Note 7. Leases

During fiscal 2019, the Company conducted all of its operations from leased premises that include retail stores, distribution centers, and administrative offices. At February 1, 2020, the Company leased 200 stores under operating leases. In addition, the Company currently leases 2 distribution centers and 2 administrative offices.

The following table is a summary of the Company’s components of net lease cost for the thirteen- and fifty-two-week period ended February 1, 2020:

		Thirteen Weeks Ended		Fifty-two Weeks Ended

(amounts in thousands)	Classification	February 1, 2020		February 1, 2020
Short-term operating lease cost	SG&A	$	4,974	$	15,017
Operating lease cost	SG&A		1,187		6,099
Variable lease cost	SG&A		210		579
Net lease cost		$	6,371	$	21,695

During the thirteen and fifty-two weeks ended February 2, 2019, the Company recorded minimum rentals of $6.4 million and $21.7 million, respectively, and did not record any contingent rentals. During fiscal 2018, minimum rent payments based on a store’s sales volume were $0.5 million.

As of February 1, 2020, the maturity of lease liabilities is as follows:

	Operating Leases
(amounts in thousands)
2020		10,501
2021		7,312
2022		3,181
2023		2,278
2024		1,509
Thereafter		607
Total lease payments		25,388
Less: amounts representing interest		(2,615	)
Present value of lease liabilities	$	22,773

Lease term and discount rate are as follows:

	As of February 1, 2020
Weighted-average remaining lease term (years)
Operating leases		2.4

Weighted-average discount rate Operating leases		5	%

Other information:

	Fiscal 2019
(amounts in thousands)
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows from operating leases	$	8,918

As determined prior to the adoption of the new lease standard, the future minimum lease payments under operating leases in effect as of February 2, 2019 were as follows:

(amounts in thousands)
2019	$	24,426
2020		8,393
2021		5,239
2022		1,881
2023		1,137
Thereafter		1,060
Total minimum lease payments	$	42,136

Effective with the sales of the fye segment all future obligations for store leases and the lease for the distribution center and administrative offices in Albany, NY were assumed by Sunrise Records, pursuant to the Asset Purchase Agreement.

Future minimum rental payments required under the remaining leases for the administrative office and distribution center in Spokane, Washington at February 1, 2020, are as follows (amounts in thousands):

(amounts in thousands)	Operating Leases
2020	$	692
2021		724
2022		746
2023		766
2024		652
Thereafter		296
Total minimum lease payments	$	3,876