BENEFIT PLANS

6 Months Ended

Jul. 30, 2011

BENEFIT PLANS

BENEFIT PLANS

NOTE 13—BENEFIT PLANS

The Company has a qualified 401(k) savings plan and a separate plan for employees residing in Puerto Rico, which cover all full-time employees who are at least 21 years of age with one or more years of service. The Company also maintains a non-qualified defined contribution Supplemental Executive Retirement Plan (the “Account Plan”) for key employees designated by the Board of Directors. The Company’s contribution to these plans for fiscal 2011 is contingent upon meeting certain performance metrics. The Company has not recorded any contribution expense for these plans in the first half of 2011. The Company’s expense related to the savings plans and the Account Plan for the thirteen weeks ended July 31, 2010 was approximately $0.7 million and $0.3 million, respectively, and for the twenty six-weeks ended July 31, 2010, approximately $1.6 million and $0.7 million, respectively.

The Company also has a frozen defined benefit pension plan covering the Company’s full-time employees hired on or before February 1, 1992. The Company’s expense for its pension plan follows:

	Thirteen Weeks Ended						Twenty-six Weeks Ended
(dollar amounts in thousands)	July 30, 2011			July 31, 2010			July 30, 2011			July 31, 2010
Interest cost	627			640			1,278			1,280
Expected return on plan assets	(721		)	(537		)	(1,372		)	(1,075		)
Amortization of net loss	405			422			756			843
Net periodic benefit cost	$	311		$	525		$	662		$	1,048

The defined benefit pension plan is subject to minimum funding requirements of the Employee Retirement Income Security Act of 1974 as amended. While the Company has no minimum funding requirement during fiscal 2011, it made a $3.0 million discretionary contribution to the defined benefit pension plan on April 28, 2011.