Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 29, 2014 | Aug. 29, 2014 | |
Common Stock | Class A Common Stock | ||
Entity Registrant Name | 'BON TON STORES INC | ' | ' |
Entity Central Index Key | '0000878079 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 2-Aug-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,934,593 | 2,951,490 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $7,688 | $7,058 | $8,140 |
Merchandise inventories | 723,454 | 709,733 | 720,177 |
Prepaid expenses and other current assets | 72,118 | 76,285 | 70,883 |
Total current assets | 803,260 | 793,076 | 799,200 |
Property, fixtures and equipment at cost, net of accumulated depreciation and amortization of $900,967, $846,396 and $865,111 at August 2, 2014, August 3, 2013 and February 1, 2014, respectively | 632,701 | 640,004 | 643,033 |
Deferred income taxes | 19,384 | 15,765 | 16,432 |
Intangible assets, net of accumulated amortization of $61,170, $60,807 and $62,068 at August 2, 2014, August 3, 2013 and February 1, 2014, respectively | 93,532 | 102,800 | 106,797 |
Other long-term assets | 23,702 | 25,584 | 23,338 |
Total assets | 1,572,579 | 1,577,229 | 1,588,800 |
Current liabilities: | ' | ' | ' |
Accounts payable | 238,077 | 200,465 | 235,160 |
Accrued payroll and benefits | 25,447 | 28,343 | 29,475 |
Accrued expenses | 142,276 | 150,595 | 140,090 |
Current maturities of long-term debt | 7,171 | 7,363 | 7,129 |
Current maturities of obligations under capital leases | 3,840 | 3,797 | 3,936 |
Deferred income taxes | 27,255 | 22,744 | 22,561 |
Total current liabilities | 444,066 | 413,307 | 438,351 |
Long-term debt, less current maturities | 852,379 | 804,372 | 841,948 |
Obligations under capital leases, less current maturities | 46,702 | 48,977 | 50,542 |
Other long-term liabilities | 169,843 | 182,617 | 208,253 |
Total liabilities | 1,512,990 | 1,449,273 | 1,539,094 |
Contingencies (Note 9) | ' | ' | ' |
Shareholders' equity | ' | ' | ' |
Preferred Stock - authorized 5,000,000 shares at $0.01 par value; no shares issued | ' | ' | ' |
Treasury stock, at cost - 337,800 shares at August 2, 2014, August 3, 2013 and February 1, 2014 | -1,387 | -1,387 | -1,387 |
Additional paid-in capital | 160,461 | 160,772 | 160,652 |
Accumulated other comprehensive loss | -48,820 | -50,448 | -70,140 |
(Accumulated deficit) retained earnings | -50,874 | 18,811 | -39,628 |
Total shareholders' equity | 59,589 | 127,956 | 49,706 |
Total liabilities and shareholders' equity | 1,572,579 | 1,577,229 | 1,588,800 |
Common Stock | ' | ' | ' |
Shareholders' equity | ' | ' | ' |
Common Stock | 179 | 178 | 179 |
Total shareholders' equity | 179 | 178 | 179 |
Class A Common Stock | ' | ' | ' |
Shareholders' equity | ' | ' | ' |
Common Stock | 30 | 30 | 30 |
Total shareholders' equity | $30 | $30 | $30 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Property, fixtures and equipment at cost, accumulated depreciation and amortization (in dollars) | $900,967 | $865,111 | $846,396 |
Intangible assets, accumulated amortization (in dollars) | $61,170 | $62,068 | $60,807 |
Preferred Stock, authorized shares | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred Stock, shares issued | 0 | 0 | 0 |
Treasury stock, shares | 337,800 | 337,800 | 337,800 |
Common Stock | ' | ' | ' |
Common Stock, authorized shares | 40,000,000 | 40,000,000 | 40,000,000 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common Stock, issued shares | 17,919,143 | 17,846,457 | 17,874,312 |
Class A Common Stock | ' | ' | ' |
Common Stock, authorized shares | 20,000,000 | 20,000,000 | 20,000,000 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common Stock, issued shares | 2,951,490 | 2,951,490 | 2,951,490 |
Common Stock, outstanding shares | 2,951,490 | 2,951,490 | 2,951,490 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' | ' |
Net sales | $563,452 | $557,140 | $1,170,912 | $1,204,044 |
Other income | 14,685 | 13,845 | 29,758 | 28,824 |
Total | 578,137 | 570,985 | 1,200,670 | 1,232,868 |
Costs and expenses: | ' | ' | ' | ' |
Costs of merchandise sold | 357,252 | 351,008 | 750,362 | 772,596 |
Selling, general and administrative | 215,807 | 211,253 | 438,126 | 436,349 |
Depreciation and amortization | 24,043 | 22,919 | 45,605 | 44,099 |
Amortization of lease-related interests | 1,159 | 1,135 | 2,341 | 2,271 |
Impairment charges | 174 | 131 | 174 | 131 |
Loss from operations | -20,298 | -15,461 | -35,938 | -22,578 |
Interest expense, net | 15,447 | 17,547 | 30,718 | 36,255 |
Loss on extinguishment of debt | ' | 3,917 | 153 | 4,277 |
Loss before income taxes | -35,745 | -36,925 | -66,809 | -63,110 |
Income tax provision | 447 | 404 | 895 | 854 |
Net loss | ($36,192) | ($37,329) | ($67,704) | ($63,964) |
Basic: | ' | ' | ' | ' |
Net loss (in dollars per share) | ($1.86) | ($1.95) | ($3.50) | ($3.37) |
Diluted: | ' | ' | ' | ' |
Net loss (in dollars per share) | ($1.86) | ($1.95) | ($3.50) | ($3.37) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ' | ' | ' | ' |
Net loss | ($36,192) | ($37,329) | ($67,704) | ($63,964) |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Pension and postretirement benefit plans | 814 | 1,551 | 1,628 | 3,102 |
Comprehensive loss | ($35,378) | ($35,778) | ($66,076) | ($60,862) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($67,704) | ($63,964) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 45,605 | 44,099 |
Amortization of lease-related interests | 2,341 | 2,271 |
Impairment charges | 174 | 131 |
Share-based compensation expense | 1,151 | 3,430 |
Gain on sale of property, fixtures and equipment | -2,257 | -399 |
Reclassifications of accumulated other comprehensive loss | 1,628 | 3,102 |
Loss on extinguishment of debt | 153 | 4,277 |
Amortization of deferred financing costs | 1,458 | 2,024 |
Deferred income tax provision | 890 | 883 |
Changes in operating assets and liabilities: | ' | ' |
(Increase) decrease in merchandise inventories | -13,721 | 38,223 |
Decrease (increase) in prepaid expenses and other current assets | 4,168 | -282 |
Decrease (increase) in other long-term assets | 495 | -665 |
Increase in accounts payable | 41,394 | 41,322 |
Decrease in accrued payroll and benefits and accrued expenses | -11,566 | -27,799 |
Decrease in income taxes payable | ' | -739 |
Decrease in other long-term liabilities | -9,864 | -966 |
Net cash (used in) provided by operating activities | -5,655 | 44,948 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -37,661 | -35,498 |
Proceeds from sale of property, fixtures and equipment | 5,008 | 1,266 |
Net cash used in investing activities | -32,653 | -34,232 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt and capital lease obligations | -281,775 | -799,951 |
Proceeds from issuance of long-term debt | 327,232 | 800,997 |
Cash dividends paid | -991 | -981 |
Restricted shares forfeited in lieu of payroll taxes | -1,461 | -2,097 |
Proceeds from stock options exercised | ' | 595 |
Deferred financing costs paid | -69 | -8,400 |
Decrease in book overdraft balances | -3,998 | -665 |
Net cash provided by (used in) financing activities | 38,938 | -10,502 |
Net increase in cash and cash equivalents | 630 | 214 |
Cash and cash equivalents at beginning of period | 7,058 | 7,926 |
Cash and cash equivalents at end of period | $7,688 | $8,140 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | (Accumulated Deficit) Retained Earnings | Common Stock | Class A Common Stock |
In Thousands, unless otherwise specified | |||||||
BALANCE at Feb. 02, 2013 | $110,606 | ($1,387) | $158,728 | ($73,242) | $26,302 | $175 | $30 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net loss | -63,964 | ' | ' | ' | -63,964 | ' | ' |
Other comprehensive income | 3,102 | ' | ' | 3,102 | ' | ' | ' |
Dividends to shareholders, $0.10 per share | -1,966 | ' | ' | ' | -1,966 | ' | ' |
Restricted shares forfeited in lieu of payroll taxes | -2,097 | ' | -2,095 | ' | ' | -2 | ' |
Proceeds from stock options exercised | 595 | ' | 594 | ' | ' | 1 | ' |
Share-based compensation expense | 3,430 | ' | 3,425 | ' | ' | 5 | ' |
BALANCE at Aug. 03, 2013 | 49,706 | -1,387 | 160,652 | -70,140 | -39,628 | 179 | 30 |
BALANCE at Feb. 01, 2014 | 127,956 | -1,387 | 160,772 | -50,448 | 18,811 | 178 | 30 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net loss | -67,704 | ' | ' | ' | -67,704 | ' | ' |
Other comprehensive income | 1,628 | ' | ' | 1,628 | ' | ' | ' |
Dividends to shareholders, $0.10 per share | -1,981 | ' | ' | ' | -1,981 | ' | ' |
Restricted shares forfeited in lieu of payroll taxes | -1,461 | ' | -1,460 | ' | ' | -1 | ' |
Share-based compensation expense | 1,151 | ' | 1,149 | ' | ' | 2 | ' |
BALANCE at Aug. 02, 2014 | $59,589 | ($1,387) | $160,461 | ($48,820) | ($50,874) | $179 | $30 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 6 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ' | ' |
Dividends to shareholders (in dollars per share) | $0.10 | $0.10 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Aug. 02, 2014 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
The Bon-Ton Stores, Inc., a Pennsylvania corporation, was incorporated on January 31, 1996 as the successor of a company incorporated on January 31, 1929. As of August 2, 2014, The Bon-Ton Stores, Inc. operated, through its subsidiaries, 272 stores, including ten furniture galleries and four clearance centers, in 25 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. | |
The accompanying unaudited consolidated financial statements include the accounts of The Bon-Ton Stores, Inc. (the “Parent”) and its subsidiaries (collectively, the “Company”). Variable interest entities are consolidated where it has been determined the Company is the primary beneficiary of those entities’ operations. All intercompany transactions have been eliminated in consolidation. | |
The unaudited consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all information and footnotes required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of management, all adjustments considered necessary for a fair presentation of interim periods have been included. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of results for the full fiscal year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014. | |
For purposes of the following discussion, references to the “second quarter of 2014” and the “second quarter of 2013” are to the 13 weeks ended August 2, 2014 and August 3, 2013, respectively. References to “fiscal 2014” are to the 52 weeks ending January 31, 2015; references to “fiscal 2013” are to the 52 weeks ended February 1, 2014. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and the reported amounts of revenues and expenses. Such estimates include those related to merchandise returns, the valuation of inventories, long-lived assets, intangible assets, insurance reserves, contingencies, litigation and assumptions used in the calculation of income taxes and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
PERSHARE_AMOUNTS
PER-SHARE AMOUNTS | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
PER-SHARE AMOUNTS | ' | |||||||||||||
PER-SHARE AMOUNTS | ' | |||||||||||||
2. PER-SHARE AMOUNTS | ||||||||||||||
The following table presents a reconciliation of net loss and weighted average shares outstanding used in basic and diluted earnings (loss) per share (“EPS”) calculations for each period presented: | ||||||||||||||
THIRTEEN | TWENTY-SIX | |||||||||||||
WEEKS ENDED | WEEKS ENDED | |||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic Loss Per Common Share | ||||||||||||||
Net loss | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Less: Income allocated to participating securities | — | — | — | — | ||||||||||
Net loss available to common shareholders | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Weighted average common shares outstanding | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 | ||||||||||
Basic loss per common share | $ | (1.86 | ) | $ | (1.95 | ) | $ | (3.50 | ) | $ | (3.37 | ) | ||
Diluted Loss Per Common Share | ||||||||||||||
Net loss | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Less: Income allocated to participating securities | — | — | — | — | ||||||||||
