(1)	Prior year amounts have been adjusted to conform to the current period presentation.

Reorganization

As reported in the 2022 Form 10-K, we implemented a restructuring on March 24, 2023 that includes workforce and expense reductions in order to improve and simplify our organizational structure, streamline certain aspects of our business operations and better position us for further growth. The workforce reduction associated with the initiative included the elimination of numerous leadership and other positions throughout the organization, which affected approximately 440 roles. The reorganization was completed during the first quarter of fiscal 2023. During the three months ended April 29, 2023, we incurred total charges relating to the reorganization of $7.6 million consisting primarily of severance costs and related taxes. As of April 29, 2023, we had accruals of $5.8 million included in accounts payable and accrued expenses related to the reorganization.

Other current liabilities consist of the following:


	APRIL 29,		JANUARY 28,
	2023		2023

	(in thousands)
Unredeemed gift card and merchandise credit liability	$	28,180	$	26,733
Current portion of term loans		25,000		25,000
Allowance for sales returns		19,323		20,747
Finance lease liabilities		17,349		17,007
Foreign tax payable		4,425		4,365
Other current liabilities		7,583		9,338
Total other current liabilities	$	101,860	$	103,190

Contract Liabilities

We defer revenue associated with merchandise delivered via the home-delivery channel. We expect that substantially all of the deferred revenue and customer deposits as of April 29, 2023 will be recognized within the next six months as the performance obligations are satisfied. In addition, we defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards. During the three months ended April 29, 2023 and April 30, 2022, we recognized $6.1 million and $4.7 million, respectively, of revenue related to previous deferrals related to our gift cards. We expect that approximately 70% of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers.