XML 95 R72.htm IDEA: XBRL DOCUMENT v3.20.1
Sale of Fye Business (Unaudited)- Unaudited Pro forma Condensed Consolidated Balance Sheet (Details) - USD ($)
$ / shares in Units, $ in Thousands
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
CURRENT ASSETS [Abstract]      
Cash and cash equivalents $ 2,977 $ 4,355  
Restricted cash 950 4,126  
Accounts receivable 4,201 5,383  
Merchandise Inventory 67,958 94,842  
Prepaid expenses and other assets 3,979 6,657  
Total current assets 80,065 115,363  
Restricted cash 4,925 5,745  
Fixed assets, net 2,190 7,529  
Operating lease right-of-use assets 3,311 0  
Goodwill 0 0 $ 39,191
Intangible assets, net 1,760 3,668 23,967
Other assets 5,555 5,708  
TOTAL ASSETS 97,806 138,013  
CURRENT LIABILITIES [Abstract]      
Accounts payable 24,120 34,329  
Short-term borrowings 13,149 0  
Accrued expenses and other current liabilities 4,479 8,132  
Deferred revenue 6,681 6,955  
Current portion of operating lease liabilities 9,510 0  
Total current liabilities 57,939 49,416  
Operating lease liabilities 13,263 0  
Other long-term liabilities 22,089 24,867  
TOTAL LIABILITIES 93,291 74,283  
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) 0 0  
Common stock ($0.01 par value; 200,000,000 shares authorized; 3,225,627 shares and 3,221,834 shares issued, respectively) 32 32  
Additional paid-in capital 345,102 344,826  
Treasury stock at cost (1,409,316 and 1,408,892 shares, respectively) (230,169) (230,166)  
Accumulated other comprehensive loss (1,479) (735)  
(Accumulated deficit) Retained earnings (108,971) (50,227)  
TOTAL SHAREHOLDERS' EQUITY $ 4,515 $ 63,730 $ 158,214
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01  
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000  
Preferred stock, shares issued (in shares) 0 0  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 200,000,000 200,000,000  
Common stock, shares issued (in shares) 3,225,627 3,221,834  
Treasury stock (in shares) 1,409,316 1,408,892  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 97,806 $ 138,013  
Less Assets Not Sold [Abstract]      
Cash and cash equivalents (2,977) (4,355)  
Restricted cash (950) (4,126)  
Accounts receivable (4,201) (5,383)  
Prepaid expenses and other current assets (3,979) (6,657)  
Other assets (5,555) (5,708)  
Assets sold 97,806 138,013  
Liabilities Not Assumed [Abstract]      
Accounts payable (24,120) (34,329)  
Short-term borrowings (13,149) 0  
Accrued expenses and other current liabilities (4,479) (8,132)  
Other long-term liabilities (22,089) (24,867)  
Operating lease liabilities 22,773 0  
Liabilities 93,291 $ 74,283  
SHAREHOLDERS' EQUITY [Abstract]      
Liabilities for uncertain tax positions 3,500    
Disposition of fye Business [Member]      
CURRENT ASSETS [Abstract]      
Cash and cash equivalents [1] 0    
Restricted cash [1] 0    
Accounts receivable [1] (62)    
Merchandise Inventory [1] (50,122)    
Prepaid expenses and other assets [1] (1,005)    
Total current assets [1] (51,189)    
Restricted cash [1] 0    
Goodwill [1] 0    
Intangible assets, net [1] 0    
Other assets [1] 0    
TOTAL ASSETS [1] (51,189)    
CURRENT LIABILITIES [Abstract]      
Accounts payable [1] (9,674)    
Short-term borrowings [1] 0    
Accrued expenses and other current liabilities [1] (958)    
Deferred revenue [1] (6,681)    
Current portion of operating lease liabilities [1] (8,976)    
Total current liabilities [1] (26,289)    
Operating lease liabilities [1] (11,059)    
Other long-term liabilities [1] (2,063)    
TOTAL LIABILITIES [1] (39,411)    
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) [1] 0    
Common stock ($0.01 par value; 200,000,000 shares authorized; 3,225,627 shares and 3,221,834 shares issued, respectively) [1] 0    
Additional paid-in capital [1] 0    
Treasury stock at cost (1,409,316 and 1,408,892 shares, respectively) [1] 0    
