Subsequent Events

6 Months Ended

Jul. 30, 2011

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

Subsequent to July 30, 2011, the Company completed a series of negotiations with certain of its landlords to modify the terms of certain existing lease agreements, including the termination of five leases for underperforming stores that are now scheduled to close prior to the end of fiscal 2011. In connection with the terminated leases, the Company will make buy-out payments of $1.3 million, which will result in a net charge to the Company’s third fiscal quarter results of operations of approximately $0.9 million. The Company also executed agreements to reduce cash rents for the second half of fiscal 2011 and most of fiscal 2012, and extended lease end dates at favorable terms for approximately 95 stores. As a result, in the aggregate, cumulative net cash savings over the respective rent relief periods are expected to be approximately $9.5 million, excluding the one-time buy-out payments. In addition, as partial consideration for the execution of certain of the lease amendments, the Company will issue 900,000 shares of its common stock with a fair value upon issuance of approximately $1.6 million, which will be amortized on a straight-line basis over the rent relief period.