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Other Current Liabilities
 3 Months Ended
May 04, 2013
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities

5. OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following:

 

     May 4, 2013      February 2, 2013  
     (In thousands)  

Derivative liability

    $ 29,372       $ 20,082   

Accrued gift cards

      7,734         9,520   

Accrued compensation and benefits

      10,316         13,222   

Sales taxes payable

      2,292         2,353   

Deferred tax liability

      2,261         2,261   

Accrued capital expenditures

      674         446   

Other

      15,368         15,757   
  

 

 

     

 

 

  

Total other current liabilities

    $ 68,017       $ 63,641   
  

 

 

     

 

 

  

As disclosed in Note 8, 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 May 4, 2013, the fair value of the derivative liability was approximately $29 million. See Note 9, “Fair Value Measurements – Recurring Fair Value Measurements” for further discussion on the derivative liability.