COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jan. 28, 2012

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Operating Lease Commitments

The Company leases all of its stores, offices and distribution facilities (except the Ft. Payne, Alabama distribution center which the Company owns), and certain office equipment, store fixtures and automobiles, under operating leases expiring through 2023. The leases require fixed minimum annual rental payments plus, under the terms of certain leases, additional payments for taxes, other expenses and additional rent based upon sales.

Store, office and distribution facilities minimum rent, contingent rent and sublease income from continuing operations are as follows (in thousands):

	Fiscal Year Ended
	January 28, 2012		January 29, 2011		January 30, 2010
Minimum rentals	162,761		155,129		147,129
Additional rent based upon sales	1,059		1,715		2,145
Sublease income	(106	)	(630	)	(611	)

Future minimum annual lease payments under the Company's operating leases at January 28, 2012 were as follows (in thousands):

	Minimum Operating Lease Payments
2012	$	155,633
2013	139,705
2014	120,336
2015	104,992
2016	92,178
Thereafter	292,788
Total minimum lease payments	$	905,632

10. COMMITMENTS AND CONTINGENCIES (Continued)

New Store and Remodel Capital Commitments

As of January 28, 2012, the Company executed 18 leases for new stores and 9 remodels. The Company estimates the capital expenditures required to open and begin operating these stores will be approximately $7.0 million.

Purchase Commitments

As of January 28, 2012, the Company has entered into various purchase commitments for merchandise for re-sale of approximately $313.1 million and approximately $2.5 million for equipment, construction and other non-merchandise commitments.

Employment Agreements

The Company has an employment agreement with its President and Chief Executive Officer, which provides for severance of two times the sum of base salary plus bonus, and certain other payments and benefits following any termination without cause or for “good reason”. As of January 28, 2012, these severance benefits approximated $5.7 million. In the event of a change in control of the Company, certain executives will receive, in the aggregate, approximately $19.0 million of severance benefits should they either be terminated or suffer a degradation of duties as defined in their agreement.