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Subsequent Events
9 Months Ended
Nov. 03, 2018
Subsequent Event  
Subsequent Events [Text Block]
11. Subsequent Events

Acquisition:  On November 5, 2018, we completed the acquisition of City Gear pursuant to the Purchase Agreement dated October 29, 2018 with an effective date of November 4, 2018. As a result of the transaction, City Gear became an indirect wholly-owned subsidiary of the Company.  We funded the acquisition with cash on hand and a total of $50.0 million in borrowings from our amended credit facilities.  Of the $50.0 million in total borrowings, we borrowed $25.0 million in the thirteen weeks ended November 3, 2018.  City Gear will be included in our consolidated financial statements and footnote disclosures beginning with our reporting period ending February 2, 2019.  We are presently conducting a valuation analysis to determine the allocation of the purchase price to the underlying assets acquired and liabilities assumed in the transaction.  See Note 3, Pending Acquisition.

For additional discussion of the City Gear acquisition, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part 1, Item 2 of this Form 10-Q.

Debt:  On November 5, 2018, we borrowed an additional $25.0 million for a total of $50.0 million from our credit facilities  in connection with the closing of the City Gear acquisition.  At December 11, 2018, a total of $59.3 million was available to us from these facilities.  See Note 5, Debt.

Stock Repurchase:  On November 29, 2018, our Board authorized the continuation of our existing Stock Repurchase Program (Program) until January 29, 2022.  The Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management.  In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting.  Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization.  As of December 11, 2018, we had purchased 4,854,316 shares of our common stock at a cost of approximately$114.1million under the Program, leaving approximately $188.0 million remaining for future stock repurchases under the Program’s original authorization of $300.0 million that was approved by the Board on November 19, 2015.  See Note 8, Stock Repurchase Activity.