Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jan. 30, 2016 | Mar. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP | |
Document Type | 10-K | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 30,557,411 | |
Entity Public Float | $ 0 | |
Amendment Flag | false | |
Entity Central Index Key | 795,212 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jan. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 104,311 | $ 118,537 |
Accounts receivable | 4,597 | 3,545 |
Merchandise inventory | 120,046 | 126,377 |
Prepaid expenses and other | 2,033 | 6,699 |
Total current assets | 230,987 | 255,158 |
Fixed Assets, net | 30,666 | 15,769 |
Other Assets | 9,952 | 9,082 |
TOTAL ASSETS | 271,605 | 280,009 |
CURRENT LIABILITIES | ||
Accounts payable | 51,888 | 63,527 |
Accrued expenses and other current liabilities | 8,974 | 7,397 |
Deferred revenue | 8,983 | 9,852 |
Current portion of capital lease obligations | 938 | |
Total current liabilities | 69,845 | 81,714 |
Other Long-term liabilities | 26,492 | 26,555 |
TOTAL LIABILITIES | 96,337 | 108,269 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,395,668 shares and 58,337,668 shares issued, respectively) | 584 | 583 |
Additional paid-in capital | 316,040 | 315,486 |
Treasury stock at cost (27,411,133 and 27,094,423 shares, respectively ) | (227,497) | (226,412) |
Accumulated other comprehensive loss | (812) | (2,181) |
Retained earnings | 86,953 | 84,264 |
TOTAL SHAREHOLDERS’ EQUITY | 175,268 | 171,740 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 271,605 | $ 280,009 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jan. 30, 2016 | Jan. 31, 2015 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 58,395,668 | 58,337,668 |
Treasury stock, shares at cost | 27,411,133 | 27,094,423 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net sales | $ 334,661 | $ 358,490 | $ 393,659 |
Cost of sales | 204,089 | 222,572 | 245,755 |
Gross profit | 130,572 | 135,918 | 147,904 |
Selling, general and administrative expenses | 126,002 | 132,143 | 137,529 |
Income from operations | 4,570 | 3,775 | 10,375 |
Interest expense | 1,860 | 1,951 | 2,010 |
Other income | (160) | (70) | (80) |
Income before income taxes | 2,870 | 1,894 | 8,445 |
Income tax expense | 181 | 116 | 168 |
Net Income | $ 2,689 | $ 1,778 | $ 8,277 |
BASIC AND DILUTED INCOME PER SHARE: | |||
Basic income per share (in Dollars per share) | $ 0.09 | $ 0.06 | $ 0.25 |
Weighted average number of common shares outstanding – basic (in Shares) | 31,167 | 31,744 | 32,584 |
Diluted income per share (in Dollars per share) | $ 0.09 | $ 0.06 | $ 0.25 |
Weighted average number of common shares outstanding – diluted (in Shares) | 31,323 | 31,897 | 32,862 |
Cash dividend paid per share (in Dollars per share) | $ 0.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net income | $ 2,689 | $ 1,778 | $ 8,277 |
Pension income (loss) adjustment | 1,369 | (2,062) | 2,655 |
Comprehensive income (loss) | $ 4,058 | $ (284) | $ 10,932 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance | $ 567 | $ 309,451 | $ (217,555) | $ (2,774) | $ 90,245 | $ 179,934 |
Balance (in Shares) | 56,728,000 | (25,103,000) | ||||
Net income (loss) | 8,277 | 8,277 | ||||
Pension loss adjustment | 2,655 | 2,655 | ||||
Stock compensation | 255 | 255 | ||||
Exercise of equity grants | $ 15 | 4,854 | $ 4,869 | |||
Exercise of equity grants (in Shares) | 1,477,000 | (1,477,450) | ||||
Purchase of treasury stock | $ (5,393) | $ (5,393) | ||||
Purchase of treasury stock (in Shares) | (1,006,000) | |||||
Issuance of stock to Directors | $ 1 | 372 | 373 | |||
Issuance of stock to Directors (in Shares) | 94,000 | |||||
Balance | $ 583 | 314,932 | $ (222,948) | (119) | 98,522 | 190,970 |
Balance (in Shares) | 58,299,000 | (26,109,000) | ||||
Net income (loss) | 1,778 | 1,778 | ||||
Pension loss adjustment | (2,062) | (2,062) | ||||
Stock compensation | 429 | 429 | ||||
Exercise of equity grants | 67 | $ 67 | ||||
Exercise of equity grants (in Shares) | 39,000 | (39,000) | ||||
Purchase of treasury stock | $ (3,464) | $ (3,464) | ||||
Purchase of treasury stock (in Shares) | (985,000) | |||||
Cash Dividends Paid | (16,036) | (16,036) | ||||
Amortization of unearned compensation – restricted stock | 58 | 58 | ||||
Balance | $ 583 | 315,486 | $ (226,412) | (2,181) | 84,264 | 171,740 |
Balance (in Shares) | 58,338,000 | (27,094,000) | ||||
Net income (loss) | 2,689 | 2,689 | ||||
Pension loss adjustment | 1,369 | 1,369 | ||||
Stock compensation | 424 | 424 | ||||
Exercise of equity grants | 19 | $ 19 | ||||
Exercise of equity grants (in Shares) | 8,000 | (8,000) | ||||
Purchase of treasury stock | $ (1,085) | $ (1,085) | ||||
Purchase of treasury stock (in Shares) | (317,000) | |||||
Vested restricted shares | $ 1 | (69) | (68) | |||
Vested restricted shares (in Shares) | 50,000 | |||||
Amortization of unearned compensation – restricted stock | 180 | 180 | ||||
Balance | $ 584 | $ 316,040 | $ (227,497) | $ (812) | $ 86,953 | $ 175,268 |
Balance (in Shares) | 58,396,000 | (27,411,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
OPERATING ACTIVITIES: | |||
Net income | $ 2,689 | $ 1,778 | $ 8,277 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of fixed assets | 5,191 | 4,388 | 4,304 |
Amortization of lease valuations, net | 23 | 136 | 138 |
Long term incentive compensation | 538 | 487 | 255 |
Loss on disposal of fixed assets | 613 | 210 | 162 |
Gain on sale of asset | (250) | ||
Increase (decrease) in cash surrender value | 356 | (488) | (1,081) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (3) | (861) | (53) |
Merchandise inventory | 6,331 | 23,790 | 5,262 |
Prepaid expenses and other | 4,666 | 415 | (380) |
Other assets | (2,561) | 301 | 319 |
Accounts payable | (11,639) | (14,098) | (1,439) |
Accrued expenses, deferred revenue and other current liabilities | 707 | (716) | (10,288) |
Other long-term liabilities | 1,302 | 1,466 | 1,832 |
Net cash provided by operating activities | 7,963 | 16,808 | 7,308 |
INVESTING ACTIVITIES: | |||
Purchases of fixed assets | (20,700) | (8,774) | (7,828) |
Proceeds from sale of assets | 1,567 | ||
Purchases of short term investments | (1,052) | ||
Net cash used in investing activities | (20,185) | (8,774) | (7,828) |
FINANCING ACTIVITIES: | |||
Cash dividends paid | (16,036) | ||
Exercise of long term equity awards | 19 | 67 | 4,869 |
Payments of capital lease obligations | (938) | (1,066) | (936) |
Purchase of treasury stock | (1,085) | (3,464) | (5,393) |
Net cash used in financing activities | (2,004) | (20,499) | (1,460) |
Net decrease in cash and cash equivalents | (14,226) | (12,465) | (1,980) |
Cash and cash equivalents, beginning of year | 118,537 | 131,002 | 132,982 |
Cash and cash equivalents, end of year | 104,311 | 118,537 | 131,002 |
Supplemental disclosures and non-cash investing and financing activities: | |||
Interest paid | 1,861 | 1,953 | 2,015 |
Issuance of deferred / restricted shares under deferred / restricted stock plans agreements | $ 69 | $ 58 | $ 373 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations: www.fye.com and www.secondspin.com Liquidity: Management anticipates any cash requirements due to a shortfall in cash from operations will be funded by the Company’s revolving credit facility, discussed hereafter. Basis of Presentation: Items Affecting Comparability: Concentration of Business Risks: Cash and Cash Equivalents: Concentration of Credit Risks: Accounts Receivable: Merchandise Inventory and Return Costs: The Company is generally entitled to return merchandise purchased from major music vendors for credit against other purchases from these vendors. Certain vendors reduce the credit with a merchandise return charge which varies depending on the type of merchandise being returned. Certain other vendors charge a handling fee based on units returned. The Company records all merchandise return charges in cost of sales. Fixed Assets and Depreciation: Leasehold improvements Lesser of estimated useful life of the asset or the lease term Fixtures and equipment 3-7 years Building 27 years Major improvements and betterments to existing facilities