VOLUNTARY RETIREMENT OFFERING

9 Months Ended

Nov. 04, 2017

VOLUNTARY RETIREMENT OFFERING

VOLUNTARY RETIREMENT OFFERING

10.VOLUNTARY RETIREMENT OFFERING

     In 2016, the Company announced a Voluntary Retirement Offering (“VRO”) for certain non-store associates.  Approximately 1,300 associates irrevocably accepted the VRO in the first quarter of 2017. Due to the employee acceptances, the Company recognized a VRO charge of $184,  $117 net of tax, in the first quarter of 2017, which was comprised of $165 for severance and other benefits, as well as $19 of other non-cash charges.  This charge was recorded in the OG&A caption within the Consolidated Statements of Operations.  The Company paid $162 of the severance and other benefits in the first three quarters of 2017, and will fulfill all payment obligations by the end of the fourth quarter of 2017.