Fair Value Measurements

12 Months Ended

Feb. 01, 2014

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company adopted the accounting guidance regarding fair value and disclosures, as it applies to financial and non-financial assets and liabilities. The guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The new guidance does not require any new fair value measurements; rather, it applies to other accounting pronouncements that require or permit fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:

Level 1: Observable inputs such as quoted prices in active markets (the fair value hierarchy gives the highest priority to Level 1 inputs);

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data and require the reporting entity to develop its own assumptions

As of February 1, 2014, the Company had no material financial assets or liabilities measured on a recurring basis at fair value. The Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. We estimated the fair value of our long-lived assets using company-specific assumptions which would fall within Level 3 of the fair value hierarchy.

The following tables present the non-financial assets the Company measured at fair value on a non-recurring basis, based on the fair value hierarchy as of February 1, 2014 and February 2, 2013:

			Fair Value Measured and Recorded at Reported Date Using
	Net Carrying Value as of February 1, 2014		Level 1		Level 2		Level 3		Total Impairment Losses - Year Ended February 1, 2014
Property and Equipment (in thousands)	$	—	$	—	$	—	$	—	$	491
			Fair Value Measured and Recorded at Reported Date Using
	Net Carrying Value as of February 2, 2013		Level 1		Level 2		Level 3		Total Impairment Losses - Year Ended February 2, 2013
Property and Equipment (in thousands)	$	—	$	—	$	—	$	—	$	8,106

In fiscal 2013 and 2012, the Company recorded noncash impairment charges of approximately $0.5 million and $8.1 million, respectively, to reduce the net carrying value of certain retail store assets and a capital lease on a building to their estimated fair value of $0, which was based on discounted estimated future cash flows.

The impairment charge of $8.1 million in fiscal 2012 includes $3.2 million of property and equipment additions during fiscal 2012.