 | |||
Total Shareholders' Equity period end at Oct. 28, 2017 | $ 76,709,000 | $ 653,000 | 438,257,000 | (362,201,000) |
Common Stock, Shares, Outstanding period beginning at Feb. 03, 2018 | 65,290,458 | 65,290,458 | ||
Total Shareholders' Equity period beginning at Feb. 03, 2018 | $ 83,996,000 | $ 653,000 | 439,111,000 | (355,768,000) |
Net loss | (12,183,000) | $ 0 | 0 | (12,183,000) |
Common stock issuances pursuant to equity compensation plans, Shares | 1,073,387 | |||
Common stock issuances pursuant to equity compensation plans, Value | 51,000 | $ 11,000 | 40,000 | 0 |
Share-based payment compensation, Shares | 0 | |||
Share-based payment compensation, Value | $ 2,206,000 | $ 0 | 2,206,000 | 0 |
Common Stock, Shares, Outstanding period end at Nov. 03, 2018 | 66,363,845 | 66,363,845 | ||
Total Shareholders' Equity period end at Nov. 03, 2018 | $ 74,070,000 | $ 664,000 | 441,357,000 | (367,951,000) |
Common Stock, Shares, Outstanding period beginning at Aug. 04, 2018 | 66,287,786 | |||
Total Shareholders' Equity period beginning at Aug. 04, 2018 | 82,338,000 | $ 663,000 | 440,469,000 | (358,794,000) |
Net loss | (9,157,000) | $ 0 | 0 | (9,157,000) |
Common stock issuances pursuant to equity compensation plans, Shares | 76,059 | |||
Common stock issuances pursuant to equity compensation plans, Value | 67,000 | $ 1,000 | 66,000 | 0 |
Share-based payment compensation, Shares | 0 | |||
Share-based payment compensation, Value | $ 822,000 | $ 0 | 822,000 | 0 |
Common Stock, Shares, Outstanding period end at Nov. 03, 2018 | 66,363,845 | 66,363,845 | ||
Total Shareholders' Equity period end at Nov. 03, 2018 | $ 74,070,000 | $ 664,000 | $ 441,357,000 | $ (367,951,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (12,183) | $ (6,290) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,667 | 7,710 |
Share-based payment compensation | 2,180 | 2,057 |
Amortization of deferred revenue | (27) | (51) |
Amortization of deferred financing costs | 159 | 301 |
Loss on debt extinguishment | 0 | 1,134 |
Deferred income taxes | 0 | (266) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 22,417 | 14,817 |
Inventories | (17,197) | (6,876) |
Prepaid expenses and other | (2,841) | 257 |
Accounts payable and accrued liabilities | 10,969 | (6,085) |
Net cash provided by operating activities | 11,144 | 6,708 |
INVESTING ACTIVITIES: | ||
Property and equipment additions | (6,681) | (8,794) |
Proceeds from the sale of assets | 0 | 2,500 |
Net cash used for investing activities | (6,681) | (6,294) |
FINANCING ACTIVITIES: | ||
Proceeds from issuance of revolving loan | 177,100 | 51,100 |
Proceeds of term loans | 5,821 | 6,000 |
Proceeds from exercise of stock options | 181 | 53 |
Proceeds from issuance of common stock and warrants | 0 | 4,628 |
Payments on revolving loan | (186,100) | (51,100) |
Payments on term loans | (1,647) | (14,352) |
Payments for restricted stock issuance | (130) | (42) |
Payments for deferred financing costs | (96) | (258) |
Payments on capital leases | (4) | 0 |
Payments for repurchases of common stock | 0 | (5,055) |
Payments for common stock issuance costs | 0 | (452) |
Payments for debt extinguishment costs | 0 | (249) |
Net cash used for financing activities | (4,875) | (9,727) |
Net decrease in cash and restricted cash equivalents | (412) | (9,313) |
BEGINNING CASH AND RESTRICTED CASH EQUIVALENTS | 24,390 | 33,097 |
ENDING CASH AND RESTRICTED CASH EQUIVALENTS | 23,978 | 23,784 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 2,386 | 3,728 |
Income taxes paid | 14 | 35 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Property and equipment purchases included in accounts payable | 1,026 | 272 |
Common stock issuance costs included in accrued liabilities | 0 | 14 |
Equipment acquired through capital lease obligations | $ 30 | $ 0 |
General
General | 9 Months Ended |
Nov. 03, 2018 | |
General [Abstract] | |
General | General EVINE Live Inc. and its subsidiaries ("we," "our," "us," or the "Company") are collectively a multiplatform interactive video and digital commerce company that offers a mix of proprietary, exclusive and name-brand merchandise in the categories of jewelry & watches, home & consumer electronics, beauty & wellness, and fashion & accessories directly to consumers 24 hours a day in an engaging and informative shopping experience via television, online and mobile devices. Evine programming is distributed in more than 87 million homes through cable and satellite distribution agreements, agreements with telecommunications companies and over-the-air broadcast television stations. Evine programming is also streamed live online at evine.com and is available on mobile channels and over-the-top platforms. The Company also operates evine.com, a comprehensive digital commerce platform that sells products which appear on its television shopping network as well as an extended assortment of online-only merchandise. The live programming and products are also marketed via mobile devices, including smartphones and tablets, and through the leading social media channels. |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Nov. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America have been condensed or omitted in accordance with these rules and regulations. The accompanying condensed consolidated balance sheet as of February 3, 2018 has been derived from the Company's audited financial statements for the fiscal year ended February 3, 2018 . The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of these financial statements. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its annual report on Form 10-K for the fiscal year ended February 3, 2018 . Operating results for the nine-month period ended November 3, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending February 2, 2019 . The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Fiscal Year The Company's fiscal year ends on the Saturday nearest to January 31 and results in either a 52-week or 53-week fiscal year. References to years in this report relate to fiscal years, rather than to calendar years. The Company’s most recently completed fiscal year, fiscal 2017 , ended on February 3, 2018 , and consisted of 53 weeks. Fiscal 2018 will end February 2, 2019 and will contain 52 weeks. The three and nine month periods ended November 3, 2018 and October 28, 2017 each consisted of 13 and 39 weeks. Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers, Topic 606 (ASU 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues reflect amounts an entity expects to receive in exchange for goods and services. The guidance also includes additional disclosure requirements regarding revenue, timing of cash flows and obligations related to contracts with customers. The Company adopted this standard in the first quarter of fiscal 2018, using the modified retrospective transition method. See Note 3 - " Revenue " for information on the impact of adopting ASU 2014-09 and all related amendments on the Company's condensed consolidated financial statements. In November 2016, the Financial Accounting Standards Board issued Statement of Cash Flows, Topic 230: Restricted Cash (ASU 2016-18), which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending amounts shown on the statement of cash flows. The Company adopted this standard in the first quarter of fiscal 2018 and has revised the condensed consolidated statements of cash flows for the nine-month period ended October 28, 2017 to reflect total cash and restricted cash equivalents for each period presented. The following table provides a reconciliation of cash and restricted cash equivalents reported with the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows: November 3, 2018 February 3, 2018 October 28, 2017 January 28, 2017 Cash $ 23,528,000 $ 23,940,000 $ 23,334,000 $ 32,647,000 Restricted cash equivalents 450,000 450,000 450,000 450,000 Total cash and restricted cash equivalents $ 23,978,000 $ 24,390,000 $ 23,784,000 $ 33,097,000 The Company's restricted cash equivalents consist of certificates of deposit with original maturities of three months or less and are generally restricted for a period ranging from 30 to 60 days. In May 2017, the Financial Accounting Standards Board issued Compensation—Stock Compensation, Topic 718 (ASU 2017-09), which provides clarity on which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. The Company adopted this standard in the first quarter of fiscal 2018 and there was no impact on the Company's condensed consolidated financial statements. In June 2018, the Financial Accounting Standards Board issued Compensation—Stock Compensation, Topic 718 (ASU 2018-07), which simplifies the accounting for share-based payments to nonemployees for goods and services. Under the new standard, most of the guidance on payments to nonemployees is now aligned with the requirements for share-based payments granted to employees. Under the new guidance, (i) equity-classified share-based payment awards issued to nonemployees will be measured at the grant date, instead of the previous requirement to remeasure the awards through the performance completion date, (ii) for performance conditions, compensation cost associated with the award will be recognized when the achievement of the performance condition is probable, rather than upon achievement of the performance condition, and (iii) the current requirement to reassess the classification (equity or liability) for nonemployee awards upon vesting will be eliminated, except for awards in the form of convertible instruments. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. The Company elected to early adopt this standard in the second quarter of fiscal 2018 and there was no impact on the Company's condensed consolidated financial statements since there was no outstanding nonemployee share-based payment awards for which there was unrecognized compensation expense. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board issued Leases, Topic 842 (ASU 2016-02). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt this standard in the first quarter of fiscal 2019 using a modified retrospective transition approach to leases existing at, or entered into after, February 3, 2019. Under this transition method, comparative prior periods, including disclosures, will not be restated and a cumulative adjustment will be recognized to the opening balance of retained earnings. Additionally, the Company intends to elect the transition package of practical expedients which, among other things, allows the Company to not reassess historical lease classification. The Company expects to not elect the hindsight practical expedient. The Company is continuing to evaluate the impact of adopting ASU 2016-02 and all related amendments on the Company's consolidated financial statements, financial systems and controls. In August 2018, the Financial Accounting Standards Board issued Intangibles—Goodwill and Other—Internal-Use Software, Subtopic 350-40 (ASU 2018-15), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted. The new standard can be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the impact that adopting the new accounting standard will have on its consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Adoption of Revenue from Contracts with Customers, Topic 606 On February 4, 2018, the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers", and all related amendments using the modified retrospective method applied to contracts that were not completed as of February 4, 2018. The comparative prior period information has not been restated and continues to be reported under the accounting standards in effect during those periods. The adoption did not have a material impact on the Company's revenue recognition and there was no adjustment to its retained earnings opening balance. The Company does not expect the adoption of the new standard to have a material impact on the Company's operating results on an ongoing basis. The impact of the new revenue standard adoption on our condensed consolidated statements of operations was as follows (in thousands): For the Three-Month Period Ended November 3, 2018 For the Nine-Month Period Ended November 3, 2018 As Reported Balance without adoption of ASC 606 Effect of Change As Reported Balance without adoption of ASC 606 Effect of Change Net sales $ 131,714 $ 131,516 $ 198 $ 439,018 $ 438,209 $ 809 Cost of sales 84,559 84,414 145 278,738 278,069 669 Operating expense: Distribution and selling 47,328 47,275 53 144,173 144,033 140 Net loss (9,157 ) (9,157 ) — (12,183 ) (12,183 ) — As of November 3, 2018 , the Company recorded a merchandise return liability of $6,941,000 , included in accrued liabilities, and a right of return asset of $3,560,000 , included in other current assets. As of February 3, 2018, the Company had approximately $3,544,000 reserved for future merchandise returns included in accrued liabilities, which represents the net margin obligation recorded under the previous revenue guidance. Revenue Recognition Revenue is recognized when control of the promised merchandise is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for the merchandise, which is upon shipment. Revenue is reported net of estimated sales returns, credits and incentives, and excludes sales taxes. Sales returns are estimated and provided for at the time of sale based on historical experience. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Substantially all of the Company's sales are single performance obligation arrangements for transferring control of merchandise to customers. In accordance with ASC 606-10-50, the Company disaggregates revenue from contracts with customers by significant product groups and timing of when the performance obligations are satisfied. A reconciliation of disaggregated revenue by significant product group is provided in Note 9 - " Business Segments and Sales by Product Group ". As of November 3, 2018 , approximately $77,000 is expected to be recognized from remaining performance obligations within the next 3 years . The Company has applied the practical expedient to exclude the value of remaining performance obligations for contracts with an original expected term of one year or less. Revenue recognized over time was $9,000 for the three-month periods ended November 3, 2018 and October 28, 2017 and $27,000 and $51,000 for the nine-month periods ended November 3, 2018 and October 28, 2017 . Merchandise Returns The Company records a merchandise return liability as a reduction of gross sales for anticipated merchandise returns at each reporting period and must make estimates of potential future merchandise returns related to current period product revenue. The Company estimates and evaluates the adequacy of its merchandise return liability by analyzing historical returns by merchandise category, looking at current economic trends and changes in customer demand and by analyzing the acceptance of new product lines. Assumptions and estimates are made and used in connection with establishing the merchandise return liability in any accounting period. Shipping and Handling The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the merchandise. Shipping and handling fees charged to customers are recognized when the customer obtains control of the merchandise, which is upon shipment. The Company accrues costs for shipping and handling activities, which occur subsequent to transfer of control to the customer and are recorded as cost of sales in the accompanying statements of operations. Sales Taxes The Company has elected to exclude from revenue the sales taxes imposed on its sales and collected from customers. Accounts Receivable The Company utilizes an installment payment program called ValuePay that entitles customers to purchase merchandise and generally pay for the merchandise in two or more equal monthly credit card installments. The Company has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component when the payment terms are less than one year. Accounts receivable consist primarily of amounts due from customers for merchandise sales and from credit card companies and are reflected net of reserves for estimated uncollectible amounts. As of November 3, 2018 and February 3, 2018 , the Company had approximately $66,944,000 and $88,452,000 of net receivables due from customers under the ValuePay installment program and total reserves for estimated uncollectible amounts of $8,724,000 and $6,008,000 . The increase in the total reserve as a percentage of receivables is primarily due to the Company's recently extended active collections cycle, whereby the Company is pursuing collection for a longer period prior to selling the receivables. This change in the Company's collection cycle has been yielding a higher total recovery rate. Judgments The Company's merchandise is generally sold with a right of return for up to a certain number of days after the merchandise is shipped and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Merchandise returns and other credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company evaluated whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) in certain vendor arrangements where the merchandise is shipped directly from the vendor to the Company's customer and the purchase and sale of inventory is virtually simultaneous. Generally, the Company is the principal and reports revenues from such vendor arrangements on a gross basis, as it controls the merchandise before it is transferred to the customer. The Company's control is evidenced by it being primarily responsible to the customers, establishing price and its inventory risk upon customer returns. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements GAAP utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). As of November 3, 2018 and February 3, 2018 , the Company had $450,000 in Level 2 investments in the form of bank certificates of deposit, which are included in restricted cash equivalents in the condensed consolidated balance sheets. The Company's investments in certificates of deposits were measured using inputs based upon quoted prices for similar instruments in active markets and, therefore, were classified as Level 2 investments. As of November 3, 2018 and February 3, 2018 , the Company also had a long-term variable rate PNC Credit Facility, classified as Level 2, with carrying values of $69,089,000 and $73,899,000 . As of November 3, 2018 and February 3, 2018 , $2,714,000 and $2,326,000 of the long-term variable rate PNC Credit Facility was classified as current. The fair value of the PNC Credit Facility approximates, and is based on its carrying value, due to the variable rate nature of the financial instrument. The Company has no Level 3 investments that use significant unobservable inputs. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Nov. 03, 2018 | |
Intangible Assets [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets in the accompanying consolidated balance sheets consisted of the following: Estimated Useful Life November 3, 2018 February 3, 2018 Gross Accumulated Gross Accumulated Finite-lived intangible assets 5-15 $ 1,786,000 $ (460,000 ) $ 1,786,000 $ (336,000 ) Finite-lived Intangible Assets The finite-lived intangible assets are included in Other Assets in the accompanying balance sheets and consist of the Evine trademark and the Princeton Watches trade name and customer list. Amortization expense related to the finite-lived intangible assets was $41,000 for the three-month periods ended November 3, 2018 and October 28, 2017 and $124,000 for the nine-month periods ended November 3, 2018 and October 28, 2017 . Estimated amortization expense is $165,000 for fiscal 2018 and each fiscal year through fiscal 2020, $157,000 for fiscal 2021 and $96,000 for fiscal 2022. Sale of Boston Television Station, WWDP and FCC Broadcast License On August 28, 2017, the Company entered into two agreements with unrelated parties to sell its Boston television station, WWDP, including the Company's FCC broadcast license, for an aggregate of $13,500,000 . During the fiscal 2017 fourth quarter, the Company closed on the asset purchase agreement to sell substantially all the assets primarily related to its television broadcast station, WWDP(TV), Norwell, Massachusetts (the “Station”), which included an intangible FCC broadcasting license asset. As of November 3, 2018 , $667,000 of the sales price remained in escrow pending the Station being carried by certain distribution carriers. The Company has not recorded any additional gain relating to the remaining escrow amount and will not record the remaining gain until the contingency is resolved. |
Credit Agreements
Credit Agreements | 9 Months Ended |
Nov. 03, 2018 | |
Debt Disclosure [Abstract] | |
Credit Agreements | Credit Agreements The Company's long-term credit facility consists of: November 3, 2018 February 3, 2018 PNC revolving loan due July 27, 2023, principal amount $ 50,900,000 $ 59,900,000 PNC term loan due July 27, 2023, principal amount 18,321,000 14,148,000 Less unamortized debt issuance costs (132,000 ) (149,000 ) PNC term loan due July 27, 2023, carrying amount 18,189,000 13,999,000 Total long-term credit facility 69,089,000 73,899,000 Less current portion of long-term credit facility (2,714,000 ) (2,326,000 ) Long-term credit facility, excluding current portion $ 66,375,000 $ 71,573,000 PNC Credit Facility On February 9, 2012, the Company entered into a credit and security agreement (as amended through July 27, 2018, the "PNC Credit Facility") with PNC Bank, N.A. ("PNC"), a member of The PNC Financial Services Group, Inc., as lender and agent. The PNC Credit Facility, which includes CIBC Bank USA (formerly known as The Private Bank) as part of the facility, provides a revolving line of credit of $90.0 million and provides for a term loan on which the Company had originally drawn to fund improvements at the Company's distribution facility in Bowling Green, Kentucky and subsequently to pay down the Company's GACP Term Loan (as defined below). The PNC Credit Facility also provides an accordion feature that would allow the Company to expand the size of the revolving line of credit by another $25.0 million at the discretion of the lenders and upon certain conditions being met. On July 27, 2018, the Company entered into the Tenth Amendment to the PNC Credit Facility, which among other things, increased the term loan by $5,821,000 , extended the term of the PNC Credit Facility from March 21, 2022 to July 27, 2023 , and decreased the interest rate margins on both the revolving line of credit and term loan. The term loan increase was used to reduce borrowings under the revolving line of credit. All borrowings under the PNC Credit Facility mature and are payable on July 27, 2023 . Subject to certain conditions, the PNC Credit Facility also provides for the issuance of letters of credit in an aggregate amount up to $6.0 million which, upon issuance, would be deemed advances under the PNC Credit Facility. Maximum borrowings and available capacity under the revolving line of credit under the PNC Credit Facility are equal to the lesser of $90.0 million or a calculated borrowing base comprised of eligible accounts receivable and eligible inventory. The PNC Credit Facility is secured by a first security interest in substantially all of the Company’s personal property, as well as the Company’s real properties located in Eden Prairie, Minnesota and Bowling Green, Kentucky. Under certain circumstances, the borrowing base may be adjusted if there were to be a significant deterioration in value of the Company’s accounts receivable and inventory. The revolving line of credit under the PNC Credit Facility bears interest at either a Base Rate or LIBOR plus a margin consisting of between 1% and 2% on Base Rate advances and 2% and 3% on LIBOR advances based on the Company's trailing twelve-month reported leverage ratio (as defined in the PNC Credit Facility) measured semi-annually as demonstrated in its financial statements. The term loan bears interest at either a Base Rate or LIBOR plus a margin consisting of between 2% and 3% on Base Rate term loans and 3% to 4% on LIBOR Rate term loans based on the Company’s leverage ratio measured annually as demonstrated in its audited financial statements. As of November 3, 2018 , the Company had borrowings of $50.9 million under its revolving credit facility. Remaining available capacity under the revolving credit facility as of November 3, 2018 was approximately $20.5 million , which provided liquidity for working capital and general corporate purposes. The PNC Credit Facility also provides for a term loan on which the Company had originally drawn to fund an expansion and improvements at the Company's distribution facility in Bowling Green, Kentucky and subsequently to partially pay down the Company's GACP Term Loan and reduce its revolving credit facility borrowings. As of November 3, 2018 , there was approximately $18.3 million outstanding under the PNC Credit Facility term loan of which $2.7 million was classified as current in the accompanying balance sheet. Principal borrowings under the term loan are to be payable in monthly installments over an 84 -month amortization period commencing on September 1, 2018 and are also subject to mandatory prepayment in certain circumstances, including, but not limited to, upon receipt of certain proceeds from dispositions of collateral. Borrowings under the term loan are also subject to mandatory prepayment in an amount equal to fifty percent ( 50% ) of excess cash flow for such fiscal year, with any such payment not to exceed $2.0 million in any such fiscal year. The PNC Credit Facility is also subject to other mandatory prepayment in certain circumstances. In addition, if the total PNC Credit