Net loss available to common shareholders | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Weighted average common shares outstanding | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 | ||||||||||
Common shares issuable - stock options | — | — | — | — | ||||||||||
Weighted average common shares outstanding assuming dilution | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 | ||||||||||
Diluted loss per common share | $ | (1.86 | ) | $ | (1.95 | ) | $ | (3.50 | ) | $ | (3.37 | ) | ||
Due to the Company’s net loss position, weighted average unvested restricted shares (participating securities) of 685,628 and 908,385 for the second quarter in each of 2014 and 2013, respectively, and 707,581 and 980,123 for the 26 weeks ended August 2, 2014 and August 3, 2013, respectively, were not considered in the calculation of net loss available to common shareholders used for both basic and diluted EPS. | ||||||||||||||
In addition, weighted average stock option shares (non-participating securities) totaling 200,950 and 331,068 for the second quarter in each of 2014 and 2013, respectively, and 228,479 and 432,876 for the 26 weeks ended August 2, 2014 and August 3, 2013, respectively, were excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been antidilutive. Certain of these stock option shares were excluded solely due to the Company’s net loss position. Had the Company reported net income for the second quarter in each of 2014 and 2013, these shares would have increased diluted weighted average common shares outstanding by 99,813 and 151,829, respectively. Had the Company reported net income for the 26 weeks ended August 2, 2014 and August 3, 2013, these shares would have increased diluted weighted average common shares outstanding by 101,482 and 161,203, respectively. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
3. FAIR VALUE MEASUREMENTS | |||||||||||||||||
Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value and establishes a framework for measuring fair value. ASC 820 establishes fair value hierarchy levels that prioritize the inputs used in valuations determining fair value. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are primarily quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs based on the Company’s own assumptions. | |||||||||||||||||
The carrying values of the Company’s cash and cash equivalents, accounts payable and financial instruments reported within prepaid expenses and other current assets and other long-term assets approximate fair value. | |||||||||||||||||
The carrying value and estimated fair value of the Company’s long-term debt, including current maturities but excluding capital leases, as of August 2, 2014 are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||
Value | Fair Value | Prices in | Other | Unobservable | |||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Second lien senior secured notes | $ | 407,292 | $ | 384,550 | $ | 384,550 | $ | — | $ | — | |||||||
Mortgage facilities | 215,015 | 217,796 | — | — | 217,796 | ||||||||||||
Senior secured credit facility | 237,243 | 237,243 | — | — | 237,243 | ||||||||||||
Total | $ | 859,550 | $ | 839,589 | $ | 384,550 | $ | — | $ | 455,039 | |||||||
The carrying value and estimated fair value of the Company’s long-term debt, including current maturities but excluding capital leases, as of August 3, 2013 are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||
Value | Fair Value | Prices in | Other | Unobservable | |||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Second lien senior secured notes | $ | 407,292 | $ | 416,328 | $ | 57,578 | $ | 358,750 | $ | — | |||||||
Mortgage facilities | 222,980 | 226,817 | — | — | 226,817 | ||||||||||||
Senior secured credit facility | 218,805 | 218,805 | — | — | 218,805 | ||||||||||||
Total | $ | 849,077 | $ | 861,950 | $ | 57,578 | $ | 358,750 | $ | 445,622 | |||||||
The carrying value and estimated fair value of the Company’s long-term debt, including current maturities but excluding capital leases, as of February 1, 2014 are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||
Value | Fair Value | Prices in | Other | Unobservable | |||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Second lien senior secured notes | $ | 407,292 | $ | 398,972 | $ | 398,972 | $ | — | $ | — | |||||||
Mortgage facilities | 219,564 | 222,168 | — | — | 222,168 | ||||||||||||
Senior secured credit facility | 184,879 | 184,879 | — | — | 184,879 | ||||||||||||
Total | $ | 811,735 | $ | 806,019 | $ | 398,972 | $ | — | $ | 407,047 | |||||||
The Level 2 fair value estimates were determined by a market approach using prices generated by market transactions. The Level 3 fair value estimates are determined by a discounted cash flow analysis utilizing a discount rate the Company believes is appropriate and would be used by market participants. There was no change in the valuation technique used to determine the Level 2 or Level 3 fair value estimates. |
SUPPLEMENTAL_BALANCE_SHEET_INF
SUPPLEMENTAL BALANCE SHEET INFORMATION | 6 Months Ended | ||||||||||
Aug. 02, 2014 | |||||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ' | ||||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ' | ||||||||||
4. SUPPLEMENTAL BALANCE SHEET INFORMATION | |||||||||||
Prepaid expenses and other current assets were comprised of the following: | |||||||||||
August 2, | August 3, | February 1, | |||||||||
2014 | 2013 | 2014 | |||||||||
Other receivables | $ | 30,869 | $ | 28,751 | $ | 39,569 | |||||
Prepaid expenses | 41,249 | 42,132 | 36,716 | ||||||||
Total | $ | 72,118 | $ | 70,883 | $ | 76,285 |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended | |||||||
Aug. 02, 2014 | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
5. SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
The following supplemental cash flow information is provided for the periods reported: | ||||||||
TWENTY-SIX | ||||||||
WEEKS ENDED | ||||||||
August 2, | August 3, | |||||||
2014 | 2013 | |||||||
Cash paid for: | ||||||||
Interest, net of amounts capitalized | $ | 29,605 | $ | 45,484 | ||||
Income taxes, net of refunds received | (3 | ) | 753 | |||||
Non-cash investing and financing activities: | ||||||||
Property, fixtures and equipment included in accrued expenses | $ | 5,980 | $ | 4,401 | ||||
Declared dividends to shareholders included in accrued expenses | 990 | 985 |
EXIT_OR_DISPOSAL_ACTIVITIES
EXIT OR DISPOSAL ACTIVITIES | 6 Months Ended | ||||||||||
Aug. 02, 2014 | |||||||||||
EXIT OR DISPOSAL ACTIVITIES | ' | ||||||||||
EXIT OR DISPOSAL ACTIVITIES | ' | ||||||||||
6. EXIT OR DISPOSAL ACTIVITIES | |||||||||||
The following table summarizes exit or disposal activities during the 26 weeks ended August 2, 2014 related to store closings in fiscal 2013, the consolidation of eCommerce fulfillment activities in advance of the Company’s new eCommerce fulfillment center and the Company’s expense efficiency initiative: | |||||||||||
Termination | Other Costs | Total | |||||||||
Benefits | |||||||||||
Accrued balance as of February 1, 2014 | $ | 232 | $ | 188 | $ | 420 | |||||
Provisions: | |||||||||||
Thirteen weeks ended May 3, 2014 | 319 | 125 | 444 | ||||||||
Thirteen weeks ended August 2, 2014 | 1,148 | 18 | 1,166 | ||||||||
Payments: | |||||||||||
Thirteen weeks ended May 3, 2014 | (217 | ) | (313 | ) | (530 | ) | |||||
Thirteen weeks ended August 2, 2014 | (377 | ) | (18 | ) | (395 | ) | |||||
Accrued balance as of August 2, 2014 | $ | 1,105 | $ | — | $ | 1,105 | |||||
The above provisions were included within selling, general and administrative expense. |
EMPLOYEE_DEFINED_AND_POSTRETIR
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS | ' | |||||||||||||
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS | ' | |||||||||||||
7. EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS | ||||||||||||||
The Company provides benefits to certain current and former associates who are eligible under a qualified defined benefit pension plan and various non-qualified supplemental pension plans (collectively, the “Pension Plans”). Net periodic benefit expense for the Pension Plans includes the following (income) and expense components: | ||||||||||||||
THIRTEEN | TWENTY-SIX | |||||||||||||
WEEKS ENDED | WEEKS ENDED | |||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Interest cost | $ | 1,998 | $ | 1,999 | $ | 3,995 | $ | 3,997 | ||||||
Expected return on plan assets | (2,490 | ) | (2,236 | ) | (4,980 | ) | (4,471 | ) | ||||||
Recognition of net actuarial loss | 944 | 1,641 | 1,888 | 3,283 | ||||||||||
Net periodic benefit expense | $ | 452 | $ | 1,404 | $ | 903 | $ | 2,809 | ||||||
During the 26 weeks ended August 2, 2014, contributions of $7,003 were made to the Pension Plans. The Company anticipates contributing an additional $8,076 to fund the Pension Plans in fiscal 2014 for an annual total of $15,079. | ||||||||||||||
The Company also provides medical and life insurance benefits to certain former associates under a postretirement benefit plan (“Postretirement Benefit Plan”). Net periodic benefit income for the Postretirement Benefit Plan includes the following (income) and expense components: | ||||||||||||||
THIRTEEN | TWENTY-SIX | |||||||||||||
WEEKS ENDED | WEEKS ENDED | |||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Interest cost | $ | 22 | $ | 31 | $ | 44 | $ | 61 | ||||||
Recognition of net actuarial gain | (130 | ) | (90 | ) | (260 | ) | (181 | ) | ||||||
Net periodic benefit income | $ | (108 | ) | $ | (59 | ) | $ | (216 | ) | $ | (120 | ) | ||
During the 26 weeks ended August 2, 2014, the Company contributed $72 to fund the Postretirement Benefit Plan, and anticipates contributing an additional $339 to fund the Postretirement Benefit Plan in fiscal 2014, for a net annual total of $411. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Aug. 02, 2014 | |
INCOME TAXES | ' |
INCOME TAXES | ' |
8. INCOME TAXES | |
The provisions codified within ASC Topic 740, Income Taxes (“ASC 740”), require companies to assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence using a “more likely than not” standard. In accordance with ASC 740, the Company maintained a full valuation allowance throughout fiscal 2013 and the 26 weeks ended August 2, 2014 on all of the Company’s net deferred tax assets. The Company’s deferred tax asset valuation allowance totaled $171,126, $178,360 and $144,908 as of August 2, 2014, August 3, 2013 and February 1, 2014, respectively. | |
Given the Company’s valuation allowance position, no tax benefit was recognized on the Company’s loss before income taxes in the 13 and 26 weeks ended in each of August 2, 2014 and August 3, 2013. The income tax provision recorded in the 13 and 26 weeks ended in each of August 2, 2014 and August 3, 2013 primarily reflects the recognition of deferred tax liabilities associated with indefinite-lived assets. | |
As of August 2, 2014, it is reasonably possible that gross unrecognized tax benefits could decrease by $78 within the next 12 months due to the expiration of certain statutes of limitations. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Aug. 02, 2014 | |
CONTINGENCIES | ' |
CONTINGENCIES | ' |
9. CONTINGENCIES | |
The Company is party to legal proceedings and claims that arise during the ordinary course of business. In the opinion of management, the ultimate outcome of any such litigation and claims will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
COMPREHENSIVE_LOSS
COMPREHENSIVE LOSS | 6 Months Ended |
Aug. 02, 2014 | |
COMPREHENSIVE LOSS | ' |
COMPREHENSIVE LOSS | ' |
10. COMPREHENSIVE LOSS | |
Accumulated other comprehensive loss is comprised of the net actuarial loss associated with the Pension Plans and Postretirement Benefit Plan. Other comprehensive income is comprised entirely of the amortization of the net actuarial loss (gain) associated with the Pension Plans and Postretirement Benefit Plan. | |
