Lifetime Brands (LCUT) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	LCUT
Entity Registrant Name	LIFETIME BRANDS, INC
Entity Central Index Key	874,396
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,429,719

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 6,649	$ 7,131
Accounts receivable, less allowances of $4,513 at June 30, 2016 and $5,300 at December 31, 2015	81,055	90,576
Inventory (Note A)	150,593	136,890
Prepaid expenses and other current assets	9,107	8,783
Income taxes receivable (Note H)	4,668
TOTAL CURRENT ASSETS	252,072	243,380
PROPERTY AND EQUIPMENT, net	22,910	24,877
INVESTMENTS (Note B)	23,486	24,973
INTANGIBLE ASSETS, net (Note C)	93,397	96,593
DEFERRED INCOME TAXES (Note H)	7,122	6,486
OTHER ASSETS	2,196	2,022
TOTAL ASSETS	401,183	398,331
CURRENT LIABILITIES
Current maturity of Credit Agreement Term Loan (Note D)	9,836	19,646
Short term loan (Note D)	131	252
Accounts payable	25,942	27,245
Accrued expenses	34,343	40,154
Income taxes payable (Note H)		4,064
TOTAL CURRENT LIABILITIES	70,252	91,361
DEFERRED RENT & OTHER LONG-TERM LIABILITIES	18,906	18,556
DEFERRED INCOME TAXES (Note H)	9,091	8,596
REVOLVING CREDIT FACILITY (Note D)	105,925	65,617
CREDIT AGREEMENT TERM LOAN (Note D)	4,426	14,733
STOCKHOLDERS' EQUITY
Preferred stock, $1.00 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding
Common stock, $.01 par value, shares authorized: 50,000,000 at June 30, 2016 and 25,000,000 at December 31, 2015; shares issued and outstanding: 14,429,719 at June 30, 2016 and 14,030,221 at December 31, 2015	144	140
Paid-in capital	170,374	165,780
Retained earnings	41,025	47,733
Accumulated other comprehensive loss (Note K)	(18,960)	(14,185)
TOTAL STOCKHOLDERS' EQUITY	192,583	199,468
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 401,183	$ 398,331

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable, allowances	$ 4,513	$ 5,300
Preferred stock, par value	$ 1	$ 1
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	25,000,000
Common stock, shares issued	14,429,719	14,030,221
Common stock, shares outstanding	14,429,719	14,030,221
Preferred stock Series A
Preferred stock, shares authorized	100	100
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Preferred stock Series B
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net sales	$ 118,050	$ 120,935	$ 228,975	$ 238,592
Cost of sales	75,056	77,424	145,430	150,173
Gross margin	42,994	43,511	83,545	88,419
Distribution expenses	12,377	12,547	25,694	26,030
Selling, general and administrative expenses	29,845	31,951	61,653	65,547
Restructuring expenses	1,060		1,701
Loss from operations	(288)	(987)	(5,503)	(3,158)
Interest expense (Note D)	(1,122)	(1,459)	(2,315)	(2,890)
Financing expense				(154)
Loss on early retirement of debt	(272)		(272)
Loss before income taxes and equity in earnings	(1,682)	(2,446)	(8,090)	(6,202)
Income tax benefit (Note H)	473	717	2,743	2,080
Equity in earnings (losses), net of taxes (Note B)	18	2	(132)	290
NET LOSS	$ (1,191)	$ (1,727)	$ (5,479)	$ (3,832)
BASIC LOSS PER COMMON SHARE (NOTE G)	$ (0.08)	$ (0.12)	$ (0.39)	$ (0.28)
DILUTED LOSS PER COMMON SHARE (NOTE G)	(0.08)	(0.12)	(0.39)	(0.28)
Cash dividends declared per common share	$ 0.0425	$ 0.0375	$ 0.0850	$ 0.0750

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net loss	$ (1,191)	$ (1,727)	$ (5,479)	$ (3,832)
Other comprehensive income (loss), net of taxes:
Translation adjustment	(3,076)	1,198	(4,755)	(1,507)
Derivative fair value adjustment	(4)	17	(47)	(37)
Effect of retirement benefit obligations	13	20	27	40
Other comprehensive income (loss), net of taxes	(3,067)	1,235	(4,775)	(1,504)
Comprehensive loss	$ (4,258)	$ (492)	$ (10,254)	$ (5,336)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net loss	$ (5,479)	$ (3,832)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	7,062	7,193
Amortization of financing costs	333	313
Deferred rent	(37)	503
Deferred income taxes	113
Stock compensation expense	1,290	1,523
Undistributed equity in (earnings) losses, net	132	(290)
Gain on disposal of fixed assets	(17)
Loss on early retirement of debt	272
Changes in operating assets and liabilities (excluding the effects of business acquisitions)
Accounts receivable	7,562	29,752
Inventory	(16,357)	(16,011)
Prepaid expenses, other current assets and other assets	(1,359)	(2,351)
Accounts payable, accrued expenses and other liabilities	(3,748)	(663)
Income taxes receivable	(4,311)
Income taxes payable	(5,031)	(5,513)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(19,575)	10,624
INVESTING ACTIVITIES
Purchases of property and equipment	(1,091)	(2,881)
Proceeds from disposition of GSI	567
Acquisitions	(614)
NET CASH USED IN INVESTING ACTIVITIES	(1,138)	(2,881)
FINANCING ACTIVITIES
Proceeds from Revolving Credit Facility	120,334	129,229
Repayments of Revolving Credit Facility	(79,206)	(130,571)
Repayment of Credit Agreement Term Loan	(20,500)	(5,000)
Proceeds from Short Term Loan		37
Payments on Short Term Loan	(117)	(688)
Payments for capital leases	(32)
Payments of tax withholding for stock based compensation	(65)
Proceeds from exercise of stock options	1,191	541
Cash dividends paid (Note K)	(1,198)	(1,033)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	20,407	(7,485)
Effect of foreign exchange on cash	(176)	(370)
DECREASE IN CASH AND CASH EQUIVALENTS	(482)	(112)
Cash and cash equivalents at beginning of period	7,131	5,068
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 6,649	$ 4,956

