Employee Benefit Plans

12 Months Ended

Jan. 30, 2021

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans:

 The Company has a defined contribution retirement savings plan (“401(k) plan”) which covers all

associates who meet minimum age and service requirements. The 401(k) plan allows participants to

contribute up to

75

% of their annual compensation up to the maximum elective deferral, designated by

the IRS. The Company is obligated to make a minimum contribution to cover plan administrative

expenses. Further Company contributions are at the discretion of the Board of Directors. The Company’s

contributions for the years ended January 30, 2021, February 1, 2020 and February 2, 2019 were

approximately $

0

, $

1,499,000

 and $

1,442,000

, respectively.

 The Company has a trusteed, non -contributory Employee Stock Ownership Plan (“ESOP”), which

covers substantially all associates who meet minimum age and service requirements. The amount of the

Company’s discretionary contribution to the ESOP is determined annually by the Compensation

Committee of the Board of Directors and can be made in Company Class A Common stock or cash. 

During fiscal 2020, the Company contributed cash and the plan purchased stock on the open market for

the ESOP award earned for fiscal 2019. Due to a net operating loss in fiscal 2020, the Committee did not

approve a contribution to the ESOP for the year ended January 30, 2021. The Company’s contribution

was $

7,198,000

 and $

1,229,000

 for the years ended February 1, 2020 and February 2, 2019, respectively. 

 The Company is primarily self-insured for healthcare. These costs are significant primarily due to the

large number of the Company’s retail locations and associates. The Company’s self-insurance liabilities

are based on the total estimated costs of claims filed and estimates of claims incurred but not reported,

less amounts paid against such claims. Management reviews current and historical claims data in

developing its estimates. If the underlying facts and circumstances of the claims change or the historical

trend is not indicative of future trends, then the Company may be required to record additional expense or

a reduction to expense which could be material to the Company’s reported financial condition and results

of operations. The Company funds healthcare contributions to a third-party provider.