Facility is terminated prior to maturity, the Company would be required to pay an early termination fee of 3.0% if terminated on or before July 27, 2019, 1.0% if terminated on or before July 27, 2020, 0.5% if terminated on or before July 27, 2021, and no fee if terminated after July 27, 2021. As of November 3, 2018 , the imputed effective interest rate on the PNC term loan was 6.1% . Interest expense recorded under the PNC Credit Facility was $766,000 and $2,688,000 for the three and nine-month periods ended November 3, 2018 and $934,000 and $3,076,000 for the three and nine-month periods ended October 28, 2017 . The PNC Credit Facility contains customary covenants and conditions, including, among other things, maintaining a minimum of unrestricted cash plus unused line availability of $10.0 million at all times and limiting annual capital expenditures. As the Company's unused line availability was greater than $10.0 million at November 3, 2018 , no additional cash was required to be restricted. Certain financial covenants, including minimum EBITDA levels (as defined in the PNC Credit Facility) and a minimum fixed charge coverage ratio of 1.1 to 1.0 , become applicable only if unrestricted cash plus unused line availability falls below $10.8 million . As of November 3, 2018 , the Company's unrestricted cash plus unused line availability was $44.0 million and the Company was in compliance with applicable financial covenants of the PNC Credit Facility and expects to be in compliance with applicable financial covenants over the next twelve months. In addition, the PNC Credit Facility places restrictions on the Company’s ability to incur additional indebtedness or prepay existing indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, to merge or consolidate with other entities, and to make certain restricted payments, including payments of dividends to common shareholders. Deferred financing costs, net of amortization, relating to the revolving line of credit was $609,000 and $656,000 as of November 3, 2018 and February 3, 2018 and are included within other assets within the accompanying balance sheet. These costs are being expensed as additional interest over the five -year term of the PNC Credit Facility. Prepayment on Great American Capital Partners Term Loan During fiscal 2017, the Company retired its term loan (the "GACP Term Loan") under a credit and security agreement with GACP Finance Co., LLC ("GACP"), with voluntary principal prepayments of $9.5 million , $2.5 million and $3.5 million on March 21, 2017, October 18, 2017 and December 6, 2017. The Company recorded a loss on debt extinguishment of $221,000 and $1,134,000 for the third quarter and first nine months of fiscal 2017. The fiscal 2017 third quarter loss on extinguishment of debt includes early termination and lender fees of $50,000 and a write-off of unamortized debt issuance costs of $171,000 , which represents the proportionate amount of unamortized debt issuance costs attributable to the settled debt. The loss on extinguishment of debt for the first nine months of fiscal 2017 includes early termination and lender fees of $249,000 and a write-off of unamortized debt issuance costs of $885,000 , which represents the proportionate amount of unamortized debt issuance costs attributable to the settled debt. Interest expense recorded under the GACP Credit Agreement for the three and nine-month period s ended October 28, 2017 was $219,000 and $880,000 . The aggregate maturities of the Company's long-term credit facility as of November 3, 2018 are as follows: PNC Credit Facility Fiscal year Term loan Revolving loan Total 2018 $ 678,000 $ — $ 678,000 2019 2,488,000 — 2,488,000 2020 2,714,000 — 2,714,000 2021 2,714,000 — 2,714,000 2022 2,714,000 — 2,714,000 2023 7,013,000 50,900,000 57,913,000 $ 18,321,000 $ 50,900,000 $ 69,221,000 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Nov. 03, 2018 | |
Share-based Compensation [Abstract] | |
Shareholders' Equity | Shareholders' Equity Warrants As of November 3, 2018 , the Company had outstanding warrants to purchase 3,849,365 shares of the Company’s common stock ("Warrants"). The Warrants are fully exercisable and expire five years from the date of grant. The Warrants were issued in connection with private placement securities purchase agreements ("Purchase Agreements"), including the related option exercises, which the Company entered into with certain accredited investors on September 14, 2016. The following table summarizes information regarding Warrants outstanding at November 3, 2018 : Grant Date Shares of common stock purchasable Exercise Price Expiration Date September 19, 2016 2,976,190 $2.90 September 19, 2021 November 10, 2016 333,873 $3.00 November 10, 2021 January 23, 2017 489,302 $1.76 January 23, 2022 March 16, 2017 50,000 $1.92 March 16, 2022 Stock-Based Compensation - Stock Options Compensation is recognized for all stock-based compensation arrangements by the Company. Stock-based compensation expense related to stock option awards was $315,000 and $247,000 for the third quarters of fiscal 2018 and fiscal 2017 and $857,000 and $670,000 for the first nine months of fiscal 2018 and fiscal 2017 . The Company has not recorded any income tax benefit from the exercise of stock options due to the uncertainty of realizing income tax benefits in the future. As of November 3, 2018 , the Company had one omnibus stock plan for which stock awards can be currently granted: the 2011 Omnibus Incentive Plan that provides for the issuance of up to 13,000,000 shares of the Company's stock. The 2004 Omnibus Stock Plan expired on June 22, 2014. No further awards may be made under the 2004 Omnibus Plan, but any award granted under the 2004 Omnibus Plan and outstanding on June 22, 2014 will remain outstanding in accordance with its terms. The 2011 plan is administered by the human resources and compensation committee of the board of directors and provides for awards for employees, directors and consultants. All employees and directors of the Company and its affiliates are eligible to receive awards under the plan. The types of awards that may be granted under this plan include restricted and unrestricted stock, restricted stock units, incentive and nonstatutory stock options, stock appreciation rights, performance units, and other stock-based awards. Incentive stock options may be granted to employees at such exercise prices as the human resources and compensation committee may determine but not less than 100% of the fair market value of the underlying stock as of the date of grant. No incentive stock option may be granted more than 10 years after the effective date of the respective plan's inception or be exercisable more than 10 years after the date of grant. Options granted to outside directors are nonstatutory stock options with an exercise price equal to 100% of the fair market value of the underlying stock as of the date of grant. Except for market-based options, options granted generally vest over three years in the case of employee stock options and vest immediately on the date of grant in the case of director options, and have contractual terms of 10 years from the date of grant. The fair value of each time-based vesting option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions noted in the following table, and a Monte Carlo valuation model is used for market-based vesting awards. Expected volatilities are based on the historical volatility of the Company's stock. Expected term is calculated using the simplified method taking into consideration the option's contractual life and vesting terms. The Company uses the simplified method in estimating its expected option term because it believes that historical exercise data cannot be accurately relied upon at this time to provide a reasonable basis for estimating an expected term due to the extreme volatility of its stock price and the resulting unpredictability of its stock option exercises. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations. Fiscal 2018 Fiscal 2017 Expected volatility: 72% 81% Expected term (in years): 6 years 6 years Risk-free interest rate: 2.8% - 3.0% 2.0% - 2.2% A summary of the status of the Company’s stock option activity as of November 3, 2018 and changes during the nine months then ended is as follows: 2011 Weighted 2004 Weighted Balance outstanding, February 3, 2018 3,384,000 $ 1.64 112,000 $ 4.86 Granted 2,233,000 $ 1.02 — $ — Exercised (165,000 ) $ 1.10 — $ — Forfeited or canceled (507,000 ) $ 1.73 (5,000 ) $ 4.62 Balance outstanding, November 3, 2018 4,945,000 $ 1.37 107,000 $ 4.87 Options exercisable at November 3, 2018 1,585,000 $ 1.86 107,000 $ 4.87 The following table summarizes information regarding stock options outstanding at November 3, 2018 : Options Outstanding Options Vested or Expected to Vest Option Type Number of Weighted Weighted Aggregate Number of Weighted Weighted Aggregate 2011 Incentive: 4,945,000 $ 1.37 8.4 $ 221,000 4,500,000 $ 1.40 8.3 $ 187,000 2004 Incentive: 107,000 $ 4.87 5.0 $ — 107,000 $ 4.87 5.0 $ — The weighted average grant-date fair value of options granted in the first nine-months of fiscal 2018 and fiscal 2017 was $0.74 and $0.91 . The total intrinsic value of options exercised during the first nine-months of fiscal 2018 and fiscal 2017 was $26,000 and $10,000 . As of November 3, 2018 , total unrecognized compensation cost related to stock options was $1,834,000 and is expected to be recognized over a weighted average period of approximately 2.0 years . Stock-Based Compensation - Restricted Stock Units Compensation expense relating to restricted stock unit grants was $507,000 and $543,000 for the third quarters of fiscal 2018 and fiscal 2017 and $1,323,000 and $1,387,000 for the first nine-months of fiscal 2018 and fiscal 2017 . As of November 3, 2018 , there was $2,157,000 of total unrecognized compensation cost related to non-vested restricted stock unit grants. That cost is expected to be recognized over a weighted average expected life of 1.8 years . The total fair value of restricted stock units vested during the first nine months of fiscal 2018 and fiscal 2017 was $1,189,000 and $392,000 . The estimated fair value of restricted stock units is based on the grant date closing price of the Company's stock for time-based vesting awards and a Monte Carlo valuation model for market-based vesting awards. The Company has granted time-based restricted stock units to certain key employees as part of the Company's long-term incentive program. The restricted stock generally vests in three equal annual installments beginning one year from the grant date and is being amortized as compensation expense over the three -year vesting period. The Company has also granted restricted stock units to non-employee directors as part of the Company's annual director compensation program. Each restricted stock grant vests or vested on the day immediately preceding the next annual meeting of shareholders following the date of grant. The grants are amortized as director compensation expense over the twelve -month vesting period. The Company granted no market-based restricted stock performance units to executives as part of the Company's long-term incentive program during the third quarters of fiscal 2018 and fiscal 2017 and granted 747,000 and 562,000 market-based restricted stock performance units to certain executives during the first nine months of fiscal 2018 and fiscal 2017 . The number of restricted stock units earned is based on the Company's total shareholder return ("TSR") relative to a group of industry peers over a three -year performance measurement period. Grant date fair values were determined using a Monte Carlo valuation model based on assumptions as follows: Fiscal 2018 Fiscal 2017 Total grant date fair value $859,000 $860,000 Total grant date fair value per share $1.07 - $1.30 $1.53 Expected volatility 73% - 76% 75% Weighted average expected life (in years) 3 years 3 years Risk-free interest rate 2.4% - 2.7% 1.5% The percent of the target market-based performance vested restricted stock unit award that will be earned based on the Company's TSR relative to the peer group is as follows: Percentile Rank Percentage of < 33% 0% 33% 50% 50% 100% 100% 150% A summary of the status of the Company’s non-vested restricted stock unit activity as of November 3, 2018 and changes during the nine-month period then ended is as follows: Restricted Stock Units Market-Based Performance Units Time-Based Units Total Shares Weighted Average Grant Date Fair Value Shares Weighted Shares Weighted Non-vested outstanding, February 3, 2018 973,000 $ 1.55 1,856,000 $ 1.32 2,829,000 $ 1.40 Granted 747,000 $ 1.15 1,243,000 $ 1.18 1,990,000 $ 1.17 Vested — $ — (1,047,000 ) $ 1.24 (1,047,000 ) $ 1.24 Forfeited (211,000 ) $ 1.23 (125,000 ) $ 1.36 (336,000 ) $ 1.28 Non-vested outstanding, November 3, 2018 1,509,000 $ 1.39 1,927,000 $ 1.28 3,436,000 $ 1.32 |
