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Impairment
12 Months Ended
Jan. 29, 2022
Impairment [Abstract]  
Impairment

Note 11 — Impairment

In connection with the adoption of the new lease accounting standard at the beginning of fiscal 2019, the Company reviewed its store portfolio for possible impairment, as right-of-use assets are now included as part of the long-lived asset group that is evaluated for impairment. As a result of this review, eight stores were identified for which the carrying amounts of the store assets were not expected to be recoverable. As of the beginning of fiscal 2019, the Company recorded an adjustment to increase the opening balance of accumulated deficit by approximately $331,000 for the cumulative effect of the adoption of ASC 842 for right-of-use assets at six of the impaired stores.

The table below sets forth impairment information (in thousands, except store counts) for the periods indicated:

 

 

 

 

52 Weeks Ended January 29, 2022

 

 

52 Weeks Ended January 30, 2021

 

 

52 Weeks Ended February 1, 2020

 

Impairment of leasehold improvements, fixtures and equipment at stores

 

$

754

 

 

$

3,142

 

 

$

9,862

 

Impairment of right-of-use-assets

 

 

 

 

 

6,245

 

 

 

2,929

 

Impairment of software projects

 

 

 

 

 

 

 

 

4,695

 

Impairment of excess store fixtures

 

 

 

 

 

 

 

 

895

 

Impairment of e-commerce distribution center

 

 

 

 

 

 

 

 

848

 

Total impairment

 

$

754

 

 

$

9,387

 

 

$

19,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total impairment, net of tax

 

$

565

 

 

$

6,948

 

 

$

15,133

 

Number of stores with leasehold improvements, fixtures and equipment impairment

 

 

4

 

 

 

24

 

 

 

38

 

Number of stores with right-of-use-asset impairment

 

 

 

 

 

24

 

 

 

9