As a result of the deferred tax asset valuation allowance maintained throughout fiscal 2013 and the 26 weeks ended August 2, 2014 (see Note 8), no tax effect was recorded on the changes recognized within other comprehensive income for all periods presented. | |
The before-tax amount of amortization of net actuarial loss (gain) (see Note 7) was recorded within selling, general and administrative expense. |
GUARANTOR_AND_NONGUARANTOR_SUB
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | 6 Months Ended | |||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' | |||||||||||||||||||
11. GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ||||||||||||||||||||
Certain debt obligations of the Company, which constitute debt obligations of The Bon-Ton Department Stores, Inc. (the “Issuer”), are guaranteed by the Parent and by each of its subsidiaries, other than the Issuer, that is an obligor under the Company’s senior secured credit facility. Separate financial statements of the Parent, the Issuer and such subsidiary guarantors are not presented because the guarantees by the Parent and each 100% owned subsidiary guarantor are joint and several, full and unconditional, except for certain customary limitations which are applicable only to a subsidiary guarantor. These customary limitations include releases of a guarantee (1) if the subsidiary guarantor no longer guarantees other indebtedness of the Issuer; (2) if there is a sale or other disposition of the capital stock of a subsidiary guarantor and if such sale complies with the covenant regarding asset sales; and (3) if the subsidiary guarantor is properly designated as an “unrestricted subsidiary.” | ||||||||||||||||||||
The condensed consolidating financial information for the Parent, the Issuer and the guarantor and non-guarantor subsidiaries as of August 2, 2014, August 3, 2013 and February 1, 2014 and for the second quarter in each of 2014 and 2013 and the 26 weeks ended August 2, 2014 and August 3, 2013 as presented below has been prepared from the books and records maintained by the Parent, the Issuer and the guarantor and non-guarantor subsidiaries. The condensed financial information may not necessarily be indicative of the results of operations or financial position had the guarantor and non-guarantor subsidiaries operated as independent entities. Certain intercompany revenues and expenses included in the subsidiary records are eliminated in consolidation. As a result of this activity, an amount due to/due from affiliates will exist at any time. | ||||||||||||||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
2-Aug-14 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 2,874 | $ | 4,813 | $ | — | $ | — | $ | 7,688 | ||||||||
Merchandise inventories | — | 480,852 | 242,602 | — | — | 723,454 | ||||||||||||||
Prepaid expenses and other current assets | — | 64,590 | 5,272 | 2,834 | (578 | ) | 72,118 | |||||||||||||
Total current assets | 1 | 548,316 | 252,687 | 2,834 | (578 | ) | 803,260 | |||||||||||||
Property, fixtures and equipment at cost, net | — | 250,215 | 150,065 | 232,421 | — | 632,701 | ||||||||||||||
Deferred income taxes | — | 3,144 | 16,240 | — | — | 19,384 | ||||||||||||||
Intangible assets, net | — | 26,114 | 67,418 | — | — | 93,532 | ||||||||||||||
Investment in and advances to affiliates | 59,588 | 322,324 | 393,082 | — | (774,994 | ) | — | |||||||||||||
Other long-term assets | — | 22,692 | 446 | 564 | — | 23,702 | ||||||||||||||
Total assets | $ | 59,589 | $ | 1,172,805 | $ | 879,938 | $ | 235,819 | $ | (775,572 | ) | $ | 1,572,579 | |||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 238,077 | $ | — | $ | — | $ | — | $ | 238,077 | ||||||||
Accrued payroll and benefits | — | 20,434 | 5,013 | — | — | 25,447 | ||||||||||||||
Accrued expenses | — | 73,378 | 69,402 | 74 | (578 | ) | 142,276 | |||||||||||||
Current maturities of long-term debt and obligations under capital leases | — | 446 | 3,394 | 7,171 | — | 11,011 | ||||||||||||||
Deferred income taxes | — | 7,940 | 19,315 | — | — | 27,255 | ||||||||||||||
Total current liabilities | — | 340,275 | 97,124 | 7,245 | (578 | ) | 444,066 | |||||||||||||
Long-term debt and obligations under capital leases, less current maturities | — | 649,957 | 41,281 | 207,843 | — | 899,081 | ||||||||||||||
Other long-term liabilities | — | 123,485 | 44,587 | 1,771 | — | 169,843 | ||||||||||||||
Total liabilities | — | 1,113,717 | 182,992 | 216,859 | (578 | ) | 1,512,990 | |||||||||||||
Shareholders’ equity | 59,589 | 59,088 | 696,946 | 18,960 | (774,994 | ) | 59,589 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 59,589 | $ | 1,172,805 | $ | 879,938 | $ | 235,819 | $ | (775,572 | ) | $ | 1,572,579 | |||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
3-Aug-13 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 3,010 | $ | 5,129 | $ | — | $ | — | $ | 8,140 | ||||||||
Merchandise inventories | — | 475,982 | 244,195 | — | — | 720,177 | ||||||||||||||
Prepaid expenses and other current assets | — | 63,167 | 4,299 | 4,068 | (651 | ) | 70,883 | |||||||||||||
Total current assets | 1 | 542,159 | 253,623 | 4,068 | (651 | ) | 799,200 | |||||||||||||
Property, fixtures and equipment at cost, net | — | 224,502 | 172,615 | 245,916 | — | 643,033 | ||||||||||||||
Deferred income taxes | — | 7,160 | 9,272 | — | — | 16,432 | ||||||||||||||
Intangible assets, net | — | 34,944 | 71,853 | — | — | 106,797 | ||||||||||||||
Investment in and advances to (from) affiliates | 49,705 | 349,448 | 340,140 | (52 | ) | (739,241 | ) | — | ||||||||||||
Other long-term assets | — | 21,871 | 465 | 1,002 | — | 23,338 | ||||||||||||||
Total assets | $ | 49,706 | $ | 1,180,084 | $ | 847,968 | $ | 250,934 | $ | (739,892 | ) | $ | 1,588,800 | |||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 235,160 | $ | — | $ | — | $ | — | $ | 235,160 | ||||||||
Accrued payroll and benefits | — | 24,269 | 5,206 | — | — | 29,475 | ||||||||||||||
Accrued expenses | — | 72,039 | 68,587 | 115 | (651 | ) | 140,090 | |||||||||||||
Current maturities of long-term debt and obligations under capital leases | — | 786 | 3,150 | 7,129 | — | 11,065 | ||||||||||||||
Deferred income taxes | — | 11,135 | 11,426 | — | — | 22,561 | ||||||||||||||
Total current liabilities | — | 343,389 | 88,369 | 7,244 | (651 | ) | 438,351 | |||||||||||||
Long-term debt and obligations under capital leases, less current maturities | — | 631,965 | 44,674 | 215,851 | — | 892,490 | ||||||||||||||
Other long-term liabilities | — | 155,714 | 50,892 | 1,647 | — | 208,253 | ||||||||||||||
Total liabilities | — | 1,131,068 | 183,935 | 224,742 | (651 | ) | 1,539,094 | |||||||||||||
Shareholders’ equity | 49,706 | 49,016 | 664,033 | 26,192 | (739,241 | ) | 49,706 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 49,706 | $ | 1,180,084 | $ | 847,968 | $ | 250,934 | $ | (739,892 | ) | $ | 1,588,800 | |||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
1-Feb-14 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 2,889 | $ | 4,168 | $ | — | $ | — | $ | 7,058 | ||||||||
Merchandise inventories | — | 454,718 | 255,015 | — | — | 709,733 | ||||||||||||||
Prepaid expenses and other current assets | — | 67,670 | 4,437 | 4,726 | (548 | ) | 76,285 | |||||||||||||
Total current assets | 1 | 525,277 | 263,620 | 4,726 | (548 | ) | 793,076 | |||||||||||||
Property, fixtures and equipment at cost, net | — | 232,869 | 166,720 | 240,415 | — | 640,004 | ||||||||||||||
Deferred income taxes | — | 4,076 | 11,689 | — | — | 15,765 | ||||||||||||||
Intangible assets, net | — | 33,260 | 69,540 | — | — | 102,800 | ||||||||||||||
Investment in and advances to (from) affiliates | 127,955 | 344,188 | 387,556 | (90 | ) | (859,609 | ) | — | ||||||||||||
Other long-term assets | — | 24,169 | 533 | 882 | — | 25,584 | ||||||||||||||
Total assets | $ | 127,956 | $ | 1,163,839 | $ | 899,658 | $ | 245,933 | $ | (860,157 | ) | $ | 1,577,229 | |||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 200,465 | $ | — | $ | — | $ | — | $ | 200,465 | ||||||||
Accrued payroll and benefits | — | 22,567 | 5,776 | — | — | 28,343 | ||||||||||||||
Accrued expenses | — | 74,115 | 76,981 | 47 | (548 | ) | 150,595 | |||||||||||||
Current maturities of long-term debt and obligations under capital leases | — | 548 | 3,249 | 7,363 | — | 11,160 | ||||||||||||||
Deferred income taxes | — | 8,451 | 14,293 | — | — | 22,744 | ||||||||||||||
Total current liabilities | — | 306,146 | 100,299 | 7,410 | (548 | ) | 413,307 | |||||||||||||
Long-term debt and obligations under capital leases, less current maturities | — | 597,857 | 43,291 | 212,201 | — | 853,349 | ||||||||||||||
Other long-term liabilities | — | 132,690 | 48,220 | 1,707 | — | 182,617 | ||||||||||||||
Total liabilities | — | 1,036,693 | 191,810 | 221,318 | (548 | ) | 1,449,273 | |||||||||||||
Shareholders’ equity | 127,956 | 127,146 | 707,848 | 24,615 | (859,609 | ) | 127,956 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 127,956 | $ | 1,163,839 | $ | 899,658 | $ | 245,933 | $ | (860,157 | ) | $ | 1,577,229 | |||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Thirteen Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 331,840 | $ | 231,612 | $ | — | $ | — | $ | 563,452 | ||||||||
Other income | — | 8,678 | 6,007 | — | — | 14,685 | ||||||||||||||
— | 340,518 | 237,619 | — | — | 578,137 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 210,790 | 146,462 | — | — | 357,252 | ||||||||||||||
Selling, general and administrative | — | 133,709 | 89,346 | 32 | (7,280 | ) | 215,807 | |||||||||||||
Depreciation and amortization | — | 12,446 | 8,876 | 2,721 | — | 24,043 | ||||||||||||||
Amortization of lease-related interests | — | 552 | 607 | — | — | 1,159 | ||||||||||||||
Impairment charges | — | 174 | — | — | — | 174 | ||||||||||||||
Loss from operations | — | (17,153 | ) | (7,672 | ) | (2,753 | ) | 7,280 | (20,298 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 449 | 4,169 | 6,597 | (11,215 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (35,745 | ) | (3,986 | ) | — | — | 39,731 | — | ||||||||||||
Interest expense, net | — | (15,055 | ) | (849 | ) | (3,478 | ) | 3,935 | (15,447 | ) | ||||||||||
(Loss) income before income taxes | (35,745 | ) | (35,745 | ) | (4,352 | ) | 366 | 39,731 | (35,745 | ) | ||||||||||
Income tax provision | 447 | 447 | 235 | — | (682 | ) | 447 | |||||||||||||
Net (loss) income | $ | (36,192 | ) | $ | (36,192 | ) | $ | (4,587 | ) | $ | 366 | $ | 40,413 | $ | (36,192 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Thirteen Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (36,192 | ) | $ | (36,192 | ) | $ | (4,587 | ) | $ | 366 | $ | 40,413 | $ | (36,192 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 814 | 814 | — | — | (814 | ) | 814 | |||||||||||||
Comprehensive (loss) income | $ | (35,378 | ) | $ | (35,378 | ) | $ | (4,587 | ) | $ | 366 | $ | 39,599 | $ | (35,378 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Thirteen Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 322,579 | $ | 234,561 | $ | — | $ | — | $ | 557,140 | ||||||||
Other income | — | 7,870 | 5,975 | — | — | 13,845 | ||||||||||||||
— | 330,449 | 240,536 | — | — | 570,985 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 203,918 | 147,090 | — | — | 351,008 | ||||||||||||||
Selling, general and administrative | — | 128,433 | 90,224 | 30 | (7,434 | ) | 211,253 | |||||||||||||
Depreciation and amortization | — | 11,145 | 9,023 | 2,751 | — | 22,919 | ||||||||||||||
Amortization of lease-related interests | — | 443 | 692 | — | — | 1,135 | ||||||||||||||
Impairment charges | — | 131 | — | — | — | 131 | ||||||||||||||
Loss from operations | — | (13,621 | ) | (6,493 | ) | (2,781 | ) | 7,434 | (15,461 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 470 | 4,769 | 6,723 | (11,962 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (36,925 | ) | (2,298 | ) | — | — | 39,223 | — | ||||||||||||
Interest expense, net | — | (17,559 | ) | (907 | ) | (3,609 | ) | 4,528 | (17,547 | ) | ||||||||||
Loss on extinguishment of debt | — | (3,917 | ) | — | — | — | (3,917 | ) | ||||||||||||
(Loss) income before income taxes | (36,925 | ) | (36,925 | ) | (2,631 | ) | 333 | 39,223 | (36,925 | ) | ||||||||||
Income tax provision | 404 | 404 | 236 | — | (640 | ) | 404 | |||||||||||||