Net Loss Per Common Share
Net Loss Per Common Share | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is computed by dividing reported loss by the weighted average number of shares of common stock outstanding for the reported period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during reported periods. A reconciliation of net loss per share calculations and the number of shares used in the calculation of basic loss per share and diluted loss per share is as follows: Three-Month Periods Ended Nine-Month Periods Ended November 3, October 28, November 3, October 28, Net loss (a) $ (9,157,000 ) $ (1,103,000 ) $ (12,183,000 ) $ (6,290,000 ) Weighted average number of shares of common stock outstanding — Basic 66,351,835 65,191,367 65,907,301 63,400,368 Dilutive effect of stock options, non-vested shares and warrants (b) — — — — Weighted average number of shares of common stock outstanding — Diluted 66,351,835 65,191,367 65,907,301 63,400,368 Net loss per common share $ (0.14 ) $ (0.02 ) $ (0.18 ) $ (0.10 ) Net loss per common share — assuming dilution $ (0.14 ) $ (0.02 ) $ (0.18 ) $ (0.10 ) (a) The net loss for the three and nine-month period s ended November 3, 2018 includes costs related to executive and management transition of $408,000 and $1,432,000 and contract termination costs of $0 and $753,000 . In addition, the three and nine-month period s ended November 3, 2018 includes business development and expansion costs of $395,000 . The net loss for the three and nine-month period s ended October 28, 2017 includes costs related to executive and management transition of $893,000 and $1,971,000 and a loss on debt extinguishment of $221,000 and $1,134,000 . (b) For the three and nine-month period s ended November 3, 2018 , there were 817,000 and 454,000 incremental in-the-money potentially dilutive common shares outstanding and - 0 - for the three and nine-month period s ended October 28, 2017 . The incremental in-the-money potentially dilutive common stock shares are excluded from the computation of diluted earnings per share, as the effect of their inclusion would be anti-dilutive. |
Business Segments and Sales by
Business Segments and Sales by Product Group | 9 Months Ended |
Nov. 03, 2018 | |
Segment Reporting [Abstract] | |
Business Segments and Sales by Product Group | Business Segments and Sales by Product Group The Company has one reporting segment, which encompasses its interactive video and digital commerce retailing. The Company markets, sells and distributes its products to consumers primarily through its video commerce television, online website, evine.com, and mobile platforms. The Company's television shopping, online and mobile platforms have similar economic characteristics with respect to products, product sourcing, vendors, marketing and promotions, gross margins, customers, and methods of distribution. In addition, the Company believes that its television shopping program is a key driver of traffic to both the evine.com website and mobile applications whereby many of the online sales originate from customers viewing the Company's television program and then placing their orders online or through mobile devices. All of the Company's sales are made to customers residing in the United States. The chief operating decision maker is the Chief Executive Officer of the Company. Certain fiscal 2017 product category amounts in the accompanying table have been reclassified to conform to our fiscal 2018 product category groupings. Information on net sales by significant product groups are as follows (in thousands): Three-Month Periods Ended Nine-Month Periods Ended November 3, October 28, November 3, October 28, Jewelry & Watches $ 49,417 $ 53,586 $ 160,052 $ 165,359 Home & Consumer Electronics 27,492 34,687 87,200 93,268 Beauty & Wellness 21,174 22,119 76,811 67,741 Fashion & Accessories 21,838 26,468 72,972 84,231 All other (primarily shipping & handling revenue) 11,793 13,352 41,983 44,905 Total $ 131,714 $ 150,212 $ 439,018 $ 455,504 |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At February 3, 2018 , the Company had federal net operating loss carryforwards (“NOLs”) of approximately $321 million , and state NOLs of approximately $260 million which may be available to offset future taxable income. The Company's federal NOLs expire in varying amounts each year from 2023 through 2037 in accordance with applicable federal tax regulations and the timing of when the NOLs were incurred. In the first quarter of fiscal 2011, the Company had a change in ownership (as defined in Section 382 of the Internal Revenue Code) as a result of the issuance of common stock coupled with the redemption of all the Series B preferred stock held by GE Capital Equity Investments, Inc. (“GE Equity”). Sections 382 and 383 limit the annual utilization of certain tax attributes, including NOL carryforwards, incurred prior to a change in ownership. Currently, the limitations imposed by Sections 382 and 383 are not expected to impair the Company's ability to fully realize its NOLs; however, the annual usage of NOLs incurred prior to the change in ownership is limited. In addition, if the Company were to experience another ownership change, as defined by Sections 382 and 383, its ability to utilize its NOLs could be further substantially limited and depending on the severity of the annual NOL limitation, the Company could permanently lose its ability to use a significant amount of its accumulated NOLs. The Company currently has recorded a full valuation allowance for its net deferred tax assets. The ultimate realization of these deferred tax assets and related limitations depend on the ability of the Company to generate sufficient taxable income in the future, as well as the timing of such income. For the three and nine month periods ended October 28, 2017 , the income tax benefit included a non-cash tax charge of approximately $197,000 and $591,000 relating to changes in the Company's long-term deferred tax liability related to the tax amortization of the Company's indefinite-lived intangible FCC license asset that was not available to offset existing deferred tax assets in determining changes to the Company's income tax valuation allowance. There was no non-cash tax charge related to the tax amortization in fiscal 2018. The income tax benefit for three and nine month periods ended October 28, 2017 also included a net, non-cash benefit of approximately $833,000 generated by a partial reversal of the Company's long-term deferred tax liability relating to the Company's FCC license asset. This deferred tax reversal was the result of a $2,500,000 payment received in October 2017 in connection with the sale of the Company's television broadcast station, WWDP(TV). The Company recognized a tax gain in conjunction with this transaction which was largely offset with the Company's available NOLs. On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted. The Tax Act significantly revised U.S. corporate tax law by, among other things, (i) a reduction in the corporate tax rate to 21% from 35% , (ii) a repeal of the corporate alternative minimum tax (AMT), (iii) changes to tax depreciation for first-year property, (iv) a partial limitation on the deductibility of business interest expense and (v) for losses incurred in tax years beginning after December 31, 2017 the NOL deduction is limited to 80% of taxable income with an indefinite carry forward. The income tax effects of the Tax Act required the remeasurement of the Company's deferred tax assets and liabilities in accordance with ASC Topic 740. The Company remeasured its net deferred tax assets and related valuation allowance to reflect the lower corporate tax rate at the end of fiscal 2017. As reflected in the Company's fiscal 2017 financial statements, the Tax Act did not have an impact on the Company's tax expense or benefit due to the full valuation allowance against the Company's deferred tax assets. Shareholder Rights Plan The Company has adopted a Shareholder Rights Plan to preserve the value of certain deferred tax benefits, including those generated by net operating losses. On July 10, 2015, the Company declared a dividend distribution of one purchase right (a “Right”) for each outstanding share of the Company’s common stock to shareholders of record as of the close of business on July 23, 2015 and issuable as of that date. On July 13, 2015, the Company entered into a Shareholder Rights Plan (the “Rights Plan”) with Wells Fargo Bank, N.A., a national banking association, with respect to the Rights. Except in certain circumstances set forth in the Rights Plan, each Right entitles the holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Cumulative Preferred Stock, $0.01 par value, of the Company (“Preferred Stock” and each one one-thousandth of a share of Preferred Stock, a “Unit”) at a price of $9.00 per Unit. |
Litigation
Litigation | 9 Months Ended |
Nov. 03, 2018 | |
Litigation [Abstract] | |
Litigation | Litigation The Company is involved from time to time in various claims and lawsuits in the ordinary course of business, including claims related to products, product warranties, contracts, employment, intellectual property, consumer protection and regulatory matters. In the opinion of management, none of the claims and suits, either individually or in the aggregate, will have a material adverse effect on the Company's operations or consolidated financial statements. |
Executive and Management Transi
Executive and Management Transition Costs | 9 Months Ended |
Nov. 03, 2018 | |
Executive Transition Costs [Abstract] | |
Executive and Management Transition Costs [Text Block] | Executive and Management Transition Costs On April 11, 2018, the Company entered into a transition and separation agreement with its Executive Vice President, Chief Operating Officer/Chief Financial Officer, under which his position terminated on April 16, 2018 and he served as a non-officer employee until June 1, 2018. On April 11, 2018, the Company announced the appointment of a new Chief Financial Officer, effective as of April 16, 2018 and on June 7, 2018, the Company announced the appointment of a President, effective as of August 1, 2018. In conjunction with these executive changes as well as other executive and management terminations made during the first nine months of fiscal 2018, the Company recorded charges to income totaling $408,000 and $1,432,000 for the three and nine-months ended November 3, 2018 , which relate primarily to severance payments to be made as a result of the executive officer and other management terminations and other direct costs associated with the Company's 2018 executive and management transition. On March 23, 2017, the Company announced the elimination of the position of Senior Vice President of Sales & Product Planning. In conjunction with this executive change as well as other executive and management terminations made during the first nine months of fiscal 2017, the Company recorded charges to income totaling $893,000 and $1,971,000 for the three and nine-months ended October 28, 2017 , which relate primarily to severance payments to be made as a result of the executive officer and other management terminations and other direct costs associated with the Company's 2017 executive and management transition. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 03, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event [Text Block] | Subsequent Events On November 23, 2018, the Company entered into a restricted stock award agreement with Flageoli Classic Limited, LLC (“FCL”) granting FCL 1,500,000 restricted shares of the Company's common stock in connection with and as consideration for entering into a vendor exclusivity agreement with the Company. The vendor exclusivity agreement grants us the exclusive right in television shopping to market, promote and sell products under the trademark of Serious Skincare, a successful skin-care brand with a loyal customer base, that is expected to launch on the Company's television network on or about January 3, 2019. Additionally, the agreement identifies Jennifer Flavin-Stallone as the primary spokesperson for the brand on the Company's television network. The restricted shares will vest in three tranches, including 500,000 on the first business day following the initial appearance of the Serious Skincare brand on the Company's television network and the remaining restricted shares vest in equal amounts on the first and second anniversaries of the initial appearance date. On November 27, 2018, the Company issued warrants to Fonda, Inc. for 1,500,000 shares of our common stock in connection with and as consideration for entering into a services and trademark licensing agreement between our companies. Under the agreement, the parties plan to develop and market one or more lines of products, including a fitness and wellness lifestyle brand. Additionally, the agreement identifies Jane Fonda as the primary spokesperson for the brand on our television network. The parties also plan to partner with key retailers to offer a brick & mortar version of the brand. The warrants will vest as to 125,000 warrant shares on the date of grant with 125,000 of the warrant shares vesting on the first, second and third anniversaries of the date of grant. Those 500,000 warrant shares have an exercise price of $1.05 per share. 1,000,000 of the warrant shares have an exercise price of $3.00 per share. These will vest in full on the date when the dollar volume-weighted average price of our common stock equals or exceeds $3.00 for 30 trading days. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation (Policies) | 9 Months Ended |
