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Related Parties
12 Months Ended
Jan. 30, 2016
Related Party Transactions [Abstract]  
Related Parties
Related Parties

On May 23, 2014, we entered into a strategic sourcing relationship with MGF Sourcing US, LLC, an affiliate of Sycamore Partners, which included $150.0 million in secured credit facilities. As of May 23, 2014 and December 31, 2015, Lemur LLC, an affiliate of Sycamore Partners owned approximately 8% of our outstanding common stock. Concurrent with, and as a condition to, entering into the Loan Agreement, we issued 1,000 shares of Series B Preferred Stock to affiliates of Sycamore Partner at an aggregate offer price of $0.1 million. Each share of Series B Preferred Stock is convertible at any time at the option of the holder on or prior to May 23, 2024 into shares of common stock at an initial conversion rate of 3,932.018 for each share of Series B Preferred Stock. The common stock underlying the Series B Preferred Stock represents 5% of our issued and outstanding common stock as of May 23, 2014 (see Note 3 to the Notes to Consolidated Financial Statements for a further discussion). Stefan Kaluzny, a managing director at Sycamore Partners, joined our Board of Directors upon the closing of this transaction. Sycamore Partners and its affiliates and Mr. Kaluzny are considered related parties due to the agreements described above combined with their ownership interest in us. In addition to the related party transactions presented on the Consolidated Statement of Operations during fiscal 2015, we had the following transactions with these related parties:

Merchandise purchased from an affiliate of Sycamore Partners was $83.7 million during fiscal 2015, of which $18.7 million was included in our merchandise inventories as of January 30, 2016 compared to purchases of $4.0 million that were included in our merchandise inventories as of January 31, 2015,

Accounts payable of $12.8 million to an affiliate of Sycamore Partners as of January 30, 2016 compared to $4.3 million as of January 31, 2015,

Payments of $64.5 million to an affiliate of Sycamore Partners during fiscal 2015 compared to payments of $1.0 million during fiscal 2014.

Additionally, Scopia Capital Management, LLC owned approximately 9% of our common stock as of December 31, 2015 and is considered a related party due to their ownership interest in us. We did not have any transactions with this related party during fiscal 2015.

As of February 9, 2016, Lemur LLC ceased to be the beneficial owner of more than five percent of the Company's common stock. As of March 3, 2016, Scopia Capital Management, LLC ceased to be the beneficial owners of more than five percent of the Company's common stock.