Income Taxes (Tables)

12 Months Ended

Feb. 03, 2018

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of February 3, 2018 and January 28, 2017 were as follows (in thousands):

	February 3, 2018			January 28, 2017
Deferred tax assets:
Net operating loss carryforward	$	38,801		$	50,399
Gain on sale-leaseback		3,036			5,170
Accrued expenses and other		2,089			4,340
Lease accruals		2,322			4,358
Goodwill and intangibles		338			1,513
Unrecognized loss on pension and pension expense		1,801			3,311
Capital loss carryforward		1,996			3,021
Inventory reserves		1,539			2,659
Alternative minimum tax credit carryforward		—			2,292
Foreign tax credit carryforward		766			901
Federal wage tax credit carryforward		824			707
Unrecognized loss on foreign exchange		148			328
State tax credits		147			124
Excess of tax over book depreciation/amortization		(6,144	)		(15,192	)
Subtotal	$	47,663		$	63,931
Valuation allowance		(47,663	)		(63,931	)
Net deferred tax assets	$	—		$	—
Deferred tax liabilities:
Goodwill and intangibles	$	—		$	(222	)
Deferred tax liabilities	$	—		$	(222	)

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following:

	FISCAL YEARS ENDED
	February 3, 2018			January 28, 2017		January 30, 2016
(in thousands)
Current:
Federal and state	$	(109	)	$	91	$	104
Foreign		(100	)		49		51
		(209	)		140		155
Deferred:
Federal and state		(2,363	)		23		94
Foreign		—			3		11
		(2,363	)		26		105
Total provision (benefit)	$	(2,572	)	$	166	$	260

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 (benefit) for income tax:

	FISCAL YEARS ENDED
	February 3, 2018			January 28, 2017			January 30, 2016
(in thousands)
Federal income tax at the statutory rate (1)	$	(7,215	)	$	(732	)	$	(2,852	)
State income and other taxes, net of federal tax benefit		(407	)		(1	)		(177	)
Federal rate change on deferred assets (2)		22,796			—			—
Federal rate change on valuation allowance (2)		(22,796	)		—			—
Permanent items		563			225			137
Change in uncertain tax provisions		—			—			—
Charge for valuation allowance		7,249			775			3,200
Refundable AMT credit		(2,141	)		—			—
Other, net		(621	)		(101	)		(48	)
Total provision (benefit)	$	(2,572	)	$	166		$	260

(1) The federal income tax at the statutory rate for fiscal 2017 reflects a blended rate of 33.72%, based on the statutory rate decreasing from 35% to 21% on January 1, 2018.

(2) This represents the federal rate change impact as of the end of fiscal 2017.  The rate change impact on deferred assets and valuation allowance as a result of the 2017 Tax Act was $22.8 million.