Nov. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America have been condensed or omitted in accordance with these rules and regulations. The accompanying condensed consolidated balance sheet as of February 3, 2018 has been derived from the Company's audited financial statements for the fiscal year ended February 3, 2018 . The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of these financial statements. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its annual report on Form 10-K for the fiscal year ended February 3, 2018 . Operating results for the nine-month period ended November 3, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending February 2, 2019 . The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company's fiscal year ends on the Saturday nearest to January 31 and results in either a 52-week or 53-week fiscal year. References to years in this report relate to fiscal years, rather than to calendar years. The Company’s most recently completed fiscal year, fiscal 2017 , ended on February 3, 2018 , and consisted of 53 weeks. Fiscal 2018 will end February 2, 2019 and will contain 52 weeks. The three and nine month periods ended November 3, 2018 and October 28, 2017 each consisted of 13 and 39 weeks. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board issued Revenue from Contracts with Customers, Topic 606 (ASU 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues reflect amounts an entity expects to receive in exchange for goods and services. The guidance also includes additional disclosure requirements regarding revenue, timing of cash flows and obligations related to contracts with customers. The Company adopted this standard in the first quarter of fiscal 2018, using the modified retrospective transition method. See Note 3 - " Revenue " for information on the impact of adopting ASU 2014-09 and all related amendments on the Company's condensed consolidated financial statements. In November 2016, the Financial Accounting Standards Board issued Statement of Cash Flows, Topic 230: Restricted Cash (ASU 2016-18), which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending amounts shown on the statement of cash flows. The Company adopted this standard in the first quarter of fiscal 2018 and has revised the condensed consolidated statements of cash flows for the nine-month period ended October 28, 2017 to reflect total cash and restricted cash equivalents for each period presented. The following table provides a reconciliation of cash and restricted cash equivalents reported with the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows: November 3, 2018 February 3, 2018 October 28, 2017 January 28, 2017 Cash $ 23,528,000 $ 23,940,000 $ 23,334,000 $ 32,647,000 Restricted cash equivalents 450,000 450,000 450,000 450,000 Total cash and restricted cash equivalents $ 23,978,000 $ 24,390,000 $ 23,784,000 $ 33,097,000 The Company's restricted cash equivalents consist of certificates of deposit with original maturities of three months or less and are generally restricted for a period ranging from 30 to 60 days. In May 2017, the Financial Accounting Standards Board issued Compensation—Stock Compensation, Topic 718 (ASU 2017-09), which provides clarity on which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. The Company adopted this standard in the first quarter of fiscal 2018 and there was no impact on the Company's condensed consolidated financial statements. In June 2018, the Financial Accounting Standards Board issued Compensation—Stock Compensation, Topic 718 (ASU 2018-07), which simplifies the accounting for share-based payments to nonemployees for goods and services. Under the new standard, most of the guidance on payments to nonemployees is now aligned with the requirements for share-based payments granted to employees. Under the new guidance, (i) equity-classified share-based payment awards issued to nonemployees will be measured at the grant date, instead of the previous requirement to remeasure the awards through the performance completion date, (ii) for performance conditions, compensation cost associated with the award will be recognized when the achievement of the performance condition is probable, rather than upon achievement of the performance condition, and (iii) the current requirement to reassess the classification (equity or liability) for nonemployee awards upon vesting will be eliminated, except for awards in the form of convertible instruments. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. The Company elected to early adopt this standard in the second quarter of fiscal 2018 and there was no impact on the Company's condensed consolidated financial statements since there was no outstanding nonemployee share-based payment awards for which there was unrecognized compensation expense. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board issued Leases, Topic 842 (ASU 2016-02). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt this standard in the first quarter of fiscal 2019 using a modified retrospective transition approach to leases existing at, or entered into after, February 3, 2019. Under this transition method, comparative prior periods, including disclosures, will not be restated and a cumulative adjustment will be recognized to the opening balance of retained earnings. Additionally, the Company intends to elect the transition package of practical expedients which, among other things, allows the Company to not reassess historical lease classification. The Company expects to not elect the hindsight practical expedient. The Company is continuing to evaluate the impact of adopting ASU 2016-02 and all related amendments on the Company's consolidated financial statements, financial systems and controls. In August 2018, the Financial Accounting Standards Board issued Intangibles—Goodwill and Other—Internal-Use Software, Subtopic 350-40 (ASU 2018-15), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted. The new standard can be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the impact that adopting the new accounting standard will have on its consolidated financial statements. |
Revenue (Policies)
Revenue (Policies) | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised merchandise is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for the merchandise, which is upon shipment. Revenue is reported net of estimated sales returns, credits and incentives, and excludes sales taxes. Sales returns are estimated and provided for at the time of sale based on historical experience. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Substantially all of the Company's sales are single performance obligation arrangements for transferring control of merchandise to customers. In accordance with ASC 606-10-50, the Company disaggregates revenue from contracts with customers by significant product groups and timing of when the performance obligations are satisfied. A reconciliation of disaggregated revenue by significant product group is provided in Note 9 - " Business Segments and Sales by Product Group ". As of November 3, 2018 , approximately $77,000 is expected to be recognized from remaining performance obligations within the next 3 years . The Company has applied the practical expedient to exclude the value of remaining performance obligations for contracts with an original expected term of one year or less. Revenue recognized over time was $9,000 for the three-month periods ended November 3, 2018 and October 28, 2017 and $27,000 and $51,000 for the nine-month periods ended November 3, 2018 and October 28, 2017 . Merchandise Returns The Company records a merchandise return liability as a reduction of gross sales for anticipated merchandise returns at each reporting period and must make estimates of potential future merchandise returns related to current period product revenue. The Company estimates and evaluates the adequacy of its merchandise return liability by analyzing historical returns by merchandise category, looking at current economic trends and changes in customer demand and by analyzing the acceptance of new product lines. Assumptions and estimates are made and used in connection with establishing the merchandise return liability in any accounting period. Shipping and Handling The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the merchandise. Shipping and handling fees charged to customers are recognized when the customer obtains control of the merchandise, which is upon shipment. The Company accrues costs for shipping and handling activities, which occur subsequent to transfer of control to the customer and are recorded as cost of sales in the accompanying statements of operations. Sales Taxes The Company has elected to exclude from revenue the sales taxes imposed on its sales and collected from customers. Accounts Receivable The Company utilizes an installment payment program called ValuePay that entitles customers to purchase merchandise and generally pay for the merchandise in two or more equal monthly credit card installments. The Company has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component when the payment terms are less than one year. Accounts receivable consist primarily of amounts due from customers for merchandise sales and from credit card companies and are reflected net of reserves for estimated uncollectible amounts. As of November 3, 2018 and February 3, 2018 , the Company had approximately $66,944,000 and $88,452,000 of net receivables due from customers under the ValuePay installment program and total reserves for estimated uncollectible amounts of $8,724,000 and $6,008,000 . The increase in the total reserve as a percentage of receivables is primarily due to the Company's recently extended active collections cycle, whereby the Company is pursuing collection for a longer period prior to selling the receivables. This change in the Company's collection cycle has been yielding a higher total recovery rate. Judgments The Company's merchandise is generally sold with a right of return for up to a certain number of days after the merchandise is shipped and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Merchandise returns and other credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company evaluated whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) in certain vendor arrangements where the merchandise is shipped directly from the vendor to the Company's customer and the purchase and sale of inventory is virtually simultaneous. Generally, the Company is the principal and reports revenues from such vendor arrangements on a gross basis, as it controls the merchandise before it is transferred to the customer. The Company's control is evidenced by it being primarily responsible to the customers, establishing price and its inventory risk upon customer returns. |
Merchandise Returns | Merchandise Returns The Company records a merchandise return liability as a reduction of gross sales for anticipated merchandise returns at each reporting period and must make estimates of potential future merchandise returns related to current period product revenue. The Company estimates and evaluates the adequacy of its merchandise return liability by analyzing historical returns by merchandise category, looking at current economic trends and changes in customer demand and by analyzing the acceptance of new product lines. Assumptions and estimates are made and used in connection with establishing the merchandise return liability in any accounting period. |
Shipping and Handling | Shipping and Handling The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the merchandise. Shipping and handling fees charged to customers are recognized when the customer obtains control of the merchandise, which is upon shipment. The Company accrues costs for shipping and handling activities, which occur subsequent to transfer of control to the customer and are recorded as cost of sales in the accompanying statements of operations. |
Sales Taxes | Sales Taxes The Company has elected to exclude from revenue the sales taxes imposed on its sales and collected from customers. |
