Gilly Hicks Restructuring (Tables)

9 Months Ended

Nov. 01, 2014

Restructuring and Related Activities [Abstract]

Schedule of pre-tax charges incurred to-date related to the closure of Gilly Hicks

Below is a summary of the aggregate pre-tax charges incurred through November 1, 2014 related to the closure of the Gilly Hicks branded stores (in thousands):

Lease Terminations and Store Closure Costs	$	48,395
Asset Impairment	37,940
Other	1,218
Total Charges (1)	$	87,553

⁽¹⁾ As of November 1, 2014, the Company incurred aggregate pre-tax charges related to restructuring plans for the Gilly Hicks brand of $50.2 million for the U.S. Stores segment and $37.4 million for the International Stores segment.

The remaining charges, primarily lease-related, including the net present value of payments related to lease terminations, potential sub-lease losses and other lease-related costs of approximately $1.4 million, are expected to be recognized over the remaining lease terms. These estimates are based on a number of significant assumptions and could change materially.

Costs associated with exit or disposal activities are recorded when the liability is incurred. Below is a roll forward of the liabilities recognized on the Consolidated Balance Sheet as of November 1, 2014, related to the closure of the Gilly Hicks stores (in thousands): 

Accrued Liability as of February 1, 2014	$	42,507
Costs Incurred	11,361
Cash Payments	(47,533		)
Accrued Liability as of November 1, 2014	$	6,335