Fair Value Measurements

12 Months Ended

Jan. 28, 2012

Fair Value Measurements [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

GAAP uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable quoted prices (unadjusted) in active markets for identical assets and liabilities and the lowest priority to unobservable inputs.

As of January 28, 2012 and January 29, 2011, the Company had $2,100,000 and $4,961,000, respectively, in Level 2 investments in the form of bank Certificates of Deposit which are used as cash collateral for the issuance of commercial letters of credit and had no Level 3 investments that used significant unobservable inputs.

Measured at Fair Value - Nonrecurring Basis

During the fiscal quarter ended May 2, 2009, the Company measured the fair value of the Series B preferred stock issued in connection with a preferred stock exchange. The Company originally estimated the fair value of the Series B preferred stock before issuance costs of $12,959,000 utilizing a discounted cash flow model estimating the projected future cash payments over the life of the five-year redemption term. The assumptions used in preparing the discounted cash flow model include estimates for discount rate and expected timing of repayment of the Series B preferred stock. The Company concluded that the inputs used in its Series B preferred stock valuation are Level 3 inputs.

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a non-recurring basis that use significant unobservable inputs (Level 3):

Series B preferred stock:	January 28, 2012			January 29, 2011
Beginning balance	$	14,599,000		$	11,243,000
Total gains or losses:
Included in earnings (interest expense)	575,000			2,121,000
Included in earnings (loss on debt extinguishment)	25,679,000			1,235,000
Purchases, issuances, and settlements	(40,853,000		)	—
Ending balance	$	—		$	14,599,000