Accumulated other comprehensive loss [1] 0    
(Accumulated deficit) Retained earnings [1] (11,778)    
TOTAL SHAREHOLDERS' EQUITY [1] (11,778)    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY [1] (51,189)    
Less Assets Not Sold [Abstract]      
Cash and cash equivalents [1] 0    
Restricted cash [1] 0    
Accounts receivable [1] 62    
Prepaid expenses and other current assets [1] 1,005    
Other assets [1] 0    
Assets sold [1] (51,189)    
Liabilities Not Assumed [Abstract]      
Accounts payable [1] 9,674    
Short-term borrowings [1] 0    
Accrued expenses and other current liabilities [1] 958    
Other long-term liabilities [1] 2,063    
Liabilities [1] (39,411)    
Pro Forma Adjustment [Member]      
CURRENT ASSETS [Abstract]      
Cash and cash equivalents 0    
Restricted cash 0    
Accounts receivable 0    
Merchandise Inventory 0    
Prepaid expenses and other assets 0    
Total current assets 0    
Restricted cash 0    
Fixed assets, net 0    
Operating lease right-of-use assets 0    
Goodwill 0    
Intangible assets, net 0    
Other assets 0    
TOTAL ASSETS 0    
CURRENT LIABILITIES [Abstract]      
Accounts payable 0    
Short-term borrowings [2] (11,778)    
Accrued expenses and other current liabilities 0    
Deferred revenue 0    
Current portion of operating lease liabilities 0    
Total current liabilities (11,778)    
Operating lease liabilities 0    
Other long-term liabilities 0    
TOTAL LIABILITIES (11,778)    
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) 0    
Common stock ($0.01 par value; 200,000,000 shares authorized; 3,225,627 shares and 3,221,834 shares issued, respectively) 0    
Additional paid-in capital 0    
Treasury stock at cost (1,409,316 and 1,408,892 shares, respectively) 0    
Accumulated other comprehensive loss 0    
(Accumulated deficit) Retained earnings 11,778    
TOTAL SHAREHOLDERS' EQUITY 11,778    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 0    
Less Assets Not Sold [Abstract]      
Cash and cash equivalents 0    
Restricted cash 0    
Accounts receivable 0    
Prepaid expenses and other current assets 0    
Other assets 0    
Assets sold 0    
Liabilities Not Assumed [Abstract]      
Accounts payable 0    
Short-term borrowings [2] 11,778    
Accrued expenses and other current liabilities 0    
Other long-term liabilities 0    
Liabilities (11,778)    
Pro Forma Combined [Member]      
CURRENT ASSETS [Abstract]      
Cash and cash equivalents 2,977    
Restricted cash 950    
Accounts receivable 4,139    
Merchandise Inventory 17,836    
Prepaid expenses and other assets 2,974    
Total current assets 28,876    
Restricted cash 4,925    
Fixed assets, net 2,190    
Operating lease right-of-use assets 3,311    
Goodwill 0    
Intangible assets, net 1,760    
Other assets 5,555    
TOTAL ASSETS 46,617    
CURRENT LIABILITIES [Abstract]      
Accounts payable 14,446    
Short-term borrowings 1,371    
Accrued expenses and other current liabilities 3,521    
Deferred revenue 0    
Current portion of operating lease liabilities 534    
Total current liabilities 19,872    
Operating lease liabilities 2,204    
Other long-term liabilities 20,026    
TOTAL LIABILITIES 42,102    
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) 0    
Common stock ($0.01 par value; 200,000,000 shares authorized; 3,225,627 shares and 3,221,834 shares issued, respectively) 32    
Additional paid-in capital 345,102    
Treasury stock at cost (1,409,316 and 1,408,892 shares, respectively) (230,169)    
Accumulated other comprehensive loss (1,479)    
(Accumulated deficit) Retained earnings (108,971)    
TOTAL SHAREHOLDERS' EQUITY 4,515    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 46,617    
Less Assets Not Sold [Abstract]      
Cash and cash equivalents (2,977)    
Restricted cash (950)    
