Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of February 1, 2020 and February 2, 2019 were as follows (in thousands):

	February 1, 2020			February 2, 2019
Deferred tax assets, net:
Net operating loss carryforward	$	40,921		$	39,804
Gain on sale-leaseback		—			2,657
Accrued expenses and other		1,630			2,813
Operating lease liabilities		57,419			1,598
Goodwill and intangibles		236			510
Unrecognized loss on pension and pension expense		2,156			1,897
Inventory reserves		960			1,414
Foreign tax credit carryforward		486			766
Federal wage tax credit carryforward		824			824
Unrecognized loss on foreign exchange		—			186
State tax credits		147			147
Operating lease right-of-use assets		(48,018	)		—
Property and equipment		(9,205	)		(4,073	)
Subtotal	$	47,556		$	48,543
Valuation allowance		(47,556	)		(48,543	)
Net deferred tax assets	$	—		$	—

Provision (Benefit) for Income Taxes

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

	FISCAL YEARS ENDED
	February 1, 2020		February 2, 2019			February 3, 2018
(in thousands)
Current:
Federal	$	—	$	(151	)	$	—
State		97		93		$	(109	)
Foreign		8		8			(100	)
		105		(50	)		(209	)
Deferred:
Federal		—		—			(2,339	)
State		—		—			(24	)
Foreign		—		—			—
		—		—			(2,363	)
Total provision (benefit)	$	105	$	(50	)	$	(2,572	)

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 1, 2020			February 2, 2019			February 3, 2018
(in thousands)
Federal income tax at the statutory rate (1)	$	(1,615	)	$	(2,852	)	$	(7,215	)
State income and other taxes, net of federal tax benefit		77			66			(407	)
Federal rate change on deferred assets (2)		—			—			22,796
Federal rate change on valuation allowance (2)		—			—			(22,796	)
Section 162(m) limitation		541			183			45
Permanent items		277			170			518
Expiration of capital loss carryforward		—			1,618			—
Charge for valuation allowance (3)		850			992			7,249
Refundable AMT credit		—			(151	)		(2,141	)
Other, net		(25	)		(76	)		(621	)
Total provision (benefit)	$	105		$	(50	)	$	(2,572	)

(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 and fiscal 2019 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.

(3) The change in valuation allowance is impacted by the adoption of ASC 842 in the tax-effected amount of $1.4 million.