LONG-TERM DEBT OBLIGATIONS

9 Months Ended

Oct. 29, 2011

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

NOTE 6 – LONG-TERM DEBT OBLIGATIONS

At October 29, 2011, the Company had outstanding borrowings of $34.9 million under its revolving credit facility (the “Revolver”) with General Electric Capital Corporation, which has a maturity date of August 1, 2013. Outstanding standby letters of credit were $5.7 million, outstanding documentary letters of credit were $0.5 million and availability was $42.2 million at October 29, 2011. The Revolver is collateralized by a fully perfected first priority security interest in all real and personal, tangible and intangible assets of the Company.  The Company is not subject to any financial covenants pursuant to the Revolver.

At the Company’s option, any portion of the outstanding borrowings under the Revolver can bear interest at LIBOR - based rates plus an applicable margin, or a floating interest rate plus the applicable margins. At October 29, 2011, the Company had $31.0 million of its outstanding borrowings at a LIBOR-based interest rate of 1.87%

In addition to the Revolver, the Company has $21.6 million of Floating Rate Secured Notes (the “Notes”) outstanding at October 29, 2011. The Notes mature on August 1, 2013, are subordinated to the Revolver, and are secured by a junior lien on all of the Company’s assets. Interest on the Notes is payable quarterly at a rate of LIBOR plus 4.5%. An additional $1.7 million of interest expense was recorded for the thirty-nine weeks of 2011 and 2010 related to the amortization of the discount recorded at the time of issuance of the Notes. As of October 29, 2011 the balance of the unamortized discount was $4.1 million.