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
BASIS OF PRESENTATION AND SUMMARY ACCOUNTING POLICIES	NOTE A — BASIS OF PRESENTATION AND SUMMARY ACCOUNTING POLICIES Organization and business Lifetime Brands, Inc. (the “Company”) designs, sources and sells branded kitchenware, tableware and other products used in the home and markets its products under a number of brand names and trademarks, which are either owned or licensed by the Company, or through retailers’ private labels. The Company markets and sells its products principally on a wholesale basis to retailers. The Company also markets and sells a limited selection of its products directly to consumers through its Pfaltzgraff, Mikasa, Fred and Friends, Built NY, Lifetime Sterling and The English Table internet websites. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, which consist only of normal recurring accruals, considered necessary for a fair presentation have been included. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The Company’s business and working capital needs are highly seasonal, with a majority of sales occurring in the third and fourth quarters. In 2015 and 2014, net sales for the third and fourth quarters accounted for 59% and 60% of total annual net sales, respectively. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period. Revenue recognition The Company sells products wholesale, to retailers and distributors, and retail, directly to the consumer. Wholesale sales and retail sales are recognized when title passes to the customer, which is primarily at the shipping point for wholesale sales and upon delivery to the customer for retail sales. Shipping and handling fees that are billed to customers in sales transactions are included in net sales and amounted to $301,000 and $290,000 for the three months ended June 30, 2016 and 2015, respectively, and $695,000 and $699,000 for the six months ended June 30, 2016 and 2015, respectively. Net sales exclude taxes that are collected from customers and remitted to the taxing authorities. The Company offers various sales incentives and promotional programs to its customers from time to time in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements and an estimate of sales returns are reflected as reductions in net sales in the Company’s condensed consolidated statements of operations. Cost of sales Cost of sales consists primarily of costs associated with the production and procurement of product, inbound freight costs, purchasing costs, royalties and other product procurement related charges. Distribution expenses Distribution expenses consist primarily of warehousing expenses and freight-out expenses. Inventory Inventory consists principally of finished goods sourced from third-party suppliers. Inventory also includes finished goods, work in process and raw materials related to the Company’s manufacture of sterling silver products. Inventory is priced using the lower of cost (first-in, first-out basis) or market method. The Company estimates the selling price of its inventory on a product by product basis based on the current selling environment. If the estimated selling price is lower than the inventory’s cost, the Company reduces the value of the inventory to its net realizable value. The components of inventory are as follows: June 30, December 31, 2016 2015 (in thousands) Finished goods $ 147,884 $ 133,618 Work in process 1,618 1,754 Raw materials 1,091 1,518 Total $ 150,593 $ 136,890 Fair value of financial instruments The Company determined the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair values because of their short-term nature. The Company determined that the carrying amounts of borrowings outstanding under its revolving credit facility, term loan and short term loan approximate fair value since such borrowings bear interest at variable market rates. Derivatives The Company accounts for derivative instruments in accordance with Accounting Standard Codification (“ASC”) Topic No. 815, Derivatives and Hedging. ASC Topic No. 815 requires that all derivative instruments be recognized on the balance sheet at fair value as either an asset or liability. Changes in the fair value of derivatives that qualify as hedges and have been designated as part of a hedging relationship for accounting purposes have no net impact on earnings to the extent the derivative is considered highly effective in achieving offsetting changes in fair value or cash flows attributable to the risk being hedged, until the hedged item is recognized in earnings. If a derivative which is designated as part of a hedging relationship is considered ineffective in achieving offsetting changes in fair value or cash flows attributable to the risk being hedged, the changes in fair value are recorded in operations. For derivatives that do not qualify or are not designated as hedging instruments for accounting purposes, changes in fair value are recorded in operations. Employee healthcare The Company self-insures certain portions of its health insurance plan. The Company maintains an accrual for unpaid claims and estimated claims incurred but not yet reported (“IBNR”). Although management believes that it uses the best information available to estimate claims IBNR, actual claims may vary significantly from estimated claims. Restructuring Expenses Costs associated with restructuring activities are recorded at fair value when a liability has been incurred. A liability has been incurred at the point of closure for any remaining operating lease obligations and at the communication date for severance. In December 2015, the Company commenced an in-depth review of its U.S. Wholesale business segment, which included the evaluation of the segment’s efficiency and effectiveness. The Company expanded this restructuring plan in the first quarter of 2016 to focus on more specific actions required to achieve the plan’s objectives. During the three and six months ended June 30, 2016, the Company recorded $1.1 million and $1.7 million, respectively, of restructuring expense related to the execution of this plan. At June 30, 2016, $158,000 was accrued related to severance expense from the restructuring plan. The Company expects the remaining severance will be paid in the third quarter of 2016 and does not anticipate that it will incur any further charges related to the U.S. Wholesale restructuring. Adoption of New Accounting Pronouncements Effective January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Effective January 1, 2016, the Company adopted ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Effective January 1, 2016, the Company adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments Accounting Pronouncements to be Adopted in Future Periods In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. In February 2016, the FASB issued ASU 2016-02, Leases, In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2016
INVESTMENTS	NOTE B — INVESTMENTS The Company owns approximately a 30% interest in Grupo Vasconia S.A.B. (“Vasconia”), an integrated manufacturer of aluminum products and one of Mexico’s largest housewares companies. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. The Company accounts for its investment in Vasconia using the equity method of accounting and records its proportionate share of Vasconia’s net income in the Company’s statement of operations. Accordingly, the Company has recorded its proportionate share of Vasconia’s net income (reduced for amortization expense related to the customer relationships acquired) for the three and six month periods ended June 30, 2016 and 2015 in the accompanying condensed consolidated statements of operations. The value of the Company’s investment balance has been translated from Mexican Pesos (“MXN”) to U.S. Dollars (“USD”) using the spot rates of MXN 18.51 and MXN 17.38 at June 30, 2016 and December 31, 2015, respectively. The Company’s proportionate share of Vasconia’s net income has been translated from MXN to USD using the average exchange rates of MXN 18.09 and MXN 15.31 during the three months ended June 30, 2016 and 2015, respectively, and MXN 18.06 to MXN 18.07 and MXN 15.13 to MXN 15.19 during the six months ended June 30, 2016 and 2015. The effect of the translation of the Company’s investment resulted in a decrease to the investment of $1.7 million and a decrease to the investment of $2.5 million during the six months ended June 30, 2016 and 2015, respectively (also see Note K). These translation effects are recorded in accumulated other comprehensive income (loss). Included within prepaid expenses and other current assets at December 31, 2015 are amounts due from Vasconia of $55,000. Included within accrued expenses and accounts payable at June 30, 2016 and December 31, 2015 are amounts due to Vasconia of $71,000 and $28,000, respectively. A summarized statement of income information for Vasconia in USD and MXN is as follows: Three Months Ended June 30, 2016 2015 (in thousands) USD MXN USD MXN Net sales $ 37,854 $ 684,771 $ 49,650 $ 760,472 Gross profit 7,446 134,700 10,646 163,063 Income from operations 2,073 37,502 3,862 59,150 Net income 516 9,335 2,318 35,510 Six Months Ended June 30, 2016 2015 (in thousands) USD MXN USD MXN Net Sales $ 75,178 $ 1,357,349 $ 96,989 $ 1,467,907 Gross Profit 12,864 232,334 20,082 304,075 Income from operations 2,996 54,135 6,609 100,198 Net Income 736 13,294 3,564 54,122 The Company recorded equity in losses of Vasconia, net of taxes, of $171,000 and $321,000 for the three and six months ended June 30, 2016, respectively. The Company recorded equity in earnings of Vasconia, net of taxes, of $2,000 and $296,000 for the three and six months ended June 30, 2015, respectively. Due to the requirement to record tax benefits for foreign currency translation losses through other comprehensive income (loss), with a corresponding adjustment to deferred tax liabilities, equity in losses for the three and six months ended June 30, 2016 includes deferred tax expense of $0.3 million and $0.5 million, respectively. Equity in earnings for the three and six month periods ended 2015 include deferred tax expense of $0.6 million. As of June 30, 2016 and December 31, 2015, the fair value (based upon Vasconia’s quoted stock price) of the Company’s investment in Vasconia was $33.8 million and $35.9 million, respectively. The carrying value of the Company’s investment in Vasconia was $23.2 million and $24.7 million as of June 30, 2016 and December 31, 2015, respectively. During the three months ended June 30, 2016 the Company sold its 40% equity interest in GS Internacional S/A (“GSI”), a wholesale distributor of branded housewares products in Brazil. The Company initially acquired GSI in December 2011 and accounted for this investment using the equity method of accounting; however, impairment losses in 2014 reduced the investment balance to zero. Upon the sale of its equity interest in GSI the Company recognized a net gain of $189,000. This gain is included within Equity in earnings (losses), net of tax, and represents the net consideration received of R$2.3 million (approximately $567,000) reduced by currency translation losses of $378,000 which were reclassified out of Other comprehensive income (loss). The Company evaluated the disclosure requirements of ASC Topic No. 860, Transfers and Servicing

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2016
INTANGIBLE ASSETS	NOTE C — INTANGIBLE ASSETS Intangible assets consist of the following (in thousands): June 30, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Goodwill $ 18,101 $ — $ 18,101 $ 18,101 $ — $ 18,101 Indefinite-lived intangible assets: Trade names 7,616 — 7,616 7,616 — 7,616 Finite-lived intangible assets: Licenses 15,847 (8,689 ) 7,158 15,847 (8,462 ) 7,385 Trade names 29,864 (7,962 ) 21,902 29,724 (6,818 ) 22,906 Customer relationships 50,922 (12,832 ) 38,090 50,823 (10,806 ) 40,017 Other 1,267 (737 ) 530 1,202 (634 ) 568 Total $ 123,617 $ (30,220 ) $ 93,397 $ 123,313 $ (26,720 ) $ 96,593

