Equity

3 Months Ended

May 04, 2013

Equity [Abstract]

Equity

Equity

Non-Redeemable Preferred Stock

	Shares Authorized		Number of Shares Outstanding		Amounts in Thousands						Common Convertible Ratio		No. of Votes per share
Class (In order of preference)*			May 4, 2013	February 2, 2013	May 4, 2013			February 2, 2013
Subordinated Serial Preferred (Cumulative)
Aggregate	3,000,000	**	—	—	—			—			N/A		N/A
$2.30 Series 1	64,368		—	16,203	$	—		$	648		.83		1
$4.75 Series 3	40,449		—	7,398	—			740			2.11		2
$4.75 Series 4	53,764		—	3,247	—			325			1.52		1
Series 6	800,000		—	—	—			—					100
$1.50 Subordinated Cumulative Preferred	5,000,000		—	30,067	—			902					1
			—	56,915	—			2,615
Employees’ Subordinated Convertible Preferred	5,000,000		46,472	46,852	1,394			1,405			1.00	***	1
Stated Value of Issued Shares					1,394			4,020
Employees’ Preferred Stock Purchase Accounts					(95		)	(96		)
Total Non-Redeemable Preferred Stock					$	1,299		$	3,924

*    In order of preference for liquidation and dividends.

** The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences, as the board may designate.

***    Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock.

Note 7

Equity, Continued

Preferred Stock Transactions

In thousands	Non-Redeemable Preferred Stock			Non-Redeemable Employees’ Preferred Stock			Employees’ Preferred Stock Purchase Accounts			Total Non-Redeemable Preferred Stock
Balance January 28, 2012	3,621			1,437			(101		)	4,957
Other	(1,006		)	(32		)	5			(1,033		)
Balance February 2, 2013	2,615			1,405			(96		)	3,924
Preferred stock redemptions	(1,462		)	—			—			(1,462		)
Other	(1,153		)	(11		)	1			(1,163		)
Balance May 4, 2013	$	—		$	1,394		$	(95	)	$	1,299

Subordinated Serial Preferred Stock (Cumulative):

The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 during the first quarter of Fiscal 2014. The Series 1 preferred stock was redeemed at $40 per share plus accumulated dividends. For the three months ended May 4, 2013, 13,713 shares of Series 1 preferred stock were converted to common stock and 2,490 shares of Series 1 preferred stock were redeemed. The Series 3 and 4 preferred stocks were redeemed at $100 per share plus accumulated dividends. For the three months ended May 4, 2013, 6,046 shares of Series 3 preferred stock were converted to common stock and 1,352 shares of Series 3 preferred stock were redeemed. For the three months ended May 4, 2013, 3,247 shares of Series 4 preferred stock were redeemed. The total cost of the redemption for Series 1, 3 and 4 preferred stock was $0.6 million.

The Company’s shareholders’ rights plan grants to common shareholders the right to purchase, at a specified exercise price, a fraction of a share of subordinated serial preferred stock, Series 6, in the event of an acquisition of, or an announced tender offer for, 15% or more of the Company’s outstanding common stock. Upon any such event, each right also entitles the holder (other than the person making such acquisition or tender offer) to purchase, at the exercise price, shares of common stock having a market value of twice the exercise price. In the event the Company is acquired in a transaction in which the Company is not the surviving corporation, each right would entitle its holder to purchase, at the exercise price, shares of the acquiring company having a market value of twice the exercise price. The rights expire in March 2020, are redeemable under certain circumstances for $0.01 per right and are subject to exchange for one share of common stock or an equivalent amount of preferred stock at any time after the event which makes the rights exercisable and before a majority of the Company’s common stock is acquired.

Note 7

Equity, Continued

$1.50 Subordinated Cumulative Preferred Stock:

The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The $1.50 Subordinated Cumulative Preferred Stock was redeemed at $30 per share plus accumulated dividends. For the three months ended May 4, 2013, 30,067 shares of $1.50 Subordinated Cumulative Preferred Stock were redeemed. The total cost of the redemption for the $1.50 Subordinated Cumulative Preferred Stock was $0.9 million.

Employees’ Subordinated Convertible Preferred Stock:

Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share.