Subsequent Event (Notes)

12 Months Ended

Feb. 01, 2020

Subsequent Event [Abstract]

Subsequent Events [Text Block]

Subsequent Event

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States and the world. While our internet store remains open, governmental directives relative to this outbreak have caused us to temporarily close approximately 200 of our retail store locations as of March 27, 2020, and we may have to close additional stores. These actions in addition to reduced consumer demand have had and may continue to have a negative impact on our sales.

Although the disruption from COVID-19 is currently expected to be temporary, there is significant uncertainty around the duration and the overall impact on customer demand. Due to this heightened uncertainty, we cannot reasonably estimate the impact of COVID-19 on our business operations; however, we anticipate this disruption may have a material adverse effect on our results of operations, financial position and cash flows for fiscal 2020.

To increase our cash position during this crisis and to provide additional financial flexibility, on March 25, 2020, we borrowed the unutilized availability of $779.0 million from our $800 million revolving credit agreement, subject to the terms and covenants as described in Note 3. The Company still has an option to expand the facility by $200 million.