PROPERTY AND EQUIPMENT

3 Months Ended

May 04, 2013

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following (in thousands):



	Asset Life	May 4, 2013			February 2, 2013			April 28, 2012
Property and equipment:
Land and land improvements	—	$	3,403		$	3,403		$	3,403
Building and improvements	20-25 yrs	35,548			35,548			35,548
Material handling equipment	10-15 yrs	48,454			48,346			52,772
Leasehold improvements	Lease life	395,391			391,311			414,165
Store fixtures and equipment	3-10 yrs	253,828			265,030			293,897
Capitalized software	5-10 yrs	74,457			65,885			80,621
Construction in progress (1)	—	29,145			34,433			24,880
		840,226			843,956			905,286
Accumulated depreciation and amortization		(505,783		)	(513,855		)	(576,228		)
Property and equipment, net		$	334,443		$	330,101		$	329,058

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(1)	The majority of the Construction in progress at each reporting period relates to the Company's new enterprise resource planning system.

At May 4, 2013, the Company performed impairment testing on 981 stores with a total net book value of approximately$159.7 million. At April 28, 2012, the Company performed impairment testing on 933 stores with a total net book value of approximately $152.6 million. All stores tested were open for at least two years and the Company noted no circumstances that indicated any other stores would require impairment testing.

During the First Quarter 2013, the Company recorded no impairment charges. During the First Quarter 2012, the Company recorded $1.3 million of impairment charges primarily related to one underperforming store, which was fully impaired.

As of May 4, 2013, February 2, 2013 and April 28, 2012, the Company had approximately $4.0 million, $4.3 million and $8.5 million, respectively, in property and equipment for which payment had not yet been made. These amounts are included in accounts payable and accrued expenses and other current liabilities.

- 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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