Supplemental Employee Retirement Plan

12 Months Ended

Feb. 02, 2013

Postemployment Benefits [Abstract]

Supplemental Employee Retirement Plan

Supplemental Employee Retirement Plan

The Company maintains a defined benefit Supplemental Employee Retirement Plan (the “SERP”) for a former Chairman of the Board of Directors of the Company. The SERP provides for retirement benefits through life insurance. The Company funded the SERP in prior years through contributions to a trust fund known as a “Rabbi” trust. Funds are held in a Rabbi trust for the SERP consisting of a life insurance policy reported at cash surrender value. In accordance with applicable accounting standards, the assets and liabilities of a Rabbi trust must be accounted for as if they are assets and liabilities of the Company. The assets held in the Rabbi trust are not available for general corporate purposes. In addition, all earnings and expenses of the Rabbi trust are reported in the Company’s consolidated statements of operations. The cash surrender value of such life insurance policy was $1.4 million and $1.5 million at February 2, 2013, and January 28, 2012, respectively, and is included in other assets in the Company’s consolidated balance sheets.

Effective January 1, 2005, the former Chairman of the Board of Directors of the Company began to receive an annual pension, payable in monthly installments, pursuant to the SERP of $220,000.

Applicable accounting standards require an entity to recognize in its consolidated balance sheet an asset for a defined benefit postretirement plan’s overfunded status or a liability for a plan’s underfunded status as of the end of the entity’s fiscal year, and recognize changes in the funded status of a defined benefit postretirement plan in comprehensive (loss) income in the year in which the changes occur. The Company recorded a decrease of $0.1 million, $0.3 million and $0.1 million, respectively, in fiscal 2012, 2011, and 2010 to accumulated other comprehensive (loss) income.

The following presents a reconciliation of the SERP’s funded status and certain other SERP information (in thousands):

	Fiscal Year Ended
	February 2, 2013			January 28, 2012
Benefit obligation at beginning of year	$	2,144		$	1,983
Interest cost	81			94
Actuarial loss	123			287
Benefits paid	(220		)	(220		)
Benefit obligation at end of year	$	2,128		$	2,144
Funded status	$	(2,128	)	$	(2,144	)
Unrecognized prior-service cost	—			—
Unrecognized actuarial gain	—			—
Net amount recognized	$	(2,128	)	$	(2,144	)
Weighted-average assumptions:
Discount rate	3.50		%	4.00		%
Expected return on plan assets	n/a			n/a
Rate of compensation increase	n/a			n/a

The amounts recognized in accumulated other comprehensive (loss) income for fiscal 2012, 2011, and 2010 on the consolidated balance sheets consist of the following (in thousands):

	Fiscal 2012		Fiscal 2011		Fiscal 2010
Net actuarial loss	$	123	$	287	$	115

The components of net periodic pension cost for fiscal 2012, 2011, and 2010 are as follows (in thousands):

	Fiscal 2012		Fiscal 2011			Fiscal 2010
Interest cost	$	81	$	94		$	103
Amortization of actuarial gain	—		(7		)	(16		)
Net periodic pension cost	$	81	$	87		$	87