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COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS
12 Months Ended
Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

NOTE 18 COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS

 

Commitments and Off-Balance Sheet Arrangements

 

We lease office space, warehousing facilities, showroom space and office equipment under leases expiring over the next five years. Rent expense was $10.7 million in fiscal 2021, $11.2 million in fiscal 2020, and $10.1 million in fiscal 2019. Future minimum annual commitments under leases and operating agreements are $7.4 million in fiscal 2022, $5.6 million in fiscal 2023, $5.7 million in fiscal 2024, $5.3 million in fiscal 2025 and $5.3 million in fiscal 2026.

 

We had letters of credit outstanding totaling $6.3 million on January 31, 2021. We utilize letters of credit to collateralize certain imported inventory purchases and certain insurance arrangements.

 

In the ordinary course of our business, we may become involved in legal proceedings involving contractual and employment relationships, product liability claims, intellectual property rights and a variety of other matters. We do not believe that any pending legal proceedings will have a material impact on our financial position or results of operations.

 

Our business is subject to a number of significant risks and uncertainties, including our reliance on offshore sourcing, any of which can adversely affect our business, results of operations, financial condition or future prospects.