Property and Equipment

12 Months Ended

Feb. 01, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment is summarized as follows (in thousands):

	Feb 1, 2014		Feb 2, 2013
Land and land improvements	$	2,866	$	2,866
Building and building improvements	4,063		4,069
Leasehold improvements	409,582		410,943
Furniture, fixtures and equipment	383,127		374,432
Construction in progress	9,706		10,676
Properties under capital lease	22,931		23,188
	832,275		826,174
Less accumulated depreciation and amortization	507,669		470,445
	$	324,606	$	355,729

Construction in progress represents the costs associated with the construction in progress of leasehold improvements to be used in the Company’s operations, primarily for new and remodeled stores in retail operations. No interest costs were capitalized related to construction in progress during fiscal 2014, fiscal 2013 and fiscal 2012.

The accumulated depreciation and amortization related to the property under the capital lease was approximately $6.1 million and $5.3 million at February 1, 2014 and February 2, 2013, respectively, and is included in depreciation expense. See Notes 8 and 14 for information regarding the associated capital lease obligations.

Impairment

The Company recorded impairment charges of $8.8 million, $10.1 million and $7.7 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively, related primarily to the impairment of certain under-performing retail stores in North America and Europe. These impairment charges, which exclude impairment charges incurred related to restructuring activities, were included in SG&A expenses in the Company's consolidated statements of income for each of the respective periods. Refer to Note 9 for more information regarding impairment charges related to restructuring activities.

Impairments to long-lived assets, excluding impairment charges related to restructuring activities, are summarized as follows (in thousands):

	Feb 1, 2014		Feb 2, 2013
Aggregate carrying value of all long-lived assets impaired	$	8,928	$	12,119
Less impairment charges	8,821		10,143
Aggregate remaining fair value of all long-lived assets impaired	$	107	$	1,976

The Company’s impairment evaluations during fiscal 2014 and fiscal 2013 included testing of 90 stores and 74 stores, respectively, which were deemed to have impairment indicators. The Company concluded that 31 stores and 30 stores, respectively, were determined to be impaired, as the carrying amount of the store assets exceeded their estimated fair values (determined based on discounted cash flows) at each of the respective dates. Refer to Note 1 for a description of other assumptions that management considers in estimating the future discounted cash flows. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations.