Restructuring Costs

9 Months Ended

Oct. 29, 2022

Restructuring Costs

Restructuring Costs

(14)  Restructuring Costs

During the third quarter of fiscal 2022, the Company implemented an additional cost optimization initiative. As a result of the third quarter fiscal 2022 cost optimization initiative, the Company recorded restructuring charges of $4,490 for the nine-month period ended October 29, 2022, in which $3,552 relates primarily to severance associated with the additional consolidation and elimination of positions across certain of the Company’s reportable segments and $938 relates to the restructuring associated with the 1-2-3.tv Group. These initiatives were substantially complete as of October 29, 2022.

The following table summarizes the significant components and activity under the restructuring program for the nine-month period ended October 29, 2022:

	Balance at						Balance at
	January 29, 2022		Charges		Cash Payments		October 29, 2022
Severance	$	557	$	3,312	$	(2,987)	$	882
Other incremental costs		—		1,178		(1,178)		—
	$	557	$	4,490	$	(4,165)	$	882

For the nine-month period ended October 29, 2022, the Company recognized restructuring charges of $4,490, of which $4,280 relate to its Entertainment segment and $210 relate to its Media Commerce Services segment.

The liability for restructuring accruals is included in accrued liabilities within the accompanying condensed consolidated balance sheets.