Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of January 29, 2022 and January 30, 2021 were as follows (in thousands):

	January 29, 2022			January 30, 2021
Deferred tax assets, net:
Net operating loss carryforward	$	36,790		$	50,197
Accrued expenses and other		5,223			2,706
Operating lease liabilities		40,301			45,557
Goodwill and intangibles		11			87
Unrecognized loss on pension and pension expense		1,883			2,067
Inventory reserves		1,054			1,002
Foreign tax credit carryforward		486			486
Federal wage tax credit carryforward		824			824
State tax credits		147			147
Operating lease right-of-use assets		(33,103	)		(34,365	)
Property and equipment		(3,597	)		(5,605	)
Subtotal	$	50,019		$	63,103
Valuation allowance		(50,019	)		(63,103	)
Net deferred tax assets	$	—		$	—

Provision for Income Taxes

The provision for income taxes consisted of the following:

	FISCAL YEARS ENDED
	January 29, 2022		January 30, 2021		February 1, 2020
(in thousands)
Current:
Federal	$	—	$	—	$	—
State		912		99		97
Foreign		5		7		8
		917		106		105
Deferred:
Federal		—		—		—
State		—		—		—
Foreign		—		—		—
		—		—		—
Total provision	$	917	$	106	$	105

Reconciliation between Statutory and Effective Income Tax Rates

The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax:

	FISCAL YEARS ENDED
	January 29, 2022			January 30, 2021			February 1, 2020
(in thousands)
Federal income tax at the statutory rate	$	12,102		$	(13,531	)	$	(1,615	)
State taxes, net of federal tax benefit		721			78			77
Section 162(m) limitation		1,375			197			541
Permanent items		(893	)		245			277
Change in valuation allowance (1)		(12,421	)		13,167			850
Other, net		33			(50	)		(25	)
Total provision	$	917		$	106		$	105

(1)The change in valuation allowance excludes the amounts allocable to state income tax, which is presented in State taxes, net of federal tax benefit, and other comprehensive income. The change in valuation allowance in fiscal 2019 was impacted by the adoption of ASC 842 in the tax-effected amount of $1.4 million.