Accounts Receivable | Accounts Receivable The Company utilizes an installment payment program called ValuePay that entitles customers to purchase merchandise and generally pay for the merchandise in two or more equal monthly credit card installments. The Company has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component when the payment terms are less than one year. Accounts receivable consist primarily of amounts due from customers for merchandise sales and from credit card companies and are reflected net of reserves for estimated uncollectible amounts. As of November 3, 2018 and February 3, 2018 , the Company had approximately $66,944,000 and $88,452,000 of net receivables due from customers under the ValuePay installment program and total reserves for estimated uncollectible amounts of $8,724,000 and $6,008,000 . The increase in the total reserve as a percentage of receivables is primarily due to the Company's recently extended active collections cycle, whereby the Company is pursuing collection for a longer period prior to selling the receivables. This change in the Company's collection cycle has been yielding a higher total recovery rate. |
Basis of Financial Statement _3
Basis of Financial Statement Presentation Basis of FInancial Statement Presentation (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation of cash and restricted cash equivalents [Table Text Block] | The following table provides a reconciliation of cash and restricted cash equivalents reported with the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows: November 3, 2018 February 3, 2018 October 28, 2017 January 28, 2017 Cash $ 23,528,000 $ 23,940,000 $ 23,334,000 $ 32,647,000 Restricted cash equivalents 450,000 450,000 450,000 450,000 Total cash and restricted cash equivalents $ 23,978,000 $ 24,390,000 $ 23,784,000 $ 33,097,000 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The impact of the new revenue standard adoption on our condensed consolidated statements of operations was as follows (in thousands): For the Three-Month Period Ended November 3, 2018 For the Nine-Month Period Ended November 3, 2018 As Reported Balance without adoption of ASC 606 Effect of Change As Reported Balance without adoption of ASC 606 Effect of Change Net sales $ 131,714 $ 131,516 $ 198 $ 439,018 $ 438,209 $ 809 Cost of sales 84,559 84,414 145 278,738 278,069 669 Operating expense: Distribution and selling 47,328 47,275 53 144,173 144,033 140 Net loss (9,157 ) (9,157 ) — (12,183 ) (12,183 ) — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Intangible Assets [Abstract] | |
Schedule of Finite-lived Intangible Asset [Table Text Block] | Intangible assets in the accompanying consolidated balance sheets consisted of the following: Estimated Useful Life November 3, 2018 February 3, 2018 Gross Accumulated Gross Accumulated Finite-lived intangible assets 5-15 $ 1,786,000 $ (460,000 ) $ 1,786,000 $ (336,000 ) |
Credit Agreements Credit Facili
Credit Agreements Credit Facility (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Credit Facility [Table Text Block] | The Company's long-term credit facility consists of: November 3, 2018 February 3, 2018 PNC revolving loan due July 27, 2023, principal amount $ 50,900,000 $ 59,900,000 PNC term loan due July 27, 2023, principal amount 18,321,000 14,148,000 Less unamortized debt issuance costs (132,000 ) (149,000 ) PNC term loan due July 27, 2023, carrying amount 18,189,000 13,999,000 Total long-term credit facility 69,089,000 73,899,000 Less current portion of long-term credit facility (2,714,000 ) (2,326,000 ) Long-term credit facility, excluding current portion $ 66,375,000 $ 71,573,000 |
Schedule of Maturities of Long-term Credit Facility [Table Text Block] | The aggregate maturities of the Company's long-term credit facility as of November 3, 2018 are as follows: PNC Credit Facility Fiscal year Term loan Revolving loan Total 2018 $ 678,000 $ — $ 678,000 2019 2,488,000 — 2,488,000 2020 2,714,000 — 2,714,000 2021 2,714,000 — 2,714,000 2022 2,714,000 — 2,714,000 2023 7,013,000 50,900,000 57,913,000 $ 18,321,000 $ 50,900,000 $ 69,221,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of warrants outstanding [Table Text Block] | The following table summarizes information regarding Warrants outstanding at November 3, 2018 : Grant Date Shares of common stock purchasable Exercise Price Expiration Date September 19, 2016 2,976,190 $2.90 September 19, 2021 November 10, 2016 333,873 $3.00 November 10, 2021 January 23, 2017 489,302 $1.76 January 23, 2022 March 16, 2017 50,000 $1.92 March 16, 2022 |
Schedule of stock options valuation assumptions [Table Text Block] | The fair value of each time-based vesting option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions noted in the following table, and a Monte Carlo valuation model is used for market-based vesting awards. Expected volatilities are based on the historical volatility of the Company's stock. Expected term is calculated using the simplified method taking into consideration the option's contractual life and vesting terms. The Company uses the simplified method in estimating its expected option term because it believes that historical exercise data cannot be accurately relied upon at this time to provide a reasonable basis for estimating an expected term due to the extreme volatility of its stock price and the resulting unpredictability of its stock option exercises. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations. Fiscal 2018 Fiscal 2017 Expected volatility: 72% 81% Expected term (in years): 6 years 6 years Risk-free interest rate: 2.8% - 3.0% 2.0% - 2.2% |
Schedule of stock option activity [Table Text Block] | A summary of the status of the Company’s stock option activity as of November 3, 2018 and changes during the nine months then ended is as follows: 2011 Weighted 2004 Weighted Balance outstanding, February 3, 2018 3,384,000 $ 1.64 112,000 $ 4.86 Granted 2,233,000 $ 1.02 — $ — Exercised (165,000 ) $ 1.10 — $ — Forfeited or canceled (507,000 ) $ 1.73 (5,000 ) $ 4.62 Balance outstanding, November 3, 2018 4,945,000 $ 1.37 107,000 $ 4.87 Options exercisable at November 3, 2018 1,585,000 $ 1.86 107,000 $ 4.87 |
Schedule of stock options outstanding, vested and expected to vest [Table Text Block] | The following table summarizes information regarding stock options outstanding at November 3, 2018 : Options Outstanding Options Vested or Expected to Vest Option Type Number of Weighted Weighted Aggregate Number of Weighted Weighted Aggregate 2011 Incentive: 4,945,000 $ 1.37 8.4 $ 221,000 4,500,000 $ 1.40 8.3 $ 187,000 2004 Incentive: 107,000 $ 4.87 5.0 $ — 107,000 $ 4.87 5.0 $ — |
Schedule of grant date fair value assumptions, market-based restricted stock performance units [Table Text Block] | Grant date fair values were determined using a Monte Carlo valuation model based on assumptions as follows: Fiscal 2018 Fiscal 2017 Total grant date fair value $859,000 $860,000 Total grant date fair value per share $1.07 - $1.30 $1.53 Expected volatility 73% - 76% 75% Weighted average expected life (in years) 3 years 3 years Risk-free interest rate 2.4% - 2.7% 1.5% |
Schedule of vesting criteria, market-based restricted stock performance units [Table Text Block] | The percent of the target market-based performance vested restricted stock unit award that will be earned based on the Company's TSR relative to the peer group is as follows: Percentile Rank Percentage of < 33% 0% 33% 50% 50% 100% 100% 150% |
Schedule of restricted stock unit activity [Table Text Block] | A summary of the status of the Company’s non-vested restricted stock unit activity as of November 3, 2018 and changes during the nine-month period then ended is as follows: Restricted Stock Units Market-Based Performance Units Time-Based Units Total Shares Weighted Average Grant Date Fair Value Shares Weighted Shares Weighted Non-vested outstanding, February 3, 2018 973,000 $ 1.55 1,856,000 $ 1.32 2,829,000 $ 1.40 Granted 747,000 $ 1.15 1,243,000 $ 1.18 1,990,000 $ 1.17 Vested — $ — (1,047,000 ) $ 1.24 (1,047,000 ) $ 1.24 Forfeited (211,000 ) $ 1.23 (125,000 ) $ 1.36 (336,000 ) $ 1.28 Non-vested outstanding, November 3, 2018 1,509,000 $ 1.39 1,927,000 $ 1.28 3,436,000 $ 1.32 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of net loss per share calculations and the number of shares used in the calculation of basic loss per share and diluted loss per share is as follows: Three-Month Periods Ended Nine-Month Periods Ended November 3, October 28, November 3, October 28, Net loss (a) $ (9,157,000 ) $ (1,103,000 ) $ (12,183,000 ) $ (6,290,000 ) Weighted average number of shares of common stock outstanding — Basic 66,351,835 65,191,367 65,907,301 63,400,368 Dilutive effect of stock options, non-vested shares and warrants (b) — — — — Weighted average number of shares of common stock outstanding — Diluted 66,351,835 65,191,367 65,907,301 63,400,368 Net loss per common share $ (0.14 ) $ (0.02 ) $ (0.18 ) $ (0.10 ) Net loss per common share — assuming dilution $ (0.14 ) $ (0.02 ) $ (0.18 ) $ (0.10 ) (a) The net loss for the three and nine-month period s ended November 3, 2018 includes costs related to executive and management transition of $408,000 and $1,432,000 and contract termination costs of $0 and $753,000 . In addition, the three and nine-month period s ended November 3, 2018 includes business development and expansion costs of $395,000 . The net loss for the three and nine-month period s ended October 28, 2017 includes costs related to executive and management transition of $893,000 and $1,971,000 and a loss on debt extinguishment of $221,000 and $1,134,000 . (b) For the three and nine-month period s ended November 3, 2018 , there were 817,000 and 454,000 incremental in-the-money potentially dilutive common shares outstanding and - 0 - for the three and nine-month period s ended October 28, 2017 . The incremental in-the-money potentially dilutive common stock shares are excluded from the computation of diluted earnings per share, as the effect of their inclusion would be anti-dilutive. |
Business Segments and Sales b_2
Business Segments and Sales by Product Group (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Segment Reporting [Abstract] | |
Information on net sales by significant product groups [Table Text Block] | Information on net sales by significant product groups are as follows (in thousands): Three-Month Periods Ended Nine-Month Periods Ended November 3, October 28, November 3, October 28, Jewelry & Watches $ 49,417 $ 53,586 $ 160,052 $ 165,359 Home & Consumer Electronics 27,492 34,687 87,200 93,268 Beauty & Wellness 21,174 22,119 76,811 67,741 Fashion & Accessories 21,838 26,468 72,972 84,231 All other (primarily shipping & handling revenue) 11,793 13,352 41,983 44,905 Total $ 131,714 $ 150,212 $ 439,018 $ 455,504 |
General (Details)
General (Details) Households in Millions | 9 Months Ended |
Nov. 03, 2018Households | |
General [Abstract] | |
Household Broadcast Penetration, Number of Households | 87 |
Basis of Financial Statement _4
Basis of Financial Statement Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Aug. 04, 2018 | |
Accounting Policies [Abstract] | |||||||
Number of weeks in fiscal year | 91 days | 91 days | 273 days | 273 days | 371 days | ||
Number of weeks in fiscal quarter | P13W | P13W | P39W | P39W | P53W | ||
Unrecognized compensation expense outstanding for nonemployee share-based payment awards | $ 0 | ||||||
Fiscal 2018 [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Number of weeks in fiscal year | 364 days | ||||||
Number of weeks in fiscal quarter | P52W |
Basis of Financial Statement _5
Basis of Financial Statement Presentation - Reconciliation of Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jan. 28, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash | $ 23,528 | $ 23,940 | $ 23,334 | $ 32,647 |
Restricted cash equivalents | 450 | 450 | 450 | 450 |
Total cash and restricted cash equivalents | $ 23,978 | $ 24,390 | $ 23,784 | $ 33,097 |
Minimum [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash equivalents period of restriction | 30 days | |||
Maximum [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash equivalents period of restriction | 60 days |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Accounting Policy (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | $ 131,714 | $ 150,212 | $ 439,018 | $ 455,504 | |
Cost of sales | 84,559 | 92,918 | 278,738 | 285,444 | |
Operating expense: | |||||
Distribution and selling | 47,328 | 48,501 | 144,173 | 145,918 | |
Net loss | (9,157) | $ (1,103) | (12,183) | $ (6,290) | |
Merchandise return liability | 6,941 | 6,941 | |||
Right of return asset | 3,560 | 3,560 | |||
Merchandise return liability | $ 3,544 | ||||
Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | 131,516 | 438,209 | |||
Cost of sales | 84,414 | 278,069 | |||
Operating expense: | |||||
