XML 62 R16.htm IDEA: XBRL DOCUMENT

Related Party Transactions	12 Months Ended
Jan. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 9. Related Party Transactions The Company leases its 181,300 square foot distribution center/office facility in Albany, New York from Robert J. Higgins, its Chairman and largest shareholder, under three capital leases that expire in December 2015. The original distribution center/office facility was occupied in 1985. The Company is currently negotiating a new lease for its facility. Under the three capital leases, dated April 1, 1985, November 1, 1989 and September 1, 1998, the Company paid Mr. Higgins an annual rent of $2.3 million, $2.3 million and $2.3 million in Fiscal 2014, Fiscal 2013 and Fiscal 2012 respectively. Pursuant to the terms of the lease agreements, effective January 1, 2002 and every two years thereafter, rental payments will increase in accordance with the biennial increase in the Consumer Price Index. Under the terms of the lease agreements, the Company is responsible for property taxes, insurance and other operating costs with respect to the premises. Mr. Higgins does not have any future obligation for principal and interest. None of the leases contain any real property purchase options at the expiration of its term. The Company leases one of its retail stores from Mr. Higgins under an operating lease. Annual rental payments under this lease were $40,000 in Fiscal 2014, 2013 and 2012. Under the terms of the lease, the Company pays property taxes, maintenance and a contingent rent if a specified sales level is achieved. No contingent rent was paid in Fiscal 2014, Fiscal 2013, and Fiscal 2012. Total additional charges for the store were approximately $2,400, $3,800 and $6,400 in Fiscal 2014, Fiscal 2013 and Fiscal 2012 respectively. The lease expired and was not renewed as of January 31, 2015.

Related Party Transactions

12 Months Ended

Jan. 31, 2015

Note 9. Related Party Transactions

The Company leases its 181,300 square foot distribution center/office facility in Albany, New York from Robert J. Higgins, its Chairman and largest shareholder, under three capital leases that expire in December 2015. The original distribution center/office facility was occupied in 1985. The Company is currently negotiating a new lease for its facility.

Under the three capital leases, dated April 1, 1985, November 1, 1989 and September 1, 1998, the Company paid Mr. Higgins an annual rent of $2.3 million, $2.3 million and $2.3 million in Fiscal 2014, Fiscal 2013 and Fiscal 2012 respectively. Pursuant to the terms of the lease agreements, effective January 1, 2002 and every two years thereafter, rental payments will increase in accordance with the biennial increase in the Consumer Price Index. Under the terms of the lease agreements, the Company is responsible for property taxes, insurance and other operating costs with respect to the premises. Mr. Higgins does not have any future obligation for principal and interest. None of the leases contain any real property purchase options at the expiration of its term.

The Company leases one of its retail stores from Mr. Higgins under an operating lease. Annual rental payments under this lease were $40,000 in Fiscal 2014, 2013 and 2012. Under the terms of the lease, the Company pays property taxes, maintenance and a contingent rent if a specified sales level is achieved. No contingent rent was paid in Fiscal 2014, Fiscal 2013, and Fiscal 2012. Total additional charges for the store were approximately $2,400, $3,800 and $6,400 in Fiscal 2014, Fiscal 2013 and Fiscal 2012 respectively. The lease expired and was not renewed as of January 31, 2015.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details