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Other Current Liabilities
 12 Months Ended
Feb. 02, 2013
Other Current Liabilities

4.  OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following:

     February 2, 2013      January 28, 2012  
     (In thousands)  

Derivative liability

    $         20,082       $         20,076   

Accrued gift cards

      9,520         10,776   

Accrued compensation and benefits

      13,222         10,687   

Sales taxes payable

      2,353         3,983   

Deferred tax liability

      2,261         2,201   

Accrued capital expenditures

      446         1,281   

Other

      15,757         19,365   
  

 

 

     

 

 

  

Total other current liabilities

    $ 63,641       $ 68,369   
  

 

 

     

 

 

  

As disclosed in Note 8, “Shareholders’ Equity,” the Company issued 1,000 shares of its 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 million which was recorded as a derivative liability. As of February 2, 2013, the fair value of the derivative liability was approximately $20.1 million. See Note 9, “Fair Value Measurements – Recurring Fair Value Measurements” for further discussion on the derivative liability.