SUBSEQUENT EVENTS

9 Months Ended

Nov. 10, 2018

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

12.SUBSEQUENT EVENTS

During the fourth quarter of 2018, the Company announced changes to certain non-union company-sponsored pension plans. The Company will freeze the compensation and service periods used to calculate pension benefits for active employees who participate in the affected pension plans as of December 31, 2019. Beginning January 1, 2020, the affected active employees will no longer accrue additional benefits for future service and eligible compensation received under these plans. The Company expects the financial effects of these changes will not be material to the financial statements for the year ending February 3, 2019.

On December 18, 2018, the Company announced that it had entered into a definitive agreement to sell its You Technology business, subject to customary closing conditions and any regulatory reviews.  The transaction will result in a material gain and will be included in “Gain on sale of business” in the Consolidated Statements of Operations once it is completed.

In 2016, the Company received a financial instrument as part of the consideration for entering into certain agreements with a third party.  In the fourth quarter of 2018, a transaction occurred that resulted in the settlement of the financial instrument.  As a result of the settlement the Company received cash proceeds of $235.  The Company will recognize a loss on settlement of $42 in the fourth quarter of 2018, as the financial instrument was valued at $277 prior to the settlement.