FAIR VALUE MEASUREMENTS

12 Months Ended

Jan. 28, 2017

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, excluding capital lease and financing obligations and unamortized second lien senior secured notes deferred financing costs and discount on senior secured credit facility—Tranche A-1, as of January 28, 2017 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	$	350,000	$	177,331	$	177,331	$	—	$	—
Senior secured credit facility		506,689		506,689		—		—		506,689
Total	$	856,689	$	684,020	$	177,331	$	—	$	506,689

        The carrying value and estimated fair value of the Company's long-term debt, excluding capital lease and financing obligations and unamortized second lien senior secured notes deferred financing costs, as of January 30, 2016 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	$	168,584	$	168,584	$	—	$	—
Senior secured credit facility		455,265		455,265		—		—		455,265
Total	$	862,557	$	623,849	$	168,584	$	—	$	455,265

        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 28, 2017:

	January 28, 2017		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
Property, fixtures and equipment	$	7,957	$	—	$	—	$	7,957	$	(14,024	)
Intangible assets	$	16,794	$	—	$	—	$	16,794	$	(2,999	)

        In 2016, in accordance with ASC 360-10-35, property, fixtures and equipment with a carrying amount of $21,981 were written down to their fair value of $7,957, resulting in an impairment charge of $14,024, which is reflected in impairment charges.

        Additionally in 2016, in accordance with ASC 350-30-35, intangible assets not subject to amortization with a carrying amount of $19,793 were written down to their fair value of $16,794 resulting in an impairment charge of $2,999, 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 30, 2016:

	January 30, 2016		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
Property, fixtures and equipment	$	2,923	$	—	$	—	$	2,923	$	(1,790	)
Intangible assets	$	16,100	$	—	$	—	$	16,100	$	(1,842	)

        In 2015, in accordance with ASC 360-10-35, property, fixtures and equipment with a carrying amount of $4,713 were written down to their fair value of $2,923, resulting in an impairment charge of $1,790, which is reflected in impairment charges.

        Additionally in 2015, in accordance with ASC 350-30-35, intangible assets not subject to amortization with a carrying amount of $17,942 were written down to their fair value of $16,100 resulting in an impairment charge of $1,842, which is reflected in impairment charges.