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
DEBT	NOTE D — DEBT Credit Agreement The Company’s Credit Agreement, which expires in January 2019, provides for, among other things, a Revolving Credit Facility commitment totaling $175.0 million ($40.0 million of which is available for multi-currency borrowings) and a Term Loan facility. At June 30, 2016 and December 31, 2015, borrowings outstanding under the Revolving Credit Facility were $105.9 million and $65.6 million, respectively, and open letters of credit were $2.2 million and $1.4 million, respectively. At June 30, 2016, availability under the Revolving Credit Facility was approximately $58.3 million. The borrowing capacity under the Revolving Credit Facility depends, in part, on eligible levels of accounts receivable and inventory that fluctuate regularly and certain trademark values based upon periodic appraisals, and may be lower in the first and second quarters when the Company’s inventory level is lower due to seasonality. The Company’s payment obligations under the Revolving Credit Facility are unconditionally guaranteed by each of its existing U.S. subsidiaries and will be unconditionally guaranteed by each of its future U.S. subsidiaries. Certain payment obligations under the Revolving Credit Facility are also direct obligations of its foreign subsidiary borrowers designated as such under the Credit Agreement and, subject to limitations on such guaranties, are guaranteed by the foreign subsidiary borrowers, as well as by the Company. The obligations of the Company under the Revolving Credit Facility and any hedging arrangements and cash management services and the guarantees by its domestic subsidiaries in respect of those obligations are secured by substantially all of the assets and stock (but in the case of foreign subsidiaries, limited to 65% of the capital stock in first-tier foreign subsidiaries and not including the stock of subsidiaries of such first-tier foreign subsidiaries) owned by the Company and the U.S. subsidiary guarantors, subject to certain exceptions. Such security interests consist of a first-priority lien, subject to certain permitted liens, with respect to the assets of the Company and its domestic subsidiaries pledged as collateral in favor of lenders under the Revolving Credit Facility. As of June 30, 2016 and December 31, 2015, $14.5 million and $35.0 million, respectively, was outstanding under the Term Loan. At June 30, 2016 and December 31, 2015, unamortized debt issuance costs were $238,000 and $621,000. In May 2015 the credit agreement was amended to provide for a $10.0 million prepayment of the Term Loan, if such amount was greater than the payment that would have been required pursuant to the agreement’s original terms (50% of the Company’s excess cash flow for the 2015 fiscal year). In April 2016, the Company made a prepayment of $15.2 million in accordance with the amended terms. In connection therewith, the Company wrote-off debt issuance costs of $0.3 million. Interest rates on outstanding borrowings at June 30, 2016 ranged from 2.5% to 5.0%. In addition, the Company pays a commitment fee of 0.375% on the unused portion of the Revolving Credit Facility. The Credit Agreement provides for customary restrictions and events of default. Restrictions include limitations on additional indebtedness, acquisitions, investments and payment of dividends, among other things. Further, the Credit Agreement provides that at any time any Term Loan is outstanding or at any time no Term Loan is outstanding and availability under the Revolving Credit Facility is less than $17.5 million and continuing until availability of at least $20.0 million is maintained for three consecutive months, the Company is required to maintain a minimum fixed charge coverage ratio of 1.20 to 1.00 for each of four consecutive fiscal quarter periods. The Credit Agreement also provides that when the Term Loan is outstanding, the Company is required to maintain a Senior Leverage Ratio within defined parameters not to exceed 4.00 to 1.00 for each fiscal quarter ending June 30 and September 30, 2016; and 3.75 to 1.00 for each fiscal quarter ending thereafter. For any fiscal quarter of the Company ending on September 30 th Pursuant to the Credit Agreement, as of June 30, 2016, the maximum additional permitted indebtedness other than certain subordinated indebtedness was $51.0 million. The Company was in compliance with the financial covenants of the Credit Agreement at June 30, 2016. In August 2016, the Company amended the Credit Agreement, among other things, to allow the sale of certain accounts receivable by the Company to other financial institutions (subject to approval of the Credit Agreement’s administrative agent) and revise the definition of EBITDA to provide that non-recurring charges shall not exceed $5.0 million during the term of the Credit Agreement (previous limit was $2.0 million). Other Credit Agreements A subsidiary of the Company has a credit facility (“HSBC Facility” or “Short term loan”) with HSBC Bank (China) Company Limited, Shanghai Branch (“HSBC”) for up to RMB 18.0 million ($2.9 million). The HSBC Facility is subject to annual renewal and may be used to fund general working capital needs of the Company’s subsidiary which is a trading company in the People’s Republic of China. Borrowings under the HSBC Facility are guaranteed by the Company and are granted at the sole discretion of HSBC. At June 30, 2016 and December 31, 2015, borrowings of RMB 870,000 ($131,000) and RMB 1.6 million ($252,000), respectively were outstanding under the HSBC Facility. Outstanding borrowings at June 30, 2016 carried an interest rate of 5.0%.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2016
DERIVATIVES	NOTE E — DERIVATIVES The Company is a party to interest rate swap agreements with an aggregate notional value of $17.5 million and $20.1 million, at June 30, 2016 and December 31, 2015, respectively, to manage interest rate exposure in connection with its variable interest rate borrowings. The hedge periods of these agreements commenced in March 2013 and expire in June 2018 and the notional amounts amortize over these periods. The interest rate swap agreements were designated as cash flow hedges under ASC Topic No. 815. The effective portion of the fair value gain or loss on these agreements is recorded as a component of accumulated other comprehensive income (loss). The Company has also entered into certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with sales and inventory purchases denominated in foreign currencies. The aggregate gross notional value of foreign exchange contracts at June 30, 2016 and December 31, 2015 were $12.0 million and $5.5 million, respectively. These foreign exchange contracts have not been designated as hedges as required in order to apply hedge accounting. The changes in the fair value of these contracts are recorded in earnings immediately. The fair values of the Company’s derivative financial instruments included in the condensed consolidated balance sheets are presented as follows (in thousands): Liabilities Derivatives designated as hedging instruments Balance Sheet Location June 30, December 31, Interest rate swaps Accrued Expenses $ 45 $ 10 Deferred rent & other 68 25 Assets Derivatives not designated as hedging instruments Balance Sheet Location June 30, December 31, Foreign exchange contracts Prepaid expenses and $ 623 $ 261 The fair value of the derivatives have been obtained from the counterparties to the agreements and were based on Level 2 observable inputs using proprietary models and estimates about relevant future market conditions. The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments are presented as follows (in thousands): Amount of Gain (Loss) Recognized in Other comprehensive income (loss) on Derivatives Three Months Ended June 30, Six Months Ended June 30, Derivatives designated as hedging instruments 2016 2015 2016 2015 Interest rate swaps $ (4 ) $ 17 $ (47 ) $ (37 ) No amounts recorded in accumulated other comprehensive income (loss) are expected to be reclassified to interest expense in the next twelve months. The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are presented as follows (in thousands): Amount of Gain Recognized in Earnings on Location of Gain Three Months Six Months Derivatives not designated as hedging instruments 2016 2015 2016 2015 Foreign exchange contracts Selling, general and $ 433 $ 122 $ 867 $ 122

STOCK COMPENSATION

STOCK COMPENSATION	6 Months Ended
	Jun. 30, 2016
STOCK COMPENSATION	NOTE F STOCK COMPENSATION Option Awards A summary of the Company’s stock option activity and related information for the six months ended June 30, 2016 is as follows: Options Weighted- Weighted- Aggregate Options outstanding, January 1, 2016 2,242,202 $ 14.28 Grants 56,850 15.69 Exercises (138,443 ) 8.60 Cancellations (23,375 ) 15.32 Expirations (218,100 ) 27.93 Options outstanding, June 30, 2016 1,919,134 13.16 5.2 $ 4,879,600 Options exercisable, June 30, 2016 1,566,326 $ 12.45 4.6 $ 4,702,600 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on June 30, 2016. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on June 30, 2016 and the exercise price. The total intrinsic value of stock options exercised for the six month periods ended June 30, 2016 and 2015 was $0.9 million and $0.6 million, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise. Total unrecognized stock option compensation expense at June 30, 2016, before the effect of income taxes, was $2.2 million and is expected to be recognized over a weighted-average period of 2.0 years. Restricted Stock A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2016 is as follows: Restricted Weighted- Nonvested restricted shares, January 1, 2016 101,435 $ 14.77 Grants 109,170 15.64 Vested (42,972 ) 14.84 Cancellations (2,000 ) 14.84 Nonvested restricted shares, June 30, 2016 165,633 $ 15.33 Total unrecognized compensation expense remaining $ 2,347,300 Weighted-average years expected to be recognized over 3.1 The total fair value of restricted stock that vested during the six months ended June 30, 2016 was $658,300. Performance shares Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals by the end of the performance period, as determined by the Compensation Committee. The shares are subject to the terms and conditions of the Plan. A summary of the Company’s performance-based award activity and related information for the six months ended June 30, 2016 is as follows: Performance- awards (1) Weighted- Nonvested performance-based awards, January 1, 2016 66,150 $ 14.84 Grants 82,000 15.69 Cancellations (1,691 ) 14.84 Nonvested performance-based awards, June 30, 2016 146,459 $ 15.32 Total unrecognized compensation expense remaining $ 1,734,900 Weighted-average years expected to be recognized over 2.1 (1) Represents the target number of shares to be issued for each performance-based award. The Company recognized total stock compensation expense of $0.5 million for the three months ended June 30, 2016, of which $0.2 million represents stock option compensation expense and $0.3 million represents restricted stock and performance based compensation expense. For the six months ended June 30, 2016 the Company recognized total stock compensation expense of $1.3 million, of which $0.7 million represents stock option compensation expense, $0.6 million represents restricted stock and performance based compensation expense and $32,000 represents stock awards granted in 2016. The Company recognized total stock compensation expense of $0.8 million for the three months ended June 30, 2015, of which $0.6 million represents stock option compensation expense, $0.2 million represents restricted stock and performance based compensation expense. For the six months ended June 30, 2015 the Company recognized total stock compensation expense of $1.5 million, of which $1.2 million represents stock option compensation expense, $0.3 million represents restricted stock and performance based compensation expense and $53,000 represents stock awards granted in 2015. At June 30, 2016, there were 403,279 shares available for awards that could be granted under the Company’s Amended and Restated 2000 Long-Term Incentive Plan.

