Income Taxes (Tables)

12 Months Ended

Feb. 02, 2019

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of February 2, 2019 and February 3, 2018 were as follows (in thousands):

	February 2, 2019			February 3, 2018
Deferred tax assets:
Net operating loss carryforward	$	39,804		$	38,801
Gain on sale-leaseback		2,657			3,036
Accrued Expenses and other		2,813			2,089
Lease accruals		1,598			2,322
Goodwill and intangibles		510			338
Unrecognized loss on pension and pension expense		1,897			1,801
Capital loss carryforward		—			1,996
Inventory reserves		1,414			1,539
Foreign tax credit carryforward		766			766
Federal wage tax credit carryforward		824			824
Unrecognized loss on foreign exchange		186			148
State tax credits		147			147
Excess of tax over book depreciation/amortization		(4,073	)		(6,144	)
Subtotal	$	48,543		$	47,663
Valuation allowance		(48,543	)		(47,663	)
Net deferred tax assets	$	—		$	—

Provision (Benefit) for Income Taxes

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

	FISCAL YEARS ENDED
	February 2, 2019			February 3, 2018			January 28, 2017
(in thousands)
Current:
Federal and state	$	(58	)	$	(109	)	$	91
Foreign		8			(100	)		49
		(50	)		(209	)		140
Deferred:
Federal and state		—			(2,363	)		23
Foreign		—			—			3
		-			(2,363	)		26
Total provision (benefit)	$	(50	)	$	(2,572	)	$	166

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 2, 2019			February 3, 2018			January 28, 2017
(in thousands)
Federal income tax at the statutory rate (1)	$	(2,852	)	$	(7,215	)	$	(732	)
State income and other taxes, net of federal tax benefit		66			(407	)		(1	)
Federal rate change on deferred assets (2)		—			22,796			—
Federal rate change on valuation allowance (2)		—			(22,796	)		—
Permanent items		353			563			225
Expiration of capital loss carryforward		1,618			—			—
Change in uncertain tax provisions		—			—			—
Charge for valuation allowance		992			7,249			775
Refundable AMT credit		(151	)		(2,141	)		—
Other, net		(76	)		(621	)		(101	)
Total provision (benefit)	$	(50	)	$	(2,572	)	$	166

(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. The statutory rate for fiscal 2018 is 21%.

(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.