and equipment are capitalized. Expenditures for maintenance and repairs are expensed as incurred. Impairment of Long-Lived Assets: The Company did not recognize an impairment expense during fiscal 2015, 2014 and 2013. Losses for store closings in the ordinary course of business represent the write down of the net book value of abandoned fixtures and leasehold improvements. The loss on disposal of fixed assets related to store closings was $0.6 million, $0.2 million and $0.2 million in fiscal 2015, 2014 and 2013, respectively, and is included in selling, general and administrative (“SG&A”) expenses in the Consolidated Statements of Income and loss on disposal of fixed assets in the Consolidated Statements of Cash Flows. Store closings usually occur at the expiration of the lease, at which time leasehold improvements, which constitute a majority of the abandoned assets, are fully depreciated. Conditional Asset Retirement Obligations: Commitments and Contingencies: Revenue Recognition: Cost of Sales: Selling, General and Administrative (“SG&A”) Expenses Advertising Costs and Vendor Allowances: Lease Accounting: Store Closing Costs Income Taxes: The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense (benefit) in the consolidated statements of income. Stock-Based Compensation: Comprehensive Income (Loss): Income Per Share: The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: Fiscal Year 2015 2014 2013 (in thousands) Weighted average common shares outstanding – basic 31,167 31,744 32,584 Dilutive effect of outstanding stock awards 156 153 278 Weighted average common shares outstanding – diluted 31,323 31,897 32,862 Antidilutive stock awards 1,744 2,062 2,450 Fair Value of Financial Instruments: Segment Information: |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 2. Fixed Assets Fixed assets consist of the following: January 30, January 31, 2016 2015 ($ in thousands) Buildings and improvements $ 11,838 $ 11,838 Fixtures and equipment 113,660 117,523 Leasehold improvements 42,794 36,417 Total fixed assets 168,292 165,778 Allowances for depreciation and amortization (137,626 ) (150,009 ) Fixed assets, net $ 30,666 $ 15,769 Depreciation of fixed assets is included in the Consolidated Statements of Income as follows: Fiscal Year 2015 2014 2013 ($ in thousands) Cost of sales $ 523 $ 483 $ 474 Selling, general and administrative expenses 4,668 3,905 3,830 Total $ 5,191 $ 4,388 $ 4,304 Depreciation expense related to the Company’s distribution center facility and related equipment is included in cost of sales. All other depreciation and amortization of fixed assets is included in SG&A expenses. |
Debt
Debt | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 3. Debt Credit Facility The Company has entered into a $75 million credit facility (“Credit Facility”). The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company. The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. The Company is compliant with all covenants. Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments. The availability under the Credit Facility is subject to limitations based on sufficient inventory levels. During fiscal 2015 and fiscal 2014, the Company did not have any borrowings under the Credit Facility. As of January 30, 2016 and January 31, 2015, the Company had no outstanding letter of credit obligations. The Company had $39 million and $41 million available for borrowing as of January 30, 2016 and January 31, 2015, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 4. Income Taxes Income tax expense consists of the following: Fiscal Year 2015 2014 2013 ($ in thousands) Federal – current $ 0 ($ ) ($ ) State – current 181 162 178 Deferred — — — Income tax expense $ 181 $ 116 $ 168 A reconciliation of the Company’s effective income tax rate with the federal statutory rate is as follows: Fiscal Year 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax effect 4.1 % 5.6 % 1.4 % Change in valuation allowance (39.0 %) (25.8 %) (30.9 %) Cash surrender value – insurance/ benefit programs 5.3 % (7.6 %) (4.2 %) Other .9 % (1.1 %) 0.7 % Effective income tax rate 6.3 % 6.1 % 2.0 % The Other category is comprised of various items, including the impacts of non-deductible meals, dues, penalties, amortization and graduated tax brackets. Significant components of the Company’s deferred tax assets are as follows: January 30, January 31, 2016 2015 ($ in thousands) DEFERRED TAX ASSETS Accrued expenses $ 393 $ 675 Inventory 311 287 Retirement and compensation related accruals 9,393 7,966 Fixed assets 5,830 8,352 Federal and state net operating loss and credit carryforwards 74,516 75,964 Real estate leases, including deferred rent 2,724 2,268 Losses on investments 1,226 1,228 Goodwill 0 223 Other 916 982 Gross deferred tax assets before valuation allowance 95,309 97,945 Less: valuation allowance (95,309 ) (97,945 ) Total deferred tax assets $ — $ — DEFERRED TAX LIABILITIES — — NET DEFERRED TAX ASSET $ — $ — The Company has a net operating loss carryforward of $158.2 million for federal income tax purposes and approximately $236 million for state income tax purposes as of the end of Fiscal 2016 that expire at various times through 2035 and are subject to certain limitations and statutory expiration periods. The state net operating loss carryforwards are subject to various business apportionment factors and multiple jurisdictional requirements when utilized. The Company has federal tax credit carryforwards of $1.2 million, of which $0.5 million will expire in 2026, with the remainder available indefinitely. The Company has state tax credit carryforwards of $1.0 million, of which $0.2 million will expire in 2027. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Management considers the scheduled reversal of taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. Based on the available objective evidence, management concluded that a full valuation allowance should be recorded against its deferred tax assets. As of January 30, 2016, the valuation allowance decreased to $95.3 million from $97.9 million at January 31, 2015. The reduction in the Company’s deferred tax assets was caused primarily by changes in certain deductible temporary differences to offset income before income taxes earned in Fiscal 2015. Management will continue to assess the valuation allowance against the gross deferred assets. During Fiscal 2015, Fiscal 2014 and Fiscal 2013 the Company paid income taxes, net of refunds, of approximately $0, $0 and $0.1 million, respectively. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the respective years is provided below. Amounts presented excluded interest and penalties, where applicable, on unrecognized tax benefits: Fiscal 2015 2014 2013 ($ in thousands) Unrecognized tax benefits at beginning of the year $ 1,930 $ 2,018 $ 2,078 Increases in tax positions from prior years — — — Decreases in tax positions from prior years — — — Increases in tax positions for current year — — — Settlements — — — Lapse of applicable statute of limitations 0 (88 ) (60 ) Unrecognized tax benefits at end of the year $ 1,930 $ 1,930 $ 2,018 As of January 30, 2016, the Company had $1.9 million of gross unrecognized tax benefits, $1.5 million of which would affect the Company’s tax rate if recognized. While it is reasonably possible that the amount of unrecognized tax benefits will increase or decrease within the next twelve months, the Company does not expect the change to have a significant impact on its results of operations or financial position. The Company is subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company has substantially concluded all federal income tax matters and all material state and local income tax matters through Fiscal 2011. The Company’s practice is to recognize interest and penalties associated with its unrecognized tax benefits as a component of income tax expense in the Company’s Consolidated Statements of Income. During Fiscal 2016, the Company accrued a provision for interest of $(0.2) million. As of January 30, 2016, the liability for uncertain tax positions reflected in the Company’s Consolidated Balance Sheets was $2.8 million, including accrued interest and penalties of $1.9 million. |
Leases
Leases | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Leases [Text Block] | Note 5. Leases At January 30, 2016, the Company leased 298 stores under operating leases, many of which contain renewal options, for periods ranging from one to ten years. Most leases also provide for payment of operating expenses and real estate taxes. Some also provide for contingent rent based on percentage of sales over a certain sales volume. In addition, as more fully discussed in Note 9 in the Notes to Consolidated Financial Statements, the Company leases its Albany, NY distribution center and administrative offices under an operating lease from its Chairman and largest shareholder. Net rental expense was as follows: Fiscal Year 2015 2014 2013 ($ in thousands) Minimum rentals $ 30,311 $ 32,732 $ 34,719 Contingent rentals 13 11 31 $ 30,324 $ 32,743 $ 34,750 Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at January 30, 2016 are as follows: Operating ($ in thousands) Leases 2016 17,776 2017 10,785 2018 8,007 2019 4,908 2020 3,983 Thereafter 5,318 Total minimum payments required $ 50,777 In addition to the obligations in the table above, a number of the Company’s stores have leases which have rent payments based on the store’s sales volume in lieu of fixed minimum rent payments. During fiscal 2015, minimum rent payments based on a store’s sales volume were $0.9 million. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 6. Benefit Plans 401(k) Savings Plan The Company offers a 401(k) Savings Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute up to 80% of their salary, including bonuses, up to the maximum allowable by IRS regulations. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participant vesting of the Company’s matching and profit sharing contribution is based on the years of service completed by the participant. Participants are fully vested upon the completion of four years of service. All participant forfeitures of non-vested benefits are used to reduce the Company’s contributions or fees in future years. Total expense related to the Company’s matching contribution was approximately $424,000, $437,000 and $331,000 in fiscal 2015, 2014 and 2013, respectively. Stock Award Plans The Company has outstanding awards under two employee stock award plans, the 2005 Long Term Incentive and Share Award Plan (the “Old Plan”); and the Amended and Restated 2005 Long Term Incentive and Share Award Plan (the “New Plan”). Additionally, the Company had a stock award plan for non-employee directors (the “1990 Plan”). The Company no longer issues stock options under the Old Plan. Equity awards authorized for issuance under the New Plan total 3.0 million. As of January 30, 2016, of the awards authorized for issuance under the Old Plan, New Plan and 1990 Plan, 2.3 million were granted and are outstanding, 1.3 million of which were vested and exercisable. Shares available for future grants of options and other share based awards under the New Plan at January 30, 2016 and January 31, 2015 were 2.1 million and 2.5 million, respectively. Total stock-based compensation expense recognized in the Consolidated Statements of Income for fiscal 2015, fiscal 2014 and fiscal 2013 was $0.4 million, $0.5 million and $0.3 million. During the fiscal 2015, fiscal 2014 and fiscal 2013 the related total deferred tax benefit was $0. As of January 30, 2016, there was $0.7 million of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of 1.6 years. The fair values of the options granted have been estimated at the date of grant using the Black - Scholes option pricing model with the following assumptions: Stock Option Plan 2015 2014 2013 Dividend yield 0% 0% 0% Expected stock price volatility 39.7-50.2% 47.0-66.8% 67.6%-75.2% Risk-free interest rate 1.32%-1.94% 1.45%-2.18% 0.85%-2.1% Expected award life ( in years) 4.92-5.71 4.92-5.71 4.92-6.98 Weighted average fair value per share of awards granted during the year $1.49 $1.65 $2.99 The following table summarizes information about stock option awards outstanding under the Old Plan, New Plan and 1990 Plan as of January 30, 2016: Outstanding Exercisable Weighted Weighted Average Average Aggregate Average Aggregate Exercise Remaining Exercise Intrinsic Exercise Intrinsic Price Range Shares Life Price Value Shares Price Value $0.00-$2.66 372,000 4.9 $ 2.12 $ 431,400 320,000 $ 2.10 $ 378,060 2.67-5.33 1,572,525 5.4 4.33 — 828,775 4.80 — 5.33-8.00 167,300 1.2 5.51 — 167,300 5.51 — Total 2,111,825 5.0 $ 4.04 $ 431,400 1,316,075 $ 4.23 $ 378,060 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value based on the Company’s closing stock price of $3.28 as of January 30, 2016, which would have been received by the award holders had all award holders under the Old Plan, New Plan and 1990 Plan exercised their awards as of that date. The following table summarizes stock option activity under the Stock Award Plans: Employee and Director Stock Award Plans Number of Stock Award Weighted Other Share Awards (1) Weighted Balance February 2, 2013 4,663,909 $0.98-$14.32 $ 6.45 93,037 $ 6.04 Granted 285,000 3.48-4.87 4.74 11,620 4.30 Exercised (1,477,450 ) 0.98-3.50 3.29 (93,716 ) 5.42 Forfeited (305,000 ) 1.67-4.87 3.08 — 0.00 Canceled (259,269 ) 3.50-14.32 8.45 — 0.00 Balance February 1, 2014 2,907,190 $1.73-$14.32 $ 8.07 10,941 $ 9.50 Granted 492,500 3.36-3.50 3.44 226,459 3.47 Exercised (39,000 ) 1.73 1.73 — 0.00 Forfeited (136,250 ) 1.73-4.87 3.64 — 0.00 Canceled (752,590 ) 1.73-14.32 10.31 — 0.00 Balance January 31, 2015 2,471,850 $1.73-$14.32 $ 6.81 237,400 $ 3.75 Granted 380,000 3.40-3.88 3.72 23,774 3.59 Exercised (8,000 ) 1.73-2.53 2.33 (50,000 ) 0.00 Forfeited (18,500 ) 1.73-4.87 3.62 — 0.00 Canceled (713,525 ) 1.73-14.32 13.28 — 0.10 Balance January 30, 2016 2,111,825 $1.73-$6.41 $ 4.04 211,174 $ 3.79 (1) Other Share Awards include deferred shares granted to executives and Directors. During fiscal 2015, 2014 and 2013, the Company recognized expenses of approximately $50,000, $80,000, and $50,000, respectively, for deferred shares issued to non-employee directors. ($ in thousands) Stock Option Exercises 2015 2014 2013 Cash received for exercise price $ 19 $ 67 $ 4,869 Intrinsic value 12 86 701 Defined Benefit Plans The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain Executive Officers of the Company. The SERP, which is unfunded, provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. The annual benefit amount is based on salary and bonus at the time of retirement and number of years of service. Prior to June 1, 2003, the Company had provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. For fiscal 2015, fiscal 2014 and fiscal 2013, net periodic benefit cost recognized under both plans totaled approximately $1.0 million, $1.3 million, and $1.5 million, respectively. The accrued pension liability for both plans was approximately $19.0 million and $19.5 million at January 30, 2016 and January 31, 2015, respectively, and is recorded within other long term liabilities. The accumulated benefit obligation for both plans was approximately $19.0 million and $19.5 million as of January 30, 2016 and January 31, 2015, respectively. The following is a summary of the Company’s defined benefit pension plans as of the most recent actuarial calculations: Obligation and Funded Status: ($ in thousands) January 30, January Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 19,550 $ 16,287 Service cost 66 90 Interest cost 583 638 Actuarial loss (gain) (1,061 ) 199 Benefits paid (112 ) (121 ) Projected Benefit obligation at end of year $ 19,026 19,550 Fair value of plan assets at end of year $ — $ — Funded status ($ ) ($ ) Unrecognized prior service cost 237 580 Unrecognized net actuarial (gain) loss (525 ) 502 Accrued benefit cost ($ ) ($ ) Amounts recognized in the Consolidated Balance Sheets consist of: ($ in thousands) January 30, January 31, 2016 2015 Current liability ($ ) ($ ) Long term liability (17,879 ) (19,343 ) Add: Accumulated other comprehensive loss (income) (288 ) 1,082 