LOSS PER COMMON SHARE

LOSS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2016
LOSS PER COMMON SHARE	NOTE G — LOSS PER COMMON SHARE Basic loss per common share has been computed by dividing net loss by the weighted-average number of shares of the Company’s common stock outstanding during the relevant period. Diluted loss per common share adjusts net loss and basic loss per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted loss per common share for the three and six month periods ended June 30, 2016 and 2015 are as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Net loss – basic and diluted $ (1,191 ) $ (1,727 ) $ (5,479 ) $ (3,832 ) Weighted-average shares outstanding – basic and diluted 14,155 13,845 14,059 13,779 Basic and diluted loss per common share $ (0.08 ) $ (0.12 ) $ (0.39 ) $ (0.28 ) The computation of diluted loss per common share for the three and six months ended June 30, 2016 excludes options to purchase 1,919,134 shares and 2,053,393 shares, respectively and excludes 165,633 and 133,746 restricted shares, respectively. The computation of diluted loss per common share for the three and six months ended June 30, 2015 excludes options to purchase 2,236,402 shares and 2,256,665 shares, respectively and excludes 93,602 and 46,801 restricted shares, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
INCOME TAXES	NOTE H — INCOME TAXES On a quarterly basis, the Company evaluates its tax positions and revises its estimates accordingly. The estimated value of the Company’s uncertain tax positions at June 30, 2016 is a gross liability of tax and interest of $171,000. The Company believes that $69,000 of its tax positions will be resolved within the next twelve months. The Company has identified the following jurisdictions as “major” tax jurisdictions: U.S. Federal, California, Massachusetts, New York, New Jersey and the United Kingdom. The Company is no longer subject to U.S. Federal income tax examinations for the years prior to 2013. At June 30, 2016, the periods subject to examination for the Company’s major state jurisdictions are the years ended 2012 through 2015. The Company’s policy for recording interest and penalties is to record such items as a component of income taxes. Interest and penalties were not material to the Company’s financial position, results of operations or cash flows as of and for the three and six month periods ended June 30, 2016 and 2015.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2016
BUSINESS SEGMENTS	NOTE I — BUSINESS SEGMENTS The Company operates in three reportable business segments: U.S. Wholesale, International and Retail Direct. The U.S. Wholesale segment is the Company’s primary domestic business that designs, markets and distributes its products to retailers and distributors. The International segment consists of certain business operations conducted outside the U.S. The Retail Direct segment is where the Company markets and sells a limited selection of its products directly to consumers through its Pfaltzgraff, Mikasa, Fred and Friends, Built NY and Lifetime Sterling internet websites. The Company has segmented its operations to reflect the manner in which management reviews and evaluates the results of its operations. While the three segments distribute similar products, the segments are distinct due to the different methods the Company uses to sell, market and distribute the products. Management evaluates the performance of the U.S. Wholesale, International and Retail Direct segments based on net sales and income (loss) from operations. Such measures give recognition to specifically identifiable operating costs such as cost of sales, distribution expenses and selling, general and administrative expenses. Certain general and administrative expenses, such as senior executive salaries and benefits, stock compensation, director fees and accounting, legal and consulting fees, are not allocated to the specific segments and are reflected as unallocated corporate expenses. Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Net sales U.S. Wholesale $ 92,738 $ 94,601 $ 175,006 $ 181,122 International 21,560 22,464 45,233 47,829 Retail Direct 3,752 3,870 8,736 9,641 Total net sales $ 118,050 $ 120,935 $ 228,975 $ 238,592 Loss from operations U.S. Wholesale $ 3,268 $ 3,133 $ 1,479 $ 5,084 International (382 ) (1,577 ) 13 (2,122 ) Retail Direct 6 (358 ) 43 (407 ) Unallocated corporate expenses (3,180 ) (2,185 ) (7,038 ) (5,713 ) Loss from operations $ (288 ) $ (987 ) $ (5,503 ) $ (3,158 ) Depreciation and amortization U.S. Wholesale $ 2,272 $ 2,258 $ 4,451 $ 4,445 International 1,270 1,340 2,540 2,670 Retail Direct 36 40 71 78 Total depreciation and amortization $ 3,578 $ 3,638 $ 7,062 $ 7,193 June 30, December 31, 2016 2015 (in thousands) Assets U.S. Wholesale $ 273,760 $ 269,143 International 113,395 115,128 Retail Direct 256 443 Unallocated/ Corporate/ Other 13,772 13,617 Total assets $ 401,183 $ 398,331

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
CONTINGENCIES	NOTE J CONTINGENCIES Wallace Silversmiths de Puerto Rico, Ltd. (“WSPR”), a wholly-owned subsidiary of the Company, operates a manufacturing facility in San Germán, Puerto Rico that is leased from the Puerto Rico Industrial Development Company (“PRIDCO”). In March 2008, the United States Environmental Protection Agency (the “EPA”) announced that the San Germán Ground Water Contamination site in Puerto Rico (the “Site”) had been added to the Superfund National Priorities List due to contamination present in the local drinking water supply. In May 2008, WSPR received from the EPA a Notice of Potential Liability and Request for Information Pursuant to 42 U.S.C. Sections 9607(a) and 9604(e) of the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). In July 2011, WSPR received a letter from the EPA requesting access to the property that it leases from PRIDCO to conduct an environmental investigation, and the Company granted such access. In February 2013, the EPA requested access to conduct a further environmental investigation at the property. PRIDCO agreed to such access and the Company consented. EPA conducted a further investigation during 2013 and, in April 2015, notified the Company and PRIDCO that the results from vapor intrusion sampling may warrant implementation of measures to mitigate potential exposure to sub-slab soil gas. The Company reviewed the information provided by the EPA and requested that PRIDCO, as the property owner, find and implement a solution acceptable to the EPA. While WSPR did not cause the sub-surface condition that resulted in the potential for vapor intrusion, in order to protect the health of its employees and continue its business operations, it has nevertheless implemented corrective action measures to prevent vapor intrusion such as sealing floors of the building and conducting periodic air monitoring to address potential exposure. On August 13, 2015, the EPA released its remedial investigation and feasibility study (“RI/FS”) for the Site. On December 11, 2015, the EPA issued the Record of Decision (“ROD”) for OU-1, electing to implement its preferred remedy which consists of soil vapor extraction and dual-phase extraction/ in-situ in-situ Accordingly, based on the above uncertainties and variables, it is not possible at this time for the Company to estimate its share of liability, if any, related to this matter. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. The Company is, from time to time, involved in other legal proceedings. The Company believes that other current litigation is routine in nature and incidental to the conduct of the Company’s business and that none such litigation, individually or collectively, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

OTHER

OTHER	6 Months Ended
	Jun. 30, 2016
OTHER	NOTE K OTHER Cash dividends Dividends declared in the six months ended June 30, 2016 are as follows: Dividend per share Date declared Date of record Payment date $ 0.0425 March 3, 2016 May 2, 2016 May 16, 2016 $ 0.0425 June 9, 2016 August 1, 2016 August 15, 2016 On February 15, 2016 and May 16, 2016, the Company paid cash dividends of $594,000 and $602,000, respectively. In the three months ended June 30, 2016, the Company reduced retained earnings for the accrual of $619,000 relating to the dividend payable on August 15, 2016. On August 4, 2016, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on November 15, 2016 to shareholders of record on November 1, 2016. Supplemental cash flow information Six Months Ended 2016 2015 (in thousands) Supplemental disclosure of cash flow information: Cash paid for interest $ 1,971 $ 2,423 Cash paid for taxes 5,923 6,288 Non-cash investing activities: Translation adjustment $ 5,133 $ 1,507 Components of accumulated other comprehensive loss, net Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Accumulated translation adjustment: Balance at beginning of period $ (14,640 ) $ (10,385 ) $ (12,961 ) $ (7,680 ) Translation loss during period (3,454 ) 1,198 (5,133 ) (1,507 ) Amounts reclassified from accumulated other comprehensive loss: (1) Currency translation adjustment 378 — 378 — Balance at end of period $ (17,716 ) $ (9,187 ) $ (17,716 ) $ (9,187 ) Accumulated deferred losses on cash flow hedges: Balance at beginning of period $ (63 ) $ (72 ) $ (20 ) $ (18 ) Derivative fair value adjustment, net of taxes of $3 and $12 for the three month periods ended June 30, 2016 and 2015, respectively and $32 and $25 for the six month periods ended June 30, 2016 and 2015, respectively. (4 ) 17 (47 ) (37 ) Balance at end of period $ (67 ) $ (55 ) $ (67 ) $ (55 ) Accumulated effect of retirement benefit obligations: Balance at beginning of period $ (1,190 ) $ (2,204 ) $ (1,204 ) $ (2,224 ) Amounts reclassified from accumulated other comprehensive loss: (2) Amortization of actuarial losses, net of taxes of $9 and $13 for the three month periods ended June 30, 2016 and 2015, respectively and $18 and $26 for the six month periods ended June 30, 2016 and 2015, respectively. 13 20 27 40 Balance at end of period $ (1,177 ) $ (2,184 ) $ (1,177 ) $ (2,184 ) Total accumulated other comprehensive loss at end of period $ (18,960 ) $ (11,426 ) $ (18,960 ) $ (11,426 ) (1) Amount is recorded in equity in earnings (losses) on the condensed consolidated statements of operations. (2) Amounts are recorded in selling, general and administrative expense on the condensed consolidated statements of operations.

