Restructuring and Other Charges

12 Months Ended

Jan. 31, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

RESTRUCTURING AND OTHER CHARGES:

During the fourth quarter of fiscal 2014, we initiated a restructuring program, including the acceleration of domestic store closures and an organizational realignment, to ensure that resources are aligned with long-term growth initiatives, including omni-channel. These actions resulted in the impairment of certain assets, as well as the elimination of approximately 12% of the headquarters and field management employee base. In connection with this effort, we recorded pre-tax restructuring and other charges of approximately $16.7 million related to severance, store closures and other impairment charges, which are included in restructuring and other charges in the accompanying consolidated statements of income. A summary of the charges is presented in the table below:

	Fiscal 2014
	(in thousands)
Severance and other charges	$	8,191
Store impairment charges	5,354
Assets held for sale impairment charges	3,200
Total restructuring and other charges, pre-tax	$	16,745

In connection with the program we determined to increase the rate of domestic store closures, with 120 under-performing stores to be closed starting in fiscal 2015 through 2017. As a result, we expect to incur lease termination expenses of approximately $2.1 million over the next 3 fiscal years. The following table summarizes the severance and other charges incurred in fiscal 2014 as well as amounts remaining to be paid:

	Fiscal 2014
	Beginning Balance		Charges		Payments		Ending Balance
	(in thousands)
Severance and other charges	$	—	$	8,191	$	128	$	8,063