Impairment of Long-Lived Assets

6 Months Ended

Jul. 30, 2011

Impairment of Long-Lived Assets [Abstract]

IMPAIRMENT OF LONG-LIVED ASSETS

4. IMPAIRMENT OF LONG-LIVED ASSETS

The Company assesses long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Based on reviews of the operating performance and projections of underperforming stores, the Company determined that certain underperforming stores would not be able to generate sufficient cash flows over the remaining term of the related leases to recover the Company’s investment in the stores. As a result, the Company recorded noncash impairment charges of approximately $3.4 million and $5.8 million within selling, general and administrative expenses during the fiscal quarter and first half ended July 30, 2011, respectively, in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Operations to write-down the carrying value of long-lived store assets to their estimated fair values. Fair value is determined using a discounted cash flow model which requires “Level 3” inputs (as defined in ASC Topic 820, “Fair Value Measurements and Disclosures”). The impairment charge reduced the carrying amount of the applicable long-lived assets as follows (in millions):

	For the Second Quarter Ended						For the First Half Ended
	July 30,			July 31,			July 30,			July 31,
	2011			2010			2011			2010
Carrying value of long-lived assets	$	5.0		$	0.8		$	8.6		$	8.6
Less: Impairment charge		(3.4	)		(0.8	)		(5.8	)		(6.3	)
Fair value of long-lived assets	$	1.6		$	—		$	2.8		$	2.3