Distribution and selling | 47,275 | 144,033 | |||
Net loss | (9,157) | (12,183) | |||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | 198 | 809 | |||
Cost of sales | 145 | 669 | |||
Operating expense: | |||||
Distribution and selling | 53 | 140 | |||
Net loss | $ 0 | $ 0 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue to be recognized from remaining performance obligations | $ 77 | $ 77 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years | 3 years | |||
Revenue | $ 131,714 | $ 150,212 | $ 439,018 | $ 455,504 | |
Net receivables due from customers under ValuePay | 74,142 | 74,142 | $ 96,559 | ||
Reserves for estimated uncollectible amounts | 8,724 | 8,724 | 6,008 | ||
Transferred over Time [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue | 9 | $ 9 | 27 | $ 51 | |
ValuePay [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Net receivables due from customers under ValuePay | $ 66,944 | $ 66,944 | $ 88,452 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Nov. 03, 2018 | Feb. 03, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term variable rate Credit Facilities | $ 69,089,000 | $ 73,899,000 |
Long-term credit facilities, current maturities | 2,714,000 | 2,326,000 |
Level 2 [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Bank certificates of deposit | 450,000 | 450,000 |
Long-term variable rate Credit Facilities | 69,089,000 | 73,899,000 |
Level 3 [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Level 3 investments | $ 0 | $ 0 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, Gross | $ 1,786 | $ 1,786 | $ 1,786 | ||
Finite-lived intangible assets, Accumulated Amortization | (460) | (460) | $ (336) | ||
Amortization expense of intangible assets | 41 | $ 41 | 124 | $ 124 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Estimated amortization expense, fiscal 2018 and each fiscal year through fiscal 2020 | 165 | 165 | |||
Estimated amortization expense, fiscal 2021 | 157 | 157 | |||
Estimated amortization expense, fiscal 2022 | 96 | 96 | |||
Indefinite-lived intangible assets [Abstract] | |||||
Aggregate consideration under two agreements to sell Boston television station, WWDP, including the Company's FCC broadcast license | $ 13,500 | ||||
Escrow Holdback Amount, Amount Remaining in Escrow Relating to the Television Station Sale | $ 667 | $ 667 | |||
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, Estimated Useful Life | 5 years | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, Estimated Useful Life | 15 years |
Credit Agreements (Details)
Credit Agreements (Details) - USD ($) $ in Thousands | Dec. 06, 2017 | Oct. 18, 2017 | Mar. 21, 2017 | Nov. 03, 2018 | Aug. 04, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 |
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross of unamortized issuance costs | $ 69,221 | $ 69,221 | |||||||
Long-term debt | 69,089 | 69,089 | $ 73,899 | ||||||
Long-term credit facilities, current maturities | (2,714) | (2,714) | (2,326) | ||||||
Long-term credit facilities, excluding current portion | 66,375 | 66,375 | 71,573 | ||||||
Principal prepayments of GACP Term Loan | 1,647 | $ 14,352 | |||||||
Loss on debt extinguishment | 0 | $ 221 | 0 | 1,134 | |||||
Early termination and lender fees included in loss on extinguishment of debt | 0 | 249 | |||||||
Unamortized debt issuance costs included in loss on extinguishment of debt | 159 | 301 | |||||||
PNC Bank, N.A. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit facility, maximum borrowing capacity | 90,000 | 90,000 | |||||||
Revolving line of credit, accordion feature | 25,000 | $ 25,000 | |||||||
Increase of term loan | $ 5,821 | ||||||||
Debt Instrument, Maturity Date | Jul. 27, 2023 | ||||||||
Revolving line of credit facility, capacity available for the issuance of letters of credit | 6,000 | $ 6,000 | |||||||
Debt instrument term | 5 years | ||||||||
Interest expense | 766 | 934 | $ 2,688 | 3,076 | |||||
Debt instrument covenant compliance, minimum unrestricted cash plus facility requirement | 10,000 | 10,000 | |||||||
Additional cash required to be restricted under PNC Credit Facility covenants | 0 | $ 0 | |||||||
Financial covenant, minimum fixed charge coverage ratio | 1.1 to 1.0 | ||||||||
Minimum unrestricted cash plus facility available threshold for additional covenants | 10,800 | $ 10,800 | |||||||
Unrestricted cash plus credit facility available | 44,000 | 44,000 | |||||||
PNC Bank, N.A. [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving loan | 50,900 | 50,900 | 59,900 | ||||||
Remaining borrowing capacity | 20,500 | 20,500 | |||||||
PNC Bank, N.A. [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross of unamortized issuance costs | 18,321 | 18,321 | 14,148 | ||||||
Less unamortized debt issuance costs | 132 | 132 | 149 | ||||||
Long-term debt | 18,189 | 18,189 | 13,999 | ||||||
Long-term credit facilities, current maturities | (2,714) | $ (2,714) | |||||||
Debt instrument term | 84 months | ||||||||
Mandatory prepayment percentage of excess cash flow | 50.00% | ||||||||
Mandatory prepayment maximum amount | $ 2,000 | ||||||||
Imputed effective interest rate | 6.10% | ||||||||
PNC Bank, N.A. [Member] | Year One - On or Before July 27, 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt early termination fee, percentage | 3.00% | ||||||||
PNC Bank, N.A. [Member] | Year Two - On or Before July 27, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt early termination fee, percentage | 1.00% | ||||||||
PNC Bank, N.A. [Member] | Year Three - On or Before July 27, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt early termination fee, percentage | 0.50% | ||||||||
PNC Bank, N.A. [Member] | After Year Three - July 27, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt early termination fee, percentage | 0.00% | ||||||||
GACP [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest expense | $ 219 | 880 | |||||||
GACP [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal prepayments of GACP Term Loan | $ 3,500 | $ 2,500 | $ 9,500 | ||||||
Early termination and lender fees included in loss on extinguishment of debt | 50 | 249 | |||||||
Unamortized debt issuance costs included in loss on extinguishment of debt | $ 171 | $ 885 | |||||||
Minimum [Member] | PNC Bank, N.A. [Member] | LIBOR [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||
Minimum [Member] | PNC Bank, N.A. [Member] | LIBOR [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||
Minimum [Member] | PNC Bank, N.A. [Member] | Base Rate [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
Minimum [Member] | PNC Bank, N.A. [Member] | Base Rate [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||
Maximum [Member] | PNC Bank, N.A. [Member] | LIBOR [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||
Maximum [Member] | PNC Bank, N.A. [Member] | LIBOR [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 4.00% | ||||||||
Maximum [Member] | PNC Bank, N.A. [Member] | Base Rate [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||
Maximum [Member] | PNC Bank, N.A. [Member] | Base Rate [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||
Other Assets [Member] | PNC Bank, N.A. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred financing costs, Revolving line of credit, net | $ 609 | $ 609 | $ 656 |
Credit Agreements - Maturities
Credit Agreements - Maturities of Long-Term Credit Facility (Details) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Maturities of Long-term Debt [Abstract] | ||
Long-term credit facility, Maturities, Fiscal Year 2018 | $ 678 | |
Long-term credit facility, Maturities, Fiscal Year 2019 | 2,488 | |
Long-term credit facility, Maturities, Fiscal Year 2020 | 2,714 | |
Long-term credit facility, Maturities, Fiscal Year 2021 | 2,714 | |
Long-term credit facility, Maturities, Fiscal Year 2022 | 2,714 | |
Long-term credit facility, Maturities, Fiscal Year 2023 | 57,913 | |
Total | 69,221 | |
Term Loan [Member] | PNC Bank, N.A. [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term credit facility, Maturities, Fiscal Year 2018 | 678 | |
Long-term credit facility, Maturities, Fiscal Year 2019 | 2,488 | |
Long-term credit facility, Maturities, Fiscal Year 2020 | 2,714 | |
Long-term credit facility, Maturities, Fiscal Year 2021 | 2,714 | |
Long-term credit facility, Maturities, Fiscal Year 2022 | 2,714 | |
Long-term credit facility, Maturities, Fiscal Year 2023 | 7,013 | |
Total | 18,321 | $ 14,148 |
Line of Credit [Member] | PNC Bank, N.A. [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term credit facility, Maturities, Fiscal Year 2018 | 0 | |
Long-term credit facility, Maturities, Fiscal Year 2019 | 0 | |
Long-term credit facility, Maturities, Fiscal Year 2020 | 0 | |
Long-term credit facility, Maturities, Fiscal Year 2021 | 0 | |
Long-term credit facility, Maturities, Fiscal Year 2022 | 0 | |
Long-term credit facility, Maturities, Fiscal Year 2023 | 50,900 | |
Total | $ 50,900 | $ 59,900 |
Shareholders' Equity - Warrants
Shareholders' Equity - Warrants (Details) | 9 Months Ended |
Nov. 03, 2018$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Shares of common stock purchasable | 3,849,365 |
Warrant exercise period | 5 years |
Warrants Granted September 2016 [Member] | |
Class of Warrant or Right [Line Items] | |
Shares of common stock purchasable | 2,976,190 |
Warrant exercise price per share | $ / shares | $ 2.90 |
Expiration Date, warrants | Sep. 19, 2021 |
Warrants Granted November 2016 [Member] | |
Class of Warrant or Right [Line Items] | |
Shares of common stock purchasable | 333,873 |
Warrant exercise price per share | $ / shares | $ 3 |
Expiration Date, warrants | Nov. 10, 2021 |
Warrants Granted January 2017 [Member] | |
Class of Warrant or Right [Line Items] | |
Shares of common stock purchasable | 489,302 |
Warrant exercise price per share | $ / shares | $ 1.76 |
Expiration Date, warrants | Jan. 23, 2022 |
Warrants Granted March 2017 [Member] | |
Class of Warrant or Right [Line Items] | |
Shares of common stock purchasable | 50,000 |
Warrant exercise price per share | $ / shares | $ 1.92 |
Expiration Date, warrants | Mar. 16, 2022 |
Shareholders' Equity - Stock Op
Shareholders' Equity - Stock Option Awards - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018USD ($)shares | Oct. 28, 2017USD ($) | Nov. 03, 2018USD ($)$ / sharesshares | Oct. 28, 2017USD ($)$ / shares | Aug. 04, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option awards compensation expense | $ 315 | $ 247 | $ 857 | $ 670 | |
Number of omnibus stock plans for which stock awards can be currently granted | 1 | 1 | |||
Granted, weighted average grant date fair value | $ / shares | $ 0.74 | $ 0.91 | |||
Intrinsic value of options exercised | $ 26 | $ 10 | |||
Unrecognized compensation cost related to non-vested awards | $ 0 | ||||
2011 Omnibus Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 13,000,000 | 13,000,000 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to non-vested awards | $ 1,834 | $ 1,834 | |||
Period for recognition of unrecognized compensation cost | 1 year 11 months 24 days | ||||
Stock Options [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase price of common stock, percent | 100.00% | ||||
Award Vesting Period | 3 years | ||||
Stock Options [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant term limit after the effective date of the respective plan's inception | 10 years | ||||
Exercise term limit from date of grant | 10 years |
Shareholders' Equity - Stock _2
Shareholders' Equity - Stock Option Awards - Stock Grant Volatility (Details) - Stock Options [Member] | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected Volatility Rate, Minimum | 72.00% | 81.00% |
Expected Volatility Rate, Maximum | 72.00% | 81.00% |
Expected term (in years) | 6 years | 6 years |
Risk Free Interest Rate, Minimum | 2.80% | 2.00% |
Risk Free Interest Rate, Maximum | 3.00% | 2.20% |
Shareholders' Equity - Stock _3
Shareholders' Equity - Stock Option Awards - Stock Option Activity (Details) - $ / shares shares in Thousands | 9 Months Ended |
Nov. 03, 2018 | |
2011 Omnibus Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Balance outstanding at beginning of period | 3,384 |
Granted | 2,233 |
Exercised | (165) |
Forfeited or canceled | (507) |
Balance outstanding at end of period | 4,945 |
Options exercisable | 1,585 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Balance outstanding at beginning of period, weighted average exercise price | $ 1.64 |
Granted, weighted average exercise price | 1.02 |
Exercised, weighted average exercise price | 1.10 |
Forfeited or canceled, weighted average exercise price | 1.73 |
Balance outstanding at end of period, weighted average exercise price | 1.37 |
Options exercisable, weighted average exercise price | $ 1.86 |
2004 Omnibus Incentive Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Balance outstanding at beginning of period | 112 |
Granted | 0 |
Exercised | 0 |