Net (loss) income | $ | (37,329 | ) | $ | (37,329 | ) | $ | (2,867 | ) | $ | 333 | $ | 39,863 | $ | (37,329 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Thirteen Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (37,329 | ) | $ | (37,329 | ) | $ | (2,867 | ) | $ | 333 | $ | 39,863 | $ | (37,329 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 1,551 | 1,551 | — | — | (1,551 | ) | 1,551 | |||||||||||||
Comprehensive (loss) income | $ | (35,778 | ) | $ | (35,778 | ) | $ | (2,867 | ) | $ | 333 | $ | 38,312 | $ | (35,778 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Twenty-Six Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 692,040 | $ | 478,872 | $ | — | $ | — | $ | 1,170,912 | ||||||||
Other income | — | 17,680 | 12,078 | — | — | 29,758 | ||||||||||||||
— | 709,720 | 490,950 | — | — | 1,200,670 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 445,157 | 305,205 | — | — | 750,362 | ||||||||||||||
Selling, general and administrative | — | 273,385 | 181,786 | (2,339 | ) | (14,706 | ) | 438,126 | ||||||||||||
Depreciation and amortization | — | 23,512 | 16,590 | 5,503 | — | 45,605 | ||||||||||||||
Amortization of lease-related interests | — | 1,128 | 1,213 | — | — | 2,341 | ||||||||||||||
Impairment charges | — | 174 | — | — | — | 174 | ||||||||||||||
Loss from operations | — | (33,636 | ) | (13,844 | ) | (3,164 | ) | 14,706 | (35,938 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 913 | 9,535 | 13,267 | (23,715 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (66,809 | ) | (3,042 | ) | — | — | 69,851 | — | ||||||||||||
Interest expense, net | — | (31,044 | ) | (1,711 | ) | (6,972 | ) | 9,009 | (30,718 | ) | ||||||||||
Loss on extinguishment of debt | — | — | — | (153 | ) | — | (153 | ) | ||||||||||||
(Loss) income before income taxes | (66,809 | ) | (66,809 | ) | (6,020 | ) | 2,978 | 69,851 | (66,809 | ) | ||||||||||
Income tax provision | 895 | 895 | 470 | — | (1,365 | ) | 895 | |||||||||||||
Net (loss) income | $ | (67,704 | ) | $ | (67,704 | ) | $ | (6,490 | ) | $ | 2,978 | $ | 71,216 | $ | (67,704 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Twenty-Six Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (67,704 | ) | $ | (67,704 | ) | $ | (6,490 | ) | $ | 2,978 | $ | 71,216 | $ | (67,704 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 1,628 | 1,628 | — | — | (1,628 | ) | 1,628 | |||||||||||||
Comprehensive (loss) income | $ | (66,076 | ) | $ | (66,076 | ) | $ | (6,490 | ) | $ | 2,978 | $ | 69,588 | $ | (66,076 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Twenty-Six Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 699,847 | $ | 504,197 | $ | — | $ | — | $ | 1,204,044 | ||||||||
Other income | — | 16,444 | 12,380 | — | — | 28,824 | ||||||||||||||
— | 716,291 | 516,577 | — | — | 1,232,868 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 451,395 | 321,201 | — | — | 772,596 | ||||||||||||||
Selling, general and administrative | — | 265,896 | 185,440 | 60 | (15,047 | ) | 436,349 | |||||||||||||
Depreciation and amortization | — | 21,287 | 17,310 | 5,502 | — | 44,099 | ||||||||||||||
Amortization of lease-related interests | — | 887 | 1,384 | — | — | 2,271 | ||||||||||||||
Impairment charges | — | 131 | — | — | — | 131 | ||||||||||||||
Loss from operations | — | (23,305 | ) | (8,758 | ) | (5,562 | ) | 15,047 | (22,578 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 968 | 9,082 | 13,519 | (23,569 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (63,110 | ) | (789 | ) | — | — | 63,899 | — | ||||||||||||
Interest expense, net | — | (35,707 | ) | (1,827 | ) | (7,243 | ) | 8,522 | (36,255 | ) | ||||||||||
Loss on extinguishment of debt | — | (4,277 | ) | — | — | — | (4,277 | ) | ||||||||||||
(Loss) income before income taxes | (63,110 | ) | (63,110 | ) | (1,503 | ) | 714 | 63,899 | (63,110 | ) | ||||||||||
Income tax provision | 854 | 854 | 469 | — | (1,323 | ) | 854 | |||||||||||||
Net (loss) income | $ | (63,964 | ) | $ | (63,964 | ) | $ | (1,972 | ) | $ | 714 | $ | 65,222 | $ | (63,964 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Twenty-Six Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (63,964 | ) | $ | (63,964 | ) | $ | (1,972 | ) | $ | 714 | $ | 65,222 | $ | (63,964 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 3,102 | 3,102 | — | — | (3,102 | ) | 3,102 | |||||||||||||
Comprehensive (loss) income | $ | (60,862 | ) | $ | (60,862 | ) | $ | (1,972 | ) | $ | 714 | $ | 62,120 | $ | (60,862 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Twenty-Six Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,452 | $ | (14,644 | ) | $ | 8,000 | $ | 4,529 | $ | (5,992 | ) | $ | (5,655 | ) | |||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (32,171 | ) | (5,490 | ) | — | — | (37,661 | ) | |||||||||||
Intercompany investing activity | — | (147 | ) | — | — | 147 | — | |||||||||||||
Proceeds from sale of property, fixtures and equipment | — | 7 | 1 | 5,000 | — | 5,008 | ||||||||||||||
Net cash (used in) provided by investing activities | — | (32,311 | ) | (5,489 | ) | 5,000 | 147 | (32,653 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on long-term debt and capital lease obligations | — | (275,234 | ) | (1,866 | ) | (4,675 | ) | — | (281,775 | ) | ||||||||||
Proceeds from issuance of long-term debt | — | 327,232 | — | — | — | 327,232 | ||||||||||||||
Intercompany financing activity | — | (991 | ) | — | (4,854 | ) | 5,845 | — | ||||||||||||
Deferred financing costs paid | — | (69 | ) | — | — | — | (69 | ) | ||||||||||||
Cash dividends paid | (991 | ) | — | — | — | — | (991 | ) | ||||||||||||
Restricted shares forfeited in lieu of payroll taxes | (1,461 | ) | — | — | — | — | (1,461 | ) | ||||||||||||
Decrease in book overdraft balances | — | (3,998 | ) | — | — | — | (3,998 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (2,452 | ) | 46,940 | (1,866 | ) | (9,529 | ) | 5,845 | 38,938 | |||||||||||
Net (decrease) increase in cash and cash equivalents | — | (15 | ) | 645 | — | — | 630 | |||||||||||||
Cash and cash equivalents at beginning of period | 1 | 2,889 | 4,168 | — | — | 7,058 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 2,874 | $ | 4,813 | $ | — | $ | — | $ | 7,688 | ||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Twenty-Six Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by operating activities | $ | 3,078 | $ | 32,102 | $ | 8,170 | $ | 6,308 | $ | (4,710 | ) | $ | 44,948 | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (29,433 | ) | (6,065 | ) | — | — | (35,498 | ) | |||||||||||
Intercompany investing activity | (595 | ) | (280 | ) | — | — | 875 | — | ||||||||||||
Proceeds from sale of property, fixtures and equipment | — | 1,265 | 1 | — | — | 1,266 | ||||||||||||||
Net cash used in investing activities | (595 | ) | (28,448 | ) | (6,064 | ) | — | 875 | (34,232 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on long-term debt and capital lease obligations | — | (795,009 | ) | (1,488 | ) | (3,454 | ) | — | (799,951 | ) | ||||||||||
Proceeds from issuance of long-term debt | — | 800,997 | — | — | — | 800,997 | ||||||||||||||
Intercompany financing activity | — | (981 | ) | — | (2,854 | ) | 3,835 | — | ||||||||||||
Deferred financing costs paid | — | (8,400 | ) | — | — | — | (8,400 | ) | ||||||||||||
Cash dividends paid | (981 | ) | — | — | — | — | (981 | ) | ||||||||||||
Restricted shares forfeited in lieu of payroll taxes | (2,097 | ) | — | — | — | — | (2,097 | ) | ||||||||||||
Proceeds from stock options exercised | 595 | — | — | — | — | 595 | ||||||||||||||
Decrease in book overdraft balances | — | (665 | ) | — | — | — | (665 | ) | ||||||||||||
Net cash used in financing activities | (2,483 | ) | (4,058 | ) | (1,488 | ) | (6,308 | ) | 3,835 | (10,502 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | — | (404 | ) | 618 | — | — | 214 | |||||||||||||
Cash and cash equivalents at beginning of period | 1 | 3,414 | 4,511 | — | — | 7,926 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 3,010 | $ | 5,129 | $ | — | $ | — | $ | 8,140 |
RECENTLY_ISSUED_ACCOUNTING_STA
RECENTLY ISSUED ACCOUNTING STANDARDS | 6 Months Ended |
Aug. 02, 2014 | |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' |
12. RECENTLY ISSUED ACCOUNTING STANDARDS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The new standard provides a single revenue recognition model which is intended to enhance disclosures and improve comparability over a range of industries, companies and geographical boundaries. ASU 2014-09 creates a five-step model that requires companies to exercise judgment when considering all relevant facts and circumstances in the determination of when and how revenue is recognized. The guidance is effective for fiscal years beginning after December 15, 2016. The Company is currently reviewing the revised guidance and assessing the potential impact on its consolidated financial statements. | |
In August 2014, ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), was issued, amending FASB Accounting Standards Subtopic 205-40 to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, the amendments (1) provide a definition of the term “substantial doubt,” (2) require an evaluation every reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that financial statements are issued. ASU 2014-15 is effective for fiscal years ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently reviewing the guidance and does not anticipate a material impact on its consolidated financial statements. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Aug. 02, 2014 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
13. SUBSEQUENT EVENT | |
On September 9, 2014, the Company declared a quarterly cash dividend of $0.05 per share on shares of Class A common stock and common stock, payable November 3, 2014 to shareholders of record as of October 17, 2014. |
PERSHARE_AMOUNTS_Tables
PER-SHARE AMOUNTS (Tables) | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
PER-SHARE AMOUNTS | ' | |||||||||||||
Schedule of reconciliation of net loss and weighted average shares outstanding used in basic and diluted earnings (loss) per share (EPS) calculations | ' | |||||||||||||
THIRTEEN | TWENTY-SIX | |||||||||||||
WEEKS ENDED | WEEKS ENDED | |||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic Loss Per Common Share | ||||||||||||||
Net loss | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Less: Income allocated to participating securities | — | — | — | — | ||||||||||
Net loss available to common shareholders | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Weighted average common shares outstanding | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 | ||||||||||
Basic loss per common share | $ | (1.86 | ) | $ | (1.95 | ) | $ | (3.50 | ) | $ | (3.37 | ) | ||
Diluted Loss Per Common Share | ||||||||||||||
Net loss | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Less: Income allocated to participating securities | — | — | — | — | ||||||||||
Net loss available to common shareholders | $ | (36,192 | ) | $ | (37,329 | ) | $ | (67,704 | ) | $ | (63,964 | ) | ||
Weighted average common shares outstanding | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 | ||||||||||
Common shares issuable - stock options | — | — | — | — | ||||||||||
Weighted average common shares outstanding assuming dilution | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 | ||||||||||
Diluted loss per common share | $ | (1.86 | ) | $ | (1.95 | ) | $ | (3.50 | ) | $ | (3.37 | ) |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Schedule of the carrying value and estimated fair value of the Company's long-term debt, including current maturities but excluding capital leases | ' | ||||||||||||||||
The carrying value and estimated fair value of the Company’s long-term debt, including current maturities but excluding capital leases, as of August 2, 2014 are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||
Value | Fair Value | Prices in | Other | Unobservable | |||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Second lien senior secured notes | $ | 407,292 | $ | 384,550 | $ | 384,550 | $ | — | $ | — | |||||||
