Discontinued Operations

On July 17, 2015, we sold 100% of the equity interests of our Ben Sherman business, consisting of Ben Sherman Limited and its subsidiaries and Ben Sherman Clothing LLC, for £40.8 million before any working capital or other purchase price adjustments. The final purchase price received by us was subject to adjustment based on, among other things, the actual debt and net working capital of the Ben Sherman business on the closing date, which was finalized during February 2016. The total liabilities related to discontinued operations, including current and non-current, of $5.4 million as of January 28, 2017 represented our estimate as of January 28, 2017 of the future net loss anticipated in connection with certain retained lease obligations. During Fiscal 2017, we negotiated settlements in respect of these outstanding lease obligations by agreeing to make one-time cash payments lower in the aggregate than the total outstanding liabilities at the time of payment. These settlements resulted in liabilities related to discontinued operations of $2.1 million as of February 3, 2018, with the final satisfaction completed in February 2018. We do not anticipate cash flows or earnings related to the discontinued operations in future periods as we have satisfied all obligations related to these lease agreements. Operating results of the discontinued operations are shown below (in thousands):



	Fiscal 2017			Fiscal 2016			Fiscal 2015
Net sales	$	—		$	—		$	28,081
Cost of goods sold	—			—			17,414
Gross profit	$	—		$	—		$	10,667
SG&A	(629		)	2,928			20,698
Royalties and other operating income	—			—			1,919
Operating income (loss)	$	629		$	(2,928	)	$	(8,112	)
Interest expense, net	—			—			146
Income (loss) from discontinued operations before income taxes	$	629		$	(2,928	)	$	(8,258	)
Income taxes	240			(890		)	(800		)
Income (loss) from discontinued operations, net of taxes	$	389		$	(2,038	)	$	(7,458	)
Loss on sale of discontinued operations, net of taxes	—			—			(20,517		)
Net income (loss) from discontinued operations, net of taxes	$	389		$	(2,038	)	$	(27,975	)

Certain information pertaining to depreciation and amortization as well as capital expenditures associated with our discontinued operations, which is included in our consolidated statements of cash flows, has been shown below (in thousands):



	Fiscal 2017		Fiscal 2016		Fiscal 2015
Depreciation and amortization	$	—	$	136	$	667
Capital expenditures	$	—	$	—	$	660