Net amount recognized ($ ) ($ ) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss: Fiscal Year 2015 2014 2013 Net Periodic Benefit Cost: Service cost $ 66 $ 55 $ 110 Interest cost 583 689 656 Amortization of prior service cost 342 721 342 Amortization of net gain (34 ) (143 ) (448 ) Net periodic benefit cost $ 957 $ 1,322 $ 1,485 Other Changes in Benefit Obligations Recognized in Other Comprehensive (Income) Loss: 2015 2014 Net prior service cost recognized as a component of net periodic benefit cost $ (342 ) $ (721 ) Net actuarial gain recognized as a component of net periodic benefit cost 34 143 Net actuarial losses / (gains) arising during the period (1,061 ) 2,640 (1,369 ) 2,062 Income tax effect — — Total recognized in other comprehensive (income) loss ($ ) $ 2,062 Total recognized in net periodic benefit cost and other comprehensive loss (income) ($ ) $ 3,384 The pre-tax components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost as of January 30, 2016, January 31, 2015, and February 1, 2014 and the tax effect are summarized below. January 30, January 31, February 1, ($ in thousands) 2016 2015 2014 Net unrecognized actuarial loss (gain) ($ ) $ 502 ($ ) Net unrecognized prior service cost 237 580 1,300 Accumulated other comprehensive (income) loss ($ ) 1,082 (980 ) Tax expense 1,100 1,099 1,099 Accumulated other comprehensive loss $ $ 2,181 $ 119 In fiscal 2015, approximately $220,000 of net unrecognized prior service cost and approximately $14,000 of the net unrecognized actuarial gain, recorded as components of accumulated other comprehensive loss at January 30, 2016, will be recognized as components of net periodic benefit cost. Assumptions: Fiscal Year 2015 2014 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.63% 3.00% Salary increase rate 3.00% 3.00% Measurement date Jan 30, 2016 Jan 31, 2015 Fiscal Year 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.00% 4.25% 3.75% Salary increase rate 3.00% 4.00% 4.00% The discount rate is based on the rates implicit in high-quality fixed-income investments currently available as of the measurement date. The Citigroup Pension Discount Curve (CPDC) rates are intended to represent the spot rates implied by the high quality corporate bond market in the U.S. The projected benefit payments attributed to the projected benefit obligation have been discounted using the CPDC mid-year rates and the discount rate is the single constant rate that produces the same total present value. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Year Pension Benefits ( $ in thousands 2016 1,147 2017 1,079 2018 1,201 2019 1,201 2020 1,201 2021 – 2024 6,065 Accumulated Other Comprehensive Income (Loss) ($ in thousands) Pension January 31, 2015 ($ ) Other comprehensive income before reclassifications 1,369 January 30, 2016 ($ ) |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7. Shareholders’ Equity During fiscal 2015, the Company repurchased 298,225 shares of common stock for an aggregate purchase price of $1.1 million. Since the inception of the program, the Company has repurchased 1,872,043 shares of common stock at an average price of $3.82 per share. As of January 30, 2016, the Company has approximately $14.8 million available for purchase under their repurchase program. The Company classified the repurchased shares as treasury stock on the Company’s consolidated balance sheet. No cash dividends were paid in fiscal 2015 or 2013. In the first quarter of fiscal 2014, the Company declared and paid a special cash dividend of $0.50 per common share. The Company’s Credit Facility contains certain restrictions related to the payment of cash dividends, including limiting the amount of dividends to $5.0 million annually. On March 5, 2014, Wells Fargo Bank, National Association (the “Administrative Agent”) and certain other parties to the amended credit facility agreed to consent to the special cash dividend. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 8. Related Party Transactions The Company leases its 181,300 square foot distribution center/office facility in Albany, New York from Robert J. Higgins, its Chairman and largest shareholder. The original distribution center/office facility was occupied in 1985. On December 4, 2015, the Company amended and restated the lease. The lease commenced January 1, 2016 and expires December 31, 2020. Under the three original capital leases, dated April 1, 1985, November 1, 1989 and September 1, 1998, the Company paid Mr. Higgins an annual rent of $2.1 million, $2.3 million and $2.3 million in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. Under the new lease dated December 4, 2015, and accounted for as an operating lease, the Company paid Mr. Higgins $103 thousand in fiscal 2015. Under the terms of the lease agreements, the Company is responsible for property taxes and other operating costs with respect to the premises. The Company leased one Annual rental payments under this lease were $40,000, and $40,000 in fiscal 2014 and 2013. Under the terms of the lease, the Company paid property taxes, maintenance and a contingent rent if a specified sales level was achieved. No contingent rent was paid in fiscal 2014 and fiscal 2013. Total additional charges for the store were approximately $2,400 and $3,800 in fiscal 2014 and fiscal 2013 respectively. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 9. Quarterly Financial Information (Unaudited) Fiscal 2015 Quarter Ended Fiscal January October August May ($ in thousands, except for per share amounts) Net sales $ 334,661 $ 121,321 $ 67,925 $ 67,451 $ 77,963 Gross profit 130,572 45,931 26,680 27,158 30,803 Net income (loss) $ 2,689 $ 9,868 $ (4,328 ) ($ ) $ 194 Basic income (loss) per share $ 0.09 $ 0.32 ($ ) ($ ) $ 0.01 Diluted income (loss) per share $ 0.09 $ 0.32 ($ ) ($ ) $ 0.01 Fiscal 2014 Quarter Ended Fiscal January November August May ($ in thousands, except for per share amounts) Net sales $ 358,490 $ 126,910 $ 72,456 $ 71,908 $ 87,216 Gross profit 135,918 46,560 28,534 28,047 32,777 Net income (loss) $ 1,778 $ 11,737 ($ ) ($ ) ($ ) Basic income (loss) per share $ 0.06 $ 0.37 ($ ) ($ ) ($ ) Diluted income (loss) per share $ 0.06 $ 0.37 ($ ) ($ ) ($ ) |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations: www.fye.com and www.secondspin.com |
Liquidity [Policy Text Block] | Liquidity: Management anticipates any cash requirements due to a shortfall in cash from operations will be funded by the Company’s revolving credit facility, discussed hereafter. |
Consolidation, Policy [Policy Text Block] | Basis of Presentation: |
Items Affecting Comparability [Policy Text Block] | Items Affecting Comparability: |
Concentration of Business Risks [Policy Text Block] | Concentration of Business Risks: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risks: |
Receivables, Policy [Policy Text Block] | Accounts Receivable: |
Inventory, Policy [Policy Text Block] | Merchandise Inventory and Return Costs: The Company is generally entitled to return merchandise purchased from major music vendors for credit against other purchases from these vendors. Certain vendors reduce the credit with a merchandise return charge which varies depending on the type of merchandise being returned. Certain other vendors charge a handling fee based on units returned. The Company records all merchandise return charges in cost of sales. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets and Depreciation: Leasehold improvements Lesser of estimated useful life of the asset or the lease term Fixtures and equipment 3-7 years Building 27 years Major improvements and betterments to existing facilities and equipment are capitalized. Expenditures for maintenance and repairs are expensed as incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets: The Company did not recognize an impairment expense during fiscal 2015, 2014 and 2013. Losses for store closings in the ordinary course of business represent the write down of the net book value of abandoned fixtures and leasehold improvements. The loss on disposal of fixed assets related to store closings was $0.6 million, $0.2 million and $0.2 million in fiscal 2015, 2014 and 2013, respectively, and is included in selling, general and administrative (“SG&A”) expenses in the Consolidated Statements of Income and loss on disposal of fixed assets in the Consolidated Statements of Cash Flows. Store closings usually occur at the expiration of the lease, at which time leasehold improvements, which constitute a majority of the abandoned assets, are fully depreciated. |
