Impairment of Long-Lived Assets

9 Months Ended

Oct. 29, 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 projected outlook for the Company’s stores, the Company determined that certain 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 respective stores. As a result, the Company recorded noncash impairment charges of approximately $7.0 million and $12.8 million within selling, general and administrative expenses during the third quarter and the three quarters ended October 29, 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” (“ASC 820”). The impairment charge reduced the carrying amount of the respective long-lived assets as follows (in millions):

	For the Third Quarter Ended						For the Three Quarters Ended
	October  29, 2011			October  30, 2010			October  29, 2011			October  30, 2010
Carrying value of long-lived assets	$	9.0		$	3.7		$	17.6		$	12.3
Less: Impairment charge		(7.0	)		(1.9	)		(12.8	)		(8.2	)
Fair value of long-lived assets	$	2.0		$	1.8		$	4.8		$	4.1