FAIR VALUE MEASUREMENTS

12 Months Ended

Feb. 02, 2013

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

        ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820") defines fair value and establishes a framework for measuring fair value. ASC 820 establishes fair value hierarchy levels that prioritize the inputs used in valuations determining fair value. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are primarily quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs based on the Company's own assumptions.

        The carrying values of the Company's cash and cash equivalents, accounts payable and financial instruments reported within prepaid expenses and other current assets and other long-term assets approximate fair value.

        The carrying value and estimated fair value of the Company's long-term debt, including current maturities but excluding capital leases, as of February 2, 2013 are as follows:

					Fair Value Measurements Using
	Carrying Value		Total Estimated Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Senior notes	$	133,983	$	133,816	$	133,816	$	—	$	—
Second lien senior secured notes		329,998		328,348		—		328,348		—
Mortgage facilities		226,434		230,601		—		—		230,601
Senior secured credit facility		154,335		154,335		—		—		154,335
Total	$	844,750	$	847,100	$	133,816	$	328,348	$	384,936

        The carrying value and estimated fair value of the Company's long-term debt, including current maturities but excluding capital leases, as of January 28, 2012 are as follows:

					Fair Value Measurements Using
	Carrying Value		Total Estimated Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Senior notes	$	464,000	$	298,180	$	298,180	$	—	$	—
Mortgage facilities		238,902		244,026		—		—		244,026
Senior secured credit facility		119,435		119,435		—		—		119,435
Total	$	822,337	$	661,641	$	298,180	$	—	$	363,461

        The Level 2 fair value estimates are determined by a market approach using prices generated by market transactions. The Level 3 fair value estimates are determined by a discounted cash flow analysis utilizing a discount rate the Company believes is appropriate and would be used by market participants. There was no change in the valuation technique used to determine the Level 2 or Level 3 fair value estimates.

        The following table presents the fair value measurement for assets measured at fair value on a nonrecurring basis as of February 2, 2013:

	February 2, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
Property, fixtures and equipment	$	3,209	$	—	$	—	$	3,209	$	(5,050	)
Intangible assets	$	3,157	$	—	$	—	$	3,157	$	(750	)

        In 2012, in accordance with ASC 360-10-35, property, fixtures and equipment with a carrying amount of $8,259 were written down to their fair value of $3,209, resulting in an impairment charge of $5,050, which is reflected in impairment charges.

        Additionally in 2012, in accordance with ASC 350-30-35, intangible assets not subject to amortization with a carrying amount of $3,907 were written down to their fair value of $3,157, resulting in an impairment charge of $750, which is reflected in impairment charges.

        The following table presents the fair value measurement for assets measured at fair value on a nonrecurring basis as of January 28, 2012:

	January 28, 2012		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
Property, fixtures and equipment	$	1,368	$	—	$	—	$	1,368	$	(1,134	)
Intangible assets	$	22,061	$	—	$	—	$	22,061	$	(2,556	)

        In 2011, in accordance with ASC 360-10-35, property, fixtures and equipment with a carrying amount of $2,502 were written down to their fair value of $1,368, resulting in an impairment charge of $1,134, which is reflected in impairment charges.

        Additionally in 2011, in accordance with ASC 350-30-35, intangible assets not subject to amortization with a carrying amount of $24,617 were written down to their fair value of $22,061, resulting in an impairment charge of $2,556, which is reflected in impairment charges.