XML 28 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
Lease Termination and Impairment Charges
9 Months Ended
Nov. 28, 2015
Lease Termination and Impairment Charges  
Lease Termination and Impairment Charges

 

 

5. Lease Termination and Impairment Charges

 

Lease termination and impairment charges consist of amounts as follows:

 

 

 

Thirteen Week Period
Ended

 

Thirty-Nine Week Period
Ended

 

 

 

November 28,
2015

 

November 29,
2014

 

November 28,
2015

 

November 29,
2014

 

Impairment charges

 

$

540 

 

$

1,050 

 

$

818 

 

$

1,333 

 

Lease termination charges

 

6,471 

 

7,652 

 

20,852 

 

19,328 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,011 

 

$

8,702 

 

$

21,670 

 

$

20,661 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment Charges

 

These amounts include the write-down of long-lived assets at locations that were assessed for impairment because of management’s intention to relocate or close the location or because of changes in circumstances that indicated the carrying value of an asset may not be recoverable.

 

Lease Termination Charges

 

As part of the Company’s ongoing business activities, the Company assesses stores and distribution centers for potential closure or relocation. Decisions to close or relocate stores or distribution centers in future periods would result in lease termination charges, lease exit costs and inventory liquidation charges, as well as impairment of assets at these locations. The following table reflects the closed store and distribution center charges that relate to new closures, changes in assumptions and interest accretion:

 

 

 

Thirteen Week Period
Ended

 

Thirty-Nine Week Period
Ended

 

 

 

November 28,
2015

 

November 29,
2014

 

November 28,
2015

 

November 29,
2014

 

Balance—beginning of period

 

$

223,667

 

$

261,130

 

$

241,047

 

$

284,270

 

Provision for present value of noncancellable lease payments of closed stores

 

438

 

569

 

6,410

 

1,005

 

Changes in assumptions about future sublease income, terminations and changes in interest rates

 

2,000

 

2,418

 

2,434

 

3,835

 

Interest accretion

 

4,033

 

4,665

 

12,553

 

14,492

 

Cash payments, net of sublease income

 

(15,502

)

(17,431

)

(47,808

)

(52,251

)

 

 

 

 

 

 

 

 

 

 

Balance—end of period

 

$

214,636

 

$

251,351

 

$

214,636

 

$

251,351