Asset Retirement Obligations, Policy [Policy Text Block] | Conditional Asset Retirement Obligations: |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies: |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales: |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative (“SG&A”) Expenses |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs and Vendor Allowances: |
Lease, Policy [Policy Text Block] | Lease Accounting: |
Store Closing Costs [Policy Text Block] | Store Closing Costs |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense (benefit) in the consolidated statements of income. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation: |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss): |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share: The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: Fiscal Year 2015 2014 2013 (in thousands) Weighted average common shares outstanding – basic 31,167 31,744 32,584 Dilutive effect of outstanding stock awards 156 153 278 Weighted average common shares outstanding – diluted 31,323 31,897 32,862 Antidilutive stock awards 1,744 2,062 2,450 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: |
Segment Reporting, Policy [Policy Text Block] | Segment Information: |
Nature of Operations and Summ18
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives [Table Text Block] | The estimated useful lives are as follows: Leasehold improvements Lesser of estimated useful life of the asset or the lease term Fixtures and equipment 3-7 years Building 27 years |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following is a reconciliation of the basic weighted average number of shares outstanding to the diluted weighted average number of shares outstanding: Fiscal Year 2015 2014 2013 (in thousands) Weighted average common shares outstanding – basic 31,167 31,744 32,584 Dilutive effect of outstanding stock awards 156 153 278 Weighted average common shares outstanding – diluted 31,323 31,897 32,862 Antidilutive stock awards 1,744 2,062 2,450 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Fixed assets consist of the following: January 30, January 31, 2016 2015 ($ in thousands) Buildings and improvements $ 11,838 $ 11,838 Fixtures and equipment 113,660 117,523 Leasehold improvements 42,794 36,417 Total fixed assets 168,292 165,778 Allowances for depreciation and amortization (137,626 ) (150,009 ) Fixed assets, net $ 30,666 $ 15,769 |
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | Depreciation of fixed assets is included in the Consolidated Statements of Income as follows: Fiscal Year 2015 2014 2013 ($ in thousands) Cost of sales $ 523 $ 483 $ 474 Selling, general and administrative expenses 4,668 3,905 3,830 Total $ 5,191 $ 4,388 $ 4,304 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consists of the following: Fiscal Year 2015 2014 2013 ($ in thousands) Federal – current $ 0 ($ ) ($ ) State – current 181 162 178 Deferred — — — Income tax expense $ 181 $ 116 $ 168 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the Company’s effective income tax rate with the federal statutory rate is as follows: Fiscal Year 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax effect 4.1 % 5.6 % 1.4 % Change in valuation allowance (39.0 %) (25.8 %) (30.9 %) Cash surrender value – insurance/ benefit programs 5.3 % (7.6 %) (4.2 %) Other .9 % (1.1 %) 0.7 % Effective income tax rate 6.3 % 6.1 % 2.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets are as follows: January 30, January 31, 2016 2015 ($ in thousands) DEFERRED TAX ASSETS Accrued expenses $ 393 $ 675 Inventory 311 287 Retirement and compensation related accruals 9,393 7,966 Fixed assets 5,830 8,352 Federal and state net operating loss and credit carryforwards 74,516 75,964 Real estate leases, including deferred rent 2,724 2,268 Losses on investments 1,226 1,228 Goodwill 0 223 Other 916 982 Gross deferred tax assets before valuation allowance 95,309 97,945 Less: valuation allowance (95,309 ) (97,945 ) Total deferred tax assets $ — $ — DEFERRED TAX LIABILITIES — — NET DEFERRED TAX ASSET $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Amounts presented excluded interest and penalties, where applicable, on unrecognized tax benefits: Fiscal 2015 2014 2013 ($ in thousands) Unrecognized tax benefits at beginning of the year $ 1,930 $ 2,018 $ 2,078 Increases in tax positions from prior years — — — Decreases in tax positions from prior years — — — Increases in tax positions for current year — — — Settlements — — — Lapse of applicable statute of limitations 0 (88 ) (60 ) Unrecognized tax benefits at end of the year $ 1,930 $ 1,930 $ 2,018 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Net rental expense was as follows: Fiscal Year 2015 2014 2013 ($ in thousands) Minimum rentals $ 30,311 $ 32,732 $ 34,719 Contingent rentals 13 11 31 $ 30,324 $ 32,743 $ 34,750 |
Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block] | Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at January 30, 2016 are as follows: Operating ($ in thousands) Leases 2016 17,776 2017 10,785 2018 8,007 2019 4,908 2020 3,983 Thereafter 5,318 Total minimum payments required $ 50,777 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of the options granted have been estimated at the date of grant using the Black - Scholes option pricing model with the following assumptions: Stock Option Plan 2015 2014 2013 Dividend yield 0% 0% 0% Expected stock price volatility 39.7-50.2% 47.0-66.8% 67.6%-75.2% Risk-free interest rate 1.32%-1.94% 1.45%-2.18% 0.85%-2.1% Expected award life ( in years) 4.92-5.71 4.92-5.71 4.92-6.98 Weighted average fair value per share of awards granted during the year $1.49 $1.65 $2.99 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about stock option awards outstanding under the Old Plan, New Plan and 1990 Plan as of January 30, 2016: Outstanding Exercisable Weighted Weighted Average Average Aggregate Average Aggregate Exercise Remaining Exercise Intrinsic Exercise Intrinsic Price Range Shares Life Price Value Shares Price Value $0.00-$2.66 372,000 4.9 $ 2.12 $ 431,400 320,000 $ 2.10 $ 378,060 2.67-5.33 1,572,525 5.4 4.33 — 828,775 4.80 — 5.33-8.00 167,300 1.2 5.51 — 167,300 5.51 — Total 2,111,825 5.0 $ 4.04 $ 431,400 1,316,075 $ 4.23 $ 378,060 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes stock option activity under the Stock Award Plans: Employee and Director Stock Award Plans Number of Stock Award Weighted Other Share Awards (1) Weighted Balance February 2, 2013 4,663,909 $0.98-$14.32 $ 6.45 93,037 $ 6.04 Granted 285,000 3.48-4.87 4.74 11,620 4.30 Exercised (1,477,450 ) 0.98-3.50 3.29 (93,716 ) 5.42 Forfeited (305,000 ) 1.67-4.87 3.08 — 0.00 Canceled (259,269 ) 3.50-14.32 8.45 — 0.00 Balance February 1, 2014 2,907,190 $1.73-$14.32 $ 8.07 10,941 $ 9.50 Granted 492,500 3.36-3.50 3.44 226,459 3.47 Exercised (39,000 ) 1.73 1.73 — 0.00 Forfeited (136,250 ) 1.73-4.87 3.64 — 0.00 Canceled (752,590 ) 1.73-14.32 10.31 — 0.00 Balance January 31, 2015 2,471,850 $1.73-$14.32 $ 6.81 237,400 $ 3.75 Granted 380,000 3.40-3.88 3.72 23,774 3.59 Exercised (8,000 ) 1.73-2.53 2.33 (50,000 ) 0.00 Forfeited (18,500 ) 1.73-4.87 3.62 — 0.00 Canceled (713,525 ) 1.73-14.32 13.28 — 0.10 Balance January 30, 2016 2,111,825 $1.73-$6.41 $ 4.04 211,174 $ 3.79 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ($ in thousands) Stock Option Exercises 2015 2014 2013 Cash received for exercise price $ 19 $ 67 $ 4,869 Intrinsic value 12 86 701 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following is a summary of the Company’s defined benefit pension plans as of the most recent actuarial calculations: January 30, January Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 19,550 $ 16,287 Service cost 66 90 Interest cost 583 638 Actuarial loss (gain) (1,061 ) 199 Benefits paid (112 ) (121 ) Projected Benefit obligation at end of year $ 19,026 19,550 Fair value of plan assets at end of year $ — $ — Funded status ($ ) ($ ) Unrecognized prior service cost 237 580 Unrecognized net actuarial (gain) loss (525 ) 502 Accrued benefit cost ($ ) ($ ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the Consolidated Balance Sheets consist of: January 30, January 31, 2016 2015 Current liability ($ ) ($ ) Long term liability (17,879 ) (19,343 ) Add: Accumulated other comprehensive loss (income) (288 ) 1,082 Net amount recognized ($ ) ($ ) |
Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss | Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss: Fiscal Year 2015 2014 2013 Net Periodic Benefit Cost: Service cost $ 66 $ 55 $ 110 Interest cost 583 689 656 Amortization of prior service cost 342 721 342 Amortization of net gain (34 ) (143 ) (448 ) Net periodic benefit cost $ 957 $ 1,322 $ 1,485 2015 2014 Net prior service cost recognized as a component of net periodic benefit cost $ (342 ) $ (721 ) Net actuarial gain recognized as a component of net periodic benefit cost 34 143 Net actuarial losses / (gains) arising during the period (1,061 ) 2,640 (1,369 ) 2,062 Income tax effect — — Total recognized in other comprehensive (income) loss ($ ) $ 2,062 Total recognized in net periodic benefit cost and other comprehensive loss (income) ($ ) $ 3,384 |
Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized [Table Text Block]] | The pre-tax components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost as of January 30, 2016, January 31, 2015, and February 1, 2014 and the tax effect are summarized below. January 30, January 31, February 1, ($ in thousands) 2016 2015 2014 Net unrecognized actuarial loss (gain) ($ ) $ 502 ($ ) Net unrecognized prior service cost 237 580 1,300 Accumulated other comprehensive (income) loss ($ ) 1,082 (980 ) Tax expense 1,100 1,099 1,099 Accumulated other comprehensive loss $ $ 2,181 $ 119 |
Schedule of Assumptions Used [Table Text Block] | Assumptions: Fiscal Year 2015 2014 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.63% 3.00% Salary increase rate 3.00% 3.00% Measurement date Jan 30, 2016 Jan 31, 2015 Fiscal Year 2015 2014 2013 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 3.00% 4.25% 3.75% Salary increase rate 3.00% 4.00% 4.00% |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Year Pension Benefits ( $ in thousands 2016 1,147 2017 1,079 2018 1,201 2019 1,201 2020 1,201 2021 – 2024 6,065 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ($ in thousands) Pension January 31, 2015 ($ ) Other comprehensive income before reclassifications 1,369 January 30, 2016 ($ ) |
Quarterly Financial Informati23
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal 2015 Quarter Ended Fiscal January October August May ($ in thousands, except for per share amounts) Net sales $ 334,661 $ 121,321 $ 67,925 $ 67,451 $ 77,963 Gross profit 130,572 45,931 26,680 27,158 30,803 Net income (loss) $ 2,689 $ 9,868 $ (4,328 ) ($ ) $ 194 Basic income (loss) per share $ 0.09 $ 0.32 ($ ) ($ ) $ 0.01 Diluted income (loss) per share $ 0.09 $ 0.32 ($ ) ($ ) $ 0.01 Fiscal 2014 Quarter Ended Fiscal January November August May ($ in thousands, except for per share amounts) Net sales $ 358,490 $ 126,910 $ 72,456 $ 71,908 $ 87,216 Gross profit 135,918 46,560 28,534 28,047 32,777 Net income (loss) $ 1,778 $ 11,737 ($ ) ($ ) ($ ) Basic income (loss) per share $ 0.06 $ 0.37 ($ ) ($ ) ($ ) Diluted income (loss) per share $ 0.06 $ 0.37 ($ ) ($ ) ($ ) |
Nature of Operations and Summ24
Nature of Operations and Summary of Significant Accounting Policies (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Jan. 30, 2016USD ($)ft² | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of Stores | 299 | ||
Area of Stores (in Square Feet) | ft² | 1.7 | ||
Concentration Risk Supplier Number | 400 | ||
Percentage of purchases from major supplier | 52.00% | ||
Number of major suppliers | 10 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (613) | $ (210) | $ (162) |
Miscellaneous Income | 8,300 | 6,100 | 6,100 |
Proceeds from Legal Settlements | 1,400 | ||
Advertising Expense | 2,900 | 3,400 | 4,200 |
Vendor Allowances Reimbursement | $ 2,900 | 3,400 | 4,200 |
Income Tax Examination, Likelihood of Unfavorable Settlement | 50% | ||
Number of Reportable Segments | 1 | ||
Store Closing [Member] | |||
Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (600) | $ (200) | $ (200) |
Nature of Operations and Summ25
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life | 12 Months Ended |
Jan. 30, 2016 | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Leasehold improvements | Lesser of estimated useful life of the asset or the lease term |
Building and Building Improvements [Member] | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Estimated useful life of the asset | 27 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Estimated useful life of the asset | 3 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Depreciated or amortized over the estimated useful life [Line Items] | |
Estimated useful life of the asset | 7 years |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of the basic weighted average Number of outstanding shares basic and diluted - shares shares in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Reconciliation of the basic weighted average Number of outstanding shares basic and diluted [Abstract] | |||
Weighted average common shares outstanding – basic | 31,167 | 31,744 | 32,584 |
Dilutive effect of outstanding stock awards | 156 | 153 | 278 |
Weighted average common shares outstanding – diluted | 31,323 | 31,897 | 32,862 |
Antidilutive stock awards | 1,744 | 2,062 | 2,450 |
Fixed Assets (Details) - Schedu
Fixed Assets (Details) - Schedule of Fixed Assets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $ 168,292 | $ 165,778 |
Allowances for depreciation and amortization | (137,626) | (150,009) |
Fixed assets, net | 30,666 | 15,769 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 11,838 | 11,838 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | 113,660 | 117,523 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets | $ 42,794 | $ 36,417 |
Fixed Assets (Details) - Sche28
Fixed Assets (Details) - Schedule of Depreciation of Fixed Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Depreciation of Fixed Assets [Abstract] | |||
Cost of sales | $ 523 | $ 483 | $ 474 |
Selling, general and administrative expenses | 4,668 | 3,905 | 3,830 |
Total | $ 5,191 | $ 4,388 | $ 4,304 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Second Amended Credit Facility [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 75 | |
Second Amended Credit Facility [Member] | Minimum [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |
Second Amended Credit Facility [Member] | Maximum [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |
Amended And Second Amended Credit Facility Member | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | $ 39 | $ 41 |
LIBOR Rate [Member] | Second Amended Credit Facility [Member] | Minimum [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
LIBOR Rate [Member] | Second Amended Credit Facility [Member] | Maximum [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |
Base Rate [Member] | Second Amended Credit Facility [Member] | Minimum [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Base Rate [Member] | Second Amended Credit Facility [Member] | Maximum [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Taxes (Details) [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 95,309 | $ 97,945 | ||
Income Taxes Paid, Net | 0 | 0 | $ 100 | |
Unrecognized Tax Benefits | 1,930 | $ 1,930 | $ 2,018 | $ 2,078 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,500 | |||
Income Tax Examination, Penalties and Interest Expense | (200) | |||
Liability for Uncertainty in Income Taxes, Current | 2,800 | |||
Income Tax Examination, Penalties and Interest Accrued | 1,900 | |||
