Intangible Assets

3 Months Ended

Apr. 28, 2012

Intangible Assets [Abstract]

Intangible Assets

Intangible Assets

Intangible assets in the accompanying consolidated balance sheets consisted of the following:

	Weighted Average Life (Years)	April 28, 2012					January 28, 2012
		Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
NBC trademark license agreement	1.0	$	4,166,000	$	(3,992,000	)	$	4,166,000	$	(2,951,000	)
Indefinite-lived intangible assets:
FCC broadcast license		$	23,111,000				$	23,111,000

On May 16, 2011, the Company issued 689,655 shares of the Company's common stock as consideration for a one year license agreement renewal with NBCU for the use of the ShopNBC brand name in connection with its television shopping network and its e-commerce websites. Shares issued were valued at $6.04 per share, representing the fair market value of the Company's stock on the date of issuance. On May 11, 2012, subsequent to the balance sheet date, the Company amended its trademark license agreement for the use of the ShopNBC brand name with NBCU, extending the term of the license agreement through January 2014. As consideration for the amendment, the Company paid NBCU $4,000,000 upon execution and will pay an additional $2,830,000 on May 15, 2013. NBCU also has the right to terminate the trademark license agreement if the Company were to be in default on its Credit Agreement, unless waived or cured within 90 days of default, or if unrestricted cash plus credit availability on the facility were to fall below $8 million.

Amortization expense was $1,041,000 for the three-month period ended April 28, 2012 and $807,000 for the three-month period ended April 30, 2011. As a result of the May 11, 2012 trademark license extension, estimated amortization expense for fiscal 2012 will be approximately $4,000,000.