Common and Preferred Stock

12 Months Ended

Jan. 30, 2016

Equity [Abstract]

Common and Preferred Stock

11. COMMON AND PREFERRED STOCK

The Company’s Board has approved a program to repurchase up to $10,000,000 of the Company’s outstanding common stock. In July 2014 the Company’s Board extended its authorization of the program from July 31, 2014 to July 31, 2016. Under the program, the Company may repurchase shares from time to time through solicited or unsolicited transactions in the open market or in negotiated or other transactions. No shares have been repurchased under this program as of January 30, 2016. The new Term Loan Agreement, effective March 25, 2016, prohibits the payment of dividends or share repurchases by the Company for three years.

The Company has authorization to issue up to 1,656,381 shares of preferred stock, par value $0.01, with 300,000 shares authorized for Series B Junior Participating Preferred Stock. There was no preferred stock issued or outstanding as of January 30, 2016, January 31, 2015 or September 30, 2014.