BASIS OF PRESENTATION AND SUM18

BASIS OF PRESENTATION AND SUMMARY ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, which consist only of normal recurring accruals, considered necessary for a fair presentation have been included. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The Company’s business and working capital needs are highly seasonal, with a majority of sales occurring in the third and fourth quarters. In 2015 and 2014, net sales for the third and fourth quarters accounted for 59% and 60% of total annual net sales, respectively. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period.
Revenue recognition	Revenue recognition The Company sells products wholesale, to retailers and distributors, and retail, directly to the consumer. Wholesale sales and retail sales are recognized when title passes to the customer, which is primarily at the shipping point for wholesale sales and upon delivery to the customer for retail sales. Shipping and handling fees that are billed to customers in sales transactions are included in net sales and amounted to $301,000 and $290,000 for the three months ended June 30, 2016 and 2015, respectively, and $695,000 and $699,000 for the six months ended June 30, 2016 and 2015, respectively. Net sales exclude taxes that are collected from customers and remitted to the taxing authorities. The Company offers various sales incentives and promotional programs to its customers from time to time in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements and an estimate of sales returns are reflected as reductions in net sales in the Company’s condensed consolidated statements of operations.
Cost of sales	Cost of sales Cost of sales consists primarily of costs associated with the production and procurement of product, inbound freight costs, purchasing costs, royalties and other product procurement related charges.
Distribution expenses	Distribution expenses Distribution expenses consist primarily of warehousing expenses and freight-out expenses.
Inventory	Inventory Inventory consists principally of finished goods sourced from third-party suppliers. Inventory also includes finished goods, work in process and raw materials related to the Company’s manufacture of sterling silver products. Inventory is priced using the lower of cost (first-in, first-out basis) or market method. The Company estimates the selling price of its inventory on a product by product basis based on the current selling environment. If the estimated selling price is lower than the inventory’s cost, the Company reduces the value of the inventory to its net realizable value. The components of inventory are as follows: June 30, December 31, 2016 2015 (in thousands) Finished goods $ 147,884 $ 133,618 Work in process 1,618 1,754 Raw materials 1,091 1,518 Total $ 150,593 $ 136,890
Fair value of financial instruments	Fair value of financial instruments The Company determined the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair values because of their short-term nature. The Company determined that the carrying amounts of borrowings outstanding under its revolving credit facility, term loan and short term loan approximate fair value since such borrowings bear interest at variable market rates.
Derivatives	Derivatives The Company accounts for derivative instruments in accordance with Accounting Standard Codification (“ASC”) Topic No. 815, Derivatives and Hedging. ASC Topic No. 815 requires that all derivative instruments be recognized on the balance sheet at fair value as either an asset or liability. Changes in the fair value of derivatives that qualify as hedges and have been designated as part of a hedging relationship for accounting purposes have no net impact on earnings to the extent the derivative is considered highly effective in achieving offsetting changes in fair value or cash flows attributable to the risk being hedged, until the hedged item is recognized in earnings. If a derivative which is designated as part of a hedging relationship is considered ineffective in achieving offsetting changes in fair value or cash flows attributable to the risk being hedged, the changes in fair value are recorded in operations. For derivatives that do not qualify or are not designated as hedging instruments for accounting purposes, changes in fair value are recorded in operations.
Employee healthcare	Employee healthcare The Company self-insures certain portions of its health insurance plan. The Company maintains an accrual for unpaid claims and estimated claims incurred but not yet reported (“IBNR”). Although management believes that it uses the best information available to estimate claims IBNR, actual claims may vary significantly from estimated claims.
Restructuring Expenses	Restructuring Expenses Costs associated with restructuring activities are recorded at fair value when a liability has been incurred. A liability has been incurred at the point of closure for any remaining operating lease obligations and at the communication date for severance. In December 2015, the Company commenced an in-depth review of its U.S. Wholesale business segment, which included the evaluation of the segment’s efficiency and effectiveness. The Company expanded this restructuring plan in the first quarter of 2016 to focus on more specific actions required to achieve the plan’s objectives. During the three and six months ended June 30, 2016, the Company recorded $1.1 million and $1.7 million, respectively, of restructuring expense related to the execution of this plan. At June 30, 2016, $158,000 was accrued related to severance expense from the restructuring plan. The Company expects the remaining severance will be paid in the third quarter of 2016 and does not anticipate that it will incur any further charges related to the U.S. Wholesale restructuring.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements Effective January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Effective January 1, 2016, the Company adopted ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Effective January 1, 2016, the Company adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments
Accounting Pronouncements to be Adopted in Future Periods	Accounting Pronouncements to be Adopted in Future Periods In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. In February 2016, the FASB issued ASU 2016-02, Leases, In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

BASIS OF PRESENTATION AND SUM19

BASIS OF PRESENTATION AND SUMMARY ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2016
Components of Inventory	The components of inventory are as follows: June 30, December 31, 2016 2015 (in thousands) Finished goods $ 147,884 $ 133,618 Work in process 1,618 1,754 Raw materials 1,091 1,518 Total $ 150,593 $ 136,890

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Grupo Vasconia S.A.B.
Summarized Statement of Income Information for Vasconia in USD and MXN	A summarized statement of income information for Vasconia in USD and MXN is as follows: Three Months Ended June 30, 2016 2015 (in thousands) USD MXN USD MXN Net sales $ 37,854 $ 684,771 $ 49,650 $ 760,472 Gross profit 7,446 134,700 10,646 163,063 Income from operations 2,073 37,502 3,862 59,150 Net income 516 9,335 2,318 35,510 Six Months Ended June 30, 2016 2015 (in thousands) USD MXN USD MXN Net Sales $ 75,178 $ 1,357,349 $ 96,989 $ 1,467,907 Gross Profit 12,864 232,334 20,082 304,075 Income from operations 2,996 54,135 6,609 100,198 Net Income 736 13,294 3,564 54,122

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2016
Components of Intangible Assets	Intangible assets consist of the following (in thousands): June 30, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Goodwill $ 18,101 $ — $ 18,101 $ 18,101 $ — $ 18,101 Indefinite-lived intangible assets: Trade names 7,616 — 7,616 7,616 — 7,616 Finite-lived intangible assets: Licenses 15,847 (8,689 ) 7,158 15,847 (8,462 ) 7,385 Trade names 29,864 (7,962 ) 21,902 29,724 (6,818 ) 22,906 Customer relationships 50,922 (12,832 ) 38,090 50,823 (10,806 ) 40,017 Other 1,267 (737 ) 530 1,202 (634 ) 568 Total $ 123,617 $ (30,220 ) $ 93,397 $ 123,313 $ (26,720 ) $ 96,593

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Values of Derivative Financial Instruments Included in Condensed Consolidated Balance Sheets	The fair values of the Company’s derivative financial instruments included in the condensed consolidated balance sheets are presented as follows (in thousands): Liabilities Derivatives designated as hedging instruments Balance Sheet Location June 30, December 31, Interest rate swaps Accrued Expenses $ 45 $ 10 Deferred rent & other 68 25 Assets Derivatives not designated as hedging instruments Balance Sheet Location June 30, December 31, Foreign exchange contracts Prepaid expenses and $ 623 $ 261
Gains and Losses Related to Derivative Financial Instruments Designated as Hedging Instruments and Not Designated as Hedging Instruments	The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments are presented as follows (in thousands): Amount of Gain (Loss) Recognized in Other comprehensive income (loss) on Derivatives Three Months Ended June 30, Six Months Ended June 30, Derivatives designated as hedging instruments 2016 2015 2016 2015 Interest rate swaps $ (4 ) $ 17 $ (47 ) $ (37 ) Amount of Gain Recognized in Earnings on Location of Gain Three Months Six Months Derivatives not designated as hedging instruments 2016 2015 2016 2015 Foreign exchange contracts Selling, general and $ 433 $ 122 $ 867 $ 122

STOCK COMPENSATION (Tables)

STOCK COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Summary of Stock Option Activity and Related Information	A summary of the Company’s stock option activity and related information for the six months ended June 30, 2016 is as follows: Options Weighted- Weighted- Aggregate Options outstanding, January 1, 2016 2,242,202 $ 14.28 Grants 56,850 15.69 Exercises (138,443 ) 8.60 Cancellations (23,375 ) 15.32 Expirations (218,100 ) 27.93 Options outstanding, June 30, 2016 1,919,134 13.16 5.2 $ 4,879,600 Options exercisable, June 30, 2016 1,566,326 $ 12.45 4.6 $ 4,702,600
Summary of Restricted Stock Activity	A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2016 is as follows: Restricted Weighted- Nonvested restricted shares, January 1, 2016 101,435 $ 14.77 Grants 109,170 15.64 Vested (42,972 ) 14.84 Cancellations (2,000 ) 14.84 Nonvested restricted shares, June 30, 2016 165,633 $ 15.33 Total unrecognized compensation expense remaining $ 2,347,300 Weighted-average years expected to be recognized over 3.1
Summary of Performance-based Award Activity	A summary of the Company’s performance-based award activity and related information for the six months ended June 30, 2016 is as follows: Performance- awards (1) Weighted- Nonvested performance-based awards, January 1, 2016 66,150 $ 14.84 Grants 82,000 15.69 Cancellations (1,691 ) 14.84 Nonvested performance-based awards, June 30, 2016 146,459 $ 15.32 Total unrecognized compensation expense remaining $ 1,734,900 Weighted-average years expected to be recognized over 2.1 (1) Represents the target number of shares to be issued for each performance-based award.

