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Debt
3 Months Ended
Oct. 29, 2016
Debt Disclosure [Abstract]  
Debt
4. Debt

At October 29, 2016, we had two unsecured credit facilities, which are renewable annually in August and November.  The August facility allows for borrowings up to $30.0 million with an interest rate at one month LIBOR plus 2.0%.  The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2%.  Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements.  We did not incur any borrowings under our facilities during the thirteen weeks ended October 29, 2016.  There were six days during the thirty-nine weeks ended October 29, 2016, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $9.3 million and $11.8 million, respectively, and an average interest rate of 2.43%.  We had no debt outstanding under either of these facilities as of October 29, 2016.  At October 29, 2016, a total of $80.0 million was available to us from these facilities.

At January 30, 2016, we had the same two unsecured facilities and corresponding terms as listed above, with the exception of the August facility whose interest rate was equal to the higher of prime rate, the federal funds rate plus 0.5% or LIBOR.  There were 36 days during the fifty-two weeks ended January 30, 2016, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $12.9 million and $28.4 million, respectively, and an average interest rate of 2.22%.

Subsequent to October 29, 2016, we renewed our existing November facility of $50.0 million with an interest rate of prime plus 2%.  The renewal was effective November 18, 2016 and will expire on November 18, 2017.  The facility is unsecured and does not require a commitment or agency fee nor are there any covenant restrictions.