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Debt
12 Months Ended
Feb. 01, 2014
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

Note 4. Debt


Credit Facility


In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company.


The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. It also changed the formula for interest rates. The Company is compliant with all covenants.


Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments.


The availability under the Credit Facility is subject to limitations based on sufficient inventory levels.


As of February 1, 2014 and February 2, 2013, the Company did not have any borrowings under the Credit Facility. During Fiscal 2013 and Fiscal 2012, the Company did not have any borrowings under the Credit Facility. As of February 1, 2014 and February 2, 2013, the Company had no outstanding letter of credit obligations and $0.4 million of outstanding letter of credit obligation under the Credit Facility, respectively. The Company had $53 million and $54 million available for borrowing as of February 1, 2014 and February 2, 2013, respectively.


Mortgage Loan


During Fiscal 2004, the Company borrowed $5.8 million under a mortgage loan to finance the purchase of real estate. During Fiscal 2012, the Company prepaid the remaining obligation on the mortgage loan. No future obligation exists.