Domestic Tax Authority [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | 158,200 | |||
Tax Credit Carryforward, Amount | 1,200 | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 500 | |||
Tax Credit Carryforward Expiration Year | 2,026 | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | $ 236,000 | |||
Tax Credit Carryforward, Amount | 1,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 200 | |||
Tax Credit Carryforward Expiration Year | 2,027 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of components of income tax expense benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of components of income tax expense benefit [Abstract] | |||
Federal – current | $ 0 | $ (46) | $ (10) |
State – current | 181 | 162 | 178 |
Income tax expense | $ 181 | $ 116 | $ 168 |
Income Taxes (Details) - Sche32
Income Taxes (Details) - Schedule of effective income tax rate reconciliation | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of effective income tax rate reconciliation [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax effect | 4.10% | 5.60% | 1.40% |
Change in valuation allowance | (39.00%) | (25.80%) | (30.90%) |
Cash surrender value – insurance/ benefit programs | 5.30% | (7.60%) | (4.20%) |
Other | 0.90% | (1.10%) | 0.70% |
Effective income tax rate | 6.30% | 6.10% | 2.00% |
Income Taxes (Details) - Sche33
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
DEFERRED TAX ASSETS | ||
Accrued expenses | $ 393 | $ 675 |
Inventory | 311 | 287 |
Retirement and compensation related accruals | 9,393 | 7,966 |
Fixed assets | 5,830 | 8,352 |
Federal and state net operating loss and credit carryforwards | 74,516 | 75,964 |
Real estate leases, including deferred rent | 2,724 | 2,268 |
Losses on investments | 1,226 | 1,228 |
Goodwill | 0 | 223 |
Other | 916 | 982 |
Gross deferred tax assets before valuation allowance | 95,309 | 97,945 |
Less: valuation allowance | $ (95,309) | $ (97,945) |
Income Taxes (Details) - Sche34
Income Taxes (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of unrecognized tax benefits [Abstract] | |||
Unrecognized tax benefits at beginning of the year | $ 1,930 | $ 2,018 | $ 2,078 |
Lapse of applicable statute of limitations | 0 | (88) | (60) |
Unrecognized tax benefits at end of the year | $ 1,930 | $ 1,930 | $ 2,018 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Leases (Details) [Line Items] | |
Number Of Stores Leased Under Operating Leases | 298 |
Operating Leases Rent Expense Minimum Rental Based on Sales Volume (in Dollars) | $ 0.9 |
Minimum [Member] | |
Leases (Details) [Line Items] | |
Operating Lease Period | 1 year |
Maximum [Member] | |
Leases (Details) [Line Items] | |
Operating Lease Period | 10 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of net rental expense - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of net rental expense [Abstract] | |||
Minimum rentals | $ 30,311 | $ 32,732 | $ 34,719 |
Contingent rentals | 13 | 11 | 31 |
$ 30,324 | $ 32,743 | $ 34,750 |
Leases (Details) - Schedule o37
Leases (Details) - Schedule of future minimum rental payment - Operating Lease [Member] $ in Thousands | Jan. 30, 2016USD ($) |
Leases (Details) - Schedule of future minimum rental payment [Line Items] | |
2,016 | $ 17,776 |
2,017 | 10,785 |
2,018 | 8,007 |
2,019 | 4,908 |
2,020 | 3,983 |
Thereafter | 5,318 |
Total minimum payments required | $ 50,777 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Disclosure Text Block Supplement [Abstract] | |||
Defined Contribution Plan Maximum Percentage of salary can be contributed | 80.00% | ||
Defined Contribution Plan Employers Matching Contribution Vesting Period | 4 years | ||
Defined Contribution Plan, Cost Recognized | $ 424,000 | $ 437,000 | $ 331,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 3 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number (in Shares) | 2.3 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number (in Shares) | 1.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2.1 | 2.5 | |
Allocated Share-based Compensation Expense | $ 400,000 | $ 500,000 | 300,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 0 | 0 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 700,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | ||
Entity Stock Closing Price (in Dollars per share) | $ 3.28 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 50,000 | 80,000 | 50,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 957,000 | 1,322,000 | $ 1,485,000 |
Defined Benefit Plans Accrued Pension Liability | 19,000,000 | 19,500,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 19,000,000 | 19,500,000 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, Net of Tax | 220,000 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | $ (14,000) | $ 2,062,000 |
Benefit Plans (Details) - Sched
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value per share of awards granted during the year (in Dollars per share) | $ 1.49 | $ 1.65 | $ 2.99 |
Minimum [Member] | |||
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Expected stock price volatility | 39.70% | 47.00% | 67.60% |
Risk-free interest rate | 1.32% | 1.45% | 0.85% |
Expected award life ( in years) | 4 years 335 days | 4 years 335 days | 4 years 335 days |
Maximum [Member] | |||
Benefit Plans (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |||
Expected stock price volatility | 50.20% | 66.80% | 75.20% |
Risk-free interest rate | 1.94% | 2.18% | 2.10% |
Expected award life ( in years) | 5 years 259 days | 5 years 259 days | 6 years 357 days |
Benefit Plans (Details) - Sch40
Benefit Plans (Details) - Schedule of Share-based Compensation, Stock authorized under stock option plan $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Shares (in Shares) | shares | 2,111,825 |
Outstanding Average Remaining Life | 5 years |
Outstanding Weighted Average Exercise Price | $ 4.04 |
Outstanding Aggregate Intrinsic Value (in Dollars) | $ | $ 431,400 |
Exercisable Shares (in Shares) | shares | 1,316,075 |
Exercisable Weighted Average Exercise Price | $ 4.23 |
Exercisable Aggregate Intrinsic Value (in Dollars) | $ | $ 378,060 |
Range1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Minimum | $ 0 |
Exercise Price Range Maximum | $ 2.66 |
Outstanding Shares (in Shares) | shares | 372,000 |
Outstanding Average Remaining Life | 4 years 328 days |
Outstanding Weighted Average Exercise Price | $ 2.12 |
Outstanding Aggregate Intrinsic Value (in Dollars) | $ | $ 431,400 |
Exercisable Shares (in Shares) | shares | 320,000 |
Exercisable Weighted Average Exercise Price | $ 2.10 |
Exercisable Aggregate Intrinsic Value (in Dollars) | $ | $ 378,060 |
Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Minimum | $ 2.67 |
Exercise Price Range Maximum | $ 5.33 |
Outstanding Shares (in Shares) | shares | 1,572,525 |
Outstanding Average Remaining Life | 5 years 146 days |
Outstanding Weighted Average Exercise Price | $ 4.33 |
Exercisable Shares (in Shares) | shares | 828,775 |
Exercisable Weighted Average Exercise Price | $ 4.80 |
Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Minimum | 5.33 |
Exercise Price Range Maximum | $ 8 |
Outstanding Shares (in Shares) | shares | 167,300 |
Outstanding Average Remaining Life | 1 year 73 days |
Outstanding Weighted Average Exercise Price | $ 5.51 |
Exercisable Shares (in Shares) | shares | 167,300 |
Exercisable Weighted Average Exercise Price | $ 5.51 |
Benefit Plans (Details) - Sch41
Benefit Plans (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - $ / shares | 12 Months Ended | ||||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares Subject To option, Balance (in Shares) | 2,111,825 | 2,471,850 | 2,907,190 | 4,663,909 | |
Weighted Average Exercise Price, Balance | $ 4.04 | $ 6.81 | $ 8.07 | $ 6.45 | |
Other Share Awards, Balance (in Shares) | [1] | 211,174 | 237,400 | 10,941 | 93,037 |
Weighted Average Grant Date Value, Balance | $ 3.79 | $ 3.75 | $ 9.50 | $ 6.04 | |
Number of Shares Subject To option, Granted (in Shares) | 380,000 | 492,500 | 285,000 | ||
Weighted Average Exercise Price, Granted | $ 3.72 | $ 3.44 | $ 4.74 | ||