Mortgage facilities | 215,015 | 217,796 | — | — | 217,796 | ||||||||||||
Senior secured credit facility | 237,243 | 237,243 | — | — | 237,243 | ||||||||||||
Total | $ | 859,550 | $ | 839,589 | $ | 384,550 | $ | — | $ | 455,039 | |||||||
The carrying value and estimated fair value of the Company’s long-term debt, including current maturities but excluding capital leases, as of August 3, 2013 are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||
Value | Fair Value | Prices in | Other | Unobservable | |||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Second lien senior secured notes | $ | 407,292 | $ | 416,328 | $ | 57,578 | $ | 358,750 | $ | — | |||||||
Mortgage facilities | 222,980 | 226,817 | — | — | 226,817 | ||||||||||||
Senior secured credit facility | 218,805 | 218,805 | — | — | 218,805 | ||||||||||||
Total | $ | 849,077 | $ | 861,950 | $ | 57,578 | $ | 358,750 | $ | 445,622 | |||||||
The carrying value and estimated fair value of the Company’s long-term debt, including current maturities but excluding capital leases, as of February 1, 2014 are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||
Value | Fair Value | Prices in | Other | Unobservable | |||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Second lien senior secured notes | $ | 407,292 | $ | 398,972 | $ | 398,972 | $ | — | $ | — | |||||||
Mortgage facilities | 219,564 | 222,168 | — | — | 222,168 | ||||||||||||
Senior secured credit facility | 184,879 | 184,879 | — | — | 184,879 | ||||||||||||
Total | $ | 811,735 | $ | 806,019 | $ | 398,972 | $ | — | $ | 407,047 |
SUPPLEMENTAL_BALANCE_SHEET_INF1
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 6 Months Ended | ||||||||||
Aug. 02, 2014 | |||||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ' | ||||||||||
Schedule of prepaid expenses and other current assets | ' | ||||||||||
August 2, | August 3, | February 1, | |||||||||
2014 | 2013 | 2014 | |||||||||
Other receivables | $ | 30,869 | $ | 28,751 | $ | 39,569 | |||||
Prepaid expenses | 41,249 | 42,132 | 36,716 | ||||||||
Total | $ | 72,118 | $ | 70,883 | $ | 76,285 |
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 6 Months Ended | |||||||
Aug. 02, 2014 | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
Schedule of supplemental cash flow information | ' | |||||||
TWENTY-SIX | ||||||||
WEEKS ENDED | ||||||||
August 2, | August 3, | |||||||
2014 | 2013 | |||||||
Cash paid for: | ||||||||
Interest, net of amounts capitalized | $ | 29,605 | $ | 45,484 | ||||
Income taxes, net of refunds received | (3 | ) | 753 | |||||
Non-cash investing and financing activities: | ||||||||
Property, fixtures and equipment included in accrued expenses | $ | 5,980 | $ | 4,401 | ||||
Declared dividends to shareholders included in accrued expenses | 990 | 985 |
EXIT_OR_DISPOSAL_ACTIVITIES_Ta
EXIT OR DISPOSAL ACTIVITIES (Tables) | 6 Months Ended | ||||||||||
Aug. 02, 2014 | |||||||||||
EXIT OR DISPOSAL ACTIVITIES | ' | ||||||||||
Summary of exit or disposal activities related to store closings, the consolidation of eCommerce fulfillment activities in advance of the Company's new eCommerce fulfillment center and the Company's expense efficiency initiative | ' | ||||||||||
Termination | Other Costs | Total | |||||||||
Benefits | |||||||||||
Accrued balance as of February 1, 2014 | $ | 232 | $ | 188 | $ | 420 | |||||
Provisions: | |||||||||||
Thirteen weeks ended May 3, 2014 | 319 | 125 | 444 | ||||||||
Thirteen weeks ended August 2, 2014 | 1,148 | 18 | 1,166 | ||||||||
Payments: | |||||||||||
Thirteen weeks ended May 3, 2014 | (217 | ) | (313 | ) | (530 | ) | |||||
Thirteen weeks ended August 2, 2014 | (377 | ) | (18 | ) | (395 | ) | |||||
Accrued balance as of August 2, 2014 | $ | 1,105 | $ | — | $ | 1,105 |
EMPLOYEE_DEFINED_AND_POSTRETIR1
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS (Tables) | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
Pension Plans | ' | |||||||||||||
Pension and postretirement benefit plan | ' | |||||||||||||
Schedule of components of net periodic benefit (income) expense | ' | |||||||||||||
THIRTEEN | TWENTY-SIX | |||||||||||||
WEEKS ENDED | WEEKS ENDED | |||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Interest cost | $ | 1,998 | $ | 1,999 | $ | 3,995 | $ | 3,997 | ||||||
Expected return on plan assets | (2,490 | ) | (2,236 | ) | (4,980 | ) | (4,471 | ) | ||||||
Recognition of net actuarial loss | 944 | 1,641 | 1,888 | 3,283 | ||||||||||
Net periodic benefit expense | $ | 452 | $ | 1,404 | $ | 903 | $ | 2,809 | ||||||
Postretirement Benefit Plan | ' | |||||||||||||
Pension and postretirement benefit plan | ' | |||||||||||||
Schedule of components of net periodic benefit (income) expense | ' | |||||||||||||
THIRTEEN | TWENTY-SIX | |||||||||||||
WEEKS ENDED | WEEKS ENDED | |||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Interest cost | $ | 22 | $ | 31 | $ | 44 | $ | 61 | ||||||
Recognition of net actuarial gain | (130 | ) | (90 | ) | (260 | ) | (181 | ) | ||||||
Net periodic benefit income | $ | (108 | ) | $ | (59 | ) | $ | (216 | ) | $ | (120 | ) |
GUARANTOR_AND_NONGUARANTOR_SUB1
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Tables) | 6 Months Ended | |||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' | |||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
2-Aug-14 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 2,874 | $ | 4,813 | $ | — | $ | — | $ | 7,688 | ||||||||
Merchandise inventories | — | 480,852 | 242,602 | — | — | 723,454 | ||||||||||||||
Prepaid expenses and other current assets | — | 64,590 | 5,272 | 2,834 | (578 | ) | 72,118 | |||||||||||||
Total current assets | 1 | 548,316 | 252,687 | 2,834 | (578 | ) | 803,260 | |||||||||||||
Property, fixtures and equipment at cost, net | — | 250,215 | 150,065 | 232,421 | — | 632,701 | ||||||||||||||
Deferred income taxes | — | 3,144 | 16,240 | — | — | 19,384 | ||||||||||||||
Intangible assets, net | — | 26,114 | 67,418 | — | — | 93,532 | ||||||||||||||
Investment in and advances to affiliates | 59,588 | 322,324 | 393,082 | — | (774,994 | ) | — | |||||||||||||
Other long-term assets | — | 22,692 | 446 | 564 | — | 23,702 | ||||||||||||||
Total assets | $ | 59,589 | $ | 1,172,805 | $ | 879,938 | $ | 235,819 | $ | (775,572 | ) | $ | 1,572,579 | |||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 238,077 | $ | — | $ | — | $ | — | $ | 238,077 | ||||||||
Accrued payroll and benefits | — | 20,434 | 5,013 | — | — | 25,447 | ||||||||||||||
Accrued expenses | — | 73,378 | 69,402 | 74 | (578 | ) | 142,276 | |||||||||||||
Current maturities of long-term debt and obligations under capital leases | — | 446 | 3,394 | 7,171 | — | 11,011 | ||||||||||||||
Deferred income taxes | — | 7,940 | 19,315 | — | — | 27,255 | ||||||||||||||
Total current liabilities | — | 340,275 | 97,124 | 7,245 | (578 | ) | 444,066 | |||||||||||||
Long-term debt and obligations under capital leases, less current maturities | — | 649,957 | 41,281 | 207,843 | — | 899,081 | ||||||||||||||
Other long-term liabilities | — | 123,485 | 44,587 | 1,771 | — | 169,843 | ||||||||||||||
Total liabilities | — | 1,113,717 | 182,992 | 216,859 | (578 | ) | 1,512,990 | |||||||||||||
Shareholders’ equity | 59,589 | 59,088 | 696,946 | 18,960 | (774,994 | ) | 59,589 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 59,589 | $ | 1,172,805 | $ | 879,938 | $ | 235,819 | $ | (775,572 | ) | $ | 1,572,579 | |||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
3-Aug-13 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 3,010 | $ | 5,129 | $ | — | $ | — | $ | 8,140 | ||||||||
Merchandise inventories | — | 475,982 | 244,195 | — | — | 720,177 | ||||||||||||||
Prepaid expenses and other current assets | — | 63,167 | 4,299 | 4,068 | (651 | ) | 70,883 | |||||||||||||
Total current assets | 1 | 542,159 | 253,623 | 4,068 | (651 | ) | 799,200 | |||||||||||||
Property, fixtures and equipment at cost, net | — | 224,502 | 172,615 | 245,916 | — | 643,033 | ||||||||||||||
Deferred income taxes | — | 7,160 | 9,272 | — | — | 16,432 | ||||||||||||||
Intangible assets, net | — | 34,944 | 71,853 | — | — | 106,797 | ||||||||||||||
Investment in and advances to (from) affiliates | 49,705 | 349,448 | 340,140 | (52 | ) | (739,241 | ) | — | ||||||||||||
Other long-term assets | — | 21,871 | 465 | 1,002 | — | 23,338 | ||||||||||||||
Total assets | $ | 49,706 | $ | 1,180,084 | $ | 847,968 | $ | 250,934 | $ | (739,892 | ) | $ | 1,588,800 | |||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 235,160 | $ | — | $ | — | $ | — | $ | 235,160 | ||||||||
Accrued payroll and benefits | — | 24,269 | 5,206 | — | — | 29,475 | ||||||||||||||
Accrued expenses | — | 72,039 | 68,587 | 115 | (651 | ) | 140,090 | |||||||||||||
Current maturities of long-term debt and obligations under capital leases | — | 786 | 3,150 | 7,129 | — | 11,065 | ||||||||||||||
Deferred income taxes | — | 11,135 | 11,426 | — | — | 22,561 | ||||||||||||||
Total current liabilities | — | 343,389 | 88,369 | 7,244 | (651 | ) | 438,351 | |||||||||||||
Long-term debt and obligations under capital leases, less current maturities | — | 631,965 | 44,674 | 215,851 | — | 892,490 | ||||||||||||||
Other long-term liabilities | — | 155,714 | 50,892 | 1,647 | — | 208,253 | ||||||||||||||
Total liabilities | — | 1,131,068 | 183,935 | 224,742 | (651 | ) | 1,539,094 | |||||||||||||
Shareholders’ equity | 49,706 | 49,016 | 664,033 | 26,192 | (739,241 | ) | 49,706 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 49,706 | $ | 1,180,084 | $ | 847,968 | $ | 250,934 | $ | (739,892 | ) | $ | 1,588,800 | |||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
1-Feb-14 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 2,889 | $ | 4,168 | $ | — | $ | — | $ | 7,058 | ||||||||
Merchandise inventories | — | 454,718 | 255,015 | — | — | 709,733 | ||||||||||||||
Prepaid expenses and other current assets | — | 67,670 | 4,437 | 4,726 | (548 | ) | 76,285 | |||||||||||||
Total current assets | 1 | 525,277 | 263,620 | 4,726 | (548 | ) | 793,076 | |||||||||||||
Property, fixtures and equipment at cost, net | — | 232,869 | 166,720 | 240,415 | — | 640,004 | ||||||||||||||
Deferred income taxes | — | 4,076 | 11,689 | — | — | 15,765 | ||||||||||||||
Intangible assets, net | — | 33,260 | 69,540 | — | — | 102,800 | ||||||||||||||
Investment in and advances to (from) affiliates | 127,955 | 344,188 | 387,556 | (90 | ) | (859,609 | ) | — | ||||||||||||
Other long-term assets | — | 24,169 | 533 | 882 | — | 25,584 | ||||||||||||||
Total assets | $ | 127,956 | $ | 1,163,839 | $ | 899,658 | $ | 245,933 | $ | (860,157 | ) | $ | 1,577,229 | |||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | — | $ | 200,465 | $ | — | $ | — | $ | — | $ | 200,465 | ||||||||
Accrued payroll and benefits | — | 22,567 | 5,776 | — | — | 28,343 | ||||||||||||||
Accrued expenses | — | 74,115 | 76,981 | 47 | (548 | ) | 150,595 | |||||||||||||
Current maturities of long-term debt and obligations under capital leases | — | 548 | 3,249 | 7,363 | — | 11,160 | ||||||||||||||
Deferred income taxes | — | 8,451 | 14,293 | — | — | 22,744 | ||||||||||||||
Total current liabilities | — | 306,146 | 100,299 | 7,410 | (548 | ) | 413,307 | |||||||||||||
Long-term debt and obligations under capital leases, less current maturities | — | 597,857 | 43,291 | 212,201 | — | 853,349 | ||||||||||||||
Other long-term liabilities | — | 132,690 | 48,220 | 1,707 | — | 182,617 | ||||||||||||||
Total liabilities | — | 1,036,693 | 191,810 | 221,318 | (548 | ) | 1,449,273 | |||||||||||||
Shareholders’ equity | 127,956 | 127,146 | 707,848 | 24,615 | (859,609 | ) | 127,956 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 127,956 | $ | 1,163,839 | $ | 899,658 | $ | 245,933 | $ | (860,157 | ) | $ | 1,577,229 | |||||||
Schedule of Condensed Consolidating Statement Of Operations | ' | |||||||||||||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Thirteen Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 331,840 | $ | 231,612 | $ | — | $ | — | $ | 563,452 | ||||||||
Other income | — | 8,678 | 6,007 | — | — | 14,685 | ||||||||||||||
