Impairment of Long-Lived Assets

12 Months Ended

Jan. 28, 2012

Impairment of Long-Lived Assets [Abstract]

IMPAIRMENT OF LONG-LIVED ASSETS

3.  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 (or asset group) may not be recoverable. Based on management’s review of the historical operating performance, including sales trends, gross margin rates, current cash flows from operations and the projected outlook for each of 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 the following non-cash impairment charges primarily related to its retail stores within the accompanying consolidated statements of operations and comprehensive operations, to write-down the carrying value of its long-lived store assets to their estimated fair values.

	Fiscal Year Ended
	January 28, 2012			January 29, 2011			January 30, 2010
	(In thousands)
Aggregate carrying value of all long-lived assets tested	$	20,675		$	23,011		$	37,870
Less: Impairment charges from continuing operations		(11,503	)		(12,401	)		(14,496	)
Less: Impairment charges from discontinued operations		(3,284	)		(3,211	)		(12,515	)
Aggregate fair value of all long-lived assets tested	$	5,888		$	7,399		$	10,859
Number of stores tested for asset impairment		316			300			290
Number of stores with asset impairment		129			134			131

The long-lived assets disclosed above that were written down to their respective fair values consisted primarily of leasehold improvements, furniture, fixtures and equipment. The $15 million and $16 million of impairment charges recognized during the years ended January 28, 2012 and January 29, 2011, respectively, include approximately $6 million and $3 million, respectively, related to projected store closures. The increase in the number of stores tested for impairment year over year is primarily due to the Company’s increased store closure activity. In addition, based on historical operating performance and the projected outlook for these stores, the Company believes that the remaining asset value of approximately $6 million as of January 28, 2012, is recoverable.