LOSS PER COMMON SHARE (Tables)

LOSS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Calculations of Basic and Diluted Loss per Common Share	The calculations of basic and diluted loss per common share for the three and six month periods ended June 30, 2016 and 2015 are as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Net loss – basic and diluted $ (1,191 ) $ (1,727 ) $ (5,479 ) $ (3,832 ) Weighted-average shares outstanding – basic and diluted 14,155 13,845 14,059 13,779 Basic and diluted loss per common share $ (0.08 ) $ (0.12 ) $ (0.39 ) $ (0.28 )

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting Information	The Company has segmented its operations to reflect the manner in which management reviews and evaluates the results of its operations. While the three segments distribute similar products, the segments are distinct due to the different methods the Company uses to sell, market and distribute the products. Management evaluates the performance of the U.S. Wholesale, International and Retail Direct segments based on net sales and income (loss) from operations. Such measures give recognition to specifically identifiable operating costs such as cost of sales, distribution expenses and selling, general and administrative expenses. Certain general and administrative expenses, such as senior executive salaries and benefits, stock compensation, director fees and accounting, legal and consulting fees, are not allocated to the specific segments and are reflected as unallocated corporate expenses. Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Net sales U.S. Wholesale $ 92,738 $ 94,601 $ 175,006 $ 181,122 International 21,560 22,464 45,233 47,829 Retail Direct 3,752 3,870 8,736 9,641 Total net sales $ 118,050 $ 120,935 $ 228,975 $ 238,592 Loss from operations U.S. Wholesale $ 3,268 $ 3,133 $ 1,479 $ 5,084 International (382 ) (1,577 ) 13 (2,122 ) Retail Direct 6 (358 ) 43 (407 ) Unallocated corporate expenses (3,180 ) (2,185 ) (7,038 ) (5,713 ) Loss from operations $ (288 ) $ (987 ) $ (5,503 ) $ (3,158 ) Depreciation and amortization U.S. Wholesale $ 2,272 $ 2,258 $ 4,451 $ 4,445 International 1,270 1,340 2,540 2,670 Retail Direct 36 40 71 78 Total depreciation and amortization $ 3,578 $ 3,638 $ 7,062 $ 7,193 June 30, December 31, 2016 2015 (in thousands) Assets U.S. Wholesale $ 273,760 $ 269,143 International 113,395 115,128 Retail Direct 256 443 Unallocated/ Corporate/ Other 13,772 13,617 Total assets $ 401,183 $ 398,331

OTHER (Tables)

OTHER (Tables)	6 Months Ended
	Jun. 30, 2016
Cash Dividends Declared	Dividends declared in the six months ended June 30, 2016 are as follows: Dividend per share Date declared Date of record Payment date $ 0.0425 March 3, 2016 May 2, 2016 May 16, 2016 $ 0.0425 June 9, 2016 August 1, 2016 August 15, 2016
Supplemental Cash Flow Information	Supplemental cash flow information Six Months Ended 2016 2015 (in thousands) Supplemental disclosure of cash flow information: Cash paid for interest $ 1,971 $ 2,423 Cash paid for taxes 5,923 6,288 Non-cash investing activities: Translation adjustment $ 5,133 $ 1,507
Components of Accumulated Other Comprehensive Loss, Net	Components of accumulated other comprehensive loss, net Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Accumulated translation adjustment: Balance at beginning of period $ (14,640 ) $ (10,385 ) $ (12,961 ) $ (7,680 ) Translation loss during period (3,454 ) 1,198 (5,133 ) (1,507 ) Amounts reclassified from accumulated other comprehensive loss: (1) Currency translation adjustment 378 — 378 — Balance at end of period $ (17,716 ) $ (9,187 ) $ (17,716 ) $ (9,187 ) Accumulated deferred losses on cash flow hedges: Balance at beginning of period $ (63 ) $ (72 ) $ (20 ) $ (18 ) Derivative fair value adjustment, net of taxes of $3 and $12 for the three month periods ended June 30, 2016 and 2015, respectively and $32 and $25 for the six month periods ended June 30, 2016 and 2015, respectively. (4 ) 17 (47 ) (37 ) Balance at end of period $ (67 ) $ (55 ) $ (67 ) $ (55 ) Accumulated effect of retirement benefit obligations: Balance at beginning of period $ (1,190 ) $ (2,204 ) $ (1,204 ) $ (2,224 ) Amounts reclassified from accumulated other comprehensive loss: (2) Amortization of actuarial losses, net of taxes of $9 and $13 for the three month periods ended June 30, 2016 and 2015, respectively and $18 and $26 for the six month periods ended June 30, 2016 and 2015, respectively. 13 20 27 40 Balance at end of period $ (1,177 ) $ (2,184 ) $ (1,177 ) $ (2,184 ) Total accumulated other comprehensive loss at end of period $ (18,960 ) $ (11,426 ) $ (18,960 ) $ (11,426 ) (1) Amount is recorded in equity in earnings (losses) on the condensed consolidated statements of operations. (2) Amounts are recorded in selling, general and administrative expense on the condensed consolidated statements of operations.

Basis of Presentation and Sum27

Basis of Presentation and Summary Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Significant Accounting Policies [Line Items]
Percentage of total annual net sales in the third and fourth quarters					59.00%	60.00%
Shipping and handling revenue	$ 301,000	$ 290,000	$ 695,000	$ 699,000
Restructuring Charges	1,060,000		1,701,000
OTHER ASSETS	2,196,000		2,196,000		$ 2,022,000
Current maturity of Credit Agreement Term Loan	9,836,000		9,836,000		19,646,000
Credit Agreement Term Loan	4,426,000		4,426,000		14,733,000
Employee Severance
Schedule Of Significant Accounting Policies [Line Items]
Restructuring Reserve	$ 158,000		$ 158,000
Restatement Adjustment | Accounting Standards Update 2015-03
Schedule Of Significant Accounting Policies [Line Items]
OTHER ASSETS					(621,000)
Current maturity of Credit Agreement Term Loan					(354,000)
Credit Agreement Term Loan					$ (267,000)

Components of Inventory (Detail

Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory [Line Items]
Finished goods	$ 147,884	$ 133,618
Work in process	1,618	1,754
Raw materials	1,091	1,518
Total	$ 150,593	$ 136,890

Investments - Additional Inform

Investments - Additional Information (Detail) BRL in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2016USD ($)MXN / $	Jun. 30, 2016BRLMXN / $	Jun. 30, 2015USD ($)MXN / $	Jun. 30, 2016USD ($)MXN / $	Jun. 30, 2015USD ($)MXN / $	Dec. 31, 2015USD ($)MXN / $
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses), net of taxes		$ 18,000		$ 2,000	$ (132,000)	$ 290,000
Reclassification of losses for currency translation out of Other comprehensive income (loss) and into to Equity in earnings (losses)	[1]	(378,000)			(378,000)
Sales proceeds from disposal of equity method investment					567,000
GS Internacional S/A
Schedule of Equity Method Investments [Line Items]
Carrying value of investment		$ 0			$ 0
Equity interest, percentage sold		40.00%	40.00%
Reclassification of losses for currency translation out of Other comprehensive income (loss) and into to Equity in earnings (losses)		$ 378,000
Sales proceeds from disposal of equity method investment		567,000	BRL 2.3
Gain on disposal of equity method investment		$ 189,000
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in equity method investment		30.00%			30.00%
Exchange rate at period end - MXN to USD | MXN / $		18.51			18.51		17.38
Decrease in equity method investment					$ (1,700,000)	(2,500,000)
Equity in earnings (losses), net of taxes		$ (171,000)		2,000	(321,000)	296,000
Equity in earnings (losses), deferred taxes		300,000		$ 600,000	500,000	$ 600,000
Fair value of investment		33,800,000			33,800,000		$ 35,900,000
Carrying value of investment		$ 23,200,000			$ 23,200,000		24,700,000
Grupo Vasconia S.A.B. | Transaction 02
Schedule of Equity Method Investments [Line Items]
Average daily exchange rate for period - MXN to USD | MXN / $		18.09	18.09	15.31
Grupo Vasconia S.A.B. | Transaction 02 | Minimum
Schedule of Equity Method Investments [Line Items]
Average daily exchange rate for period - MXN to USD | MXN / $					18.06	15.13
Grupo Vasconia S.A.B. | Transaction 02 | Maximum
Schedule of Equity Method Investments [Line Items]
Average daily exchange rate for period - MXN to USD | MXN / $					18.07	15.19
Grupo Vasconia S.A.B. | Prepaid expenses and other current assets
Schedule of Equity Method Investments [Line Items]
Due from related party							55,000
Grupo Vasconia S.A.B. | Accrued expenses and accounts payable
Schedule of Equity Method Investments [Line Items]
Due to related party		$ 71,000			$ 71,000		$ 28,000
[1]	Amount is recorded in equity in earnings (losses) on the condensed consolidated statements of operations.