Other Share Awards, Granted (in Shares) | [1] | 23,774 | 226,459 | 11,620 | |
Weighted Average Grant Date Value, Granted | $ 3.59 | $ 3.47 | $ 4.30 | ||
Number of Shares Subject To option, Exercised (in Shares) | (8,000) | (39,000) | (1,477,450) | ||
Weighted Average Exercise Price, Exercised | $ 2.33 | $ 1.73 | $ 3.29 | ||
Other Share Awards, Exercised (in Shares) | [1] | (50,000) | (93,716) | ||
Weighted Average Grant Date Value, Exercised | $ 0 | $ 0 | $ 5.42 | ||
Number of Shares Subject To option, Forfeited (in Shares) | (18,500) | (136,250) | (305,000) | ||
Weighted Average Exercise Price, Forfeited | $ 3.62 | $ 3.64 | $ 3.08 | ||
Weighted Average Grant Date Value, Forfeited | $ 0 | $ 0 | $ 0 | ||
Number of Shares Subject To option, Canceled (in Shares) | (713,525) | (752,590) | (259,269) | ||
Weighted Average Exercise Price, Canceled | $ 13.28 | $ 10.31 | $ 8.45 | ||
Weighted Average Grant Date Value, Canceled | 0.10 | 0 | 0 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Award Exercise Price Range Per Share, Balance, per share | 1.73 | 1.73 | 1.73 | 0.98 | |
Stock Award Exercise Price Range Per Share, Granted, per share | 3.40 | 3.36 | 3.48 | ||
Stock Award Exercise Price Range Per Share, Exercised, per share | 1.73 | 1.73 | 0.98 | ||
Stock Award Exercise Price Range Per Share, Forfeited, per share | 1.73 | 1.73 | 1.67 | ||
Stock Award Exercise Price Range Per Share, Canceled, per share | 1.73 | 1.73 | 3.50 | ||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Award Exercise Price Range Per Share, Balance, per share | 6.41 | 14.32 | 14.32 | $ 14.32 | |
Stock Award Exercise Price Range Per Share, Granted, per share | 3.88 | 3.50 | 4.87 | ||
Stock Award Exercise Price Range Per Share, Exercised, per share | 2.53 | 1.73 | 3.50 | ||
Stock Award Exercise Price Range Per Share, Forfeited, per share | 4.87 | 4.87 | 4.87 | ||
Stock Award Exercise Price Range Per Share, Canceled, per share | $ 14.32 | $ 14.32 | $ 14.32 | ||
[1] | Other Share Awards include deferred shares granted to executives and Directors. |
Benefit Plans (Details) - Sch42
Benefit Plans (Details) - Schedule of Stock Option Exercises - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Stock Option Exercises [Abstract] | |||
Cash received for exercise price | $ 19 | $ 67 | $ 4,869 |
Intrinsic value | $ 12 | $ 86 | $ 701 |
Benefit Plans (Details) - Sch43
Benefit Plans (Details) - Schedule of Defined Benefit Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | $ 19,550 | $ 16,287 | |
Service cost | 66 | 90 | |
Interest cost | 583 | 638 | |
Actuarial loss (gain) | (1,061) | 199 | |
Benefits paid | (112) | (121) | |
Projected Benefit obligation at end of year | 19,026 | 19,550 | |
Funded status | (19,026) | (19,550) | |
Unrecognized prior service cost | 237 | 580 | $ 1,300 |
Unrecognized net actuarial (gain) loss | (525) | 502 | $ (2,280) |
Accrued benefit cost | $ (19,314) | $ (18,468) |
Benefit Plans (Details) - Sch44
Benefit Plans (Details) - Schedule of amounts recognized in balance sheet - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Schedule of amounts recognized in balance sheet [Abstract] | |||
Current liability | $ (1,147) | $ (207) | |
Long term liability | (17,879) | (19,343) | |
Add: Accumulated other comprehensive loss (income) | (288) | 1,082 | $ (980) |
Net amount recognized | $ (19,314) | $ (18,468) |
Benefit Plans (Details) - Sch45
Benefit Plans (Details) - Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net Periodic Benefit Cost: | |||
Service cost | $ 66,000 | $ 55,000 | $ 110,000 |
Interest cost | 583,000 | 689,000 | 656,000 |
Amortization of prior service cost | 342,000 | 721,000 | 342,000 |
Amortization of net gain | (34,000) | (143,000) | (448,000) |
Net periodic benefit cost | 957,000 | 1,322,000 | $ 1,485,000 |
Net prior service cost recognized as a component of net periodic benefit cost | (342,000) | (721,000) | |
Net actuarial gain recognized as a component of net periodic benefit cost | 34,000 | 143,000 | |
Net actuarial losses / (gains) arising during the period | (1,061,000) | 2,640,000 | |
(14,000) | 2,062,000 | ||
Total recognized in other comprehensive (income) loss | (1,369,000) | 2,062,000 | |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ (412,000) | $ 3,384,000 |
Benefit Plans (Details) - Sch46
Benefit Plans (Details) - Schedule of Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Pre-Tax Components of Accumulated Other Comprehensive Income Unrecognized [Abstract] | |||
Net unrecognized actuarial loss (gain) | $ (525) | $ 502 | $ (2,280) |
Net unrecognized prior service cost | 237 | 580 | 1,300 |
Accumulated other comprehensive (income) loss | (288) | 1,082 | (980) |
Tax expense | 1,100 | 1,099 | 1,099 |
Accumulated other comprehensive loss | $ 812 | $ 2,181 | $ 119 |
Benefit Plans (Details) - Sch47
Benefit Plans (Details) - Schedule of Assumptions Used | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Weighted-average assumptions used to determine benefit obligation: | |||
Discount rate | 3.63% | 3.00% | |
Salary increase rate | 3.00% | 3.00% | |
Measurement date | Jan. 30, 2016 | Jan. 31, 2015 | |
2015.00% | 2014.00% | 2013.00% | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.00% | 4.25% | 3.75% |
Salary increase rate | 3.00% | 4.00% | 4.00% |
Benefit Plans (Details) - Sch48
Benefit Plans (Details) - Schedule of Expected Benefit Payments $ in Thousands | Jan. 30, 2016USD ($) |
Schedule of Expected Benefit Payments [Abstract] | |
2,016 | $ 1,147 |
2,017 | 1,079 |
2,018 | 1,201 |
2,019 | 1,201 |
2,020 | 1,201 |
2021 – 2024 | $ 6,065 |
Benefit Plans (Details) - Sch49
Benefit Plans (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Balance | $ (812) | $ (2,181) | $ (119) |
Other comprehensive income before reclassifications | $ 1,369 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 29 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 30, 2016 | |
Shareholders' Equity (Details) [Line Items] | ||||
Common Stock Special Dividends Per Share Cash Paid | $ 0 | $ 0.50 | $ 0 | |
Cash Dividends Payment Maximum Limit (in Dollars) | $ 5 | |||
Common Stock [Member] | ||||
Shareholders' Equity (Details) [Line Items] | ||||
Stock Repurchased During Period, Shares (in Shares) | 298,225 | 1,872,043 | ||
Treasury Stock, Value, Acquired, Par Value Method (in Dollars) | $ 1.1 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 3.82 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $ 14.8 | $ 14.8 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Jan. 30, 2016USD ($)ft² | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Related Party Transactions (Details) [Line Items] | |||
Lease Expiration Year | 2,020 | ||
Operating Leases, Rent Expense, Minimum Rentals | $ 30,311,000 | $ 32,732,000 | $ 34,719,000 |
Operating Leases, Rent Expense, Contingent Rentals | $ 13,000 | 11,000 | 31,000 |
NEW YORK | |||
Related Party Transactions (Details) [Line Items] | |||
Area of Property Leased (in Square Feet) | ft² | 181,300 | ||
Board of Directors Chairman [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Payments for Rent | $ 2,100,000 | 2,300,000 | 2,300,000 |
Operating Leases, Rent Expense | $ 103,000 | ||
Number of Stores Under Lease | 1 | ||
Operating Leases, Rent Expense, Minimum Rentals | 40,000 | 40,000 | |
Operating Leases, Rent Expense, Contingent Rentals | $ 2,400 | $ 3,800 |
Quarterly Financial Informati52
Quarterly Financial Information (Unaudited) (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 121,321 | $ 67,925 | $ 67,451 | $ 77,963 | $ 126,910 | $ 72,456 | $ 71,908 | $ 87,216 | $ 334,661 | $ 358,490 | $ 393,659 |
Gross profit | 45,931 | 26,680 | 27,158 | 30,803 | 46,560 | 28,534 | 28,047 | 32,777 | 130,572 | 135,918 | 147,904 |
Net income (loss) | $ 9,868 | $ (4,328) | $ (3,045) | $ 194 | $ 11,737 | $ (4,476) | $ (5,097) | $ (386) | $ 2,689 | $ 1,778 | $ 8,277 |
Basic income (loss) per share (in Dollars per share) | $ 0.32 | $ (0.14) | $ (0.10) | $ 0.01 | $ 0.37 | $ (0.14) | $ (0.16) | $ (0.01) | $ 0.09 | $ 0.06 | $ 0.25 |
Diluted income (loss) per share (in Dollars per share) | $ 0.32 | $ (0.14) | $ (0.10) | $ 0.01 | $ 0.37 | $ (0.14) | $ (0.16) | $ (0.01) | $ 0.09 | $ 0.06 |