In the first quarter of Fiscal Year 2020, the Company reduced the net carrying value of certain long-lived assets to their estimated fair value, which was determined using a discounted cash flows method. These impairment charges arose from the material adverse effect COVID-19 had on our results of operations, particularly with our store fleet. The Company incurred impairment charges of $6.7 million on leasehold improvements and $20.8 million on the right-of-use asset. The Company did not record any impairments of long-lived assets in the first quarter of Fiscal Year 2021.

In the first quarter of Fiscal Year 2020, the Company temporarily closed its retail locations due to COVID-19, which had a material adverse effect on our results of operations, financial position and liquidity and led to a significant decline in our net sales for the first quarter of Fiscal Year 2020. The Company incurred impairment charges of $17.9 million on goodwill, $4.0 million on trade name and $2.6 million on customer relationships. All stores were open in the first quarter of Fiscal Year 2021 and the Company did not record any impairments of goodwill and other intangible assets in the first quarter of Fiscal Year 2021.

The Company performed the impairment tests in the first quarter of Fiscal Year 2020 using the income approach (or discounted cash flows method) for goodwill, the relief-from-royalty method for indefinite-lived intangible assets and a recoverability analysis for definite-lived intangible assets. Key assumptions included future revenue growth and profitability trends over a period of 5-10 years with a terminal value, a discount rate based on an estimated weighted average cost of capital within a range of 23.5% to 34% and royalty rates within a range of 1% to 4%. These assumptions are classified as Level 3 inputs.

The following table displays a rollforward of the carrying amount of goodwill from February 1, 2020 to May 1, 2021 (in thousands):

The accumulated goodwill impairment losses as of May 1, 2021 are $137.3 million.

A summary of intangible assets as of May 1, 2021 and January 30, 2021 is as follows (in thousands):

		May 1, 2021
	Weighted Average Useful Life (Years)	Gross		Accumulated Amortization		Accumulated Impairment		Carrying Amount
Indefinite-lived:
Trade name	N/A	$	58,100	$	-	$	24,100	$	34,000
Definite-lived:
Customer relationships	13.2		134,200		78,671		2,620		52,909
Total intangible assets		$	192,300	$	78,671	$	26,720	$	86,909

		January 30, 2021
	Weighted Average Useful Life (Years)	Gross		Accumulated Amortization		Accumulated Impairment		Carrying Amount
Indefinite-lived:
Trade name	N/A	$	58,100	$	-	$	24,100	$	34,000
Definite-lived:
Customer relationships	13.2		134,200		76,604		2,620		54,976
Total intangible assets		$	192,300	$	76,604	$	26,720	$	88,976

Total amortization expense for these amortizable intangible assets was $2.1 million and $2.4 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively.

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):