Summarized Statement of Income

Summarized Statement of Income Information for Vasconia in USD and MXN (Detail) - Grupo Vasconia S.A.B. MXN in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016MXN	Jun. 30, 2015USD ($)	Jun. 30, 2015MXN	Jun. 30, 2016USD ($)	Jun. 30, 2016MXN	Jun. 30, 2015USD ($)	Jun. 30, 2015MXN
Schedule of Equity Method Investments [Line Items]
Net sales	$ 37,854	MXN 684,771	$ 49,650	MXN 760,472	$ 75,178	MXN 1,357,349	$ 96,989	MXN 1,467,907
Gross profit	7,446	134,700	10,646	163,063	12,864	232,334	20,082	304,075
Income from operations	2,073	37,502	3,862	59,150	2,996	54,135	6,609	100,198
Net income	$ 516	MXN 9,335	$ 2,318	MXN 35,510	$ 736	MXN 13,294	$ 3,564	MXN 54,122

Components of Intangible Assets

Components of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill, Gross	$ 18,101	$ 18,101
Goodwill, Accumulated Amortization	0	0
Goodwill, Net	18,101	18,101
Indefinite-Lived Trade Names, Gross	7,616	7,616
Indefinite-Lived Trade Names, Accumulated Amortization	0	0
Indefinite-Lived Trade Names, Net	7,616	7,616
Intangible Assets, Gross (Including Goodwill)	123,617	123,313
Finite-Lived Intangible Assets, Accumulated Amortization	(30,220)	(26,720)
Intangible Assets, Net (Including Goodwill)	93,397	96,593
License
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	15,847	15,847
Finite-Lived Intangible Assets, Accumulated Amortization	(8,689)	(8,462)
Finite-Lived Intangible Assets, Net	7,158	7,385
Trade Names
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	29,864	29,724
Finite-Lived Intangible Assets, Accumulated Amortization	(7,962)	(6,818)
Finite-Lived Intangible Assets, Net	21,902	22,906
Customer Relationships
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	50,922	50,823
Finite-Lived Intangible Assets, Accumulated Amortization	(12,832)	(10,806)
Finite-Lived Intangible Assets, Net	38,090	40,017
Other
Schedule of Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Assets, Gross	1,267	1,202
Finite-Lived Intangible Assets, Accumulated Amortization	(737)	(634)
Finite-Lived Intangible Assets, Net	$ 530	$ 568

Debt - Additional Information (

Debt - Additional Information (Detail)	Aug. 09, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)	Apr. 01, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	May 31, 2015USD ($)
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility, maturity date		2019-01
Term Loan
Debt Instrument [Line Items]
Outstanding borrowing under credit facility		$ 14,500,000			$ 35,000,000
Prepayment of term loan				$ 15,200,000
Excess cash flow percentage related to prepayment of term loan							50.00%
Unamortized debt issuance costs		238,000			621,000
Write off of debt issuance cost		300,000
Minimum availability under revolving credit to maintain minimum fixed charge ratio for four consecutive months		17,500,000
Term Loan | Minimum
Debt Instrument [Line Items]
Prepayment of term loan							$ 10,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		175,000,000
Outstanding borrowing under credit facility		105,900,000			65,600,000
Open letters of credit		2,200,000			1,400,000
Availability under revolving credit facility		$ 58,300,000
Credit facility, maximum borrowing capacity terms		The borrowing capacity under the Revolving Credit Facility depends, in part, on eligible levels of accounts receivable and inventory that fluctuate regularly and certain trademark values based upon periodic appraisals, and may be lower in the first and second quarters when the Company's inventory level is lower due to seasonality.
Percentage of capital stock of foreign subsidiaries pledged as collateral		65.00%	65.00%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Interest rates on outstanding borrowings		2.50%	2.50%
Percentage of line of credit facility unused capacity commitment fee		0.375%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Interest rates on outstanding borrowings		5.00%	5.00%
Revolving Credit Facility | Maximum | Subsequent Event | After Amendment
Debt Instrument [Line Items]
Non-recurring charges	$ 5,000,000
Revolving Credit Facility | Maximum | Subsequent Event | Prior to Amendment
Debt Instrument [Line Items]
Non-recurring charges	$ 2,000,000
Revolving Credit Facility | Multi-currency Borrowings
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 40,000,000
Revolving Credit Facility | Term Loan
Debt Instrument [Line Items]
Credit facility terms		The Credit Agreement provides for customary restrictions and events of default. Restrictions include limitations on additional indebtedness, acquisitions, investments and payment of dividends, among other things. Further, the Credit Agreement provides that at any time any Term Loan is outstanding or at any time no Term Loan is outstanding and availability under the Revolving Credit Facility is less than $17.5 million and continuing until availability of at least $20.0 million is maintained for three consecutive months, the Company is required to maintain a minimum fixed charge coverage ratio of 1.20 to 1.00 for each of four consecutive fiscal quarter periods. The Credit Agreement also provides that when the Term Loan is outstanding, the Company is required to maintain a Senior Leverage Ratio within defined parameters not to exceed 4.50 to 1.00 for each remaining fiscal quarter ending during 2015; 4.00 to 1.00 for each fiscal quarter ending June 30 and September 30, 2016; and 3.75 to 1.00 for each fiscal quarter ending thereafter. For any fiscal quarter of the Company ending on September 30th, the maximum Senior Leverage Ratio is increased by an additional 0.25:1.00 in excess of the applicable level otherwise provided.
Revolving Credit Facility | Term Loan | For each of four consecutive fiscal quarter periods
Debt Instrument [Line Items]
Fixed charge coverage ratio minimum		120.00%	120.00%
Revolving Credit Facility | Term Loan | For each fiscal quarter ending March 31, June 30 and September 30, 2016
Debt Instrument [Line Items]
Senior leverage ratio		400.00%	400.00%
Revolving Credit Facility | Term Loan | For each fiscal quarter ending thereafter
Debt Instrument [Line Items]
Senior leverage ratio		375.00%	375.00%
Revolving Credit Facility | Term Loan | Additional in excess of the applicable level for any fiscal quarter ending on September 30th
Debt Instrument [Line Items]
Senior leverage ratio		25.00%	25.00%
Revolving Credit Facility | Term Loan | Minimum
Debt Instrument [Line Items]
Minimum availability under revolving credit to maintain minimum fixed charge ratio for three consecutive months		$ 20,000,000
Other than certain subordinated indebtedness
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		51,000,000
HSBC Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		2,900,000	¥ 18,000,000
Outstanding borrowing under credit facility		$ 131,000	¥ 870,000		$ 252,000	¥ 1,600,000
Interest rates on outstanding borrowings		5.00%	5.00%

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Commencement date	2013-03
Expiration date	Jun. 30, 2018
Duration of losses in other comprehensive income expected to be reclassified to earnings	12 months
Cash Flow Hedging | Interest Expense
Derivative [Line Items]
Gains (losses) in other comprehensive income expected to be reclassified to earnings	$ 0
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Contract
Derivative [Line Items]
Notional value	17,500,000	$ 20,100,000
Not Designated as Hedging Instrument | Foreign exchange contract
Derivative [Line Items]
Notional value	$ 12,000,000	$ 5,500,000

Fair Values of Derivative Finan

Fair Values of Derivative Financial Instruments Included in Consolidated Balance Sheets (Detail) - Fair Value, Observable inputs, Level 2 - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Designated as Hedging Instrument | Interest Rate Contract | Deferred rent & other Long-term liability
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Liabilities	$ 68	$ 25
Designated as Hedging Instrument | Interest Rate Contract | Accrued Expenses
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Liabilities	45	10
Not Designated as Hedging Instrument | Foreign exchange contract | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Assets	$ 623	$ 261

Gains and Losses Related to Der

Gains and Losses Related to Derivative Financial Instruments Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Designated as Hedging Instrument | Interest Rate Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in OCI	$ (4)	$ 17	$ (47)	$ (37)

Gains and Losses Related to D36

Gains and Losses Related to Derivative Financial Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Not Designated as Hedging Instrument | Foreign exchange contract | Selling, general and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in Income on Derivative	$ 433	$ 122	$ 867	$ 122

Summary of Stock Option (Detail

Summary of Stock Option (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Options
Beginning balance | shares	2,242,202
Grants | shares	56,850
Exercises | shares	(138,443)
Cancellations | shares	(23,375)
Expirations | shares	(218,100)
Ending balance | shares	1,919,134
Options exercisable at End of Period | shares	1,566,326
Weighted-average exercise price
Beginning balance | $ / shares	$ 14.28
Grants | $ / shares	15.69
Exercises | $ / shares	8.60
Cancellations | $ / shares	15.32
Expirations | $ / shares	27.93
Ending balance | $ / shares	13.16
Options exercisable at End of Period | $ / shares	$ 12.45
Weighted-average remaining contractual life (years)
Options outstanding, Ending balance	5 years 2 months 12 days
Options exercisable, Ending balance	4 years 7 months 6 days
Aggregate intrinsic value
Options outstanding, end of period | $	$ 4,879,600
Options exercisable, end of period | $	$ 4,702,600

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised				$ 900,000	$ 600,000
Unrecognized stock option compensation cost		$ 2,200,000		2,200,000
Stock compensation expense		500,000	$ 800,000	1,290,000	1,523,000
Stock compensation expense, stock option		200,000	600,000	700,000	1,200,000
Stock compensation expense, Performance based and restricted share		$ 300,000	$ 200,000	600,000	300,000
Stock compensation expense, stock awards granted				$ 32,000	$ 53,000
Amended and Restated Long Term Incentive Plan Two Thousand
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant		403,279		403,279
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period				2 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period				3 years 1 month 6 days
Total fair value of restricted stock vested				$ 658,300
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period	[1]			2 years 1 month 6 days
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage				150.00%
[1]	Represents the target number of shares to be issued for each performance-based award.