Accounts receivable (4,139)    
Prepaid expenses and other current assets (2,974)    
Other assets (5,555)    
Assets sold 46,617    
Liabilities Not Assumed [Abstract]      
Accounts payable (14,446)    
Short-term borrowings (1,371)    
Accrued expenses and other current liabilities (3,521)    
Other long-term liabilities (20,026)    
Liabilities 42,102    
Fye Segment [Member]      
CURRENT ASSETS [Abstract]      
TOTAL ASSETS 51,189    
CURRENT LIABILITIES [Abstract]      
TOTAL LIABILITIES 39,411    
Assets 69,395    
Less Assets Not Sold [Abstract]      
Assets sold 51,189    
Liabilities 82,767    
Liabilities Not Assumed [Abstract]      
Liabilities 39,411    
SHAREHOLDERS' EQUITY [Abstract]      
Liabilities for uncertain tax positions 3,500    
Fye Segment [Member] | Supplemental Executive Retirement Plan [Member]      
CURRENT LIABILITIES [Abstract]      
Other long-term liabilities (16,500)    
Liabilities Not Assumed [Abstract]      
Other long-term liabilities 16,500    
Assets Not Sold [Member]      
CURRENT ASSETS [Abstract]      
Cash and cash equivalents 2,661    
Restricted cash 5,875    
Accounts receivable 1,866    
Prepaid expenses and other assets 2,432    
Other assets 5,372    
Less Assets Not Sold [Abstract]      
Cash and cash equivalents (2,661)    
Restricted cash (5,875)    
Accounts receivable (1,866)    
Prepaid expenses and other current assets (2,432)    
Other assets (5,372)    
Liabilities Not Assumed [Member]      
CURRENT LIABILITIES [Abstract]      
Accounts payable 8,099    
Short-term borrowings 13,149    
Accrued expenses and other current liabilities 2,737    
Other long-term liabilities [3] 20,024    
Liabilities Not Assumed [Abstract]      
Accounts payable (8,099)    
Short-term borrowings (13,149)    
Accrued expenses and other current liabilities (2,737)    
Other long-term liabilities [3] (20,024)    
Operating lease liabilities $ 653    
[1] Represents the elimination of certain assets of the fye business sold to the Purchaser and certain liabilities of the fye business assumed by the Purchaser, which is consistent with the terms of the Asset Purchase Agreement. Pursuant to the Asset Purchase Agreement, the Company will retain liabilities and obligations of the fye business not assumed by the Purchaser, including liabilities relating to pending lawsuits (including pending store manager class actions) and liabilities with respect to severance obligations for employees not transferred to the Purchaser. Below represents a reconciliation of previously disclosed fye segment assets and liabilities to the certain assets sold and liabilities assumed by the Purchaser. fye segment assets as of February 1, 2020 69,395 Less assets not sold: Cash and cash equivalents (2,661) Restricted cash (5,875) Accounts receivable (1,866) Prepaid expenses and other current assets (2,432) Other assets (5,372) fye business assets sold 51,189 fye segment liabilities as of February 1, 2020 82,017 Less liabilities not assumed: Accounts payable (7,349) Short-term borrowings (13,149) Accrued expenses and other current liabilities (2,737) Other long-term liabilities (20,024) (a) Operating lease liabilities 653 fye business liabilities assumed 39,411 (a) Other long-term liabilities consist of the Company's Supplemental Executive Retirement Plan in the amount of $16.5 million and liabilities for uncertain tax positions in the amount of $3.5 million and certain other liabilities
[2] Represents the estimated net proceeds of the transaction used to pay down short-term borrowings, as required under the Company's existing credit facility.
[3] Other long-term liabilities consist of the Company's Supplemental Executive Retirement Plan in the amount of $16.5 million and liabilities for uncertain tax positions in the amount of $3.5 million and certain other liabilities.