Other Current Liabilities

3 Months Ended

Apr. 28, 2012

Other Current Liabilities [Abstract]

OTHER CURRENT LIABILITIES

5. OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following:

	April 28, 2012		January 28, 2012
	(In thousands)
Derivative liability	$	13,743	$	20,076
Accrued gift cards		8,615		10,776
Accrued compensation and benefits		8,631		10,687
Sales taxes payable		3,579		3,983
Deferred tax liability		2,201		2,201
Accrued capital expenditures		1,665		1,281
Other		18,594		19,365
Total other current liabilities	$	57,028	$	68,369

As disclosed in Note 8, the Company issued 1,000 shares of convertible Series B preferred stock (the “Series B Preferred”) in connection with the five-year, $60 million senior secured term loan (the “Term Loan”), funded by an affiliate of Golden Gate Capital. The fair value of the Series B Preferred at issuance was approximately $15.0 million which was recorded as a derivative liability. As of April 28, 2012, the fair value of the derivative was $13.7 million. See Note 9, “Fair Value Measurements – Recurring Fair Value Measurements” for further discussion on the derivative liability.