INCOME TAXES (Tables)

12 Months Ended

Feb. 03, 2018

Income Tax Disclosure [Abstract]

Schedule of provision (benefit) for income taxes

The provision (benefit) for income taxes consists of the following for the years ended February 3, 2018, January 28, 2017 and January 30, 2016:

(dollars in thousands)	2017		2016			2015
Current
Federal	$	—	$	(3,978	)	$	(5,351	)
State		234		774			870
		234		(3,204	)		(4,481	)
Deferred
Federal		705		(11,927	)		(915	)
State		302		3,277			(12	)
		1007		(8,650	)		(927	)
	$	1241	$	(11,854	)	$	(5,408	)

Schedule of deferred income tax assets and deferred income tax liabilities

The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of year-end are presented below:

(dollars in thousands)	2017			2016
Deferred income tax assets:
Accrual for incentive compensation	$	2,782		$	5,446
Allowance for doubtful accounts		653			763
Insurance accruals		1,508			2,117
Other accruals		604			1,016
Net operating loss carryforwards		48,087			20,705
Deferred Revenue		352			583
Federal benefit on state reserves		55			91
WOTC Credit Carryforward		5,295			3,896
Amortization of intangibles		16,925			18,448
Postretirment benefits		159			-
Contribution Carryforward		315			424
Total deferred income tax assets		76,735			53,489
Less: Valuation allowance		59,299			22,183
Deferred income tax assets, net of valuation allowance		17,436			31,306
Deferred income tax liabilities:
Postretirement benefits		-			(43	)
Property, plant and equipment		(5,567	)		(12,358	)
Inventory valuation		(11,173	)		(19,557	)
Prepaid expenses		(588	)		(1,322	)
Total deferred income tax liabilities		(17,328	)		(33,280	)
Net deferred income tax assets/liabilities	$	108		$	(1,974	)

Schedule of reconciliation of the statutory federal income tax rate

A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:

	2017			2016			2015
Income tax provision at statutory rate		33.7	%		35.0	%		35.0	%
State income taxes, net of federal benefit		3.5			4.6			0.8
Tax credits, principally jobs		0.6			1.0			8.6
Uncertain tax provisions		-			-			-
Change in valuation allowance		(25.4	)		(25.4	)		(7.3	)
TCJA Rate Change		(13.7	)		-			-
Other		1.3			0.2			(0.2	)
Permanent differences		(0.9	)		(0.6	)		0.8
Effective income tax rate		(0.9	)%		14.8	%		37.7	%

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

(in millions)	2017		2016		2015
Beginning balance	$	0.4	$	0.4	$	0.4
Additions for tax positions of prior years		0.5		—		—
Additions for current year tax positions		1.4		—		—
Ending balance	$	2.3	$	0.4	$	0.4