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Discontinued Operations
 12 Months Ended
Jan. 28, 2012
Discontinued Operations
15. Discontinued Operations

On March 5, 2010, the Company’s Board approved management’s recommendation to proceed with the closure of the M+O brand. The Company completed the closure of the M+O stores and e-commerce operation during the second quarter of Fiscal 2010. These Consolidated Financial Statements reflect the results of M+O as discontinued operations for all periods presented.

Costs associated with exit or disposal activities are recorded when incurred. A summary of the exit and disposal costs recognized within Loss from Discontinued Operations on the Consolidated Income Statement for Fiscal 2010 are included in the table as follows. There were no exit or disposal costs recognized in Fiscal 2011 or Fiscal 2009. The Loss from Discontinued Operations for Fiscal 2010 and Fiscal 2009 includes pre-tax asset impairment charges of $18.0 million in both years.

 

     For the Year Ended  
     January 29,
2011		  
     (In thousands)  

Non-cash charges

   

Asset impairments

    $ 17,980   

Cash charges

   

Lease-related charges(1)

      15,377   

Inventory charges

      2,422   

Severence charges

      7,660   
  

 

 

  

Total charges

    $ 43,439   
  

 

 

  

 

(1) Presented net of the reversal of non-cash lease credits.

The table below presents the significant components of M+O’s results included in Loss from Discontinued Operations on the Consolidated Statements of Operations for the years ended January 29, 2011 and January 30, 2010, respectively. There was no loss from discontinued operations for the year ended January 28, 2012.

 

     For the Years Ended  
     January 29,
2011		     January 30,
2010		  
     (In thousands)  

Net sales

    $ 21,881      $ 50,251   
  

 

 

    

 

 

  

Loss from discontinued operations, before income taxes

    $ (66,959 )    $ (71,984 ) 

Income tax benefit

      25,672        27,608   
  

 

 

    

 

 

  

Loss from discontinued operations, net of tax

    $ (41,287 )    $ (44,376 ) 
  

 

 

    

 

 

  

Loss per common share from discontinued operations:

     

Basic

    $ (0.21 )    $ (0.22 ) 

Diluted

    $ (0.20 )    $ (0.21 ) 

There were no assets or liabilities included in the Consolidated Balance Sheets for M+O as of January 28, 2012 or January 29, 2011.