Leases

12 Months Ended

Feb. 01, 2014

Leases [Abstract]

Leases [Text Block]

Note 6. Leases

Leases – lessee

As more fully discussed in Note 9 in the Notes to Consolidated Financial Statements, the Company leases its Albany, NY distribution center and administrative offices under three capital lease arrangements from its Chairman, Chief Executive Officer and largest shareholder.

Fixed assets recorded under capital leases, which are included in fixed assets on the accompanying Consolidated Balance Sheets, are as follows:

	February 1, 2014			February 2, 2013
	($ in thousands)
Buildings	$	9,342		$	9,342
Allowances for depreciation and amortization		(7,922	)		(7,591	)
	$	1,420		$	1,751

At February 1, 2014, the Company leased 338 stores under operating leases, many of which contain renewal options, for periods ranging from one to ten years. Most leases also provide for payment of operating expenses and real estate taxes. Some also provide for contingent rent based on percentage of sales over a certain sales volume.

Net rental expense was as follows:

	Fiscal Year
	2013		2012		2011
	($ in thousands)
Minimum rentals	$	34,719	$	39,591	$	50,064
Contingent rentals		31		43		91
	$	34,750	$	39,634	$	50,155

Future minimum rental payments required under all leases that have initial or remaining non-cancelable lease terms at February 1, 2014 are as follows:

	Operating Leases	Capital Leases
	($ in thousands)
2014	21,876		2,325
2015	14,295		1,779
2016	7,582		—
2017	4,548		—
2018	2,422		—
Thereafter	3,710		—
Total minimum payments required	54,433	$	4,104
Less: amounts representing interest			2,100
Present value of minimum lease payments			2,004
Less: current portion			1,066
Long-term capital lease obligations		$	938

In addition to the obligations in the table above, a number of the Company’s stores have leases which have rent payments based on the store’s sales volume in lieu of fixed minimum rent payments. During Fiscal 2013, minimum rent payments based on a store’s sales volume were $1.1 million.