Fair Value

6 Months Ended

Jul. 28, 2012

Fair Value [Abstract]

Fair Value

NOTE 6 — Fair Value

The FASB’s authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

• Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. The Company’s cash, cash equivalents, and short term investments of $56,835, $71,960 and $43,404 as of July 28, 2012, January 28, 2012 and July 30, 2011, respectively, are reported at fair value utilizing Level 1 inputs.

• Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

• Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The Company determined that the fair value measurements related to the impaired long lived assets disclosed in Note 5 are derived from significant other observable inputs. These non-financial assets are measured on a non-recurring basis when events and circumstances warrant.

In accordance with ASC 820, the following tables represent the fair value hierarchy for the Company’s financial assets (cash equivalents) measured at fair value on a recurring basis as of July 28, 2012 and July 30, 2011:

	Fair Value Measurements at July 28, 2012
	Carrying Amount		Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents
Cash	$	39,835	$	39,835	$	—	$	—
Short Term Investments	$	17,000	$	17,000	$	—	$	—
Total	$	56,835	$	56,835	$	—	$	—
	Fair Value Measurements at July 30, 2011
	Carrying Amount		Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash Equivalents
Cash	$	43,404	$	43,404	$	—	$	—
Total	$	43,404	$	43,404	$	—	$	—