— | 340,518 | 237,619 | — | — | 578,137 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 210,790 | 146,462 | — | — | 357,252 | ||||||||||||||
Selling, general and administrative | — | 133,709 | 89,346 | 32 | (7,280 | ) | 215,807 | |||||||||||||
Depreciation and amortization | — | 12,446 | 8,876 | 2,721 | — | 24,043 | ||||||||||||||
Amortization of lease-related interests | — | 552 | 607 | — | — | 1,159 | ||||||||||||||
Impairment charges | — | 174 | — | — | — | 174 | ||||||||||||||
Loss from operations | — | (17,153 | ) | (7,672 | ) | (2,753 | ) | 7,280 | (20,298 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 449 | 4,169 | 6,597 | (11,215 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (35,745 | ) | (3,986 | ) | — | — | 39,731 | — | ||||||||||||
Interest expense, net | — | (15,055 | ) | (849 | ) | (3,478 | ) | 3,935 | (15,447 | ) | ||||||||||
(Loss) income before income taxes | (35,745 | ) | (35,745 | ) | (4,352 | ) | 366 | 39,731 | (35,745 | ) | ||||||||||
Income tax provision | 447 | 447 | 235 | — | (682 | ) | 447 | |||||||||||||
Net (loss) income | $ | (36,192 | ) | $ | (36,192 | ) | $ | (4,587 | ) | $ | 366 | $ | 40,413 | $ | (36,192 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Thirteen Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 322,579 | $ | 234,561 | $ | — | $ | — | $ | 557,140 | ||||||||
Other income | — | 7,870 | 5,975 | — | — | 13,845 | ||||||||||||||
— | 330,449 | 240,536 | — | — | 570,985 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 203,918 | 147,090 | — | — | 351,008 | ||||||||||||||
Selling, general and administrative | — | 128,433 | 90,224 | 30 | (7,434 | ) | 211,253 | |||||||||||||
Depreciation and amortization | — | 11,145 | 9,023 | 2,751 | — | 22,919 | ||||||||||||||
Amortization of lease-related interests | — | 443 | 692 | — | — | 1,135 | ||||||||||||||
Impairment charges | — | 131 | — | — | — | 131 | ||||||||||||||
Loss from operations | — | (13,621 | ) | (6,493 | ) | (2,781 | ) | 7,434 | (15,461 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 470 | 4,769 | 6,723 | (11,962 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (36,925 | ) | (2,298 | ) | — | — | 39,223 | — | ||||||||||||
Interest expense, net | — | (17,559 | ) | (907 | ) | (3,609 | ) | 4,528 | (17,547 | ) | ||||||||||
Loss on extinguishment of debt | — | (3,917 | ) | — | — | — | (3,917 | ) | ||||||||||||
(Loss) income before income taxes | (36,925 | ) | (36,925 | ) | (2,631 | ) | 333 | 39,223 | (36,925 | ) | ||||||||||
Income tax provision | 404 | 404 | 236 | — | (640 | ) | 404 | |||||||||||||
Net (loss) income | $ | (37,329 | ) | $ | (37,329 | ) | $ | (2,867 | ) | $ | 333 | $ | 39,863 | $ | (37,329 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Twenty-Six Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 692,040 | $ | 478,872 | $ | — | $ | — | $ | 1,170,912 | ||||||||
Other income | — | 17,680 | 12,078 | — | — | 29,758 | ||||||||||||||
— | 709,720 | 490,950 | — | — | 1,200,670 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 445,157 | 305,205 | — | — | 750,362 | ||||||||||||||
Selling, general and administrative | — | 273,385 | 181,786 | (2,339 | ) | (14,706 | ) | 438,126 | ||||||||||||
Depreciation and amortization | — | 23,512 | 16,590 | 5,503 | — | 45,605 | ||||||||||||||
Amortization of lease-related interests | — | 1,128 | 1,213 | — | — | 2,341 | ||||||||||||||
Impairment charges | — | 174 | — | — | — | 174 | ||||||||||||||
Loss from operations | — | (33,636 | ) | (13,844 | ) | (3,164 | ) | 14,706 | (35,938 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 913 | 9,535 | 13,267 | (23,715 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (66,809 | ) | (3,042 | ) | — | — | 69,851 | — | ||||||||||||
Interest expense, net | — | (31,044 | ) | (1,711 | ) | (6,972 | ) | 9,009 | (30,718 | ) | ||||||||||
Loss on extinguishment of debt | — | — | — | (153 | ) | — | (153 | ) | ||||||||||||
(Loss) income before income taxes | (66,809 | ) | (66,809 | ) | (6,020 | ) | 2,978 | 69,851 | (66,809 | ) | ||||||||||
Income tax provision | 895 | 895 | 470 | — | (1,365 | ) | 895 | |||||||||||||
Net (loss) income | $ | (67,704 | ) | $ | (67,704 | ) | $ | (6,490 | ) | $ | 2,978 | $ | 71,216 | $ | (67,704 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Twenty-Six Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 699,847 | $ | 504,197 | $ | — | $ | — | $ | 1,204,044 | ||||||||
Other income | — | 16,444 | 12,380 | — | — | 28,824 | ||||||||||||||
— | 716,291 | 516,577 | — | — | 1,232,868 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Costs of merchandise sold | — | 451,395 | 321,201 | — | — | 772,596 | ||||||||||||||
Selling, general and administrative | — | 265,896 | 185,440 | 60 | (15,047 | ) | 436,349 | |||||||||||||
Depreciation and amortization | — | 21,287 | 17,310 | 5,502 | — | 44,099 | ||||||||||||||
Amortization of lease-related interests | — | 887 | 1,384 | — | — | 2,271 | ||||||||||||||
Impairment charges | — | 131 | — | — | — | 131 | ||||||||||||||
Loss from operations | — | (23,305 | ) | (8,758 | ) | (5,562 | ) | 15,047 | (22,578 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Intercompany income | — | 968 | 9,082 | 13,519 | (23,569 | ) | — | |||||||||||||
Equity in losses of subsidiaries | (63,110 | ) | (789 | ) | — | — | 63,899 | — | ||||||||||||
Interest expense, net | — | (35,707 | ) | (1,827 | ) | (7,243 | ) | 8,522 | (36,255 | ) | ||||||||||
Loss on extinguishment of debt | — | (4,277 | ) | — | — | — | (4,277 | ) | ||||||||||||
(Loss) income before income taxes | (63,110 | ) | (63,110 | ) | (1,503 | ) | 714 | 63,899 | (63,110 | ) | ||||||||||
Income tax provision | 854 | 854 | 469 | — | (1,323 | ) | 854 | |||||||||||||
Net (loss) income | $ | (63,964 | ) | $ | (63,964 | ) | $ | (1,972 | ) | $ | 714 | $ | 65,222 | $ | (63,964 | ) | ||||
Schedule of Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | |||||||||||||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Thirteen Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (36,192 | ) | $ | (36,192 | ) | $ | (4,587 | ) | $ | 366 | $ | 40,413 | $ | (36,192 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 814 | 814 | — | — | (814 | ) | 814 | |||||||||||||
Comprehensive (loss) income | $ | (35,378 | ) | $ | (35,378 | ) | $ | (4,587 | ) | $ | 366 | $ | 39,599 | $ | (35,378 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Thirteen Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (37,329 | ) | $ | (37,329 | ) | $ | (2,867 | ) | $ | 333 | $ | 39,863 | $ | (37,329 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 1,551 | 1,551 | — | — | (1,551 | ) | 1,551 | |||||||||||||
Comprehensive (loss) income | $ | (35,778 | ) | $ | (35,778 | ) | $ | (2,867 | ) | $ | 333 | $ | 38,312 | $ | (35,778 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Twenty-Six Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (67,704 | ) | $ | (67,704 | ) | $ | (6,490 | ) | $ | 2,978 | $ | 71,216 | $ | (67,704 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 1,628 | 1,628 | — | — | (1,628 | ) | 1,628 | |||||||||||||
Comprehensive (loss) income | $ | (66,076 | ) | $ | (66,076 | ) | $ | (6,490 | ) | $ | 2,978 | $ | 69,588 | $ | (66,076 | ) | ||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||
Twenty-Six Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net (loss) income | $ | (63,964 | ) | $ | (63,964 | ) | $ | (1,972 | ) | $ | 714 | $ | 65,222 | $ | (63,964 | ) | ||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Pension and postretirement benefit plans | 3,102 | 3,102 | — | — | (3,102 | ) | 3,102 | |||||||||||||
Comprehensive (loss) income | $ | (60,862 | ) | $ | (60,862 | ) | $ | (1,972 | ) | $ | 714 | $ | 62,120 | $ | (60,862 | ) | ||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Twenty-Six Weeks Ended August 2, 2014 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,452 | $ | (14,644 | ) | $ | 8,000 | $ | 4,529 | $ | (5,992 | ) | $ | (5,655 | ) | |||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (32,171 | ) | (5,490 | ) | — | — | (37,661 | ) | |||||||||||
Intercompany investing activity | — | (147 | ) | — | — | 147 | — | |||||||||||||
Proceeds from sale of property, fixtures and equipment | — | 7 | 1 | 5,000 | — | 5,008 | ||||||||||||||
Net cash (used in) provided by investing activities | — | (32,311 | ) | (5,489 | ) | 5,000 | 147 | (32,653 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on long-term debt and capital lease obligations | — | (275,234 | ) | (1,866 | ) | (4,675 | ) | — | (281,775 | ) | ||||||||||
Proceeds from issuance of long-term debt | — | 327,232 | — | — | — | 327,232 | ||||||||||||||
Intercompany financing activity | — | (991 | ) | — | (4,854 | ) | 5,845 | — | ||||||||||||
Deferred financing costs paid | — | (69 | ) | — | — | — | (69 | ) | ||||||||||||
Cash dividends paid | (991 | ) | — | — | — | — | (991 | ) | ||||||||||||
Restricted shares forfeited in lieu of payroll taxes | (1,461 | ) | — | — | — | — | (1,461 | ) | ||||||||||||
Decrease in book overdraft balances | — | (3,998 | ) | — | — | — | (3,998 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (2,452 | ) | 46,940 | (1,866 | ) | (9,529 | ) | 5,845 | 38,938 | |||||||||||
Net (decrease) increase in cash and cash equivalents | — | (15 | ) | 645 | — | — | 630 | |||||||||||||
Cash and cash equivalents at beginning of period | 1 | 2,889 | 4,168 | — | — | 7,058 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 2,874 | $ | 4,813 | $ | — | $ | — | $ | 7,688 | ||||||||
The Bon-Ton Stores, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Twenty-Six Weeks Ended August 3, 2013 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | Company | |||||||||||||||||
Parent | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by operating activities | $ | 3,078 | $ | 32,102 | $ | 8,170 | $ | 6,308 | $ | (4,710 | ) | $ | 44,948 | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (29,433 | ) | (6,065 | ) | — | — | (35,498 | ) | |||||||||||
Intercompany investing activity | (595 | ) | (280 | ) | — | — | 875 | — | ||||||||||||
Proceeds from sale of property, fixtures and equipment | — | 1,265 | 1 | — | — | 1,266 | ||||||||||||||
Net cash used in investing activities | (595 | ) | (28,448 | ) | (6,064 | ) | — | 875 | (34,232 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on long-term debt and capital lease obligations | — | (795,009 | ) | (1,488 | ) | (3,454 | ) | — | (799,951 | ) | ||||||||||
Proceeds from issuance of long-term debt | — | 800,997 | — | — | — | 800,997 | ||||||||||||||
Intercompany financing activity | — | (981 | ) | — | (2,854 | ) | 3,835 | — | ||||||||||||
Deferred financing costs paid | — | (8,400 | ) | — | — | — | (8,400 | ) | ||||||||||||
Cash dividends paid | (981 | ) | — | — | — | — | (981 | ) | ||||||||||||
Restricted shares forfeited in lieu of payroll taxes | (2,097 | ) | — | — | — | — | (2,097 | ) | ||||||||||||
Proceeds from stock options exercised | 595 | — | — | — | — | 595 | ||||||||||||||
Decrease in book overdraft balances | — | (665 | ) | — | — | — | (665 | ) | ||||||||||||
Net cash used in financing activities | (2,483 | ) | (4,058 | ) | (1,488 | ) | (6,308 | ) | 3,835 | (10,502 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | — | (404 | ) | 618 | — | — | 214 | |||||||||||||
Cash and cash equivalents at beginning of period | 1 | 3,414 | 4,511 | — | — | 7,926 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | 3,010 | $ | 5,129 | $ | — | $ | — | $ | 8,140 |
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) | 3 Months Ended | 12 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | |
store | ||||
item | ||||
state | ||||
BASIS OF PRESENTATION | ' | ' | ' | ' |
Number of stores | 272 | ' | ' | ' |
Number of furniture galleries | 10 | ' | ' | ' |
Number of clearance centers | 4 | ' | ' | ' |
Number of states in which the entity operates | 25 | ' | ' | ' |
Length of reporting period | '91 days | '91 days | '364 days | '364 days |
PERSHARE_AMOUNTS_Details
PER-SHARE AMOUNTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Basic Loss Per Common Share | ' | ' | ' | ' |
Net loss | ($36,192) | ($37,329) | ($67,704) | ($63,964) |
Net loss available to common shareholders | -36,192 | -37,329 | -67,704 | -63,964 |
