FAIR VALUE MEASUREMENTS

12 Months Ended

Jan. 31, 2015

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 January 31, 2015 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)
Second lien senior secured notes	$	407,292	$	345,700	$	345,700	$	—	$	—
Mortgage facilities		211,541		214,132		—		—		214,132
Senior secured credit facility		238,918		238,918		—		—		238,918
Total	$	857,751	$	798,750	$	345,700	$	—	$	453,050

        The carrying value and estimated fair value of the Company's long-term debt, including current maturities but excluding capital leases, as of February 1, 2014 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)
Second lien senior secured notes	$	407,292	$	398,972	$	398,972	$	—	$	—
Mortgage facilities		219,564		222,168		—		—		222,168
Senior secured credit facility		184,879		184,879		—		—		184,879
Total	$	811,735	$	806,019	$	398,972	$	—	$	407,047

        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 3 fair value estimates.

        The following table presents the fair value measurement for assets measured at fair value on a nonrecurring basis as of January 31, 2015:

	January 31, 2015		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
Property, fixtures and equipment	$	3,910	$	—	$	—	$	3,910	$	(2,392	)
Intangible assets	$	10,300	$	—	$	—	$	10,300	$	(100	)

        In 2014, in accordance with ASC 360-10-35, property, fixtures and equipment with a carrying amount of $6,302 were written down to their fair value of $3,910, resulting in an impairment charge of $2,392, which is reflected in impairment charges.

        Additionally in 2014, in accordance with ASC 350-30-35, an intangible asset not subject to amortization with a carrying amount of $10,400 was written down to its fair value of $10,300 resulting in an impairment charge of $100, 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 February 1, 2014:

	February 1, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
Property, fixtures and equipment	$	8,218	$	—	$	—	$	8,218	$	(5,962	)
Intangible assets	$	766	$	—	$	—	$	766	$	(268	)

        In 2013, in accordance with ASC 360-10-35, property, fixtures and equipment with a carrying amount of $14,180 were written down to their fair value of $8,218, resulting in an impairment charge of $5,962, which is reflected in impairment charges.

        Additionally in 2013, in accordance with ASC 350-30-35, an intangible asset not subject to amortization and an intangible asset subject to amortization with carrying amounts of $820 and $214, respectively, were written down to their fair value of $766 and $0, respectively, resulting in impairment charges of $54 and $214, respectively, which are reflected in impairment charges.