Restructuring Charges

9 Months Ended

Nov. 01, 2014

12. Restructuring Charges

During the 13 weeks ended November 1, 2014, the Company undertook restructuring aimed at strengthening the store portfolio and reducing corporate overhead, including severance and office space consolidation. These changes are aimed at driving efficiencies and aligning investments in areas that help fuel the business.

Costs associated with restructuring activities are recorded when incurred. A summary of costs recognized within Restructuring Charges on the Consolidated Income Statement for the 13 weeks ended November 1, 2014 are included in the table as follows.


(In thousands)	13 Weeks Ended
	November 1,
	2014
Cash restructuring charges
Office space consolidation charges	$	8,571
Severance and related employee costs		7,816
Other corporate items		1,365

Total restructuring charges	$	17,752

The Company also incurred non-cash corporate office and other asset impairments charges of $8.4 million. This charge is included within Loss on Impairment of Assets on the Consolidated Income Statement. Also included in Loss on Impairment of Assets is $25.1 million of store asset impairments resulting from evaluation of current and future projected performance.

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


	November 1,
(In thousands)	2014
Accrued liability as of February 1, 2014	$	—
Add: Costs incurred, excluding non-cash charges		17,752
Less: Cash payments		(864	)

Accrued liability as of November 1, 2014	$	16,888

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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