Common and Preferred Stock

12 Months Ended

Jan. 28, 2017

Equity [Abstract]

Common and Preferred Stock

11. COMMON AND PREFERRED STOCK

The Company’s Board of Directors previously approved a program to repurchase up to $10,000,000 of the Company’s outstanding common stock that expired as of July 31, 2016. Under the program, the Company was authorized to repurchase shares from time to time through solicited or unsolicited transactions in the open market or in negotiated or other transactions. No shares were repurchased under this program. The 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 28, 2017 and January 30, 2016.