Cost-Savings Initiative

12 Months Ended

Jan. 31, 2025

Restructuring and Related Activities [Abstract]

Cost-Savings Initiative

NOTE 3 - COST SAVINGS INITIATIVE

During fiscal year 2025, in light of the ongoing challenging consumer-spending environment, the Company committed to a cost-savings initiative to reduce operating expenses through headcount reductions, bringing them more in line with sales.

During fiscal year 2025, the Company recorded $4.6 million in accruals for severance and employee-related charges and early lease termination charges which are included in Selling, general and administrative in the Consolidated Statements of operations for the year ended January 31, 2025. The amounts are included in the Watch and Accessory segment with $1.9 million in the United States locations and $2.7 million in the International locations.

Of the total amount recorded, $1.3 million was paid related to severance and employee-related charges during fiscal year 2025, and the remaining $2.8 million is included in Accrued payroll and benefits and $0.5 million is included in Accrued liabilities in the Consolidated Balance Sheet at January 31, 2025. The Company expects the remaining severance and employee-related expenses and the early lease termination expenses to be paid during fiscal year 2026.