PROPERTY AND EQUIPMENT

9 Months Ended

Nov. 01, 2014

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

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

	Asset Life	November 1, 2014			February 1, 2014			November 2, 2013
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	48,479			48,345			48,345
Leasehold improvements	3-15 yrs	348,466			350,451			379,253
Store fixtures and equipment	3-10 yrs	236,342			234,151			245,892
Capitalized software	3-10 yrs	116,426			63,874			72,642
Construction in progress	—	19,961			43,213			34,825
		808,625			778,985			819,908
Accumulated depreciation and amortization		(489,754		)	(466,836		)	(501,887		)
Property and equipment, net		$	318,871		$	312,149		$	318,021

At November 1, 2014, the Company performed impairment testing on 1,017 stores with a total net book value of approximately $142.9 million. During the Third Quarter 2014, the Company recorded asset impairment charges of $3.3 million for 15 stores, of which 14 were fully impaired and one was partially impaired. During Year-To-Date 2014, the Company recorded store asset impairment charges of $6.4 million for 45 stores, of which 34 were fully impaired and 11 partially impaired. At November 1, 2014, the aggregate net book value of the stores that were partially impaired was approximately $1.7 million, which the Company determined to be recoverable based on an estimate of discounted future cash flows.

At November 2, 2013, the Company performed impairment testing on 1,066 stores with a total net book value of approximately $168.4 million. During the Third Quarter 2013, the Company did not incur any asset impairment charges. During Year-To-Date 2013, the Company recorded store asset impairment charges of $12.7 million for 75 stores, of which 48 were fully impaired and 27 partially impaired.

During Year-To-Date 2013 the Company established a strategic long term systems plan. As part of this plan, the Company concluded that certain development costs previously incurred were no longer relevant and deemed certain systems to be obsolete and needed to be replaced by enhanced capabilities in order to incorporate industry best practices as well as service our international franchisees and wholesale business partners. Accordingly, the Company recorded asset impairment charges of $9.1 million and incurred $1.2 million of selling, general and administrative expenses related to the write-down of some previously capitalized development costs and obsolete systems.

As of November 1, 2014, February 1, 2014 and November 2, 2013, the Company had approximately $14.3 million, $10.2 million and $5.5 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.