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Discontinued Operations (Tables)

6 Months Ended

Jul. 28, 2012

Consolidated Financial Statements as a Discontinued Operation

A summary of the exit and disposal costs recognized within Loss from Discontinued Operations on the Consolidated Income Statement are as follows:


	13 and 26 Weeks Ended
(In thousands)	July 28, 2012
Non-cash charges
Asset impairments	$	16,623
Cash charges
Inventory charges		7,768
Severence charges		3,439

Total charges	$	27,830

Rollforward of Liabilities Recognised in Consolidated Balance Sheet

A rollforward of the liabilities recognized in the Consolidated Balance Sheet is as follows:


	July 28,
(In thousands)	2012
Accrued liability as of January 28, 2012	$	—
Add: Costs incurred, excluding non-cash charges		3,439
Less: Cash payments		(2,635	)

Accrued liability as of July 28, 2012 (1)	$	804

(1)	Accrued liability at July 28, 2012 relates to severance and employee related charges recorded as a current liability within accrued compensation and payroll taxes.

Significant Components Included in Loss from Discontinued Operation on Consolidated Statement of Operation

The table below presents the significant components of 77kids’ results included in Loss from Discontinued Operations on the Consolidated Statement of Operations.


	13 Weeks Ended						26 Weeks Ended
(In thousands, except per share amounts)	July 28, 2012			July 30, 2011			July 28, 2012			July 30, 2011
Net sales	$	9,719		$	6,583		$	20,117		$	13,331

Loss from discontinued operations, before income taxes	$	(38,600	)	$	(8,781	)	$	(45,648	)	$	(14,522	)
Income tax benefit		14,781			3,358			17,491			5,553

Loss from discontinued operations, net of tax	$	(23,819	)	$	(5,423	)	$	(28,157	)	$	(8,969	)

Loss per common share from discontinued operations:
Basic	$	(0.12	)	$	(0.03	)	$	(0.14	)	$	(0.05	)
Diluted	$	(0.12	)	$	(0.03	)	$	(0.14	)	$	(0.05	)

Major Classes of Assets & Liabilities Included in Consolidated Balance Sheets

The major classes of assets and liabilities included in the Consolidated Balance Sheets for 77kids are as follows:


(In thousands)	July 28, 2012		January 28, 2012		July 30, 2011
Current assets	$	10,189	$	12,296	$	15,526
Non-current assets		—		15,722		18,064

Total assets	$	10,189	$	28,018	$	33,590

Total current liabilities	$	9,034	$	5,838	$	6,100
Total non-current liabilities		2,597		2,646		2,873

Total liabilities	$	11,631	$	8,484	$	8,973

- Definition

Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

+ References+ Details