Weighted average common shares outstanding | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 |
Basic loss per common share (in dollars per share) | ($1.86) | ($1.95) | ($3.50) | ($3.37) |
Diluted Loss Per Common Share | ' | ' | ' | ' |
Net loss | -36,192 | -37,329 | -67,704 | -63,964 |
Net loss available to common shareholders | ($36,192) | ($37,329) | ($67,704) | ($63,964) |
Weighted average common shares outstanding | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 |
Weighted average common shares outstanding assuming dilution | 19,426,824 | 19,154,714 | 19,354,271 | 18,998,893 |
Diluted loss per common share (in dollars per share) | ($1.86) | ($1.95) | ($3.50) | ($3.37) |
PERSHARE_AMOUNTS_Details_2
PER-SHARE AMOUNTS (Details 2) | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Unvested restricted shares | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive securities excluded from calculation of earnings per share (in shares) | 685,628 | 908,385 | 707,581 | 980,123 |
Stock option | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive securities excluded from calculation of earnings per share (in shares) | 200,950 | 331,068 | 228,479 | 432,876 |
Securities that would have increased the weighted average common shares outstanding if the entity had reported income during the period (in shares) | 99,813 | 151,829 | 101,482 | 161,203 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
Estimated Fair Value | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | $839,589 | $806,019 | $861,950 |
Estimated Fair Value | Second lien senior secured notes | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 384,550 | 398,972 | 416,328 |
Estimated Fair Value | Mortgage facilities | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 217,796 | 222,168 | 226,817 |
Estimated Fair Value | Senior secured credit facility | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 237,243 | 184,879 | 218,805 |
Quoted Prices in Active Markets (Level 1) | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 384,550 | 398,972 | 57,578 |
Quoted Prices in Active Markets (Level 1) | Second lien senior secured notes | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 384,550 | 398,972 | 57,578 |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | ' | ' | 358,750 |
Significant Other Observable Inputs (Level 2) | Second lien senior secured notes | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | ' | ' | 358,750 |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 455,039 | 407,047 | 445,622 |
Significant Unobservable Inputs (Level 3) | Mortgage facilities | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 217,796 | 222,168 | 226,817 |
Significant Unobservable Inputs (Level 3) | Senior secured credit facility | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 237,243 | 184,879 | 218,805 |
Carrying Value | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 859,550 | 811,735 | 849,077 |
Carrying Value | Second lien senior secured notes | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 407,292 | 407,292 | 407,292 |
Carrying Value | Mortgage facilities | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | 215,015 | 219,564 | 222,980 |
Carrying Value | Senior secured credit facility | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Long-term debt | $237,243 | $184,879 | $218,805 |
SUPPLEMENTAL_BALANCE_SHEET_INF2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
Prepaid expenses and other current assets | ' | ' | ' |
Other receivables | $30,869 | $39,569 | $28,751 |
Prepaid expenses | 41,249 | 36,716 | 42,132 |
Total | $72,118 | $76,285 | $70,883 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Cash paid for: | ' | ' |
Interest, net of amounts capitalized | $29,605 | $45,484 |
Income taxes, net of refunds received | -3 | 753 |
Non-cash investing and financing activities: | ' | ' |
Property, fixtures and equipment included in accrued expenses | 5,980 | 4,401 |
Declared dividends to shareholders included in accrued expenses | $990 | $985 |
EXIT_OR_DISPOSAL_ACTIVITIES_De
EXIT OR DISPOSAL ACTIVITIES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | 3-May-14 |
Changes in exit or disposal activities | ' | ' |
Accrued balance at the beginning of the period | ' | $420 |
Provisions | 1,166 | 444 |
Payments | -395 | -530 |
Accrued balance at the end of the period | 1,105 | ' |
Termination Benefits | ' | ' |
Changes in exit or disposal activities | ' | ' |
Accrued balance at the beginning of the period | ' | 232 |
Provisions | 1,148 | 319 |
Payments | -377 | -217 |
Accrued balance at the end of the period | 1,105 | ' |
Other Costs | ' | ' |
Changes in exit or disposal activities | ' | ' |
Accrued balance at the beginning of the period | ' | 188 |
Provisions | 18 | 125 |
Payments | ($18) | ($313) |
EMPLOYEE_DEFINED_AND_POSTRETIR2
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Pension Plans | ' | ' | ' | ' |
Pension and postretirement benefit plans | ' | ' | ' | ' |
Interest cost | $1,998 | $1,999 | $3,995 | $3,997 |
Expected return on plan assets | -2,490 | -2,236 | -4,980 | -4,471 |
Recognition of net actuarial loss (gain) | 944 | 1,641 | 1,888 | 3,283 |
Net periodic benefit expense (income) | 452 | 1,404 | 903 | 2,809 |
Employer contributions to benefit plan | ' | ' | ' | ' |
Contributions to benefit plan | ' | ' | 7,003 | ' |
Anticipated additional contributions in remainder of the fiscal year | ' | ' | 8,076 | ' |
Total anticipated contribution in fiscal year | ' | ' | 15,079 | ' |
Postretirement Benefit Plan | ' | ' | ' | ' |
Pension and postretirement benefit plans | ' | ' | ' | ' |
Interest cost | 22 | 31 | 44 | 61 |
Recognition of net actuarial loss (gain) | -130 | -90 | -260 | -181 |
Net periodic benefit expense (income) | -108 | -59 | -216 | -120 |
Employer contributions to benefit plan | ' | ' | ' | ' |
Contributions to benefit plan | ' | ' | 72 | ' |
Anticipated additional contributions in remainder of the fiscal year | ' | ' | 339 | ' |
Total anticipated contribution in fiscal year | ' | ' | $411 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
INCOME TAXES | ' | ' | ' |
Deferred tax asset valuation allowance | $171,126 | $144,908 | $178,360 |
Amount by which gross unrecognized tax benefits could decrease due to expiration of certain statutes of limitations within next 12 months | $78 | ' | ' |
COMPREHENSIVE_LOSS_Details
COMPREHENSIVE LOSS (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Tax expense of other comprehensive income (loss) | ' | ' |
Tax effect recorded on the changes recognized within other comprehensive income | $0 | $0 |
GUARANTOR_AND_NONGUARANTOR_SUB2
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Details) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $7,688 | $7,058 | $8,140 | $7,926 |
Merchandise inventories | 723,454 | 709,733 | 720,177 | ' |
Prepaid expenses and other current assets | 72,118 | 76,285 | 70,883 | ' |
Total current assets | 803,260 | 793,076 | 799,200 | ' |
Property, fixtures and equipment at cost, net | 632,701 | 640,004 | 643,033 | ' |
Deferred income taxes | 19,384 | 15,765 | 16,432 | ' |
Intangible assets, net | 93,532 | 102,800 | 106,797 | ' |
Other long-term assets | 23,702 | 25,584 | 23,338 | ' |
Total assets | 1,572,579 | 1,577,229 | 1,588,800 | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 238,077 | 200,465 | 235,160 | ' |
Accrued payroll and benefits | 25,447 | 28,343 | 29,475 | ' |
Accrued expenses | 142,276 | 150,595 | 140,090 | ' |
Current maturities of long-term debt and obligations under capital leases | 11,011 | 11,160 | 11,065 | ' |
Deferred income taxes | 27,255 | 22,744 | 22,561 | ' |
Total current liabilities | 444,066 | 413,307 | 438,351 | ' |
Long-term debt and obligations under capital leases, less current maturities | 899,081 | 853,349 | 892,490 | ' |
Other long-term liabilities | 169,843 | 182,617 | 208,253 | ' |
Total liabilities | 1,512,990 | 1,449,273 | 1,539,094 | ' |
Total shareholders' equity | 59,589 | 127,956 | 49,706 | 110,606 |
Total liabilities and shareholders' equity | 1,572,579 | 1,577,229 | 1,588,800 | ' |
Consolidating Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Prepaid expenses and other current assets | -578 | -548 | -651 | ' |
Total current assets | -578 | -548 | -651 | ' |
Investment in and advances to (from) affiliates | -774,994 | -859,609 | -739,241 | ' |
Total assets | -775,572 | -860,157 | -739,892 | ' |
Current liabilities: | ' | ' | ' | ' |
Accrued expenses | -578 | -548 | -651 | ' |
Total current liabilities | -578 | -548 | -651 | ' |
Total liabilities | -578 | -548 | -651 | ' |
Total shareholders' equity | -774,994 | -859,609 | -739,241 | ' |
Total liabilities and shareholders' equity | -775,572 | -860,157 | -739,892 | ' |
Parent | Reportable Legal Entities | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Total current assets | 1 | 1 | 1 | ' |
Investment in and advances to (from) affiliates | 59,588 | 127,955 | 49,705 | ' |
Total assets | 59,589 | 127,956 | 49,706 | ' |
Current liabilities: | ' | ' | ' | ' |
Total shareholders' equity | 59,589 | 127,956 | 49,706 | ' |
Total liabilities and shareholders' equity | 59,589 | 127,956 | 49,706 | ' |
Issuer | Reportable Legal Entities | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2,874 | 2,889 | 3,010 | 3,414 |
Merchandise inventories | 480,852 | 454,718 | 475,982 | ' |
Prepaid expenses and other current assets | 64,590 | 67,670 | 63,167 | ' |
Total current assets | 548,316 | 525,277 | 542,159 | ' |
Property, fixtures and equipment at cost, net | 250,215 | 232,869 | 224,502 | ' |
Deferred income taxes | 3,144 | 4,076 | 7,160 | ' |
Intangible assets, net | 26,114 | 33,260 | 34,944 | ' |
Investment in and advances to (from) affiliates | 322,324 | 344,188 | 349,448 | ' |
Other long-term assets | 22,692 | 24,169 | 21,871 | ' |
Total assets | 1,172,805 | 1,163,839 | 1,180,084 | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 238,077 | 200,465 | 235,160 | ' |
Accrued payroll and benefits | 20,434 | 22,567 | 24,269 | ' |
Accrued expenses | 73,378 | 74,115 | 72,039 | ' |
Current maturities of long-term debt and obligations under capital leases | 446 | 548 | 786 | ' |
Deferred income taxes | 7,940 | 8,451 | 11,135 | ' |
Total current liabilities | 340,275 | 306,146 | 343,389 | ' |
Long-term debt and obligations under capital leases, less current maturities | 649,957 | 597,857 | 631,965 | ' |
Other long-term liabilities | 123,485 | 132,690 | 155,714 | ' |
Total liabilities | 1,113,717 | 1,036,693 | 1,131,068 | ' |
Total shareholders' equity | 59,088 | 127,146 | 49,016 | ' |
Total liabilities and shareholders' equity | 1,172,805 | 1,163,839 | 1,180,084 | ' |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4,813 | 4,168 | 5,129 | 4,511 |
Merchandise inventories | 242,602 | 255,015 | 244,195 | ' |
Prepaid expenses and other current assets | 5,272 | 4,437 | 4,299 | ' |
Total current assets | 252,687 | 263,620 | 253,623 | ' |
Property, fixtures and equipment at cost, net | 150,065 | 166,720 | 172,615 | ' |
Deferred income taxes | 16,240 | 11,689 | 9,272 | ' |
Intangible assets, net | 67,418 | 69,540 | 71,853 | ' |
Investment in and advances to (from) affiliates | 393,082 | 387,556 | 340,140 | ' |
Other long-term assets | 446 | 533 | 465 | ' |
Total assets | 879,938 | 899,658 | 847,968 | ' |
Current liabilities: | ' | ' | ' | ' |
Accrued payroll and benefits | 5,013 | 5,776 | 5,206 | ' |
Accrued expenses | 69,402 | 76,981 | 68,587 | ' |
Current maturities of long-term debt and obligations under capital leases | 3,394 | 3,249 | 3,150 | ' |
Deferred income taxes | 19,315 | 14,293 | 11,426 | ' |
Total current liabilities | 97,124 | 100,299 | 88,369 | ' |
Long-term debt and obligations under capital leases, less current maturities | 41,281 | 43,291 | 44,674 | ' |
Other long-term liabilities | 44,587 | 48,220 | 50,892 | ' |
Total liabilities | 182,992 | 191,810 | 183,935 | ' |
Total shareholders' equity | 696,946 | 707,848 | 664,033 | ' |
Total liabilities and shareholders' equity | 879,938 | 899,658 | 847,968 | ' |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Prepaid expenses and other current assets | 2,834 | 4,726 | 4,068 | ' |
