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INTANGIBLE ASSETS
12 Months Ended
Jan. 30, 2016
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

4. INTANGIBLE ASSETS

        Intangible assets consist of the following:

                                                                                                                                                                                    

 

 

January 30,
2016

 

January 31,
2015

 

Intangible assets subject to amortization

 

 

 

 

 

 

 

Gross amount

 

 

 

 

 

 

 

Lease-related interests

 

$

73,011

 

$

81,179

 

Customer lists and relationships

 

 

22,600

 

 

22,926

 

​  

​  

​  

​  

Total gross amount

 

 

95,611

 

 

104,105

 

​  

​  

​  

​  

Accumulated amortization

 

 

 

 

 

 

 

Lease-related interests

 

 

(42,888

)

 

(46,309

)

Customer lists and relationships

 

 

(19,316

)

 

(18,142

)

​  

​  

​  

​  

Total accumulated amortization

 

 

(62,204

)

 

(64,451

)

​  

​  

​  

​  

Net intangible assets subject to amortization

 

 

33,407

 

 

39,654

 

​  

​  

​  

​  

Intangible assets not subject to amortization

 

 

 

 

 

 

 

Trade names

 

 

38,400

 

 

40,200

 

Private label brand names

 

 

10,255

 

 

10,297

 

​  

​  

​  

​  

Total intangible assets not subject to amortization

 

 

48,655

 

 

50,497

 

​  

​  

​  

​  

Net intangible assets

 

$

82,062

 

$

90,151

 

​  

​  

​  

​  

​  

​  

​  

​  

        Lease-related interests reflect below-market-rate leases purchased in acquisitions completed in 1992 through 2006 that were adjusted to reflect fair market value. The lease-related interests, including the unfavorable lease-related interests included in other long-term liabilities, are being amortized on a straight-line method and reported as "amortization of lease-related interests" in the consolidated statements of operations. At January 30, 2016, these lease-related interests have weighted-average remaining lives of nine years for amortization purposes.

        At January 30, 2016, customer lists and relationships are being amortized on a declining-balance method over the remaining lives of three years. The amortization from the customer lists and relationships is included within depreciation and amortization expense.

        During 2015, 2014 and 2013, amortization of $1,500, $1,629 and $1,759, respectively, was recorded on customer lists and relationships. Amortization of $4,245, $4,542 and $4,543 was recorded for favorable and unfavorable lease-related interests during 2015, 2014 and 2013, respectively. The Company anticipates amortization associated with customer lists and relationships of approximately $1,370 in 2016, $1,262 in 2017 and $652 in 2018. The Company anticipates amortization associated with favorable and unfavorable lease-related interests of approximately $4,030 in 2016, $3,941 in 2017, $3,630 in 2018, $3,240 in 2019 and $2,839 in 2020.

        As a result of its review in 2015 of the carrying value of intangible assets, the Company recorded asset impairment charges of $1,842 related to the reduction in the value of three indefinite-lived trade names and one indefinite-lived private label brand name. In 2014, the Company recorded asset impairment charges of $100 related to the reduction in the value of one indefinite-lived trade name. In 2013, the Company recorded asset impairment charges of $214 related to a reduction in the value of one lease-related interest and $54 related to the reduction in the value of one indefinite-lived private label brand name. The expense is included in impairment charges.