Summary of Restricted Stock Act

Summary of Restricted Stock Activity (Detail) - Restricted Stock	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Number of shares
Beginning balance | shares	101,435
Grants | shares	109,170
Vested | shares	(42,972)
Cancellations | shares	(2,000)
Ending balance | shares	165,633
Total unrecognized compensation expense remaining | $	$ 2,347,300
Weighted-average years expected to be recognized over	3 years 1 month 6 days
Weighted-average exercise price
Beginning balance | $ / shares	$ 14.77
Grants | $ / shares	15.64
Vested | $ / shares	14.84
Cancellations | $ / shares	14.84
Ending balance | $ / shares	$ 15.33

Summary of Performance-based Aw

Summary of Performance-based Award Activity (Detail) - Performance Shares	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Number of shares
Beginning balance | shares	66,150	[1]
Grants | shares	82,000	[1]
Cancellations | shares	(1,691)	[1]
Ending balance | shares	146,459	[1]
Total unrecognized compensation expense remaining | $	$ 1,734,900	[1]
Weighted-average years expected to be recognized over	2 years 1 month 6 days	[1]
Weighted-average grant date fair value
Beginning balance | $ / shares	$ 14.84
Grants | $ / shares	15.69
Cancellations | $ / shares	14.84
Ending balance | $ / shares	$ 15.32
[1]	Represents the target number of shares to be issued for each performance-based award.

Calculations of Basic and Dilut

Calculations of Basic and Diluted loss per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share Disclosure [Line Items]
Net loss - basic and diluted	$ (1,191)	$ (1,727)	$ (5,479)	$ (3,832)
Weighted-average shares outstanding - basic and diluted	14,155	13,845	14,059	13,779
Basic and diluted loss per common share	$ (0.08)	$ (0.12)	$ (0.39)	$ (0.28)

Loss Per Common Share - Additio

Loss Per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Diluted Income (Loss) Per Common Share	1,919,134	2,236,402	2,053,393	2,256,665
Restricted Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Diluted Income (Loss) Per Common Share	165,633	93,602	133,746	46,801

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)
Income Tax Examination [Line Items]
Gross liability for tax positions	$ 171,000
Tax positions that will be resolved within the next twelve months	$ 69,000
Income tax examination years description	The Company is no longer subject to U.S. Federal income tax examinations for the years prior to 2013.
Domestic | Minimum
Income Tax Examination [Line Items]
Income tax examination year	2,012
Domestic | Maximum
Income Tax Examination [Line Items]
Income tax examination year	2,015

Business Segments - Additional

Business Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016Segment
Segment Reporting Information [Line Items]
Number of reportable business segment	3

Segment Reporting Information (

Segment Reporting Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 118,050	$ 120,935	$ 228,975	$ 238,592
Depreciation and amortization	3,578	3,638	7,062	7,193
Loss from operations	(288)	(987)	(5,503)	(3,158)
Assets	401,183		401,183		$ 398,331
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Loss from operations	(3,180)	(2,185)	(7,038)	(5,713)
Assets	13,772		13,772		13,617
U.S. Wholesale
Segment Reporting Information [Line Items]
Net sales	92,738	94,601	175,006	181,122
Depreciation and amortization	2,272	2,258	4,451	4,445
U.S. Wholesale | Operating Segments
Segment Reporting Information [Line Items]
Loss from operations	3,268	3,133	1,479	5,084
Assets	273,760		273,760		269,143
International
Segment Reporting Information [Line Items]
Net sales	21,560	22,464	45,233	47,829
Depreciation and amortization	1,270	1,340	2,540	2,670
International | Operating Segments
Segment Reporting Information [Line Items]
Loss from operations	(382)	(1,577)	13	(2,122)
Assets	113,395		113,395		115,128
Retail Direct
Segment Reporting Information [Line Items]
Net sales	3,752	3,870	8,736	9,641
Depreciation and amortization	36	40	71	78
Retail Direct | Operating Segments
Segment Reporting Information [Line Items]
Loss from operations	6	$ (358)	43	$ (407)
Assets	$ 256		$ 256		$ 443

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	Dec. 11, 2015USD ($)
Capital cost
Commitments and Contingencies Disclosure [Line Items]
Remedial alternative, EPA preferred remedy	$ 7.3

Cash Dividends Declared (Detail

Cash Dividends Declared (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Dividends Payable [Line Items]
Dividend per share	$ 0.0425	$ 0.0375	$ 0.0850	$ 0.0750
Payment date	Aug. 15, 2016
Dividend Payment 1st
Dividends Payable [Line Items]
Dividend per share			$ 0.0425
Date declared			Mar. 3, 2016
Date of record			May 2, 2016
Payment date			May 16, 2016
Dividend Payment 2nd
Dividends Payable [Line Items]
Dividend per share			$ 0.0425
Date declared			Jun. 9, 2016
Date of record			Aug. 1, 2016
Payment date			Aug. 15, 2016

Other - Additional Information

Other - Additional Information (Detail) - USD ($)	Aug. 04, 2016	May 16, 2016	Feb. 15, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other [Line Items]
Cash dividend paid		$ 602,000	$ 594,000			$ 1,198,000	$ 1,033,000
Dividend payable				$ 619,000		$ 619,000
Dividend payable date				Aug. 15, 2016
Quarterly dividend declared				$ 0.0425	$ 0.0375	$ 0.0850	$ 0.0750
Dividend Declared | Subsequent Event
Other [Line Items]
Dividend payable date	Nov. 15, 2016
Dividend declaration date	Aug. 4, 2016
Quarterly dividend declared	$ 0.0425
Dividend declared, date of record	Nov. 1, 2016

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 1,971	$ 2,423
Cash paid for taxes	5,923	6,288
Non-cash investing activities:
Translation adjustment	$ 5,133	$ 1,507

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accumulated translation adjustment:
Balance at beginning of period		$ (14,640)	$ (10,385)	$ (12,961)	$ (7,680)
Translation loss during period		(3,454)	1,198	(5,133)	(1,507)
Amounts reclassified from accumulated other comprehensive loss:
Currency translation adjustment	[1]	378		378
Balance at end of period		(17,716)	(9,187)	(17,716)	(9,187)
Accumulated deferred gains (losses) on cash flow hedges:
Balance at beginning of period		(63)	(72)	(20)	(18)
Derivative fair value adjustment, net of taxes of $3 and $12 for the three month periods ended June 30, 2016 and 2015, respectively and $32 and $25 for the six month periods ended June 30, 2016 and 2015, respectively.		(4)	17	(47)	(37)
Balance at end of period		(67)	(55)	(67)	(55)
Accumulated effect of retirement benefit obligations:
Balance at beginning of period		(1,190)	(2,204)	(1,204)	(2,224)
Amounts reclassified from accumulated other comprehensive loss:
Amortization of actuarial losses, net of taxes of $9 and $13 for the three month periods ended June 30, 2016 and 2015, respectively and $18 and $26 for the six month periods ended June 30, 2016 and 2015, respectively.	[2]	13	20	27	40
Balance at end of period		(1,177)	(2,184)	(1,177)	(2,184)
Total accumulated other comprehensive loss at end of period		$ (18,960)	$ (11,426)	$ (18,960)	$ (11,426)	$ (14,185)
[1]	Amount is recorded in equity in earnings (losses) on the condensed consolidated statements of operations.
[2]	Amounts are recorded in selling, general and administrative expense on the condensed consolidated statements of operations.

Components of Accumulated Oth51

Components of Accumulated Other Comprehensive Loss, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Derivative fair value adjustment, tax	$ 3	$ 12	$ 32	$ 25
Amortization of actuarial losses, taxes	$ 9	$ 13	$ 18	$ 26