Total current assets | 2,834 | 4,726 | 4,068 | ' |
Property, fixtures and equipment at cost, net | 232,421 | 240,415 | 245,916 | ' |
Investment in and advances to (from) affiliates | ' | -90 | -52 | ' |
Other long-term assets | 564 | 882 | 1,002 | ' |
Total assets | 235,819 | 245,933 | 250,934 | ' |
Current liabilities: | ' | ' | ' | ' |
Accrued expenses | 74 | 47 | 115 | ' |
Current maturities of long-term debt and obligations under capital leases | 7,171 | 7,363 | 7,129 | ' |
Total current liabilities | 7,245 | 7,410 | 7,244 | ' |
Long-term debt and obligations under capital leases, less current maturities | 207,843 | 212,201 | 215,851 | ' |
Other long-term liabilities | 1,771 | 1,707 | 1,647 | ' |
Total liabilities | 216,859 | 221,318 | 224,742 | ' |
Total shareholders' equity | 18,960 | 24,615 | 26,192 | ' |
Total liabilities and shareholders' equity | $235,819 | $245,933 | $250,934 | ' |
GUARANTOR_AND_NONGUARANTOR_SUB3
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Net sales | $563,452 | $557,140 | $1,170,912 | $1,204,044 |
Other income | 14,685 | 13,845 | 29,758 | 28,824 |
Total | 578,137 | 570,985 | 1,200,670 | 1,232,868 |
Costs and expenses: | ' | ' | ' | ' |
Costs of merchandise sold | 357,252 | 351,008 | 750,362 | 772,596 |
Selling, general and administrative | 215,807 | 211,253 | 438,126 | 436,349 |
Depreciation and amortization | 24,043 | 22,919 | 45,605 | 44,099 |
Amortization of lease-related interests | 1,159 | 1,135 | 2,341 | 2,271 |
Impairment charges | 174 | 131 | 174 | 131 |
Loss from operations | -20,298 | -15,461 | -35,938 | -22,578 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -15,447 | -17,547 | -30,718 | -36,255 |
Loss on extinguishment of debt | ' | -3,917 | -153 | -4,277 |
Loss before income taxes | -35,745 | -36,925 | -66,809 | -63,110 |
Income tax provision | 447 | 404 | 895 | 854 |
Net loss | -36,192 | -37,329 | -67,704 | -63,964 |
Consolidating Eliminations | ' | ' | ' | ' |
Costs and expenses: | ' | ' | ' | ' |
Selling, general and administrative | -7,280 | -7,434 | -14,706 | -15,047 |
Loss from operations | 7,280 | 7,434 | 14,706 | 15,047 |
Other income (expense): | ' | ' | ' | ' |
Intercompany income | -11,215 | -11,962 | -23,715 | -23,569 |
Equity in losses of subsidiaries | 39,731 | 39,223 | 69,851 | 63,899 |
Interest expense, net | 3,935 | 4,528 | 9,009 | 8,522 |
Loss before income taxes | 39,731 | 39,223 | 69,851 | 63,899 |
Income tax provision | -682 | -640 | -1,365 | -1,323 |
Net loss | 40,413 | 39,863 | 71,216 | 65,222 |
Parent | Reportable Legal Entities | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' |
Equity in losses of subsidiaries | -35,745 | -36,925 | -66,809 | -63,110 |
Loss before income taxes | -35,745 | -36,925 | -66,809 | -63,110 |
Income tax provision | 447 | 404 | 895 | 854 |
Net loss | -36,192 | -37,329 | -67,704 | -63,964 |
Issuer | Reportable Legal Entities | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Net sales | 331,840 | 322,579 | 692,040 | 699,847 |
Other income | 8,678 | 7,870 | 17,680 | 16,444 |
Total | 340,518 | 330,449 | 709,720 | 716,291 |
Costs and expenses: | ' | ' | ' | ' |
Costs of merchandise sold | 210,790 | 203,918 | 445,157 | 451,395 |
Selling, general and administrative | 133,709 | 128,433 | 273,385 | 265,896 |
Depreciation and amortization | 12,446 | 11,145 | 23,512 | 21,287 |
Amortization of lease-related interests | 552 | 443 | 1,128 | 887 |
Impairment charges | 174 | 131 | 174 | 131 |
Loss from operations | -17,153 | -13,621 | -33,636 | -23,305 |
Other income (expense): | ' | ' | ' | ' |
Intercompany income | 449 | 470 | 913 | 968 |
Equity in losses of subsidiaries | -3,986 | -2,298 | -3,042 | -789 |
Interest expense, net | -15,055 | -17,559 | -31,044 | -35,707 |
Loss on extinguishment of debt | ' | -3,917 | ' | -4,277 |
Loss before income taxes | -35,745 | -36,925 | -66,809 | -63,110 |
Income tax provision | 447 | 404 | 895 | 854 |
Net loss | -36,192 | -37,329 | -67,704 | -63,964 |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Net sales | 231,612 | 234,561 | 478,872 | 504,197 |
Other income | 6,007 | 5,975 | 12,078 | 12,380 |
Total | 237,619 | 240,536 | 490,950 | 516,577 |
Costs and expenses: | ' | ' | ' | ' |
Costs of merchandise sold | 146,462 | 147,090 | 305,205 | 321,201 |
Selling, general and administrative | 89,346 | 90,224 | 181,786 | 185,440 |
Depreciation and amortization | 8,876 | 9,023 | 16,590 | 17,310 |
Amortization of lease-related interests | 607 | 692 | 1,213 | 1,384 |
Loss from operations | -7,672 | -6,493 | -13,844 | -8,758 |
Other income (expense): | ' | ' | ' | ' |
Intercompany income | 4,169 | 4,769 | 9,535 | 9,082 |
Interest expense, net | -849 | -907 | -1,711 | -1,827 |
Loss before income taxes | -4,352 | -2,631 | -6,020 | -1,503 |
Income tax provision | 235 | 236 | 470 | 469 |
Net loss | -4,587 | -2,867 | -6,490 | -1,972 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Costs and expenses: | ' | ' | ' | ' |
Selling, general and administrative | 32 | 30 | -2,339 | 60 |
Depreciation and amortization | 2,721 | 2,751 | 5,503 | 5,502 |
Loss from operations | -2,753 | -2,781 | -3,164 | -5,562 |
Other income (expense): | ' | ' | ' | ' |
Intercompany income | 6,597 | 6,723 | 13,267 | 13,519 |
Interest expense, net | -3,478 | -3,609 | -6,972 | -7,243 |
Loss on extinguishment of debt | ' | ' | -153 | ' |
Loss before income taxes | 366 | 333 | 2,978 | 714 |
Net loss | $366 | $333 | $2,978 | $714 |
GUARANTOR_AND_NONGUARANTOR_SUB4
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ' | ' | ' |
Net (loss) income | ($36,192) | ($37,329) | ($67,704) | ($63,964) |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Pension and postretirement benefit plans | 814 | 1,551 | 1,628 | 3,102 |
Comprehensive loss | -35,378 | -35,778 | -66,076 | -60,862 |
Consolidating Eliminations | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ' | ' | ' |
Net (loss) income | 40,413 | 39,863 | 71,216 | 65,222 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Pension and postretirement benefit plans | -814 | -1,551 | -1,628 | -3,102 |
Comprehensive loss | 39,599 | 38,312 | 69,588 | 62,120 |
Parent | Reportable Legal Entities | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ' | ' | ' |
Net (loss) income | -36,192 | -37,329 | -67,704 | -63,964 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Pension and postretirement benefit plans | 814 | 1,551 | 1,628 | 3,102 |
Comprehensive loss | -35,378 | -35,778 | -66,076 | -60,862 |
Issuer | Reportable Legal Entities | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ' | ' | ' |
Net (loss) income | -36,192 | -37,329 | -67,704 | -63,964 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Pension and postretirement benefit plans | 814 | 1,551 | 1,628 | 3,102 |
Comprehensive loss | -35,378 | -35,778 | -66,076 | -60,862 |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ' | ' | ' |
Net (loss) income | -4,587 | -2,867 | -6,490 | -1,972 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Comprehensive loss | -4,587 | -2,867 | -6,490 | -1,972 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ' | ' | ' |
Net (loss) income | 366 | 333 | 2,978 | 714 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Comprehensive loss | $366 | $333 | $2,978 | $714 |
GUARANTOR_AND_NONGUARANTOR_SUB5
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Details 4) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Condensed Consolidating Statement of Cash Flows | ' | ' |
Net cash provided by (used in) operating activities | ($5,655) | $44,948 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -37,661 | -35,498 |
Proceeds from sale of property, fixtures and equipment | 5,008 | 1,266 |
Net cash used in investing activities | -32,653 | -34,232 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt and capital lease obligations | -281,775 | -799,951 |
Proceeds from issuance of long-term debt | 327,232 | 800,997 |
Deferred financing costs paid | -69 | -8,400 |
Cash dividends paid | -991 | -981 |
Restricted shares forfeited in lieu of payroll taxes | -1,461 | -2,097 |
Proceeds from stock options exercised | ' | 595 |
Decrease in book overdraft balances | -3,998 | -665 |
Net cash provided by (used in) financing activities | 38,938 | -10,502 |
Net increase in cash and cash equivalents | 630 | 214 |
Cash and cash equivalents at beginning of period | 7,058 | 7,926 |
Cash and cash equivalents at end of period | 7,688 | 8,140 |
Consolidating Eliminations | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' |
Net cash provided by (used in) operating activities | -5,992 | -4,710 |
Cash flows from investing activities: | ' | ' |
Intercompany investing activity | 147 | 875 |
Net cash used in investing activities | 147 | 875 |
Cash flows from financing activities: | ' | ' |
Intercompany financing activity | 5,845 | 3,835 |
Net cash provided by (used in) financing activities | 5,845 | 3,835 |
Parent | Reportable Legal Entities | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' |
Net cash provided by (used in) operating activities | 2,452 | 3,078 |
Cash flows from investing activities: | ' | ' |
Intercompany investing activity | ' | -595 |
Net cash used in investing activities | ' | -595 |
Cash flows from financing activities: | ' | ' |
Cash dividends paid | -991 | -981 |
Restricted shares forfeited in lieu of payroll taxes | -1,461 | -2,097 |
Proceeds from stock options exercised | ' | 595 |
Net cash provided by (used in) financing activities | -2,452 | -2,483 |
Cash and cash equivalents at beginning of period | 1 | 1 |
Cash and cash equivalents at end of period | 1 | 1 |
Issuer | Reportable Legal Entities | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' |
Net cash provided by (used in) operating activities | -14,644 | 32,102 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -32,171 | -29,433 |
Intercompany investing activity | -147 | -280 |
Proceeds from sale of property, fixtures and equipment | 7 | 1,265 |
Net cash used in investing activities | -32,311 | -28,448 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt and capital lease obligations | -275,234 | -795,009 |
Proceeds from issuance of long-term debt | 327,232 | 800,997 |
Intercompany financing activity | -991 | -981 |
Deferred financing costs paid | -69 | -8,400 |
Decrease in book overdraft balances | -3,998 | -665 |
Net cash provided by (used in) financing activities | 46,940 | -4,058 |
Net increase in cash and cash equivalents | -15 | -404 |
Cash and cash equivalents at beginning of period | 2,889 | 3,414 |
Cash and cash equivalents at end of period | 2,874 | 3,010 |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' |
Net cash provided by (used in) operating activities | 8,000 | 8,170 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -5,490 | -6,065 |
Proceeds from sale of property, fixtures and equipment | 1 | 1 |
Net cash used in investing activities | -5,489 | -6,064 |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt and capital lease obligations | -1,866 | -1,488 |
Net cash provided by (used in) financing activities | -1,866 | -1,488 |
Net increase in cash and cash equivalents | 645 | 618 |
Cash and cash equivalents at beginning of period | 4,168 | 4,511 |
Cash and cash equivalents at end of period | 4,813 | 5,129 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' |
Net cash provided by (used in) operating activities | 4,529 | 6,308 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of property, fixtures and equipment | 5,000 | ' |
Net cash used in investing activities | 5,000 | ' |
Cash flows from financing activities: | ' | ' |
Payments on long-term debt and capital lease obligations | -4,675 | -3,454 |
Intercompany financing activity | -4,854 | -2,854 |
Net cash provided by (used in) financing activities | ($9,529) | ($6,308) |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 6 Months Ended | 0 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | Sep. 09, 2014 | |
Subsequent event | |||
Subsequent Event | ' | ' | ' |
Quarterly cash dividend declared (in dollars per share) | $0.10 | $0.10 | $0.05 |