Property and Equipment

12 Months Ended

Jan. 28, 2012

NOTE 5. Property and Equipment

Property and equipment are summarized as follows (in thousands):

	Fiscal Year
	2011			2010

Leasehold improvements	$	159,639		$	163,011
Furniture, fixtures and equipment		114,719			119,416
Software and licenses		65,455			66,627
Building and land		14,270			14,270
		354,083			363,324
Less: Accumulated depreciation and amortization		(248,293	)		(240,105	)
Property and equipment, net	$	105,790		$	123,219

We recorded depreciation expense in the amounts of $35.7 million, $40.9 million, $38.3 million for fiscal 2011, 2010 and 2009, respectively.

During the fourth quarter of fiscal 2009, we entered into a capital lease related to certain computer equipment. The computer equipment was placed in service on December 31, 2009 and upon their purchase in fiscal 2011, was subsequently transferred into furniture, fixtures and equipment. Furniture, fixtures and equipment as well as accumulated depreciation and amortization in the table above, for fiscal 2010, include the following amounts related to this capital lease (in thousands). We did not have any capital leases as of the end of fiscal 2011.

	Fiscal Year
	2010

Computer equipment		$837
		837
Less: Accumulated depreciation and amortization		(302	)
Computer equipment, net		$535

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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