Forfeited or canceled | (5) |
Balance outstanding at end of period | 107 |
Options exercisable | 107 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Balance outstanding at beginning of period, weighted average exercise price | $ 4.86 |
Granted, weighted average exercise price | 0 |
Exercised, weighted average exercise price | 0 |
Forfeited or canceled, weighted average exercise price | 4.62 |
Balance outstanding at end of period, weighted average exercise price | 4.87 |
Options exercisable, weighted average exercise price | $ 4.87 |
Shareholders' Equity - Stock _4
Shareholders' Equity - Stock Option Awards - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Feb. 03, 2018 | |
2011 Omnibus Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding | 4,945 | 3,384 |
Options outstanding, weighted average exercise price | $ 1.37 | $ 1.64 |
Options outstanding, weighted average remaining contractual term | 8 years 4 months 10 days | |
Options outstanding, aggregate intrinsic value | $ 221 | |
Vested or expected to vest, outstanding | 4,500 | |
Vested or expected to vest, outstanding, weighted average exercise price | $ 1.40 | |
Vested or expected to vest, outstanding, weighted average remaining contractual term | 8 years 3 months 12 days | |
Vested or expected to vest, outstanding, aggregate intrinsic value | $ 187 | |
2004 Omnibus Incentive Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding | 107 | 112 |
Options outstanding, weighted average exercise price | $ 4.87 | $ 4.86 |
Options outstanding, weighted average remaining contractual term | 5 years 4 days | |
Options outstanding, aggregate intrinsic value | $ 0 | |
Vested or expected to vest, outstanding | 107 | |
Vested or expected to vest, outstanding, weighted average exercise price | $ 4.87 | |
Vested or expected to vest, outstanding, weighted average remaining contractual term | 5 years 4 days | |
Vested or expected to vest, outstanding, aggregate intrinsic value | $ 0 |
Shareholders' Equity - Restrict
Shareholders' Equity - Restricted Stock Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Aug. 04, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 2,180 | $ 2,057 | |||
Unrecognized compensation cost related to non-vested awards | $ 0 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 507 | $ 543 | 1,323 | 1,387 | |
Unrecognized compensation cost related to non-vested awards | $ 2,157 | $ 2,157 | |||
Weighted average expected life | 1 year 9 months 19 days | ||||
Restricted stock vested in period, total fair value | $ 1,189 | $ 392 | |||
Restricted Stock - Time Based [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 3 years | ||||
Non-employee Director [Member] | Restricted Stock - Time Based [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 12 months |
Stockholders' Equity - Market B
Stockholders' Equity - Market Based Restricted Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, shares | 1,990 | |||
Fair Value Assumptions and Methodology [Abstract] | ||||
Total grant date fair value per share | $ 1.17 | |||
Market-Based Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, shares | 0 | 0 | 747 | 562 |
Award Vesting Period | 3 years | 3 years | ||
Fair Value Assumptions and Methodology [Abstract] | ||||
Total grant date fair value | $ 859 | $ 860 | $ 859 | $ 860 |
Total grant date fair value per share | $ 1.15 | $ 1.53 | ||
Expected volatility | 75.00% | |||
Weighted average expected life (in years) | 3 years | 3 years | ||
Risk-free interest rate | 1.50% | |||
Less than 33% [Member] | Market-Based Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Units Vested | 0.00% | 0.00% | ||
Greater than 33% [Member] | Market-Based Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Units Vested | 50.00% | 50.00% | ||
Greater than 50% [Member] | Market-Based Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Units Vested | 100.00% | 100.00% | ||
Greater than 100% [Member] | Market-Based Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Units Vested | 150.00% | 150.00% | ||
Minimum [Member] | Market-Based Performance Units [Member] | ||||
Fair Value Assumptions and Methodology [Abstract] | ||||
Total grant date fair value per share | $ 1.07 | |||
Expected volatility | 73.00% | |||
Risk-free interest rate | 2.40% | |||
Maximum [Member] | Market-Based Performance Units [Member] | ||||
Fair Value Assumptions and Methodology [Abstract] | ||||
Total grant date fair value per share | $ 1.30 | |||
Expected volatility | 76.00% | |||
Risk-free interest rate | 2.70% |
Shareholders' Equity - Non-Vest
Shareholders' Equity - Non-Vested Restricted Stock Activity (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Summary of changes in Company's non-vested restricted stock during period [Roll Forward] | ||||
Non-vested restricted stock shares outstanding at beginning of period | 2,829 | |||
Granted, shares | 1,990 | |||
Vested, shares | (1,047) | |||
Forfeited, shares | (336) | |||
Non-vested restricted stock shares outstanding at end of period | 3,436 | 3,436 | ||
Summary of changes in Company's non-vested restricted stock during period, weighted average grant date fair value [Roll Forward] | ||||
Non-vested restricted stock shares outstanding at beginning of period, weighted average grant date fair value per share | $ 1.40 | |||
Granted, weighted average grant date fair value per share | 1.17 | |||
Vested, weighted average grant date fair value per share | 1.24 | |||
Forfeited, weighted average grant date fair value per share | 1.28 | |||
Non-vested restricted stock shares outstanding at end of period, weighted average grant date fair value per share | $ 1.32 | $ 1.32 | ||
Time Based Units [Member] | ||||
Summary of changes in Company's non-vested restricted stock during period [Roll Forward] | ||||
Non-vested restricted stock shares outstanding at beginning of period | 1,856 | |||
Granted, shares | 1,243 | |||
Vested, shares | (1,047) | |||
Forfeited, shares | (125) | |||
Non-vested restricted stock shares outstanding at end of period | 1,927 | 1,927 | ||
Summary of changes in Company's non-vested restricted stock during period, weighted average grant date fair value [Roll Forward] | ||||
Non-vested restricted stock shares outstanding at beginning of period, weighted average grant date fair value per share | $ 1.32 | |||
Granted, weighted average grant date fair value per share | 1.18 | |||
Vested, weighted average grant date fair value per share | 1.24 | |||
Forfeited, weighted average grant date fair value per share | 1.36 | |||
Non-vested restricted stock shares outstanding at end of period, weighted average grant date fair value per share | $ 1.28 | $ 1.28 | ||
Market-Based Performance Units [Member] | ||||
Summary of changes in Company's non-vested restricted stock during period [Roll Forward] | ||||
Non-vested restricted stock shares outstanding at beginning of period | 973 | |||
Granted, shares | 0 | 0 | 747 | 562 |
Vested, shares | 0 | |||
Forfeited, shares | (211) | |||
Non-vested restricted stock shares outstanding at end of period | 1,509 | 1,509 | ||
Summary of changes in Company's non-vested restricted stock during period, weighted average grant date fair value [Roll Forward] | ||||
Non-vested restricted stock shares outstanding at beginning of period, weighted average grant date fair value per share | $ 1.55 | |||
Granted, weighted average grant date fair value per share | 1.15 | $ 1.53 | ||
Vested, weighted average grant date fair value per share | 0 | |||
Forfeited, weighted average grant date fair value per share | 1.23 | |||
Non-vested restricted stock shares outstanding at end of period, weighted average grant date fair value per share | $ 1.39 | $ 1.39 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Earnings Per Share [Abstract] | ||||
Net loss (a) | $ (9,157) | $ (1,103) | $ (12,183) | $ (6,290) |
Weighted average number of common shares outstanding — Basic | 66,351,835 | 65,191,367 | 65,907,301 | 63,400,368 |
Dilutive effect of stock options, non-vested shares and warrants (b) | 0 | 0 | 0 | 0 |
Weighted average number of common shares outstanding — Diluted | 66,351,835 | 65,191,367 | 65,907,301 | 63,400,368 |
Net loss per common share | $ (0.14) | $ (0.02) | $ (0.18) | $ (0.10) |
Net loss per common share — assuming dilution | $ (0.14) | $ (0.02) | $ (0.18) | $ (0.10) |
Executive and management transition costs | $ 408 | $ 893 | $ 1,432 | $ 1,971 |
Contract termination costs | 0 | 753 | ||
Business development and expansion costs | 395 | 395 | ||
Loss on debt extinguishment | $ 0 | $ 221 | $ 0 | $ 1,134 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 817,000 | 0 | 454,000 | 0 |
Business Segments and Sales b_3
Business Segments and Sales by Product Group (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018USD ($) | Oct. 28, 2017USD ($) | Nov. 03, 2018USD ($)Segment | Oct. 28, 2017USD ($) | |
Net sales by significant product groups [Line Items] | ||||
Net sales | $ 131,714 | $ 150,212 | $ 439,018 | $ 455,504 |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Number of Reportable Segments | Segment | 1 | |||
Jewelry & Watches [Member] | ||||
Net sales by significant product groups [Line Items] | ||||
Net sales | 49,417 | 53,586 | $ 160,052 | 165,359 |
Home & Consumer Electronics [Member] | ||||
Net sales by significant product groups [Line Items] | ||||
Net sales | 27,492 | 34,687 | 87,200 | 93,268 |
Beauty & Wellness [Member] | ||||
Net sales by significant product groups [Line Items] | ||||
Net sales | 21,174 | 22,119 | 76,811 | 67,741 |
Fashion & Accessories [Member] | ||||
Net sales by significant product groups [Line Items] | ||||
Net sales | 21,838 | 26,468 | 72,972 | 84,231 |
All other (primarily shipping & handling revenue) [Member] | ||||
Net sales by significant product groups [Line Items] | ||||
Net sales | $ 11,793 | $ 13,352 | $ 41,983 | $ 44,905 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Dec. 31, 2017 | Feb. 03, 2018 | Jul. 10, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||||
Federal net operating loss carryforwards | $ 321,000,000 | ||||||
State net operating loss carryforwards | $ 260,000,000 | ||||||
Increase (Decrease) in Accrued Taxes Payable [Abstract] | |||||||
Income tax non-cash benefit relating to changes in the long-term deferred tax liability related to amortization of FCC license asset | $ 0 | $ 197,000 | $ 591,000 | ||||
Income tax non-cash benefit relating to partial reversal of the long-term deferred tax liability relating to FCC license asset | 833,000 | $ 833,000 | |||||
Proceeds from Channel Sharing Agreement, Amount Payable Upon Grant of a Required Construction Permit by the FCC | $ 2,500,000 | ||||||
Tax Cuts and Jobs Act [Abstract] | |||||||
Taxes at federal statutory rates | 21.00% | 35.00% | |||||
NOL deduction limitation on taxable income, Percent | 80.00% | ||||||
Shareholder Rights Plan [Abstract] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
one one-thousandth of a share of Preferred Stock unit price | $ 9 | ||||||
2023 - Earliest Tax Year [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Federal NOLs, expiration date | Feb. 3, 2024 | ||||||
2037 - Latest Tax Year [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Federal NOLs, expiration date | Jan. 30, 2038 |
Executive and Management Tran_2
Executive and Management Transition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Executive Transition Costs [Abstract] | ||||
Severance Costs | $ 408 | $ 893 | $ 1,432 | $ 1,971 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Nov. 27, 2018 | Nov. 23, 2018 | Nov. 03, 2018 |
Subsequent Event [Line Items] | |||
Warrants issued | 3,849,365 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Restricted shares of common stock granted | 1,500,000 | ||
Warrants issued | 1,500,000 | ||
Vest upon initial appearance of brand on Company's television network [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Restricted shares of common stock granted | 500,000 | ||
Vest on date of grant [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Warrants issued | 125,000 | ||
Vest on first anniversary [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Restricted shares of common stock granted | 500,000 | ||
Warrants issued | 125,000 | ||
Vest on second anniversary [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Restricted shares of common stock granted | 500,000 | ||
Warrants issued | 125,000 | ||
Vest on third anniversary [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Warrants issued | 125,000 | ||
Vest on the date when the dollar volume-weighted average price equals or exceeds $3.00 [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Warrants issued | 1,000,000 | ||
Warrant exercise price per share | $ 3 | ||
Number of consecutive trading days | 30 days | ||
Warrants that vest on date of grant and on first, second, third anniversaries [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Warrants issued | 500,000 | ||
Warrant exercise price per share | $ 1.05 |